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Problem 1: Formosan Company manufactures and sells paper envelopes. The stock of envelopes was included in the closing inventory on December 31, 2020 at a cost of P60 per pack. During the final audit, the auditors noted that the subsequent sale price for the inventory at January 15, 2021 was P50 per pack. Furthermore, inquiry reveals that during the physical stock take, a water leakage has created damage to the paper and glue. Accordingly, in the following week, the entity has spent P5 per pack for repairing and reapplying glue to the envelopes. The net realizable value and loss on inventory writedown respectively amount to
An investment promises an annual income of $35,000 for 15 years. The investment costs $350,000 upfront. What is the implied rate of return on this investment?
A bond with a par value of $1,000 and a coupon rate of 7.25% has a current market value of $1,030. What is its yield to maturity
Carlyle Ltd. reports under IFRS, What is the amount of warranty expense that the company should report for the year ended December 31, 20X2?
Attorney Joseph Leslie is known for winning difficult white-collar crime cases. He pushes his staff to work long hours and provide information very quickly even though he does not do the same. He would like to hire you to serve as an expert witness f..
Activity based costing does a better job of allocating both direct and indirect cost than traditional methods do. Activity based costing cannot be applied in a business school. Are these statements true, false, or uncertain? Explain the reasoning for..
Recalculate each office's profits before any profit sharing assuming the buffalo managers proposal is adopted do you believe the buffalo managers proposal resulte in the fairer allocation scheme than the current one? Why or why not? Why is the bu..
Determine whether the taxpayer in each of the following situations has realized income.- Explain why there has or has not been a realization, and determine the amount of income to be reported.
On October 31, 2012, Darling Company negotiated a two-year 100,000 franc loan from a foreign bank at an interest rate of 3 percent per year. Interest payments are made annually on October 31, and the principal will be repaid on October 31, 2014. Darl..
Issued 1,000 shares of $15 par common stock at $54 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market ..
South-Eastern Tech Ltd is considering short term financing for its working capital requirement
At December 31, 2010, Rachael Ray determines that its ending inventory is $60,000. Compute Rachael Ray's 2010 operating expenses
Evaluate of Dividend per share, Net Dividend per share and Retention Ratio. If each preferred shareholder pays an income tax of 33.33% on their dividend income, what will be their net dividend earning? What is the retention ratio?
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