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Question - A company owns a building purchased on January 1, 2016 for P20,000,000, with an estimated useful life of 20 years. The building was used as a head office for the company.
In 2020, the company transferred its head office and decided to lease out the old building. Tenants started to occupy the building by the end of 2020, thus, on December 31, 2020, the company reclassified the building as investment property carried at fair value.
The fair value on the date of reclassification was P18,765,000.
Required - Determine the amount to be recognized in the 2020 statement of comprehensive income as a result of the transfer from owner-occupied property to investment property.
Which the term fixed costs refers to? costs which are likely to respond to the amount of attention devoted to them by a specified manager
SensorIt. Inc believes the 6/30/16 sale to Albertson's ( 1,500 refrigeration sensor units) meets revenue recognition criteria and therefore the $275,000 sale on account should bebooked in 2016. According to the accountant the following adjusting entr..
Find what would be his account balance at the end of the second year? Rahul deposits ?10,000 in a bank, which offers him an interest of 10% compounded annually.
After applying multiple analysis techniques, what conclusions can be drawn from the provided financial data?condensed comparative financial statements
The Home Office ascertained the true net income of the Branch to be P156,000. What is the balance of the Allowance for Overvaluation
The interest rate implicit in the lease is 8%. Prepare the general journal entries over the life of the lease in the accounts of Cubic-Haul Ltd
General Guidelines: 1. Organization and proper indication of answers will be taken into account in the grade. 2. No digital answers will be taken into account. 3. All calculations must be provided Total Worth: 5 points 1. Design borrowed $700,000 on ..
Mrs. Shin retired in 2014 at age 63 and made her first withdrawal of $20,000 from her traditional IRA. At year-end, the IRA balance was $89,200. In 2015, she withdrew $22,000 from the IRA. At year-end, the account balance was $71,100. Determine how m..
Compute the company's manufacturing overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year. Round off to the nearest whole cent.
Before considering the above dividends, Sonoma has taxable income of $550,000. Compute Sonoma's allowable dividends-received deduction and final taxable income?
Assuming AISY use revaluation model and the factory is depreciated for 40 years using straight line method, show the journal entry of each events
The call price exceeded the carrying amount of the bond. The amount of bond liability removed from the accounts should have equaled the
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