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Problem 1: ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000, collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance?
Respond to the following questions on the costing concept that you selected: Provide the definition of the concept. Discuss how and when the concept could be used by EEC. Discuss the advantages and disadvantages of the concept as it relates to EEC.
Compute the Olds' net tax payable (or refund due) for 2014.- If you use tax forms for your solution, you will need Form 1040 and Schedules A and B.
Gavin Products uses a perpetual inventory system. For 2012 and 2013, For each year, compute cost of goods sold, the cost of ending inventory, and gross margin using FIFO.
Dividends and Retained Earnings. Suppose the firm in Problem 2 paid out $56,000 in cash dividends. What is the addition to retained earnings?
Target company done by using Precedent (M&A) comparables is higher than the valuation done by using Trading comparables, the Target is
Kendall Company has sales of 1,600 units at $50 a unit. Variable expenses are 30% of the selling price.
Relevant information that faithfully represents an entity's financial position. However, in meeting these objectives, an entity is limited by which of the follo
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2018, appears below. December 31 is the company's fiscal year-end. prepare an adjusted trial balance. prepare an..
With 4,000 machine-hours in a month as an activity level, Brant Corporation's total variable production engineering cost is $154,200 and its total fixed production engineering cost is $129,000. What would be the total production engineering cost per ..
What is a change in accounting principle? How do you determine if a change in principle should be reported retroactively, currently, or prospectively?
For the next few weeks AD Agency is offering a 10% trade discount when providing advertising services of $35,000 or more to its customers to encourage customers to buy in bulk. The Agency also offers 2/10, n30 on all credit sales. What amount of reve..
The standard materials cost to produce one unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. Illustrate what is the total ..
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