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Questions -
Q1. 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?
Q2. 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?
Assume the debt was raised at par. Ignore interest. How much exchange gain or loss would be shown in earnings in the second year
The Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The information is reported below:
Identify Primary management assertion (audit objective) that is tested and Type of audit test (Test of control, test of detail or analytical procedure)
You are auditing Brighton Pty Ltd (Brighton) a shoe retailer. Brighton has an April 30th balance date. In response to your request for a complete list.
Determine the weighted-average number of shares that Culver Corporation would use in calculating earnings per share for the fiscal year ended
Listed here are some items found in the financial statements of Finzelberg. Indicate in which financial statement(s) each item would appear.
1. compute the return on investmentroi for each division usingthe formula stated in terms of margin and turnover.2.
Government Health Cost Behavior Dr. Stephanie White, the chief administrator of Uptown Clinic, a community mental health agency, is concerned about the dilemma.
Calculate cost of goods sold, income from operations, income before taxes, and interest expense.
a resort hotel has total annual sales revenue of 1000000 variable costs of 350000 and fixed costs of 750000. the
Create and Show appropriate journal entries for High Time Tours from the beginning of the lease through March 31, 2018. Appropriate adjusting entries
In the year an 80% owned subsidiary sells equipment to its parent company at a gain, the noncontrolling interest in consolidated income is calculated by multiplying the noncontrolling interest percentage by the subsidiary's reported net income:
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