Reference no: EM133012096
Questions -
Q1. On July 1, 20x3, Wenna Inc. purchased as a short-term investment a P 1,000,000 face value Keizen Co. 8% bond for P 910,000 plus accrued interest to yield 10%. The bonds mature on January 1, 20x10, pay interest annually on January 1, and are classified as Debt Investments @ Fair Value through Profit or Loss. On December 31, 20x3, the bonds had a fair value of P 945,000. On February 13, 20x4, Wenna sold the bonds for P 920,000. In its December 31, 20x3 statement of financial performance, what is the amount of Unrealized gain or loss in connection with the debt investments?
Q2. Anna Co.'s Accounts Receivable has a balance of P 240,000 at the beginning of the period. The following occurred during the period.
a. Sales on account of P 300,000
b. Collection on account P 230,000
c. The collectability of P 30,000 accounts receivable is found to be doubtful.
d. P 15,000 accounts receivable are deemed worthless.
e. P 10,000 accounts receivable previously written off are subsequently collected
What is the ending balance of Accounts Receivable?
|
How much should the impairment loss be under US GAAP
: A manufacturing equipment held for use has the details, Carrying value: 200,000. How much should the impairment loss be under U.S. GAAP?
|
|
What would the evidence have to prove
: What are the procedural steps to follow under the commitment laws of the state of Kentucky and What other information would you like to have to fully consider
|
|
How do determine what is the price of the bond
: A coupon bond has a face value of $1,000. with 4.82% coupon rate. It matures in 6 years, and has a yield to maturity of 9.52%. What is the price of the bond?
|
|
Explain the four types of performance standards
: At the beginning of the week, the company budgeted to produce 60 units. Explain the four types of performance standards
|
|
What is the amount of unrealized gain or loss
: In its December 31, 20x3 statement of financial performance, what is the amount of Unrealized gain or loss in connection with the debt investments
|
|
What amount of depletion should be recognized
: Production began in 2022 and the tons extracted totaled 3,000,000 in 2022 and 2,500,000 in 2023. What amount of depletion should be recognized in 2022
|
|
What is the appropriate process to involve stakeholders
: What is the appropriate process to involve stakeholders in an effort to put things right and address underlying causes?
|
|
Compute the increase or decrease in net income
: Corn will incur shipping costs of $2 per unit. Compute the increase or decrease in net income Corn will realize by accepting the special order
|
|
What is the depreciation charge for this period
: The equipment packaged 60 000 units this period. What is the depreciation charge for this period (rounded to the nearest dollar)
|