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Question - On October 1, 2021, Loving Company approved a formal plan to sell a business segment. The sale will occur on April 1, 2022. The segment's revenue and expenses for 2021 were P30,000,000 and P32,000,000, respectively. On December 31, 2021, the carrying amount of the assets of the segment was P10,000,000 and the fair value less costs of disposal was P9,600,000. The income tax rate is 25%.
Required - What amount should be reported as income/(loss) from discontinued operation for 2021?
Prepare a budgetary comparison schedule for the city ended June 30, 2012 assuming the fund balance of the General Fund (Budgetary Basis) was $598,000 on July 1
Prepare the necessary journal entry assuming that Novak does use a valuation allowance account
(a) ratio of fixed assets to long-term liabilities, (b) ratio of liabilities to stockholders' equity, (c) ratio of net sales to assets, (d) rate earned on total assets, (e) rate earned on stockholders' equity, and (f) rate earned on common stockho..
Assume that the actual cash inflow each year is 20% less than estimated. Re-compute the internal rate of return
Great Outdoze, Inc. manufactures high-quality sleeping bags, which sell for $130 each. Prepare an income statement for the year 20x4 using throughput costing
Onslow Co. purchases a used machine for $144,000 cash on January 2 and readies it for use the next day at a cost of $6,000.
The Davis Company normally produces 150,000 units of Product LM per year. Compute the firm's operating income before income taxes
Prepare the 20X5 statement of stockholders' equity reflecting the above described transactions. Prepare the stockholders' equity section of Dry Dock's balance sheet at December 31, 20X5
getty company manufactures a product that has a variable cost of 50 per unit. fixed costs total 1000000 and are
What is the amount of Law Services Revenue that will be reported on the income statement for the year 2015
Accounting for a long-term note payable On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make.
Bramble Department Store uses a perpetual inventory system. Prepare the perpetual inventory schedule for the above transactions using FIFO
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