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Problem - Czech Company reported inventory on December 31, 2020 at P6,400,000 based on a physical count of goods priced at cost, and before any necessary year-end adjustment relating to the following:
Included in the physical count were goods billed to a customer FOB shipping point on December 31, 2020. These goods had a cost of P125,000 and were picked up by the carrier on January 10, 2021.
Goods shipped FOB shipping point on December 28, 2020 from a vendor were received on January 4, 2021. The invoice cost was P300,000.
Required - What amount should be reported as inventory on December 31, 2020?
the charter for kcas-tv inc. authorizes the company to issue 100000 shares of 4 no-par preferred stock and 500000
Refer to the data below. Retained earnings, December 31, 2016 $ 692,800 Cost of buildings purchased during 2017 83,600 Net income for the year ended December 31, 2017 113,800 Dividends declared and paid in 2017 65,000 Increase in cash balance from Ja..
Explain the analysis methods used to identify issues in financial statements. Explain four key legislative and statutory reporting.
Compute Which of the statement is true. Publicly traded US companies must provide an annual report to their shareholders when operating conditions change
Mayer Instrumentation sold a depreciable asset for cash of $202,000. The original cost of the asset was $1,250,000. Mayer recognized a gain of $30,000 on the sale. What was the amount of accumulated depreciation on the asset at the time of its sale.
Prepare a depreciation schedule: Z Company’s fiscal year starts July 1st and ends June 30th. The company purchased a new machine which was installed and operational at the beginning of the second quarter in October. Prepare a depreciation schedule sh..
Equation 3.9 indicates that the choice as to whether to convert from a deductible IRA into a Roth IRA when the taxpayer expects his future tax rate to decline depends on the relative magnitude of the taxpayer’s current and future tax rates t0 and tn,..
What is the NPV of the project (in thousands)? After-tax cost of capital is 12%. Baldwin, a profitable widget maker, has developed an innovative new product
n January 2020, Fides paid 20,000 for legal fees in successful defense of the patent. The amortization of the patent for 2020 should be
objective type questions in relation to passing of journal entries.1. a credit may signify a
Messman Manufacturing will issue common stock, If the flotation cost is 10% of the issue's gross proceeds, what is the cost of external equity?
What is the difference between the definition of a proportionate non-liquidating distribution and a proportionate liquidating distribution? What is the significance of the word proportionate?
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