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Questions -
Q1. On January 1, 2017, Allysa Company purchased an asset for P1,000,000 with an estimated useful life of 10 years. Straight-line method of depreciation is used. On January 1, 2020, it was properly computed that the recoverable amount of the asset is P740,000. Under the revaluation model for long-lived assets, what are the amounts reported in the shareholders equity on January 1, 2020?
Q2. On January 1, 2017, Baliuag Company purchased an asset for P1,000,000 with an estimated useful life of 10 years. Straight-line method of depreciation is to be used. On January 1, 2020, it was properly computed that the recoverable amount of the asset is P740,000. Undee the cost model for long-lived assets, what are the amounts to be reported in the income statements on January 1, 2020?
Olivia Greer is a partner in Made for You. Her capital account ended the year at $167,000. What was her capital balance at the beginning of the year
Identify the three components of audit risk and explain what your assessment of risk is for each component, based on the above information
There will be 70,000 new shares offered at $70 each. What is the new market value of the company? How many rights are associated with one of the new shares
What are the differences between national income, personal income, and disposable personal income?
Overhead is assigned on the basis of direct labor hours. Budgeted overhead for the current year is $2,000,000. Determine the unit cost of the two products
Prepare the journal entries for the years 2014-2016 to record income tax expense, income taxes payable (refundable), and the tax effects of the loss carryback.
Enter the trial balance on a work sheet and complete the work of Speedy G Internet.
Assume that Nadia subsequently buys four $100 game tickets. How much can she deduct as a charitable contribution to the university's athletic department
The planner may be sold separately for P450. The company estimates that 75% of the stickers will be redeemed. Determine the total transaction price
Taxable income is $180 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate journal entry to record income taxes.
Harlow Manufacturing corporation purchased a Truck on Jan. 1. Find the depreciation for the first year using Double Declining Balance Method.
A company has issued floating-rate notes with a maturity of one year, an interest rate of LIBOR plus 125 basis points, and total face value of $50 million.
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