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Question - Richelle Company adapted the following changes during 2022:
Appropriately changed to the FIFO cost method from the weighted-average cost method for financial statement and income tax purposes. The change will result in a P444,500 increase in the beginning inventory at January 1, 2022.
Changed its method of accounting for bad debts from the direct write-off method to the allowance method. The company's controller determined that an allowance of P275,950 should be established on that date.
Due to technological changes, depreciable assets will have lower residual values than were originally expected. Analysis shows that depreciation in prior years was understated by P224,050.
Ignoring income tax effect, what is the net adjustment to the 2022 beginning balance of retained earnings of Richelle Company? Indicate whether Increase or Decrease.
Maurice has come to you for tax advice regarding his investments. He inherited $750,000 from his uncle, Joe. Respond to Maurice request for tax advice
The stated rate of a three year $100,000 annual bond is 10%. The effective rate of interest is 9%. What would be the selling price of the bond? How much cash was used to pay wages for the period?
In March, the Financial Controller is planning to buy an equipment costing $30,000. Prepare a monthly cash budget for the end of months
Their ending capital balances were $85,000 and $105,000 respectively. L's share of net income was $6,000. What is L partners return on equity
Accounts receivable turnover, Evaluate General Electrics accounts receivable
How much would the robotic design have to save per unit in order for the company to be indifferent between the two design options
Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2019. Determine the amount of the net capital loss
Case-Accounting for a Loss Contingency for a Verdict Overturned on Appeal. For the year-end December 31, 2007, financial statements, what amount should M record
If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be
You have $43,939.70 in a brokerage account, and you plan to deposit an additional $6,000. How many years will it take to reach your goal
Notes Receivable - On January 1, 2018, London Inc. sold $50,000 worth of goods to Sarnia Ltd. Calculate the present value of the note receivable
Record the journal entry that should be recorded by Agincourt Inc. for the sales transaction above that took place on July 1, 2014.
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