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Questions -
Q1. Fox Corporation purchased 25 percent of Down Company's stock in January 1, 2020 for P 600,000. At the acquisition date, Down has equipment with a market value of P 250,000 greater than book value. On that date, Fox Corporation gives the ability to have joint control with another entity over Down Company. The equipment has an estimated remaining life of 10 years. In 2020, Down has net income of P 320,000 and pays P 80,000 of dividends. What is the balance in the investment account on Fox's financial records at the end of 2020?
Q2. Ranto and Santo formed a joint operation to acquire and sell a special type of merchandise Ranto is to manage the operation and to furnish the capital. The participants are to share equally any gain or loss on the joint operation. On April 1, 2020, Santo sent Ranto P 10,000 cash, which was all used to purchase merchandise. Ranto paid freight of P 260 on the merchandise purchased. On April 27, one half of the merchandise was sold for P 7,200 cash. Ranto paid the cost of delivering merchandise to customers which amounted to P 240. No further transactions occurred until the end of the month. The profit (loss) of the operation for the month of April, 2011 is?
What portion of the dividend will be classified as U.S.-source gross income
Explain the meaning of NPV and its advantages as an investment evaluation method compared with the Accounting Rate of Return and Payback methods
An overview of accounting for liabilities and leases, Discuss whether you would advise the Fiji Tv company to sell the building and immediately lease
If 100000 machine hours are planned for this next year, what is the company's plant wide overhead rate
Prepare journal entries to reflect how the transactions would be reflected in government-wide statements (which are prepared on a full accrual basis).
benaflek co. purchased some equipment 3 years ago. the companys required rate of return is 12 and the net present value
Compute the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
Accounts has a debit balance of $3,000in the trial balance and bad debts are expected to be 10% ofaccounts receivable, journalize the adjusting entry for end of the period.
The above balances were calculated when the tax rate, was 20 per cent. Provide journal entries to adjust the carry-forward balances
Indicate the effect of each of these errors on working capital, current ratio (assume that the current ratio is greater than 1), retained earnings, and net income for the current year and the subsequent year.
On June 15, 2017, Jane contributed equipment to Formed Co, Inc., a C-Corporation, What amount of gain or loss does Jane realize and recognize
Complete the table indicating whether each item (1) affects operating (O) activities, investing (I) activities, financing (F) activities, or is a noncash (NC) transaction reported in a separate schedule; and (2) represents a cash inflow or cash outfl..
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