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Questions -
Q1. ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later. One week prior to receiving payment from DEF, ABC made a P20,000 payment to DEF for advertising services that have a fair value of P15,000. After accounting for any necessary adjustments, how much revenue should ABC record for the merchandise sold to DEF?
Q2. Guardians Fund Managers Company sells two licenses to XYZ Company on September 1, 20x6. First in exchange for P400,000, the company provides XYZ with a copy of its proprietary investment management software, which the company does not anticipate updating and which XYZ can permanently use. Second, in exchange for P360,000, the company provides XYZ with a three-year right to market the company's financial advisory services under the name of Guardians, which the company advertises on an ongoing basis. How much revenue will the company recognize in 20x6 under this arrangement?
Journalize the adjusting entry required at the end of the year assuming the amount of unexpired insurance related to future periods is $8,000
Compute the taxable income or loss. Complete the Taxation Worksheet on the next page in accordance with AASB 112 Income Taxes.
Determine the contribution margin in dollars, per unit, and as a ratio and using the contribution margin technique, compute the break-even point in dollars and in units.
What is the basis of the stock to Gigi for purposes of § 1244? c. If Gigi sells the stock for $38,000 two years later, how will loss be treated for tax purposes
What Joseph should record revenue on its sales of product to Gerry? Joseph sells P100,000 of product to Gerry and also purchases P15,000 of advertising services
beta corporation purchased 240000 worth of land by paying 24000 cash and signing a 216000 mortgage. immediately prior
Sheridan Company expects to purchase $230000 of materials in July and $240000 of materials in August. How much will Augusts cash disbursements
Can the funds be raised from existing members or anyone else without a prospectus? Does the CA provide any protection for directors where funds are raised under a prospectus that contains a misleading statement?
Sales in year 2 is $60,000 more than sales in year 1. The Company had the same capital turnover in both years. What is the sales margin in Year
Issue of ordinary share capital 20,000 shares, 50 per share. Reissue of treasury share 3,020 shares 40 per share. Prepare journal entries to record transactions
If the outside supplier offers to sell prositrons for $425 each, should Hanson, Inc. accept the offer? Fully support your answer with appropriate calculations.
The lease requires annual fixed rental payments of $ 7, 000 per year beginning on January? 1, 2019, What amount is recorded for net investment
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