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Question - Ford Corporation, an equipment distributor, sells a piece of machinery with a list price of P800,000 to Territory Company. Per agreement, Territory will pay P850,000 in one year evidenced by a note. Ford normally sells at cash price equivalent to 90% of list price. The note has a market rate of 12%. How much should Ford record as Sales? (The PV of 1 at 12% for 1 year is 0.89)
a. P756,500
b. P850,000
c. P720,000
d. P800,000
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller's bonus is based on the next income. It is the controller's belief that the switch in inventory methods would inc..
What is the total cost of goods transferred out using the FIFO method
Eve's Apples opened business on January 1, 2010, and paid for two insurance policies effective that date. The liability policy was $36,000 for eighteen-months, and the crop damage policy was $12,000 for a two-year term. What was the balance in Eve..
Since the income of the business is small, Sherry decides to capitalize the expenditures and to amortize them over 3 years for regular income tax purposes. The AMT adjustment for circulation expenditures for the first year of operations is:
Prepare the discontinued operations section of the income statement for the year ended 2020? What is the net income/loss from discontinued operations reported
Calculate the dividends paid per share to both the preferred and the common shares in 2020 assuming preferred shares are cumulative
Error and Change in Estimate-Depreciation Tarkington Co. purchased a machine on January 1, 2007, for $440,000. At that time it was estimated that the machine would have a 10-year life and no salvage value.
Suppose you purchase a zero-coupon bond with face value $1,000, maturing in 20 years, for $214.51. What will the price of the bond be five years from now
An industrial group reports that there were approximately 122,000 industrial robots operating in a region last year. The graph shows the percentages of industrial robot units assigned to each of six task categories.
Faros Hats, Etc. has two product lines-baseball helmets and football helmets. What is the operating income for Faros Hats, Etc.
Question - Journalizing Installment Notes. Journalize the entry to record the issuance of the installment notes. Journalize the first annual note payment
On March 31, it sold 100 of those shares for $45 a share and properly recorded $500 as additional paid-in capital. How should retained earnings be presented
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