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During the construction of a highway bypass, earth moving equipment costing P400,000 was purchased for use in transporting fill from the borrow pit. At the end of the 4-year project, the equipment will be sold for P200,000. The schedule for moving fill calls for a total of 100,000 cubic feet during the project. In the first year, 40% of the total fill is required; in the second year, 30%; in the third year 25%; and in the final year, the remaining 5%.
Problem 1: Determine the service-output depreciation schedule.
Discuss the requirements under AASB138 / IAS 38 Intangible Assets how Mag Ltd should account for the costs. Provide reasons
What are the advantages/disadvantages of using the discounted cash flows method of estimating the value of a company? Explain in detail.
Find what are the possible differences that may occur between a state or local government's budgetary practices and GAAP?
Biando Corporation began operations on May 1, 2010 and completed the following transactions during its first month of operations. Prepare the general journal entries to record each of these events. Prepare the closing entries.
On June 30, 2014, Mischa Auer Company issued $4,079,000 face value of 11%, 18-year bonds at $4,416,483, a yield of 10%. Auer uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and Dec..
Assume that you make and sell 7800 t shirts in the first year. Use your cost formula to calculate your first years total cost. If you sell these shirrs at $15 each how much will the net profit be.
The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick. Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared the following income statement for the quarter th..
the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?
Describe why the Federal Reserve expands and contracts the money supply. Describe the four ways the Fed accomplishes this task. Make sure to discuss how each of the methods accomplishes the intentions of the Fed. Which method(s) is most important/des..
Revaluation adjustments on acquisition are to be made on consolidation only, not in the books of any subsidiary and non-controlling interests are measured at the proportionate share of a subsidiary's identifiable net assets
If he opens the restaurant at t=0 and sell entire ownership of the restaurant to Peter at t=0, with what price can John sell the ownership?
What is the journal entry to close the Income Summary account? JenWu Corporation December 31, 2018 shareholders' equity section of the balance sheet
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