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To raise operating funds, National Distribution Company sold its equipment on March 31,2015 for P470,000 and immediately leased the equipment back. The fair value of the asset is P700,000 and the equipment has a carrying value of P650,000. The annual rental payments of P100,000 is significantly lower than the fair rental of P125,000 for this type of equipment.
Question 1: How much loss should be deferred beyond 2015 as a result of this sale lease back transaction
Shefford Cutlery extends a lifetime replacement warranty on all units sold. Using past experience, the company estimates that 0.5% of units sold will be returned and require replacement at an average cost of $108 per unit. Record the replacement of t..
Explain how Christine should treat each of the five transactions listed above according to the appropriate accounting concepts.
OMG corp. ceased operations in September of 2014 after being in business for over a decade with a fiscal year ending March 31; and distributed its remaining assets to its shareholders in October 2014. Compute OMG Inc’s tax for its last year using the..
Frederic Chopin Corporation is preparing its December 31, 2008, balance sheet. The following items may be reported as either a current or long-term liability.
All disbursements and receipts are handled in the store’s main checking account. Draw an E-R diagram with cardinalities of the store’s revenue cycle.
How do you record this? Is it a Debit of $1,387 to HST on Sales and a Credit of $841 on the HST on Purc/Serv. account ?? know that $546 will be a credit
Neptune Company produces toys and other items for use in beach and resort areas. A small, inflatable toy has come onto the market that the company is anxious to produce and sell. Compute the monthly break-even point for the new toy in unit sales and ..
Prepare relevant journal entries to record transactions for non-current asset in 2018 and 2019. Should a revaluation increment be
, how to calculate the amount of intangible assets subject to amortization as a percent of the company's total intangible assets
How does the rule of law specifically apply given the specific facts of the case at issue? In other words, given the rule of law that should apply, which party wins according to that rule given the facts of the case being heard?
What would be the effect on earnings per share in the second year of the 4-year contract of using the percentage-of-completion method instead of the completed-contract method? Discuss.
Calculate the net present value of the proposed change, that is, the net benefit or net loss in present vaklue terms of the proposed changeover.
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