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Question - The Loban Company purchased four cars for P 9,000 each, and expects that they would be sold in three years for P1,500 each. The company uses group depreciation on a straight-line basis.
Required -
1. Prepare journal entries to record the acquisition and the first year's depreciation.
2. If one of the cars is sold at the beginning of the second year for P 7,000, what journal entry is required?
Audrey, age 38 and single, earns a salary of $59,000. She has interest income of $1,600 and has a $2,000 long-term capital loss from the sale of a stock investment. Audrey incurs the following employment-related expenses during the year:
yorkie company has a product with a selling price per unit of 200 the unit variable cost is 110 and the total monthly
this year mary received a 200 refund of state income taxes that she deducted on her tax return last year. mary included
Find What is the total of the account Retained Earnings reported in the Balance Sheet at the end January? Use accrual accounting.
Adjusting entries are prepared once a year, at year end. The necessary adjusting entry at the company's year-end,
1. Joe is a solicitor employed by Bloggs & Co. There are two partners, Harry and Ian. Ian is intending to retire and it has been decided that Joe should replace Ian as a partner, with Harry carrying on as a partner. Explain to each of Joe, Harry a..
Alex also informs you that, under the current scheme, Compute the firm's total overhead cost and the overhead rate
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If Blossom can increase inventory turnover from its present level of 9 times a year to a level of 10 time.Compute its expected cost savings for the coming year.
Field Company purchased a warehouse in a downtown district where land values are rapidly increasing. Adolph Phillips, controller, and Wilma Smith, financial vice-president, are trying to allocate the cost of the purchase between the land and the b..
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