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Problem 1: Beerus Company prepared quarterly interim financial statements and used the percentage of credit sales method in computing doubtful accounts. The credit sales for the first, second, third and fourth quarters totaled P2,000,000, P1,500,000, P3,500,000 and P4,000,000 respectively. The doubtful account percentages for the first, second, third and fourth quarters effective for the entire year are 2%, 2%, 4%, and 5% respectively. What amount of doubtful accounts expense should be recognized in the fourth quarter income statement?
A. 550,000 B. 270,000 C. 200,000 D. 137,500
The cost of property A is $120,000, while the cost of property B is $180,000. How will the $180,000 in borrowing be linked to the two new properties?
Gavin Pestrosino, a building contractor, builds houses in tracts, often building as many as 20 homes simultaneously, Petrosino has budgeted costs for an expected number of houses in 20X0 as follows: The job construction overhead includes approximatel..
The company has run into hard times and the yield to maturity on the bonds has increased to 11%. What is the price of the bond now
Identify any costs in the the problem that are not relevant to this decision and What is the maximum profit that Missou Mining Company can expect to earn from the production of the 400,000 tons of Alpha
On January 1, 2014, Fishbone Corporation sold equipment to Lost Company that cost $250,000 and that had accumulated depreciation of $100,000 on the date of sale. Record the 1/1/14 transaction for Fishbone and all necessary entries from 2014-2016. Re..
What was the average market price per share at which common stock was issued, and what was the average market price per share at which preferred stock was issued and what is the total value of the Paid in Capital portion of stockholders equity?
The current LIBOR rate is 10% per annum for all maturities. The 3-month LIBOR rate 1 months ago was 8% per annum. All rates are compounded quarterly. Use quarterly compounding. Illustrate what is the value of the swap to this financial institution?
Which investors would likely prefer a cash dividend over a stock dividend? Layton prefers when companies let him decide how to benefit from his dividends.
What is the contract really worth if Tyler can earn 10.5 percent on his money? Tyler Myers has just signed a $6 million contract.
According to a summary of the payroll of Bailing Co., 880,000 was subject to the 6.0% social security tax and the 1.5%Medicare tax. Also , $40,000 was subject to state and federal unemployment taxes. Calculate the employer payroll taxes, using the fo..
In a business combination, Acquirer Company agrees to pay the shareholders of Acquiree Company $0.25 in cash for every dollar in total income from continuing operations of the combined entity over $200,000 in the first three years following acquisiti..
Digicel Limited, a mobile telephone company based in Bermuda, issued $1.4 billion in bonds in 2007, including $1 billion with a maturity date in 2015. The bonds are expected to have an annual coupon rate of 9.25% and coupon payments are made annually..
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