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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?
What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
Conlin Company acquires a delivery truck at a cost of $42,000.The truck is expected to have a salvage value of $6,000 at the end of its 4-year useful life. Compute annual depreciation for the first and second years using the straight-line method.
Each organisation will have procedures relating to the collection of money and to recovery plans. Briefly explain what a recovery plan is
Teams are to select an industry, and each team member is to select a different company in that industry. Each team member is to acquire the financial statement.
case 2 mohican company presented below is the current liabilities section and related note of mohican company.
Although companies are now required to report capital leases on their balance sheets and operating leases within their financial statements
mont sells cans of mixed nuts. a typical can has 100 nuts. in the past 5 of the nuts were cashews but now mont is
The cost of property A is $120,000, while the cost of property B is $180,000. How will the $180,000 in borrowing be linked to the two new properties?
Students will prepare a two to three (2-3) page response to the following: • Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life.
in a sect351 transaction ava transfers the following assets to ohagan inc. in exchange for all of its stock asset tax
Silver Co sold merchandize to Bronze Co. on account, $23,000, terms 2/14, net 45. The cost of the merchandize sold is $18,500. Silver Co. issued a credit.
Cullumber Co. uses an interest rate of 5%, which is its incremental borrowing rate. Prepare the journal entries necessary on January 2 and December 31, 2020
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