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On December 31, 2020, Grains Company sold a truck to Bryan Company and simultaneously leased it back for one year. The entity provided the following information: Sales price is P360,000. Carrying amount is P330,000. PV of reasonable lease rentals at 30,000 for 12 months @ 12% is P341,000. Estimated remaining useful life of the asset is 12 years.
Problem 1: In the income statement for 2020, what amount should be reported as gain from the sale of the truck?
Solve the price of a three-month European put option on a non-dividend-paying stock with a strike price of $66 when the current stock price is $66
Compute the new machine's net present value using the incremental cost approach. (Round discount factor(s) to 3 decimal places.)
Red Barron Trucking discloses in the notes to the financial statements certain lease obligations. Sally Smith, CPA, believes that the failure to capitalize these leases is a departure from generally accepted accounting principles.
Farrag Co. has net income margin of 15%, Calculate ROI for Farrag Co. and evaluate the profitability position of the company if the Industry average ROI is 15%.
Assume that Cedy is a mechanical engineer who operates the machine used in production, prepare journal entries for the Distribution of payroll
During a recent accounting period, Marty's shipping department processed 26 orders. Each order typically takes four hours to complete. However, the average time increased to five hours because of various departmental inefficiencies. If shipping labor..
Which security has the greatest systematic risk? Z because it has a high beta and the largest standard deviation. / Y because it has the greatest diversifiable
The price of this option is 1.2. At the expiry date in March 2013, Ken stock trades at 8.50. What gain or loss have you made? What about calls?
A merchandising company has beginning inventory of 50 units with a total cost of $500. The following transactions during the month of January: 1/5 bought 10 units at $11.00 each; 1/8 bought 15 units at $11.25 each; 1/15 sold 8 units for $16 each; 1/2..
Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit.
It is being depreciated using the reducing balance method by 50% annually. What will be the carrying value (NBV) of the equipment on 31 December 2019?
Property taxes incurred but not paid or recorded amount to $540. c. Legal fees of $5,000 were collected in advance. By year end, 60 percent were still unearned. d. Prepaid Insurance had a $1,600 debit balance prior to adjustment.
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