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Problem 1: Kobie Company leased an equipment to a lessee on January 2, 2020 under a direct financing lease with the following provisions - cost of equipment P3,390,000; Annual rental payable at the end of the year P600,000; Useful life and lease term, 10 years. Kobie Company incurred and paid P143,400 in negotiation and arranging the lease. The present value of an ordinary annuity of 1 at 12% for 10 years is 5,650 and the present value of an ordinary annuity of 1 at 11% for 10 years is 5.889. What is the total financial revenue to be recognized over the lease term?
Rex has a bakery that specializes in dog treats in a variety of sizes and flavors. Rex uses a flexible budget to forecast manufacturing overhead, which is then allocated to produts based on oven hours. Calculate the ovehead application rate at the be..
Prepare the cost of goods sold section of the income statement? Direct labor is 50% of raw materials used in production, Manufacturing overhead is 20% of prime.
Calculate for each contract the amount of profit (or loss) you would show for the year and show how these contracts would appear in the statement
What kinds of problems can this company (or any company) avoid by properly managing its debt and does the company appear to be investing appropriately in plant and equipment?
Organize journal entries to record the transactions. Purpose adjusting entries on December 31 to record accrued interest (daily interest is evaluated utilizing the 360 day method).
When accounting for income tax in accordance with AASB 112 Income Taxes, explain why income tax expense is generally not equivalent to
Ocean Division currently earns $780,000 and has divisional assets of $3.9 million. The division manager is considering the acquisition of a new asset that will add to profit. The investment has a cost of $675,000 and will have a yearly cash flow of $..
Pensions and Other Post-Retirement Benefits - discussion of the balance sheet with more in depth analysis of reporting issues surrounding pensions
What assertions is the auditor interested in when auditing Property, Plant, and Equipment? What are some possibilities for fraud in this particular account? What are some judgment decisions that the auditor needs to make in this account?
Determine the Cassy Corporation's statement of financial position at the end of 2018 included:-Equipment, Accumulated depreciation-equipment.
XYZ Ltd is listed, Do agree with XYZ Ltd's financial reporting choice? If not, what adjustments will you make to the financial statements?
In 2014, Zoe Inc. billed its customers $57,000 for services performed. The company collected $40,600 of the amount billed. Zoe incurred $37,400 of other operating expenses on account. Zoe paid $24,800 of the accounts payable. What amount of cash flow..
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