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Question - On January 1, 2014, WITCH Inc. acquired a machinery with a cost of P600,000 and residual value of P100,000. The estimated useful life of the machinery is 5 years. It is the company's policy to use revaluation model for the machinery. On December 31, 2014, the replacement cost of the is P900,000 while the revised useful life from the start is 11 years with no change in residual value. What is the revaluation surplus to be initially recognized by WITCH Inc. on December 31, 2014?
What is the accrual basis of accounting? ?What is an accrued expense? ?What is accrued revenue? ?What is a prepaid expense? ?What is unearned revenue?
The company enters a lease agreement requiring lease payments with a present value of $5.9 million. Record the lease. (If no entry is required)
Draft a basic risk treatment plan that indicates how you would deal with each of these risks. Henry and James cleaning company, in Nairobi Kenya
What is the specific eight-digit Codification citation (XXX-XX-XX-X) that describes examples of circumstances under which an investment in debt
Evaluate the minimum revenue that VPharm should derive from supplying MBX Ltd in years 2 and 3 in order to match the forecast profit contribution by the anti-malaria division.
For each of the items, make the initial entry, where appropriate, to record the t ransaction and, if necessary, the adjusting entry at December 31
George Gershwin Co. sold $2,100,000 of 10%, 10-year bonds at 105 on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on July 1 and January 1. If Gershwin uses the straight-line method to amortize bond premium or discount, deter..
The group of key personnel has an important impact on an organization. Some companies carry director and officers liability insurance. Are these policies expensive? Why are they necessary?
question bond issued 900000 of 8 on 31 they pay interest on 91 and mature in 10years case a 100 case b 92 case c 105
If CHIDE Co. uses the net presentation of government grants, how much is the carrying amount of the deferred income from the government grant on December
In 2011, individual income taxes made up over 43% of the federal receipts while corporate taxes raised just 12.5%. Describe the issues related to increasing corporate taxes to reduce the growing federal deficit.
A volume variance is computed for:
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