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Question - An entity offers service contracts to maintain air conditioning units covering a period of three years. Management estimates that the service costs will be incurred evenly as follows:
Year 1 20%
Year 2 50%
Year 3 30%
Contracts sold in 2019 and 2020 amounted to P3,780,000 and P4,620,000, respectively.
Assuming sales are made at the beginning of the year, determine the following balances as of December 31, 2020:
(1) Unearned service contract revenue - current
(2) Unearned service contract revenue - non-current
In year 1, Maxim sold investment land with a tax basis of $77,000. Payment consisted of $10,000 cash down and the purchaser's note for $90,000. The note is payable in equal installments of $45,000 in years 2 and 3. Compute Maxim's realized gain on th..
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If the Baldwin Corporation company has $ 2 million of inventory, $ 5 million of total current assets, What will the Current Ratio and the Quick Ratio be
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