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Discussion 1: Abby Corporation acquired a new processing machine. Details of the acquisition are as follows: Invoice cost, terms, 5% discount if payment is made in 30 days. The company did pay within the discount period, P300,000, Cost of transporting the machine to the corporation's factory, P5,000. Cost of installation (which includes additional P2,000 incurred due to negligence of the workers), P11,000. The corporation's chief engineer spent one-fourth of his time during trial runs of the new machine, his monthly salary is P22,000. The company paid P1,000 for removing the old machine. (The old machine was sold for less than its book value.) At what amount should Abby Corporation capitalize the new processing machine?
Assuming straight-line depreciation, how much will Digby expense in depreciation next year (and only next year) for the new equipment
Paris's employer's marginal tax rate is 35 percent ignore payroll taxes. Employee after-tax savings
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How to gauge materiality in assessing financial statement restatements? Is materiality inconsistent with the notion of representational faithfulness?
What is a "conceptual framework" and why is it important in the standard setting process?
rockwell company owns a single restaurant which has a cantina primarily used to seat patrons while they wait on their
Chloe Company reported, Find what amount should be reported respectively as total payroll tax liability and payroll tax expense?
Ramadan Corporation shows the following information in the stockholders equity section of its balance sheet: What is the number of shares outstanding
Copy the information from the previous page onto your answer sheet and place an X in the appropriate column to indicate whether each item is relevant or not relevant in the following situations. The company chronically runs at capacity and the old Mo..
To determine how well an investment is doing, it is important to take into account its return and risk. Rational investors seek to obtain the highest amount.
(XTremely Fast Service Inc.) XTremely Fast Service Inc. is a call center with several business units. One of its business units, Fabulous 4, currently staffs four operators who work eight hours per day Monday through Friday.
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