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Question - ABC Company decided to enter the leasing business. The entity acquired a specialized packaging machine for P2,300,000. On January 1, 2020, the entity leased the machine for a period of six years, after which title to the machine is transferred to the lessee. The six annual lease payments are due each January 1 and the first payment was made on January 1, 2020. The residual value of the machine is P 200,000. The lease terms are arranged so that a return of 12% is earned by the lessor. The present value of 1 at 12% for six periods is 0.51, the present value of an annuity in advance of 1 at 12% for six periods is 4.60 and the PV of an ordinary annuity of 1 at 12% for six periods is 4.11. What is the annual lease payment payable in advance required to yield the desired return?
Giovanni Company produces a product that requires four standard gallons per unit. The standard price is $34.00 per gallon. If 3,500 units required 14,400 gallons, which were purchased at $33.25 per gallon, what is the direct materials price variance?
Prepare the end of year adjusting entry that Jody Ltd must have recorded for the current income tax expense. Current Income Tax Expense $245 000
Review the Comprehensive Annual Financial Report (CAFR) that you obtained. What are three main sections of the report? Review the introductory section of the CAFR. Was the entity’s annual report of the previous year awarded a ‘‘certificate of achieve..
Matthew Huber borrowed $20,000 at an 18% annual rate of interest. He determines that the loan is to be repaid over 3 years. The loan is amortized into three annually equal end-of-the-year payments. Calculate Matthew’s annual end-of-year loan payments
How can revenue temporarily be treated as a liability. Revenue was a good thing, not a debt or obligation. What is the meaning of Accrual basis of accounting
Explain to the manager what is important about the budgeting process; what is a master budget; the components of the master budget
Prepare the adjusting entry at Waterway's fiscal year-end to adjust the investment portfolio to fair value
What are the benefits of the corporation in comparison with the partnership and proprietorship structures? How is equity treated and reported differently
What amount of provision should American Co. recognize on December 31, 20x1? American Co. operates an offshore oilfield where its licensing agreement.
It is supposed that on 31-12-2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 5 % of the sundry debtors are doubtful. It is also suppose that during the year 2008 actual bad debts were Rs. 1,6..
Which journal entries is correct when a company has incurred an expense for work performed but has not yet paid for these wages to employees?
Calculate at least three profitability ratios for each company, such as gross profit margin, net profit margin, return on assets, or operating profit margin.
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