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Question - Mrs. Nenita Cabral is into housing rental as her business. One of her tenants issued a check amounting to P21,000.00 as payment for three (3) months rental. Mrs. Cabral deposited the check to the bank. After a week, the bankcontacted Mrs. Cabral and informed her that the check she deposited has No Sufficient Fund (NSF). What do you think is the best thing Mrs. Cabral should doto settle the said problem? Should Mrs. Cabral sue her tenant for issuing an NSF Check? Justify your answer.
Billy is a single individual who possess a life insurance policy worth $300,000 that will pay his 2 friends $800,000 upon his death. This year, Billy transfered the policy and all incidents of ownership to an irrevocable trust that pays income annual..
Compare the two options by preparing the pro forma statement of financial position for the year 2019. Assume all the elements in the pro forma statement
On Maze’s Form 1120 tax returns, no loans from shareholders were reported. Describe whether John is entitled to a bad debt deduction for the amount of the payment on the loan
On December 31, 2012, a company exchanges machines A and B for a new machine C. The company also receives $5,000 in cash. The transaction is deemed to lack commercial substance. Machine A was acquired on January 1, 2009, at a cost of $60,000. The mac..
At the beginning of the current year, Moana Company acquired 20%. What is the carrying amount of the investment in associate at year-end?
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Compute the account balance at the end of the sixth year. Compute the amount of each payment that Linda must make at the end of each of the six years to accumulate the $40,000.
What is The signalling model of dividends predicts? This bill is trading at a yield of 7.5% which necessarily implies a time to maturity of
If the preferred stock is noncumulative, determine the total amount of cash dividends paid to each class of stock in each of the three years
What was the net effect of the investment on Rick's net income for the year ended December 31, 2024?
What adjusting entry was overlooked immediately following the merger? A collection of $3,000 from a client on account was debited to Cash $200 and credited
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