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Problem - Koto, Inc. purchased a machinery on January 1, 2013 at a cost of 100,000. It is being depreciated using straight line method over its projected useful life of 10 years. At December 31, 2013, the asset's fair value was 112,500. Accordingly, an entry was made on that date to recognize the revaluation write-up. An impairment was detected on December 31, 2015, and the recoverable amount of the asset was determined to be 68,000. At December 31, 2016, the fair value of the asset was determined to be 73,000.
Required - What is the revaluation surplus balance at December 31, 2015, before recognition of the impairment loss?
the following items represent liabilities on a firms balance sheeta. an amount of money owed to a supplier based on the
The remaining cash was distributed to the partners.
two bonds have the following terms bond a bond b principal 1000 principal 1000 coupon 8 coupon 7.6 maturity 10 years
on january 1 2002 fox corp. issued 1000 of its 10 bonds for 1040000. these bonds were to mature on january 1 2012 but
Using your understanding of the financial system, the demand for money, banking and the money supply, the stock market, interest and spending, interest and investment, how money moves, and how monetary policy affects aggregate supply and demand an..
During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000. Compute the gross profit percentage
Assume that at the time of the contribution the distribution was not assured in any way. How would these transactions be taxed?
Compute the depreciation expense for each of the first two years, using the sum of the years -digits method.
Guest-days is a measure of the overall activity at the hotel. Using the high-low method, estimate a cost formula for custodial supplies expense
A truck acquired at a cost of $69,000 has an estimated residual value of $12,000, Determine the units-of-activity depreciation for the year
Discuss and Explain the difference between the Perpetual and Periodic inventory systems and let us know why anyone would use Periodic inventory
Required: Compute the predetermined overhead rate assuming that Tiger Furnishings uses direct labor costs to allocate overhead costs
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