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Question - On April 1, 2022, Tulfo Co. has a machine with a cost of P2,500,000 and accumulated depreciation of P1,500,000, On the same date, the company classified the machine as held for sale in accordance with PFRS 5 and decided to sell the machine within 1 year. On the same date, the machine had an estimated selling price of P890,000 and remaining useful life of 2 years. It is estimated that selling cost associated with the disposal of the machine will be P25,000. On December 31, 2022, the estimated selling price of the machine had increased to P930,000 with estimated selling cost of P30,000. What amount should be recognized as gain on reversal of impairment for the year ended December 31, 2022?
Suppose that two years later costs and prices were falling. Under FIFO, net income and average assets. Calculate the firm's ROI under each cost flow assumption.
Customer P paid for the goods on 15 April 2022. The end of SodaPop Ltd's reporting period is 30 June. Prepare the journal entries to record this transaction
Jane (age 29) is a single taxpayer. In 2018, her salary is $39,000 and she has dividend income of $1,000. What is Jane taxable income
Fixed costs are allocated on the basis of practical capacity. What budgeted amounts will be allocated to each manufacturing department?
What are the main alternative actions or policies that might be followed in responding to the ethical issues in this case?
A Club has food sales of $4,000,000 and a food cost of 40%. The club's current ratio is 2, its food inventoryturnover ratio is 16, and its average collection period is 45 days. assume a year has 360 days.
Borealis Manufacturing has just completed a major change in its quality control (QC) process. Previously, products had been reviewed by QC inspectors.
if the effect of the credit portion of an adjusting entry is to increase the balance of a liability account which of
Case facts, determine whether management's assertion is supportable and how additional information obtained might change your conclusion.
Buyers negotiate purchase contracts with suppliers. What type of shipping terms should a buyer attempt to negotiate to minimize freight-in costs?
Discuss whether Rome Ltd can recognise the brand (Hannibal's Elephant Glue), and whether you think this treatment provides more useful accounting info.
Prepare the journal entry to close the credit balance in Underand Overapplied Factory Overhead. Determine the prorated amount of the overapplied factory.
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