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Question 1: The XYZ Corporation contemplates the replacement of an old machinery. The annual cost of operating the old machinery is P138,600, excluding depreciation, while the estimate for the new machinery is P91,300. The cost of the new machinery is P160,000, net of the trade-in allowance, with an estimated useful life of 8 years, no residual value. The effective income tax rate of 40% and the cost of capital is 8%. The old machinery has an annual deprecation of P15,000 while the new machinery is estimated to have an annual depreciation of P20,000. The book value of the old machinery is zero. What is payback period and payback reciprocal
Journalize the petty cash transactions. Established the petty cash fund by writing a check payable to the petty cash custodian for $200.
Analysis and Interpretation of Profitability Balance sheets and income statements for 3M Company as follows. Consolidated Statements of Income Years ended December 31$ millions 2010 2009 2008. Compute net operating profit after tax for 2010. Assume ..
ACCY112-Accounting In Organisations-University of Wollongong-Australia-Calculate the initial cost to be recorded for each type of equipment.
question one issue in accounting is the qualifications of an accountant when working for a client. it is expected that
The unadjusted cash account balance for Simone Company at December 31, 2019 is $54,200. Make bank reconciliation for December 31, 2019
A department of Jamestown Textiles produces cotton fabric. All direct materials are introduced at the start of the process. Conversion costs are incurred uniformly throughout the process. Compute the total work done in equivalent units and the unit c..
Assess and discuss the criteria and procedures involved in accounting changes and error analysis. What are the major reasons why companies change accounting methods? Explain the three approaches that have been suggested for reporting changes in accou..
During 2014, Kay collected $9,000 in principal on the installment note and $2,000 of interest. Kay’s basis in the property was $110,000 [125,000, 15,000 (depreciation)]. The Federal rate is 6%. Compute the following: Total gain. Contract price. Payme..
Which of the following journal entries is most appropriate when accountingfor the sale of the machine and the receipt of the truck as payment?
If a corporation finances with the use of bonds rather than equity, a desirable outcome of selecting this form of financing may well be:
Ponce company is concidering the production and sale of a new product with a fixed cost of $27000 and a variable cost of$5 per unit. Based on the normal profit margins ponse desires to earn $33000 profit, and beleives he can sell 6000 units of the pr..
How do Prepare the journal entries necessary to correct the errors and eliminate the balance on the suspense account. Narratives are not required.
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