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Problem 1: Long Live Company entered into a lease agreement for the use of a new machine on January 1, 2020. The lease agreement requires an annual payment of P1,500,000 for five years starting December 31, 2020. Long Live guaranteed a residual value of P711,090 at the end of the contract. The machine will revert to the lessor at the end of five years. The machine has an economic life of 10 years. The implicit rate for this lease is 16% where the present value of 1 for five periods is 0.4761 and the present value of an ordinary annuity of 1 is 3.2743. What is the balance of lease liability on December 31, 2020?
Suppose the product manager of a new Flower Mills cereal has determined that the appropriate wholesale price for a carton of the new cereal is $48. The fixed costs for the production and marketing of the new product are $15million.
for each of the following items state whether each would be recorded as revenue or unearned liability. include
In making adjusting entries at the end of its accounting period, Gomez Consulting failed to record $1,600 of insurance coverage that had expired.
tabcomp inc. is a retail distributor for mzb-33 computer hardware and related software. tabcomp prepares annual sales
Compute the overall operating income to Leamington Ketchup of growing 100 kilograms of tomatoes, processing it into ketchup
explain why unlimited liability is an advantages of a corporation. what are some other advantages and disadvantages of
Tin Inc completed sales transaction with a company, specifically on november 1 2007, Tin inc sold 60,000units of its november product.
Accurate Tax return budgets two direct labor hours for every tax return that it prepares, at a standard cost of $32.00 an hour. During the most recent year, 500 returns were completed with the labor cost totaling $26,000. The actual labor cost was $5..
The first principal and interest payment was made on April 1, 20x7. Determine the non-current portion of the note payable as of December 31, 20x7.
Prepare financial statements and calculate ratios-perpetual system
Missouri Boot Corporation has been asked to submit a bid on supplying 1,000 pairs of military combat boots to the Armed Forces Training Center. The company's cost per pair of boots are as follows:
The desired January 31 wax inventory is 12,500 pounds. If candle wax costs $1.24 per pound, find the direct materials purchases budget for January
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