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Questions -
Q1. In 2021, a lawsuit was filed against Keri Keri Co. for patent infringement. The plaintiff is claiming P400M in damages. Keri Keri's legal counsel believes that it is probable that Keri Keri will lose the lawsuit and pay damages of not less than P40M but not more than P400M. The probability of any amount within the range is as likely as any other amount also within the range. The plaintiff has offered to settle the lawsuit out of court for P360M but Keri Keri did not agree to the settlement. How much is provision to be reported in Keri Keri's year-end financial statements?
Q2. In the long-term liabilities section of its statement of financial position on December 31, 2022, Bergify Co. reported a lease liability of P75,000, net of current portion. Payments of P9,000 were made on both January 2, 2023, and January 2, 2024. Bergify 's incremental borrowing rate on the date of the lease was 11% and the lessor's implicit rate, which was known to Bergify, was 10%. In its December 31, 2023's Statement of Financial Position, what amount should Bergify report as lease liability, net of current portion?
The ending work in process inventory on October 31 was 3,708 tons (70% complete). What are the total equivalent units for conversion costs
The Company had a deficit (negative retained earnings) at the date of the reorganization of $420,000. Show a balance sheet just prior to the reorganization
What is Medical Associates cost of equity estimate according to the DCF method and what is the cost of equity estimate according to the CAPM?
Understanding Relationships between Overhead Variances, Budgeted Amounts, and Actual Units Produced and Direct Labor Hours Worked Last year.
Person A purchases a share of stock on 1/1/2013 for $1.00. Person A purchased another share of stock on 2/1/2013 for $2.00. What is the gain recognized?
ABC Capital holds the following portfolio: Stock Investment Beta A $150,000 1.40 B $75,000 0.80 C $75,000 1.00 D $75,000 1.20 Total $375,000 What is the portfolio's beta?
Journalize the transactions, including explanations. Post to the ledger T-accounts. Prepare a trial balance on May 31, 2014
Construct a contribution margin income statement for the month of June that reflects $600,000 in sales revenue for Kerr Manufacturing
Current assets as a percentage of Cost of Sales 22%. From the information given reconstruct a Statement of Profit or Loss and a Statement of Financial Position
Having analyzed its Mesa plant operations for purposes of installing activity-based-costing, Wilmington, Inc. identified its activity cost centers. It now needs to identify relevant activity cost drivers in order to assign overhead to Wilmington's..
Pot still had 40% of the intra-entity sales as inventory at the end of 2011. What are consolidated sales and cost of goods sold for 2011
What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet
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