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Question - On January 31, 2019, Alpha Corporation factored accounts receivables of P1,500,000 with credit terms of 1/10, n/30 immediately after shipment of the goods to the customer. The factor charges a 4% commission based on the gross amount of the receivables factored. The factor also withheld 25% of the amount factored to cover for sales returns and allowance. On February 6, 2019, the customer subsequently returned P120,000 of damaged merchandise. What is the journal entry for February 6?
Which of the options is the appropriate accounting treatment for this post-balance sheet event under PAS 10? The entity should provide ?100,000,000
Members of a fishing village in New England have open access to a fishery (no one in the village explicitly owns the fishery). As long as an individual is a resident of the village, the individual can harvest as much fish as he wants from the fishery..
1. The Stamping Department accepted Job 051507A on May 15th to make 1,000 funnels. To complete the job they requisitioned 1,100 sheets at $1.20 per sheet and 1,150 grommets at $0.15 per set.
What is the yield to maturity using the U.S. bond equivalent yield calculation? What is the yield to maturity using the German effective annual yield calculation?
Which statements is true if the exchange lacks commercial substance. VWX Corporation owns a building which originally cost $1,000,000.
Find what is the amount of ending inventory that should be reported on the company's balance sheet? Under the lower of cost or net realizable value method
Henry is in arrears in tax payments, Henry is cash strapped and wants to defer tax payments for as long as possible. What advice would you give Henry?
Prepare a inventory transactions in general journal format.Enter entry inventory purchased for cash. Enter sale of inventory for cash.
Prepare the necessary journal entries for Perez Computers. (Recording Bad Debts) Duncan Company reports the following financial information before adjustments.
The advancement of women in management:
Is it true that the higher the depreciation, the lower the net income? If that is the case, why would we not want the lowest depreciation method
Is the contract in the money, out of the money, or at the money? What is your profit or loss on the contract if the premium was Birr 3000?
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