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An equipment was acquired on April 1, 2018 with an invoice price of P200,000. The scrap value is estimated at P22,000 with useful life of 5 years. The company ends its fiscal year September 30, 2018.
Problem 1: How much will be the book value or carrying value of the equipment at the end of fiscal year ended September 30, 2018?
On January 1, Snipes Construction paid for earth-moving equipment by issuing a $300,000, 3-year note that specified 2% interest to be paid on December 31 of each year.- The equipments retail cash price is:
The credit terms offered to a customer by a business are 2/10, n/30, which means? the customer must pay the bill within 10 days.
Pita Pal sells fast-food franchises. Pita Pal receives $78,000 from a new franchisee for providing initial training, equipment, and furnishings that together have a stand-alone selling price of $78,000. Pita Pal also receives $36,900 per year for use..
Lipe Company reports the following transactions: Jan 15 Issued 25, 000 shares of $5 par value common stock at $17 cash per share. Mar 31 Purchased 3, 000 shares of its own common stock at $20 cash per share. June 25 Sold 2, 000 shares of its treasury..
Tamiko buys a painting from a collector for resale in her gallery for $3,500. She sold it 15 months later for $5,500. What are the nature and amount of the gain on the sale of the painting?
Suppose you are the controller of a company that sells inventory. Suppose, too, that the economy currently enters a period of high inflation. Although profits are higher this year than last year, you realize that the cost to replace inventory is also..
Mendoza will pay that amount, the payment is not scheduled to occur until the end of the contract. What Davis should recognize revenue in 2016 in the amount of
The average share price for the year is $25. Using treasury stock method, what was Shopalot's basic EPS and diluted EPS?
Assuming an interest rate of 6% and that this lease is treated as an installment sale (capital lease), Gusto will initially value the machine
Yet, surveys of financial managers consistently indicate that IRR is the most widely used technique by practitioners. Why do you suppose this discrepancy exists
Explain when you would expect the account to be cleared to zero. Explain the methods you could use to reconcile these accounts.
Vanproosdy Inc., which uses job-order costing, has provided the following data for February: Direct materials. $78,000 Direct labor cost $94,000 Manufacturing overhead cost incurred $54,000 Manufacturing overhead cost applied. $50,000 Inventories: Th..
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