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Problem 1: On January 1, 2020 DEF Company sold machineries with a carrying amount of P4,800,000 in exchange for a P6,000,000 noninterest-bearing note due January 1, 2023. There was no established exchange price for the machineries. The prevailing rate of interest for similar note was 10%. The present value of 1 at 10% for three periods is 0.75 and the present value of annuity of 1 at 10% for three periods is 2.4869. Compute for the gain or (loss) on sale of machineries for 2020
Sebastian purchases two pieces of equipment for $141,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $98,700 and that of the second piece of equipment is $155,100. What is Sebastian’s basis in t..
Oslo Company prepared the contribution format income statement based on a sales volume
Hickock Mining is evaluating when to open a gold mine. The mine has 51,300 ounces of gold left that can be mined, and mining operations will produce 5,700
Kitch Company manufactures three different models of paper shredders including the waste container that serves as the base. While the shredder heads are different for the three models, the waste container is the same. What is the NPV of purchasing th..
Compute the ending inventory and cost of goods sold assuming Wonderful Pet Creations uses average cost and a periodic inventory system.
Determine how the firms cash flow from financing activities is? equipment with book value of $75,000 was sold for $50,000; investments in abc corporationk stoc
True or false When the double-declining balance method is used, the salvage value is initially ignored in calculating annual depreciation.
What basic principle of accounting guides American Paging's handling of its unearned revenues and deposits?
Martin received $120,000 in salary from Red Steel Corporation, where he is a construction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: $7,049 ($113,700 × 6.2%) for Social Security and ..
Agasse Industries began construction of a new facility and took out a $1,500,000, 8% construction loan on April 1, 2013. Agasse made payments to the general contractor of $400,000 on April 1, $900,000 on August 31, and $500,000 on December 31. Comput..
the dempere imports companys eps in 2011 was 3.00 and in 2006 it was 1.80. the companys payout ratio is 30 percent
Kennedy Manufacturing Company reported the following year-end information: beginning work in process inventory, $270,000; cost of goods manufactured, $1,074,000; beginning finished goods inventory, $380,000; ending work in process inventory, $330,000..
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