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Question 1 - On January 3, 201B, Honest company acquired an item of property, plant and equipment at a cost of P1,000,000. The asset's estimated residual value is P100,000 and estimated useful life of 10 years. The company uses straight-line of depreciation computed to the nearest month. On October 1, 2021, the asset was reclassi?ed as held for sale. Its fair value on this date was P500,000 and the cost to sell was estimated at P20,000. In January 2022, the asset was sold for P500,000 incurring disposal costs of P10,000 on the sale. How much gain on sale is reported for year 2022?
Question 2 - On January 3, 2013, Sweet company bought a patent for P540000. The estimated useful life of the patent is 8 years. During the year 2021, the company determined that the economic life of the patent is only 6 years from the date of acquisition. What is the carrying value of the patent at December 31, 2021?
Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses FIFO
What is the correct cash balance as of the end of the month? Verify this amount by reconciling the bank statement with the cash balance on the books.
Required: Briefly discuss the proper accounting treatment for Raymond Carver Corp. Prepare any necessary journal entry
Swifty Corporation has outstanding 1,700 $1,000 bonds, Record the conversion using the book value approach
explain how the british true and fair audit approach or strategy differs from the audit philosophy applied in the
On April 1, 2020, Culver Corp. sold 11,900 of its $1,000 face value, Make an effective interest table for the bonds for two interest payment periods.
For capital budgeting and cost of capital purposes, the firm should assume that each dollar of capital is obtained in accordance with its target capital structure, which for many firms means partly as debt, partly as preferred stock, and partly co..
Moreover, assume your client wishes to withdraw $60,912 at the end of each year - How many years will he be able to make this withdrawal
Slanted Building Supplies purchased 32 percent of the voting shares of Flat Flooring Company in March 20X3. On December 31, 20X3, the officers of Slanted Building Supplies indicated they needed advice on whether to use the equity method or cost me..
Prepare the adjusting journal entry to correctly report the balance of the Supplies account
Make any necessary adjusting entries at December 31, 2015, for Jester Company's year-end financial statements for each of the following separate transactions
baucom company accepted credit cards in payment for 6850 of merchandise sold during march 2012. the credit card company
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