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In May 2016, Cherry Company relocated an employee from Manila head office to a branch in Zamboanga City. On June 30, 2016, the costs were estimated to be P350, 000 analyzed as follows:
Cost for shipping 30,000
Airfare 10,000
Temporary accommodation cost for May and June 80, 000
Temporary accommodation cost for July and August 90, 000
Reimbursement for lease break cost paid in July (lease was terminated in May) 20,000
Reimbursement for cost of living increases for the period May 1, 2016 to May 1, 2017 120,000
Problem 1: What amount should be reported as provision for relocation costs on June 30, 2016?
a. 250,000
b. 240,000
C. 160,000
d. 140,000
X industries has used the LIFO inventory since it started business 10 years ago. It has decided that it would comply with the IFRS standard and would switch to the FIFO method effective January 1, 2014 for the 2014 financial year. International uses ..
Tang Company accumulates the following data concerning raw materials in making one gallon of finished product: (1) Price—net purchase price $3.02 per pound, freight-in $0.61 per pound, and receiving and handling $0.42 per pound. (2) Quantity—required..
What is the external financing needed? Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not.
A corporation uses the indirect statement of cash flows. A fixed assets has been sold for $22247 representing a loss of $3777. Determine the amount that would appear in the operating activities section of the statement of cash flows based on this tra..
Rayburn Industries is evaluating the investment of $137,300 in a new packing machine that should provide annual cash operating inflows of $30,380 for 6 years. At the end of 6 years, the packing machine will be sold for $4,680. Rayburn’s required rate..
Prepare all the eliminations and adjustments that would be made on the 20X2 consolidated worksheet. Prepare the 20X2 consolidated income statement and its related income distribution schedules.
Calculate the amount of Tracy's Long Term Capital Gain or her Long Term Capital Loss on this sale.
Find out price of Television if you have bought it through bank loan on compound interest basis and you are paying Rs.5000 in the start of each year
What's the different costs associated with the new company down the extreme left column (under Name of cost).
Constant rate of 5.25% per year. The required rate of return on the stock, rs, is 11.50%. What is the stock's expected price 5 years from now?
Does the company's balance sheet balance according to the fundamental accounting equation? Support your answer by using the dollar amounts
Dental Diversity provides three basic service appointments; Cleaning, Check-up, and Full service. Total annual costs average $840,000. An RVU analysis indicates the following: Annual Average Appointments RVUs/appointment Cleaning 6,000 4 Check-ups 7,..
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