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Question - What is the journal entry on the following:
Jan 1. Purchased a service vehicle that cost P80,000 for cash. The vehicle has an P8,000 salvage value and a 3-yr useful life.
Feb 1 Borrowed P100,000 by issuing a note that carried a 9% annual interest rate and a 1-yr term.
Feb 1 Paid P24,000 cash in advance for a 1-year rent for office space.
What is the amount of the overall net gain or loss that Queen should recognize on the transfer of the equipment and settlement of debt/forgiveness of interest
Alan tells his spouse that she may have to put in some time at the various businesses. Identify the tax issues that Alan faces
Assuming Carey had no insurance coverage on the bracelet and his adjusted gross income for 2019 is $45,000, calculate the amount of his theft loss deduction
A business estimates depreciation on equipment used during the first year of operations to be $13,900. Journalize the adjusting entry required as of December 31
In addition, the gross profit rate is 40% and the desired inventory level is 30% of next month's cost of sales. Prepare purchases budget for April through June
On January 2, 2016, Perry Company purchased land. Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2016.
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in a sect351 transaction ava transfers the following assets to ohagan inc. in exchange for all of its stock asset tax
Zerox Copying Company plans to borrow $202,000. New Jersey National Bank will lend the money at one-half percentage point over the prime rate at the time of 10.
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