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Questions -
Q1. On January 2, 2020, Lucban Company issued 9% bonds in the amount of P10,000,000 which mature on January 2, 2030. The bonds were issued for P9,390,000 to yield 10% resulting in a bond discount of P610,000. Interest is payable annually on December 31. Lucban uses the interest method of amortizing bond discount. In its December 31, 2020 statement of financial position, what amount should Lucban report as bonds payable?
Q2. On March 1, 2020, Pyne Furniture Co. issued P700,000 of 10 percent bonds to yield 8 percent. Interest is payable semiannually on February 28 and August 31. The bonds mature in ten years. Pyne Furniture Co. is a calendar-year corporation. The interest expense to be recognized in 2020 profit or loss is?
Detection of Errors and Fraud. For each of the following independent events, indicate the (1) effect of the error or fraud on the financial statements.
the following facts relate to alschuler corporation. 1.deferred tax liability january 1 2010 40000. 2.deferred tax
Trading securities are at reported at fair value and included in net income. Collecting rent in advance will result in a deferred tax asset.
the independent auditors plan for an examination in accordance with generally accepted auditing standards is influenced
In manufacturing its products for the month of September 2008, How much spoilage cost should El Dorado charge as inventoriable for the month of September 2005
G and her husband are both employed and salaries, What is the maximum amount that can be deducted from G's income for tax purposes in the current year?
Objectives of Income Taxation: Let's discuss the objectives of income taxation. What do you think they are?
During March, 13,200 hours were actually worked. Use this information to determine the amount of overhead over or under applied
Using the Internet, library, or other resources, research and briefly explain 2-3 methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
Explain how to perform a vertical analysis of financial statements. Provide an example of how results of this analysis could be used to make business decision
What is the marginal revenue? Fixed costs are €700,000 per year and a variable cost of €70 is incurred for every additional unit produced.
Question - PRESENT AND FUTURE VALUES OF A CASH FLOW STREAM. If other investments of equal risk earn 7% annually, what is its present value
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