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Question: On December 25, 2019, ABC Oil and Tech, Inc. thorough its monitoring team reported an oil spill happened in the Gulf of Buyacaoan. The news spread fast to all reporting agencies causing the stock price to decline from P100 to P70. The estimated cost of the damage to biodiversity is P5,000,000 and the legal counsel of the firm expected that they will likely win at 40% rate. They booked the estimated cost at full. The reporting period ends December 31, 2019 and the financial statements were approved for issue on March 31, 2020. On February 20, 2020, lawyers expected not to win at 40% rate with new information acquired by a team of experts hired by the company. What amount should be booked as adjustment to the loss of the company?
Prepare journal entries relating to the boat using the cost model from 1 April 2011 to 31 March 2015 (4 financial years)
This annualized return of 5.12 percent results in an after-tax return of 3.58 percent since taxes on any interest must paid each year. How was this determined?
on january 1 2011 club company issued 10 bonds dated january 1 2011 with face amount of 20 million. the bonds matue in
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assume that income from operations amounts to 350000 and top management has established 15 as the minimum rate of
Enter the beginning balances in the accounts, and post to the stockholders' equity accounts.
Prepare a classified balance sheet in report form.
Weaver Company's predetermined overhead rate is $20.00 per direct labour-hour, what is the average cost assigned to each unit
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Suggest at least two (2) advantages and two (2) disadvantages of companies accumulating cash hoards. Provide a rationale for your suggestion.
Metlock Company sponsors a defined benefit pension plan for its employees. Make a journal entry or entries to record pension expense
Rent collected in advance on January 1, 2020 totalled $100,800 for a three-year period. Calculate income tax expense
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