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Question 1 - On January 1, 2022, Kyle Co. purchased an equipment for P15,435,000. The equipment had been depreciated using the straight-line method with residual value of P945,000 and useful life of 18 years. On January 1, 2024, the entity determined that the remaining useful life is 8 years and the residual value is P1,370,000. What is the depreciation for 2024?
Question 2 - On January 1, 2022, Leo Company purchased a machine for P8,500,000 and depreciated it by the straight line using an estimated life of 14 years with P450,000 salvage value. On January 1, 2024, Leo determined that the machine had a remaining useful life of 8 years with no salvage. An accounting change was made in 2024 to reflect these additional data. How much is the depreciation for the year 2022?
You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. Calculate your budgeted Sales for the month
EEI uses ABC to determine the unit costs of its products. Determine the activity-based unit cost for each of product
What is the amount for inventory that Rensic Inc. should report on the balance sheet under the lower of cost or net realizable value method
What is the manufacturing cost markup needed to obtain a target profit of $145,000
Quick Finance on a with recourse basis instead. The recourse provision has a fair value of $28,000. Prepare the journal entry required on Dexter's books on May
Ending inventory consisted of 60 units. Mason sold 522 units at $144 each. What is the amount of net income using FIFO, LIFO and weighted average
Using the high-low method, determine the overhead cost equation. Use machine-hours as your cost driver
Bonita Company ships merchandise to Myan Corporation on December 30. The merchandise reaches the buyer on January 5.
if x is a calender yeat tax payer purchased 2 125000 tangible personality in 2012 how much of this cost can be elected
When the cost of inventory is First In First Out? First in of inventory is still here (FISH). / Last in of inventory is still here (LISH)
If Rock Shop uses the LIFO method for financial reporting and FIFO for internal purposes. what is the amount of the LIFO reserve at January 31st?
1) Which of the following is an external user of accounting information?
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