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Problem - An entity adopted the policy of leasing as the primary method of selling its products. The entity constructed special equipment (main product) for JAZ Company at a cost of P8,500,000. The terms of the lease provided for annual advance payments of P2,500,000 to be paid over 10 years with ownership transferring to JAZ at the end of the lease term. It is estimated that the equipment will have a residual value of P1,600,000 at the end of the lease term. The lease payments began on January 1, 2021. The entity incurred initial direct cost of P500,000 in finalizing the lease agreement with JAZ. The rate implicit in the lease is 14% and the PV of an annuity due of l at 14% for 10 periods is 5.95. What is the gross profit on the sale?
Roxanne Carter Corporation reported the following for 2014: net sales $1,207,300; cost of goods sold $725,300; selling and administrative expenses $331,300; and an unrealized holding gain on available-for-sale securities $23,200. Prepare a statement ..
NOROCON bhd., Discuss whether the directors' suggestion is acceptable in accordance with the Conceptual Framework for Financial Reporting.
For the next few weeks AD Agency is offering a 10% trade discount when providing advertising services of $35,000 or more to its customers to encourage customers to buy in bulk. The Agency also offers 2/10, n30 on all credit sales. All credit sales ar..
On January 1, 2014, Crocker Company issued 10-year, $3,841,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 18 shares of Crocker common stock. Crocker’s net income in 2014 was $257,000, and its tax rate was 40%. Compute diluted ..
Comment on the following different views regarding cash: (1) "Cash is Trash" (cash in checking account or invested in marketable securities earns little. All cash should be invested in long-term, strategic assets) Discuss the overall trend in corpora..
The beginning work in process inventory had a cost of $2,200. Determine cost of completed and transferred out production, and the ending work in process inventory.
Which of describes the tax treatment of this transaction? By chance, he discovered on the Internet a used motor boat for sale for $4,000
How much should be grant income for the first year. A 10-year, non-interest bearing, 20,000,000 term loan was received from the Philippine government
What type of organization primarily offers tax compliance, auditing, and consulting services? public accounting firms. / governmental entities
The cost of the maintenance agreement was Rs. 35000. Calculate the acquisition cost of the Ice Cream Processing Machine to PCL
Why when dealing with capital budgeting do we only deal with actual dollars in and out and NOT the normal accrual based income statements we've done (do) in regular accounting?
George Just hit the jackpot in Las Vegas and won $55,000! if he invests it now, at a 12% interest rate, how much will it be worth 15 years from now? Zach would like to have $4,000,000 saved by the time he retires 40 years from now. How much does he n..
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