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Questions -
1. Fender, Inc. distributes annual bonuses to its sales manager and two sales agents. The company reported P2,000,000 income for 2014 before bonuses and income taxes. Income tax of Fender, Inc. is at 35%. How much should the sales manager and each sales agent receive, respectively, if the sales manager gets 15% and each sales agent gets 10% of income after bonuses but before income taxes?
Q2. Felony Corporation operates a retail grocery store that is required by law to collect refundable deposit of PhP5 on soda cans. Information for the current year as follows: Liability for Refundable Deposit January 1 - PhP150,000; Cans of soda sold - 100,000 cans; Soda cans returned - 110,000 cans. On February 1, Felony subleased space and received a PhP25,000 deposit to be against rent at the expiration of the lease in five (5) years. In the December 31 Statement of Financial Position, what amount should be reported as Current Liability for Deposit?
What amount of interest expense will be recorded in the December 31, 2015, annual income statement - Interest is paid semiannually
Evaluate the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method and uses the installment-sales method.
What is the probability of default in the fourth year conditional on no earlier default given the cumulative probability of a company defaulting by years
If Work in Process Inventory had a beginning balance of $18,900 and an ending balance of $59,600, what amount of manufacturing overhead was included in Work in Process Inventory during January 2010
What is the term Sarbanes-oxley act meant?What law is violated under the Sarbanes-oxley act when there is poor accounting system of record keeping?
On December 31, 2017, Michael McDowell desires to have $60,000. He plans to make six deposits in a fund to provide this amount.
The firm uses the CAPM to estimate the cost of common stock, and it does not expect to issue any new shares (so no flotation costs). What is its WACC?
Determine What is the bond's nominal yield to call? The bond has a 6.50% nominal yield to maturity, but it can be called in 6 years at a price of $1,050.
Nordstrand Company's net income last year was $36,000. Changes in selected balance sheet accounts for the year appear below: Based solely on this information, the net cash provided by operations under the indirect method on the statement of cash flow..
$42,500 was bought for 50 payments of $1790 due at the end of every 6 months. What nominal annual rate of interest compounded annually was? charged?
Prepare an adjusting entry on 31 December 2017 to increase the allowance for doubtful accounts to $80,000. Prepare one journal entry to summarize all accounts
Analyse the company's performance over the years, choosing at least two from profitability, liquidity, and working capital and solvency ratio
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