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Question 1: On January 01, 2020, Whitney Company borrowed P6,000,000 at an annual interest rate of 10% to finance specifically the cost of building an electricity generating plant. Construction commenced on January 01, 2020 with cost of P6,000,000. Not all cash borrowed was used immediately, so interest income of P80,000 was generated by temporarily investing some of the borrowed funds prior to use. The project was completed on November 30, 2020. What is the carrying amount of the plant on November 30, 2020?
Compute the standard quanity allowed 4 material for the month production I need to comute the standard quanity of material allowed per unit of products
Discuss the cost hierarchy categories. Why do we categorize cost this way, discuss the importance of making a budget and discuss the reason for budgeting in multinational companies.
Kinkos wrote off $10,650 of receivables as bad debts during 1999. What amount of bad debt expense was recognized for the year 1999?
Prepare the journal entry to record the acquisition of the assets.
Estimate the July 31 inventory using the gross profit method - prepare the July income statement through gross profit for Kids Costumes.
Dumas Corporation purchased an available-for-sale investment in 1,500 shares of Southwest Supplies stock for $23 per share.
A company had inventory of 8 units at a cost of $12 each on December 1. On December 2, they purchased 8 units at $21 each. On December 6 they purchased 7 units at $23 each. On December 8, they sold 18 units for $52 each. Using the LIFO perpetual i..
posting of journal entries to appropriate accounts and prepare an unadjusted trial balance.bill transferred 15000 from
Simmons Company began the month with a balance of $83,000 in Accounts Receivable. An analysis of the account determined that sales on account for the month totaled $110,000. At the end of the? month, the balance in Accounts Receivable was $88,000. Fr..
Compute the double declining balance book value at the end of the 3rd year for an asset that originally cost $872 with a depreciable life of 5 years and a salvage value of $70.
Marshall Co. employs a staff of 30 at a total monthly gross pay of $60,000. The company withholds federal income tax at 20% and state income tax at 3% for all employees. In addition, the following tax rates apply: FICA tax, 7.65%; Federal unemploymen..
When you look carefully at the formula for residual income and economic value added it appears that they are the same so it doesn't matter which one you use. Neither one is better or more accurate than the other. Do you agree? Why or why not? Explain..
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