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Question - Mr Huy Anh, the owner-manager of a small business enterprise, had carefully monitored his cash position over the past financial year, and was pleased to note at the end of the year that the cash position was strong, and had shown a healthy 50% increase over the year. When presented with his statement of financial performance for the year, he was dismayed to note that the gross profit earned in the last year had deteriorated significantly and had become a loss for the current period. In his anger, he accuses you of having made errors in the accounting since 'such a silly situation could not possibly exist.' How would you respond to Mr Huy Anh?
Brave Corporation acquired equipment on January 3, 2018 at a cost of P100,000. How much impairment loss is to be recorded by Brave
What is the NPV for a machine that can be purchased for $20,000, has an annual maintenance cost of $4,000, and will last for five years
Which of the following statements about materiality is not correct ? Which of ghe the following are considered pervasive constraints by statement of financial accounting cbcept no 2. In classifying the elements of financial statements, the primary di..
What are some of the advantages and disadvantages of permitting auditors to provide nonaudit services (such as tax services) to clients?
Prepare an income statement for Charlies Pets, a merchandiser, for the year ended December 31, 2012.
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000.
private college transactions. elizabeth college a small private college had the following transactions in fiscal year
When a company that sells its products with positive gross profits increases its sales by 15 percent and its cost of goods sold by 7 percent, the cost of goods sold ratio will
Compute the product margins for the Extreme and the Pathfinder products under the company's traditional costing system
The stock goes ex dividend tomorrow. Ignore any tax effects. What will be the price of the stock tomorrow morning
What is an investment center, and what measures are used to evaluate this type of responsibility center
At the beginning of 2016, Stillwater Company had a $250 balance in its Supplies account. During the year the company paid $1,500 cash for additional supplies. The physical count of supplies on hand at the end of 2016 was $1,400. Which of the followin..
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