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Problem 1: Summer Corporation purchased a new machine on October 31, 2021. A P12,000 down payment was made and three monthly installments of P36,000 each are to be made beginning on November 30, 2021. The cash price would have been P116,000. Summer paid no installations charges under the monthly payment plan but a P2,000 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2021 would be
Prepare all the journal entries necessary to record these transactions in the appropriate governmental type fund(s) and identify the fund(s) used.
You are given the following information for Smashville, Inc. Cost of goods sold: $ 174,000 Investment income: $ 1,400 Net sales: $ 379,000 Operating expense: $ 86,000 Interest expense:
Show how these transactions would be refiected on the NBA's financial statements, prepare a December 31, 2013, statement of financial position and statement of activities.
Prepare the journal entries to summarize the history of the building as it would be reported in the city's government-wide staements.
Assuming the company estimates bad debts at an amount equal to 8% of ending accounts receivable. Calculate the year-end balance in the allowance
How does compare with their current order quantity of 2000 units per order? Calculate the holding costs and ordering costs per annum.
Borrowed funds are invested are able to earn a rate of return greater than the interest rate required by the lender, then financial leverage is positive - When computing the acid-test ratio, a short-term note receivable would be included in the num..
JET FAB bought a CNC laser cutting machine at a cost of $750,000. Determine if the company obtained the expected after-tax rate of return on this equipment.
What is the most powerful and persuasive response to the reasons and rationalizations Sarah needs to address? To whom should the argument be made?
Each student is required to conduct and document a "Critical Analysis" of three of the topics covered in Introduction to Management (ITM).
Share Premium at December 31, 2018 is P6,750,000; Retained Earnings on January 1, 2019 is P4,250,000. The P5,000,000 dividend included a liquidating dividend of
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