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Question - On January 2, 2020, Magsaysay Company sold equipment with a carrying amount of P400,000 in exchange for a P600,000 4-year non-interest-bearing note due January 2, 2024. There was no established exchange price for the equipment. The prevailing rate of interest for a note of this type at January 2, 2020 was 10%. What is the carrying value of the note receivable as of December 31, 2022 Statement of Financial Position?
Buddha Corporation provided the following information: Balance per bank statement - May 31 P2,600,000. What is the amount of outstanding checks on June 30
ABC Company sells its product for $16.00 per item. The Fixed Costs of the company are $240,000 per year, and the Variable Cost per Item is $8.00.
Account Balance Changes during the year: Depreciation increase $74,000. What was the amount of cash payments for taxes
The basic concept of "substance over form" influences lease accounting. Explain.
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Prepare the end of the period closing entries for the Fitness Center - Prepare a post closing trial balance - Prepare a post closing trial balance.
A quality control activity analysis indicated following four activity costs of manufacturing department: Sales are $1,000,000. Prepare a cost of quality report
Calculate the dollar amount that will be presented opposite of this caption. Calculate the total amount of a cash dividend of $1.00 per share
Describe the difference between perpetual and periodic inventory
On October 1, Little Bobby Corporation's stockholders' equity. Compute the par value per share (1) before the stock dividend and (2) after the stock dividend.
ABC company has a balance of $ 800 on Debit side for Allowance. How much ABC bad debt expense ABC should report on the current year's income statement?
What amount of unrealized loss or gain should be reported in Arizona Company's December 31, 2020 statement of other comprehensive income
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