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Questions -
Q1. Boyce Company leased a music studio from Justine company on a 6-year lease term at P250,000 annual rental payable in advance. Justine offered Boyce the option to purchase the asset at a bargain price of P200,000 at the end of the lease contract. The estimated economic life of the asset is 10 years, and its estimated residual value is P5,000. the interest implicit in the lease is 12%. At the end of the lease term, Boyce did not purchase the leased asset. (Round off the PV factor to four decimal places, then do not round off during the computation)
How much loss on failure to exercise the bargain purchase option was reported by Boyce?
Q2. On September 1, 2021, Fantastic Company leased furniture and fixtures from Gorgeous Company under a one-year contract. The lease payments are as follows: First 6 months at P12,000 per month; next 6 months at P8,000 per month.
How much is the rent expense for the year ended December 31, 2021?
A total of 11,700 direct labor-hours were worked. Compute the direct labor variances for the month
Al's father and mother were placed in a nursing home. The farm's Fair Market Value was $335,000 at the time of changing hands. What is Al's basis in the farm?
On January 1, 2009, the Emming Corporation purchased some machinery. The machinery has an estimated life of 10 years and an estimated residual value of $5,000. The depreciation on this machinery was $20,000 in 2011.
matt and carrie are married have two children and file a joint return. their daughter katie is 19 years old and was a
P800,000 and received P1,200,000 note as payment. Determine the present value of the note at the time of sale transaction
Review the most current results of FORTUNE Magazine's annual ranking of America's "100 Best Companies to Work For." Explore the website of at least three of the companies noted. Develop a two- to four page paper that addresses the following:
1.what are the main advantages of a proprietorships b partnerships and c limited liability companies?2.what are the
Explain at least three roles of the Data Definition Wizard, and describe for each role how the auditor will use the Data Definition Wizard feature
The company is using Economic Order Quantity model in placing the orders. How many orders will be placed each year
In 2009 D gave his son a gift of stock valued at $2,160,000, which produced a taxable gift of $2,147,000 and a gift tax, after application of the $345,800.
Total annual operating expense is $3,500. Annual debt service is $4,000. What is the debt service ratio for this property
Determine the cost of the land to be reported on the balance sheet.
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