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Problem 1: On April 1, 2020 JKL Company discounted with recourse a 9-month, 10% note dated January 1, 2020 with face amount of P6,000,000. The bank discount rate is 12%. The discounting transaction is accounted for as a conditional sale with recognition of contingent liability. On October 1, 2020, the maker dishonored the note receivable. The entity paid the bank the maturity value of the note plus protest fee of P50,000. On December 31, 2020, the entity collected the dishonored note receivable in full plus 12% annual interest on the total amount due. What amount was received from the note receivable?
Jeff and Judee are a married couple both in their 40’s with two dependent sons. Their salaries total $105,000. They have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage interest of $13,000, state income taxes ..
Determine how many shares will be bought back and how the share buy-back would influence the number of shares outstanding in the market.
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Prepare the accounting journal entries that Blackbooks Ltd would recognise for its investment in The Little Shop Around the Corner Ltd
Net operating income is defined as:
Name some of the issues the SEC oversees? Name an infamous accounting scandal within the past 10 years?
Resulting values are rounded to the whole dollar. How much of the rent and salaries costs will be allocated to the long-haul department
Identify the high and low measures in each column, just as you would in preparation for application of the high-low method or technique.
You manage an operating budget of approximately $500,000. You have been instructed to cut your budget by 10 percent two months after you had agreed to a barebones budget for the upcoming year. What do you do if you know that the cuts will affect p..
Prepare the bank reconciliation statement at April 30. Electronic receipts from customers in payment of the amount $ 6,787.18.
Inventory records for Dunbar Incorporated revealed,Dunbar sold 580 units of inventory during the month. Ending inventory assuming weighted-average cost would be
How much of the city manager's salary and benefits should be allocated to the economic development program this year if the number of work hours is cost base?
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