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Problem 1: Knicks Corporation was organized on January 1, 2018 with authorized capital of P 2,000,000, P 20 par value. Subsequently, incorporators subscribed for 25,000 shares at P 24. How much must be paid up upon subscription to comply with the requirement of the Securities and Exchange Commission? Show solution.
a. P125,000b. P150,000c. P500,000d. P600,000
Evaluate what amount of gain or loss should be reported on consolidated financial statements for 2010 and which of the subsequent will be included in a consolidation entry for 2011?
Chmelar Manufacturing Company developed the following data: Beginning work in process inventory $ 80,000 Direct materials used 480,000 Actual overhead 560,000 Overhead applied 540,000 Cost of goods manufactured 1,280,000 Ending work in process 60,000..
Give some examples of items that would be adjusted directly against equity, rather than being included as part of profit or loss.
How much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?
Determine the company cash flows from investing activities. Long-term investments in stock were sold for $94,900 cash, yielding a gain of $16,250.
Bob’s Service Inc offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, 2005, the end of the fiscal year the following balances were taken from the ledger of Bob’s Service Inc. ..
What is the balance of the pension plan assets as of December 31, 2019? The service cost was $750,000 during 2018 and $1,125,000 during 2019.
Prepaid expenses decreased by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method are
Du Monde Corp is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $100,000. The equipment will have an initial cost of $400,000 and have a 5 year life. The sa..
How much amortization expense should Maciel report in each year through the year ended September 30, 2016
Partners Enrique and Liza receive a salary allowance of P30,000, If the company earned P40,000 during the period, what is the effect on Liza's capital?
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
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