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Problem 1: Ottawa Corporation owns machinery that cost P20,000 when purchased on July 1, 2016. Depreciation has been recorded at a rate of P2,400 per year, resulting in a balance in accumulated depreciation of P8,400 at December 31, 2019. The machinery is sold on September 1, 2020, for P10,500. Assume the machinery is sold for P5,200 instead of P10,500. Prepare journal entries to (a) update depreciation for 2020 and (b) record the sale.
Administrative Expenses $190,820, Income Tax Expense $36,291, and Dividends $19,082. Prepare the year-end closing entries
In 2018, Janine a single taxpayer with AGI of $ 203,000 claims four dependent children, all under age 17. What is the amount of her child credit
universal calendar company began the year with accounts receivable and inventory balances of 130000 and 50000
you work for a local construction firm devry engineering group and your supervisor wants to test your knowledge and
Joyful Manufacturing, What the change in work in process inventory and finished goods inventory during the 10 quarter of the year amounted to
Complete the journal entry needed to accrue interest on 12/31/18. On August 1, 2018, Alshon Company borrowed $30,000 by signing a 5-year, 4%
Gabrial Ltd. was incorporated on February 1, 2014 and is authorized to issue an unlimited number of preferred and common shares. Prepare the journal entries to record the above transactions
olson amp wolcott inc. issued 2400000 of face value bonds on january 31 2014. they are 12 bonds and sold for 2400000
Identify a current or contemporary Accounting issue/concept of your choice from one of the fields listed below (for example, Environmental Accounting could be considered as a contemporary issue for the Financial Reporting field.
How is the constraint of industry practices reflected in the FASB Codification? To answer the problems, please provide proper references
Carla Navarro, who has been assigned to you for preparation of the current year's tax return. Summarize the results of your research
chose an organization that will serve as the focal point of individual project part 2 due in unit 5. create a 1-page
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