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Problem 1: Japee, Inc. assigned P240,000 of its receivables to PJTC Finance company. A note payable was executed. The contract provided that PJTC would advance 85% of the gross amount of the receivables. The contract specified recourse and non-notification; therefore, Japee's debtors continue to remit directly to it; the cash from customers is then remitted to the finance company. The cash remitted is first applied to the finance charges, with the remainder applied to the principal. During the first month, customers owing P164,000 paid cash, less sales returns and allowances of P6,400. The finance charge at the end of the first month was P1,400. How much is the disclosed equity in assigned accounts as of the end of the first month?
Accelerator, Inc. manufactures a fuel additive called surge. Calculate the direct material price variance for May
told him about the three different types of costing methods that organizations use to classify costs
Find the financial statements that must be prepared by a private college or university and those that must be prepared by a public college or university.
1. using exhibit 7-12 as a guide compute the product margin for the ex300 and the tx500 under the companys traditional
Calculate the new weighted average contribution margin. Compute the adjusted sales volumes of each type of watch given that the sales mix remains the same
The building and machinery will cost $800,000 and be depreciated over 10 years using the straight-line method with no salvage value at the end of the equipment-life.
a small company maintains a petty cash fund for minor expenditures. thefollowing transactions occurred in june and
Renee Pharmaceutical Corporation licenses to a customer, Anna Inc., its patent rights to an approved drug compound for 10 years and also promises to manufacture
On the worksheet, the balance sheet debit column for merchandise inventory will contain what balance
Explain the accounting treatment for each item of expenditure listed above. Determine the initial evaluation of each assets Riders Corp acquired
The purpose is to summarise international critique with respect to the Standard. The dissertation should clearly indicate proper research on the following:
Gene Remington, who owns many investments in common stock, says, “I don’t care what a company’s net income is. The stock price tells me everything I need to know!” How do you respond to Gene?
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