Reference no: EM132765520
Question: Charming Company purchased several machines in 2016 as follows:
• January 5: A slicing machine was purchased. A down payment of P250,000 was made and 5 annual installments of 200,000 are to be made beginning January 5, 2017. The cash price of the machine was P1,000,000.
• March 6: A mixing machine by issuing to the seller a three-year, non-interest bearing note for P800,000. In recent borrowing, Charming Company has paid a 12% interest for this type of note.
• July 1: Charming Company issues a P900,000, 5-year, non-interest bearing note in exchange for a new equipment when the market rate of interest for obligations of this nature was 10%. Charming Company will pay off the note in five equal installments starting July 1, 2017.
• December 31: Charming Company issues a P1,750,000, 5-year, non interest bearing note in exchange for a labeling machine when the prevailing market rate of interest for obligations of this nature was 8%. Charming Company will pay off the note in four equal installments every December 31 starting December 31, 2016.
The total cost of the machinery and equipment account is?
|
What practical steps should susan and chris now undertake
: What practical steps should Susan and Chris now undertake in order to improve the financial performance and financial health of the business?
|
|
How are plants used to control soil erosion
: 1) Compare and contrast plants as a source of biochemicals and as a source of food.
|
|
How should hope city characterize grant agreement
: In January 2019, City Hope received a 2-year, $800,000 grant from the Veterans of Foreign Wars (VFW) to provide specific career training to disabled veterans.
|
|
Provide a brief discussion to the measurement model
: Provide a brief discussion to the measurement model currently adopted by the accounting standard setters, including reasons why they have adopted
|
|
Find total cost of the machinery and equipment account
: January 5: A slicing machine was purchased. A down payment of P250,000 was made and 5 annual installments of 200,000 are to be made beginning January 5, 2017.
|
|
David christopher and orthopedic surgeon
: Evaluate the medical practice and suggest at least two options (not discussed in the case) to maximize patient throughput
|
|
Calculate the gross profit for the year and inventory value
: The closing inventory includes £30,000, Calculate the gross profit for the year and the inventory value in the year-end Statement of financial position.
|
|
Ed revenues are affected by many variables
: ED revenues are affected by many variables such as, patients without medical insurance coverage
|
|
What is the quantity and cost amount you have left
: Inventory 10/20 - 6 Decorative Spotlights are defective and sent back to the vendor for Credit. 10/15 - Purchase of 10 Decorative Spotlights for $10 each.
|