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Problem - During the year, Durian Company exchanged an old equipment, which cost P3,000,000 and was 40% depreciated, for another equipment and paid a cash difference of P200,000. The fair value of the old machine was determined to be P1,500,000. What is the gain on exchange?
Prepare a separate schedule comparing the selling and administrative expenses of the two companies. Separate subtotals are required for both
What are the two methods used to account for bad debts? Which method is required by GAAP if bad debts are material
Calculate the net savings (in dollar amount) to both parties if a swap is entered into between A and B if B pays A 12.0% and A pays B LIBOR
Which of the following are based on an ability to pay? Explain. a. State Y collects a sales tax of 5% on all purchases of goods and services.
starla has decided to retire in 12 years. she has 44000available today and wants to invest the money to supplement her
What about contracts in the movie industry, which type of contract would a studio prefer actors, directors and others associated with a film to have?
Explain the process for measuring an impairment loss for property, plant, and equipment and finite-life intangible assets classified as held-for-sale.
You are a manager in a fictitious company of your choice. Your director has asked you to explain to the department staff the different types of budgets and techniques in order to provide an overall understanding.
What is a major objective of financial reporting? Provide information that is useful to assess the amounts, timing, and uncertainty of perspective cash receipts
Suppose a local company has the following balance sheet accounts. Calculate the missing amounts assuming the business has total assets of $31,500
Windsor Company purchases equipment on January 1, Compute the amount of depreciation for Years 1 through 3 using the straight-line depreciation method
What should WILLU report as total contributed capital in its December 31, 2020 statement of financial position? How much is the legal capital?
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