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Question 1: Liam had these loans outstanding for the year 2020: Specific Loan: $1,000,000 at 10% General Loan $20,000,000 at 12%. The company began a self-construction of a building on January 1, 2020 and was completed on December 31, 2020. The following expenditures were made during 2020: January 1: $1,000,000 July 1: $2,000,000 November 1: $3,000,000 Total: $6,000,000. How much is the cost of constructed building on December 31, 2020?
Option 1: $6,000,000
Option 2: $6,250,000
Option 3: $6,280,000
Option 4: $6,300,000
October 1, 2014, Pizza Pete buys a truck to deliver pizza for $40,000. The truck has a salvage value of $1,500 and useful life of 7 years. Calculate the Depreciation expense and book value for 2014 and 2015 using straight line method.
Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable overhead for March. Provide appropriate journal entries to record the variable overhead spending and efficiency variances.
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If the partnership agreement provides for the division of losses only. Profits should be divided? According to average capital ratio.
Calculate the amount of income tax that Rummy must pay each year if (a) the asset is not purchased and (b) the asset is purchased
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Such number of equity shares will be issued at market price of Rs. 100 each. Find out the number of shares to be issued in each next three years.
Adnan Company uses process costing. At the beginning of the month, there were 3,000 units in process, 70% complete with respect to material, and 60% complete with respect to conversion costs. 20,000 units were started during the month and 20,000 unit..
When an auditor reports on financial statements prepared on an entity’s income tax basis, the auditor’s report should:
On January 15, 2022 (immediately after receiving the coupon payment), you sell the bonds for $5.1 million. What is the return that you earned
Delberts total sales for this week were $6,700. What were Delberts gross earnings this week under the new arrangement of 10% of all sales
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