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Question 1 - On December 31, 2022, Michael Co. appropriately changed its inventory valuation method to FIFO cost from weighted-average cost for financial statement and income tax purposes. The change will result in a P3,620,000 increase in the beginning inventory at January 1, 2022. Assume a 25% income tax rate. The cumulative effect of this accounting change on beginning retained earnings is? Indicate whether Increase or Decrease.
Question 2 - On January 1, 2022, Chryzza Co. acquired an equipment for P16,500,000. The equipment will be depreciated using the straight-line method over 25 years. The estimated residual value is P500,000. In 2028, following a reassessment of the realization of the expected economic benefits from the equipment, Chryzza Co. changed its depreciation method to sum-of-the-years digits (SYD). The remaining useful life of the asset is estimated to be 9 years and the residual value is changed to P340,000. How much is the depreciation expense in 2028?
What the entry to record the sale of 10,000 share rights during the year includes a credit to investment in equity instruments amounting to?
El Tigre reported a credit to Unrealized Gain or Loss- OCI of $5,000. What was the balance in Retained Earnings on December 31, 2021
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Identifying and Assessing The Risks Of Material - Describe THREE (3) inherent limitations of internal control system that could limit its effectiveness
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An entity that is a franchiser in the quick-service restaurant business also operates company-owned restaurants that are unprofitable in a certain region and, as a result, the entity decides to exit both the quick-service business as well as the c..
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How to Build the Powerful Leadership Traits of Successful Leaders in trade mark ,Apa format required?Discuss and explain in details
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