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Questions -
Q1. At the beginning of current year, an entity purchased from another entity a P 2,000,000 8% five- year note that required five annual year - end payments of P 500,900. The note was discounted to yield a 9% rate. At date of purchase, the company recorded the note at present value of P 1,948,500. Of the first installment collected, how much is applied on the principal of the note?
Q2. BBB Company factored P6,000,000 of accounts receivable to a finance entity at the beginning of current year. Control was surrendered by BBB Company. The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a 30 - day per month basis to maturity of the accounts receivable for 54 days. What is the amount of cash initially received from the factoring?
Distinguish between the Trust Services Principles of privacy and confidentiality.
What is the value of its ending inventory? X uses a calendar year and the LIFO method in computing its inventory. It had 1,000 units on hand at the end
1.Refer to Piaggio's financial statements in Appendix A. What journal entry was likely recorded as of December 31, 2011, to close its Income Summary account?
He subdivides the land and installs streets and sewers at a cost of $100,000. What is Levi's basis for the land and the improvements?
Sweetwater Ltd. purchased $3.1 million of UHL's bonds at 97 as a long-term investment to be held to maturity. Prepare the required journal entries
A company lends $51,000 with 9% interest on May 1, 2018. This amount plus interest is due on April 30, 2019. Record the adjusting entry on December 31, 2018
Why is a top-down approach appropriate for risk management?
Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is
Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. The Cost of Goods Manufactured for August was
ab and c are partners with capital balances of 50000 30000 and 20000 and who share in the profit and loss of the abc
Maria Alvarez is investing $217,140 in a fund that earns 10% interest compounded annually. What equal amounts can Maria withdraw at the end of each of the next 21 years?
Assume that Jan Huley earns $15 per hour and worked 51 hours this week. How much is the gross pay and net pay
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