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Problem 1: On July 1, 20x1, ABC Co. discounted an ?800,000, 90-day, 12% note, received from a customer on June 1, 20x1, with a bank at 16% on with recourse basis. The discounting is treated as conditional sale. The bank uses 365 days per year in computing for discounts. On August 30, 20x1 (maturity date), the maker of the note defaulted and the bank charged ABC Co. the maturity value of the note plus a ?3,000 protest fee. How much is transferred to accounts receivable due to the dishonor and before impairment testing?
Please comment on the following post: "The IASB is currently considering improvements to the goodwill and impairment provision of IAS 36, Impairment of Assets.
Carver Company produces a product which sells for $40. Variable manufacturing costs are $18 per unit. Fixed manufacturing costs are $5 per unit based on the current level of activity, and fixed selling and administrative costs are $4 per unit.
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Discuss the rights and liabilities of the partners and Lemon International Ltd - Sophia and Ben were furious on learning of this transaction and contacted Lemon International Ltd to pick these goods from their partnership premises, arguing that Mar..
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