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Questions -
Q1) SABM Co. acquired a machine on January 1, 2018, at a cost of P120,000. It was expected to have a useful economic life of 10 years. SABM Co. uses the straight-line method in depreciating its machinery and equipment and reports on a calendar year basis. On December 31, 2020, the machine was appraised as having a gross replacement cost of P150,000. SABM Co. applies the revaluation model in valuing this class of property, plant, and equipment after its initial recognition. How much should be credited to revaluation surplus on December 31, 2020?
a) P9,000
b) P21,000
c) P30,000
d) P105,000
e) answer not given
Q2) Factor Company's cash generating unit has been assessed for impairment and it has been determined that the unit has incurred an impairment loss of P240,000. The carrying amounts of the assets were as follows: Building P6,000,000; Land P3,500,000; Equipment P2,000,000; Vehicles P2,500,000. The cash generating unit has not recorded goodwill. How much of impairment loss should be allocated to the building?
a) P50,000
b) P62,500
c) P87,500
d) P102,857
Which Item that would be included in other comprehensive income include? Unrealized gains (losses) on held for trading investments
Prepare journal entries (in general journal form) to record the above transactions. Use a 360-day year in making the interest calculations.
During 2013, Durham Manufacturing expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in..
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. Post the unadjusted balances and adjusting entires into the appropriate t-accounts.
Equipment's book value but less than its original cost. The equipment should be reported on the December 31, 2017 consolidated balance sheet at
If the metal's spot price is $150 per pound and the continuously compounded interest rate is 5.5% per annum, what is the six-month forward price
Make predetermined overhead rate that would have been used during the year, showing separately the variable and fixed components of the rate.
When using the gross profit estimation method, ending inventory is approximately? Collins Company needs an estimate of its ending inventory balance.
Briefly describe how the accounting for intangibles differs under international financial reporting standards?
Cribb Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 13,200 hours and the total estimated manufacturing overhead was $337,920.
Cheatam Enterprises has a 4.2% merit rate on unemployment (top state rate is 5.4%). During the first week of the payroll tax year, Cheatam pays $20,000 in wages (no one employee earns over $7,000 during the week). What are the TOTAL payroll taxe..
How would the following items be handled under each concept? i. Cost of goods sold ii. Selling expenses iii. Prior period adjustments
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