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Question - An asset having a cost of $200 000 and accumulated depreciation of $40 000 is revalued to $240 000 at the beginning of the year. Depreciation for the year is based on the revalued amount and the remaining useful life of eight years. Shareholders' equity, before adjusting for the above revaluation and subsequent depreciation, is as follows:
Share capital 600 000
Revaluation surplus 90 000
Capital profits reserve 170 000
Retained earnings 140 000
Total 1 000 000
Required - Prepare journal entries to reflect the revaluation of the asset and the subsequent depreciation of the revalued asset. Which of the equity accounts would be affected directly or indirectly by the revaluation?
Zamboanga Corporation, a resident corporation, How much final tax will be withheld from the dividend distribution to Zamboanga Corporation?
Bay pines medical center estimates that a capitated population of 50,000 would have the following base case utilization and costs. In addition to medical costs, Bay pines allocates 10 percent of the total premium for admin and reserves. What is the p..
Each costing $2.15 to make and priced at $4.25. Assume that the discount rate is 14 percent and the tax rate is 30 percent. Should the bakery make the purchase?
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HPQ uses a perpetual inventory system. For each of the three situations above, identify the type of change and the proper accounting treatment
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The following items are taken from the financial statements of Blossom Company for 2022: Calculate the retained earnings balance
The current contract amount for the project is $150,000. The estimated cost at completion is $130,000. The actual costs to date are $47,000 and the total billed to the owner is $55,000. Is the project over or under billed? By how much?
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Assuming that all of Fibre Technologies' internal production costs are avoidable if the company purchases rather than makes the latch, what would be the net annual cost advantage to purchasing the latches?
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