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Question - Carlo sold his house for PhP8,000,000. The real-estate agent got a 5% commission from the sales. From his commission, he has to pay BIR tax and other obligations required for the transfer of ownership of the property to the buyer. This expense represents 6% of his total commission. How much net amount will he receive?
Richard exchanges a building with a FMV of $75,000, a basis of $35,000, and subject to a liability of $25,000 for land with a FMV of $50,000 owned by Bill. What is the amount of Richard's realized gain?
Kale Company issued $350,000 of 8%, 20-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1.
beta corporation purchased 240000 worth of land by paying 24000 cash and signing a 216000 mortgage. immediately prior
Compute the members' shares of liability when the book value of the building has been reduced to $600,000 from depreciation deductions.
Leadership confronts you as a controller and questions the need for an internal control system.
Provide justification and analysis as to why you chose the order you did. Prepare the year-end balance sheet for 2015. Be sure to use proper headings
Prepare a comparative balance sheet, income statement, and statement of cash flows, and perform a horizontal analysis of the company's balance sheet
Explain the qualitative characteristics of comparability and the importance of this characteristic from the users' perspective. Describe in detail
As of January 2016, Magna Refrigeration Co has 6% preferred stock, Calculate Dividend Per share for each year
Suppose Bill gets lucky on his next hunting trip and shoots 10 ducks, How much would it have cost him to shoot the last two ducks
For each factor identified, briefly discuss the importance of the item to the overall account estimate. For example, how important is the interest rate assumption to the overall estimate of the pension liability.
Milo Corporation completed the following selected transactions - Analyze each transaction in terms of its effect (in dollars) on the accounting equation
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