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Question - During 2020, EVADER Co. became involved in a tax dispute with the BIR. On December 31, 2020, the entity's tax advisor believed that an unfavorable outcome was probable and the best estimate of additional tax was P800,000 but could be as much as P 1,000,000. Before the 2020 financial statements were approved for issuance, EVADER received and accepted a BIR settlement offer of P 600,000. What amount of premiums will be reported among current assets as at December 31, 2020?
When the market price of the share was P42, all 30,000 options were exercised. What amount of compensation expense should be recorded for 2022
Allowance for Doubtful Accounts is $11,000 debit before adjustment, what is the amount of the period-end adjusting entry for bad debt expense.
A corporation issues $2,000 Shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Monetary Unit Sampling. Georgie Costanza, CPA, is auditing the accounts receivable of Vandalay Industries and is considering the use of MUS techniques.
Management estimates that 5% of accounts receivable will be uncollectible. What is the adjusting entry will Oriole Company make
Glendas management believes that a debt-equity ratio of 40 percent is best for the firm. How much should be paid in dividends
State how each of the items is reflected in the financial statements. What are the major reasons why companies change accounting policies?
The company also makes its disbursements from remote disbursement centers so checks written by City Farm take longer to clear the bank. Collection time has been reduced by two days and disbursement time increased by one day because of these polici..
Steve purchased pole-climbing equipment, spikes, and a safety belt that cost $275. What is Steve's deduction on Schedule C for these items
Assume total of $126,000 depreciation was taken (prior to the sale). What is Andrea's recognized gain on the sale
on january 1 2012 phil sonics corporation issued 2000000 of 7.5 bonds dated january 1. interest is payable
Total fixed costs for Taylor Incorporated are $260,000. Total costs, including both fixed and variable, are $400,000 if 139,000 units are produced.
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