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Questions -
Q1) SABM Co. acquired a machine on January 1, 2018, at a cost of P120,000. It was expected to have a useful economic life of 10 years. SABM Co. uses the straight-line method in depreciating its machinery and equipment and reports on a calendar year basis. On December 31, 2020, the machine was appraised as having a gross replacement cost of P150,000. SABM Co. applies the revaluation model in valuing this class of property, plant, and equipment after its initial recognition. What is the balance of the revaluation surplus account on December 31, 2021 assuming that piecemeal realization of revaluation surplus is in order?
a) P30,000
b) P21,000
c) P18,000
d) P15,000
e) answer not given
Q2) Dragon Fruit Trading spent P1,440,000 in acquiring a patent on January 3, 2012. Due to the competitive nature of the product, the patent was estimated to have a useful life of 10 years. At the beginning of 2016, the company paid P180,000 for legal fees in a successful defense of the patent. On July 1, 2020, a competitor obtained rights to a patent which made Dragon Fruit's patent obsolete. How much is the loss from the patent obsolescence?
a) P216,000
b) P243,000
c) P261,000
d) P396,000
What The direct material efficiency variance is? The company actually produced 48,000 units of finished goods, purchased 27,000 feet of materials at $4.25
Which forecasting techniques do you think should be used in calculating fuel prices? Time series models? Causal models? Qualitative models?
Identify a public manufacturing company in the USA that produces a tangible products. Identify the company’s value chain (first and second level) Be specific in your description. What benchmarks does the company use to measure its progress? If none c..
a $100,000 unfavorable permanent difference from the disallowance of compensation expense related to the exercise of incentive stock options. Oriole Company's applicable tax rate is 34%. Calculate Oriole Company's current income tax expense.
On 1 March 1998 Jack Castle starts a business, Castle Tours, with £5,000 capital and a £5,000 loan from the bank.- Show the bookkeeping entries.
Show the balance sheet after all of these transactions have been reflected. Inventories sold for Rwf 11,000 cash; these inventories had cost Rwf 8,000.
When this concept was initially incorporated in the Tax Act, do you think financial managers viewed this change positively or negatively? Why?
If the CFO wishes to sell MYR100,000 at 3 month forward, what is the premium or discount, for three - month forward in annual percentage terms?
If her goal is to earn a gross income of $468.60 in one week, which equation will help Carmela determine the number of hours (h) she must work?
Prepare a break-even chart for the conference and determine the break-even attendance level. Prepare a budget for the event if you expect 110 people to attend.
Prepare the adjusting entry to record credit losses for the . Show how the accounts receivable account and the allowance for doubtful accounts would appear on the December 31 balance sheet.
wondra supplies showed the following selected adjusted balances at its december 31 2010year-endaccounts
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