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On December 31, 20x1, Mr. Eugene H. Krabs Co. enters into a contract with Sheldon J. Plankton Co. to transfer a license for a fixed fee of P100,000 payable as follows:
Problem 1: How much contract revenue will Krabs recognize in 20x1?
a.0b. 60,747c. 20,187d. 80,747
Norie Company leased an asset on finance. Depreciation for the asset is computed using straight line method. How much is the annual depreciation for the asset?
Czeslaw Corporation can purchase the patent from the outside firm and record the expenditure as an asset. What are the ethical issues involved
Nature's Garden, a new restaurant situated on a busy highway in Pomona, California, specializes in a chef's salad selling for $7. Daily fixed costs are $1,500, and variable costs are $4 per meal. With a capacity of 800 meals per day, the restaurant s..
Which of the following standards is inapplicable to Rule 201 of the AICPA Code of Professional Conduct?
Prior to the final distribution of cash,Mary's capital balance was $200,000,Ann's capital balance was $150,000,and Tina had a capital deficiency of $50,000. Assuming Tina contributes cash to match her capital deficiency, Mary should receive?
Bootsie's annual report shows its consolidated income and individual income statement accounts of each subsidiary company. Should Bootsi also report separate earnings-per-share balances for the three subsidiary companies?
Advise Wisdom Ltd on the treatment of this grant in the 2019 financial statements ( Statement of Profit and Loss for 2019 andStatement of financial position)
Calculate depreciation expense for 2018 & 2019 under Units of production, assuming the van was driven 20,000 km in 2018 and 25,000 km in 2019.
How to record transaction for? The owner of Dependable Security Ltd provides you with the trial balance as at 31 March 2019 as well as
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. Calculate the variable overhead rate, effic..
Assume that the Joint Operation is liquidated and Z is charged the unsold inventory at cost, how much is the Joint Operation Cash to be shown in the books of Y
Prepare journal entries (omit explanations) for the foregoing intracompany transactions in the accounting records of the home office and the Eastern Branch.
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