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Question - On January 1, 2016, Pinky Pop Company sold a piece of land with a carrying amount of P6,000,000 in exchange for a 5% promissory note with face amount of P7,500,000. The note is payable in annual installments of P2,500,000 plus accrued interest on the outstanding balance. The first installment is due on December 31, 2016. There is no established cash price for the land and the note has no ready market. The prevailing interest rate for a note of this type is 10%. (Use the appropriate present value factors).
Required - Prepare journal entries to record the transactions from January 1, 2016 to December 31, 2018.
Albert Mona has worked at Crimson Electricals for more than 8 years. Identify the control weaknesses at Crimson Electricals
Prepare the entry to record the exchange of assets by Denton Company
Jason Bradley and Abdul Barak, with capital balances of $26,000 and $35,000, respectively, decide to liquidate their partnership.
Organizations use a variety of performance measures to evaluate managers. Central to the idea of responsibility accounting is that performance measures
Company declares and distributes a 50% common stock dividend. There are 100,000 shares outstanding when the market value of the $1 par common stock is $12 per share. What is the effect on Retained Earnings of this large stock dividend?
A master budget is a detailed and comprehensive analysis of an organization¿s long- and short-term goals. Identify the major inputs to the master budget
Medwig Corporation has a DSO of 17 days. The company averages $3,500 in credit sales each day. What is the company's average accounts receivable?
work in process beginning 10000 work in process ending 15000 direct labor costs incurred 4000 costs of good
the bootsie holding company has sales exceeding 10 billion and each of its three wholly-owned subsidiaries has sales
Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. Prepare the beginning inventory
What is the net ST or LT gains and losses for 2007? What is the appropriate tax treatment of the net gain or loss.
keel companys fixed overhead costs for the year are expected to be as follows depreciation 80000 supervisory salaries
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