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Problem 1: An intangible asset is acquired on January 1, 2018, for P500,000 while it has a legal life of 15 years, due to rapidly changing technology, management estimates a useful life of only 5 years. At January 1, 2019, management is uncertain that the process can actually be made economically feasible and decides to write-down the intangible asset to an estimated market value of P150,000 with no change in its remaining useful life. On January 1, 2020, having perfected the related production process, the asset is now appraised at a sound value of P600,000. Under the revaluation model, what amount should be reported in the shareholder's equity as a result of revaluation?
Option 1: P-0-Option 2: P187,500Option 3: P250,000Option 4: P300,000
Sales are budgeted at $276,000 for May. Of these sales, $82,800 will be for cash; the remainder will be credit sales.
Motor Company manufactures 10,000 units of Part M-l each year for use in its production. The following total costs were reported last year: Valve Company has offered to sell Motor 10,000 units of Part M-l for $18 per unit. If Motor accepts the offer,..
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Greg leases an apartment from Sally for one year. The lease requires Sally's consent for all obligations under the lease. After three months into the lease, Greg receives an internship for six months in another state. Greg sublets the apartment for t..
Use the below data to create a cash budget showing expected cash receipts and disbursements for the month of May, and cash balance expected as of May 31, 2017. Provide an analysis of the cash budget you just created. Must include a mention of the at..
What is the amount of interest expense that McMaster Corporation will record on July? 1, 2015?, the first semiannual interest payment? date?
Actual results for 2019 were costs of $700,000. The company produced 650,000 units. The amount of overhead applied to production was
Develop NuFloor's sales forecast in dollars and its schedule of production in units. What is NuFloor's budgeted variable manufacturing cost per case?
How much is the correct balance of the trial balance? A 10,500 credit to be made to the Purchases account was credited to Accounts payable instead
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