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Problem 1: Regal Appliances consigned 60 television sets to Gal Company on January 1, 2020 for sale at P10,800 each and paid P10,000 transportation costs. At the end of the month, Gal reported sale of 25 television sets and remitted P243,000 which is net of ten percent commission. What amount of consignment sales revenue should be reported by Regal?
Which the cost principle states? Assets are recorded using the appraised value. / Assets are recorded at the amount paid. / Assets are recorded at fair value
Scrap, job costing. The Russell Company has an extensive job-costing facility that uses a variety of metals. Consider each requirement independently.
john fillmores lifelong dream is to own his own fishing boat to use in his retirement. john has recently come into an
John exchanged an old asset with an $18,000 adjusted basis plus $2,000 for new asset with a $32,000 fair market value. Compute amount of John's recognized gain
It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?
Problem - Measures of Internal Business Process Performance. Compute the manufacturing cycle efficiency (MCE) for the quarter
Compute the current ratio and acid test ratio for each of the following separate cases.
Camby Corporation's balance sheet reported the following: Prepare the journal entry for these transactions under the cost method
What is a wireless mesh network? What is one of the key advantages of such a network?
Nancy has active modified adjusted gross income before passive losses of $75,000. How much of loss is she allowed to take against the $75,000 of other income
A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000.
Calculate net present value of each of the options and determine which option Cook should select using the NPV criterion.
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