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Question - On January 1, 2014, WITCH Inc. acquired a machinery with a cost of P600,000 and residual value of P100,000. The estimated useful life of the machinery is 5 years. It is the company's policy to use revaluation model for the machinery. On December 31, 2014, the replacement cost of the is P900,000 while the revised useful life from the start is 11 years with no change in residual value. What is the balance of revaluation surplus on December 31, 2018?
There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the both cost of goods sold and ending inventory cost by a) FIFO b) lifo and c) average cost methods.
A company currently completed 45,000 units of a product that was expected to consume four pounds of direct material for each finished unit. The standard price of direct material was $8 per pound.
Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue
What items and amounts will appear on Wiles Income Statement and Balance Sheet for the year ended December 31, 2020. Wiles reports using IFRS Standards
honey butter inc. manufactures a product that goes through two departments prior to completion. the following
What will be the balance on September 1, 2024 in a fund which is accumulated by making $20,000 annual deposits each September 1 beginning in 2017, with the last deposit being made on September 1, 2024? Charlie Corp. is purchasing new equipment with a..
Evaluate the unit contribution margin and the contribution margin ratio - Armstrong Helmet Company manufactures a unique model of bicycle helmet.
Suppose you are buying you first town home for $200,000, and you will make a $20,000 down payment. What will your monthly payments be
Kraft Company made the following journal entry in late 2014 for rent on property it leases to Danford Corporation. What amount of income tax expense should Kraft Company report at the end of 2014? Assuming the income taxes payable at the end of 2015 ..
Prepare separate entries for each transaction on the books of Purcey Company
Determine what is the current value of the stock?Carla Vista, Inc. The company management does not expect to increase dividend
Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $85,120. The company estimated that the machine has a salvage value of $7,490. The machine is expected to be used for 62,110 working hours during its 8-year life. Compute deprec..
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