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Problem 1: Pro Co. leased equipment from Helium Company on July 1, 2018 for an 8-year period expiring June 30, 2026. Equal payments under the lease are P600,000 and are due on July 1 of each year. The first payment was made on July 1, 2018. The rate of interest contemplated by Pro and Helium is 10%. The cash selling price of the equipment is P3,520,000 and the cost of the equipment on Helium's accounting records is P2,800,000. The lease is appropriately recorded as sales-type lease. What is the amount of interest revenue that Helium should record for the year ended December 31, 2018?
You are the Chief Accounting Officer of Dream Job Corporation and have been asked for your expert opinion on the following future transaction.
Prepare the general journal entry to record the reimbursement and increasing of the fund on October 15. The crown company established a $1,000 petty cash fund
You are expected to have the gift bags in Problem 14.1 ready at 5 p.m.. However, you need to personalize the items (mono grammed pens, note pads, literature from the printer, etc.).
On 1 April 2013, the company rate of income tax was changed from 35% to 30%. What is the impact of the tax rate change on income tax expense
Loans between funds are handled in account receivable and account payable accounts. GASB requires disclosures about capital asset impairment if the decline in service is minimal.
The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning.
What is the total static-budget variance? A. $5,200 favorable b. $3,320 favorable c. $1,880 unfavorable d. $1,880 favorable 250. _______________ is a carefully predetermined amount usually expressed on a per-unit basis.
How should Victoria account for the sale of securities from each portfolio? And Why? (What is the justification for the recommended accounting treatment).
why cost accountants use two types of costing methods i.e absorption costing and direct costing? identify a case where
in the item 7 of nikes 2008 10-k review the section titled operating segments. prepared a table that compares the
Management anticipates an increased working capital need of $3,000 for the year. What will be the effect of the price increase on the firm's FCF for the year
Hardy Company's cost of goods sold is consistently 60% of sales. Use this information to determine October's expected cash payments for purchases
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