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On July 1, 2017, Mr. V leased his vacant lot for a period of 12 years to Mr. J at an annual rate of P2,400,000. It was also agreed that Mr. J will pay the following:
The lease contract provides among others that the lessee will construct a 5-storey building for parking purposes at a cost of P36,000,000. Ownership of the building shall belong to the lessor upon the expiration or termination of the lease contract.
Problem 1: The building was completed on July 1, 2019 with an estimated useful life of 15 years. Assuming that due to the fault of the lessee, the lease contract was terminated on January 1, 2021, how much income is to be reported by the lessor in 2021?
An important aspect of governmental accounting is how large projects such as buildings, How are Special Revenue Funds used with these large capital projects
Leary Corporation had net credit sales during the year of $900,000 and cost of goods sold of $540,000. The balance in receivables at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable t..
salt company is considering investing in a new facility to extract and produce salt. the facility will increase
FUTA tax at a rate of 0.6% on the first $7,000 of Johnson's salary. Compute the total cost to Feng of employing Johnson for the year
Conduct some online research and locate a job requirement for a position that is local to you. Is a specific degree level required for this position? If so, what degree is required?
Question - Capital versus Revenue Expenditures - Determine which of those costs should be capitalized. Assume that all costs were incurred on January 1, 2016
suppose that in the first 3 years of the mines life the company took percentage depletion totaling 654000. in the fifth
We can often capture the most relevant characteristics. What is a random variable? How would you differentiate a discrete from a continuous random variable?
On October 1, 2018, Microchip lent $100,000 to another company. Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company
Describe also how accountants in public accounting and consulting are affected by this section of SOX
How to calculate the non-cash gifts regarding to taxable employee income - Lauren received two non-cash gifts from WEL, a season ski pass worth $400
The Candle Lab plans to purchase $20,000 of inventory in May. If cost of goods sold are roughly 80% of sales, what are the expected sales for May
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