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Problem 1: BTS Co. purchased machinery for P15,000,000 on Jan. 1, 2021. The machine has a useful life of 15 years with a residual value of P1,500,000. The entity also estimates that the machine will be able to produce a total of 1,500,000 units of cars. For 2021, the machine produced a total of 75,000 units of cars. Using the Output Method, how much depreciation should be recognized?
Marks State in each case whether the statement is TRUE (if it is 100% true) or FALSE. If a statement is false, explain why that is the case
A company owns a car that was involved in an accident at the year end. Identify the recoverable amount of the car and any impairment required.
On July 1, 2019, Sunland Co. pays $17,300 to Oriole Insurance Co. for a 4-year insurance contract. For Sunland Co., journalize and post the entry on July
the xtra appliance manufacturing corporation manufactures two vacuum cleaners the super and the standard. the
Method must be used to record uncollectible accounts. The allowance method includes making an adjusting entry. Explain procedure to a new accounting student
Prepare a determination and distribution of excess schedule. Prepare a consolidated worksheet for the year ended December 31, 20X3.
Compute the predetermined overhead rate and compute the overhead applied.
Calculate the depreciation for 2000 & 2001 using the double declining balance method. On January 1, 2000, a piece of equipment was purchased at cost of $26,000.
Identify and explain the internal administration system for trust fund accounting contained in the ICB Code of Professional Conduct
A consumer purchased 10 units of good X and 6 units of good Y in year 1 (the base period) when the price of good X was $8 and the price of good Y was $5. The next year (year 2) the price of good X fell to $7 and the price of good Y increased to $8. B..
The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. How much is the total proceeds received
Short summary of a foreign derivative. Accounting treatment via the cash flow and fair value methods
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