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Don Mario Company acquires copyright from authors, paying in advance royalties in some cases and others, paying royalties within 30 days of year-end. Don Mario reported royalty expense of P375,000 for the year ended December 31, 2X20.
The following data are included in the corporation's December balance sheet:
2X19 2X20
Prepaid royalties P60,000 P50,000
Royalties payable 75,000 90,000
Problem 1: Under the cash basis, what amount of royalty expense should be reported in 2X20 profit or loss?
ABC Company overstated 20Y1 revenue by $10,000. The error also affected 20Y2 by overstating revenue by $5,000. The company discovered the error in 20Y3, which included an overstatement to revenue of $3,000.The company reports only 20Y3 on the current..
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According to Sec. 121, individuals who sell or exchange their personal residence after May 6, 1997, may exclude part or all of the gain if the house was owned and occupied as a principal residence for
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Sam has, however, made an election to not have the uniform capitalization rules apply to the farming business. Sam does elect not to take additional first-year depreciation. Determine the cost recovery deduction for 2009.
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