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Problem 1: BULLOCK Inc. sells automatic weapons costing P 700,000 at a price of P 1,200,000. CARUSO Corp. buys a dozen of automatic weapons on installment and tradein six of its old weapons at a trade-in value of P 300,000 each. BEX-1. On July 1, 2016, MUSCALA Motors, which maintains a perpetual inventory records sold a new automobile to LAX for P 1,700,000. The car costs the seller P 1,301,250. The following were the payment scheme in order: 1. 30% down payment 2. P 160,000 allowance on an old car traded 3. The balance being payable in equal monthly installments The monthly amortization amounts to P 60,000 inclusive of 12% interest on the unpaid amount of the obligation. The car traded in has a wholesale value of P 240,000 after expending reconditioning costs of P 45,000. After paying three installments, the buyer suffered major financial setback incapacitating him to continue paying so the car was subsequently repossessed. When reacquired, the car was appraised to have a fair value of P 600,000. What is the realized gross profit on installment sales during the year?
Contrast the effects of the three depreciation methods on annual depreciation expense.
What is the value of maintaining a margin of safety and why a break-even point is important in this scenario as well as any business equation
Ignoring income taxes, what amount should Sifers Company report as a gain from the debt restructuring in its 2019 income statement
Allowance for Doubtful Accounts has a credit balance of $1,500 at the end of the year (before adjustment), and an analysis of customers" accounts indicates doubtful accounts of $17,900. Which of the following entries records the proper provision f..
Miscellaneous administrative expenses; $5,000. Calculate the total selling expense on the January selling expense budget
The auditor will assess management's strategy in achieving it's obligations. What significant management assertions can be effective if there is a weakness
Bobek Inc. has recently reported steadily increasing income. What is the appropriate accounting in this situation
the footwear department of lees department store had sales of 188000 cost of goods sold of 132500 indirect expenses of
paymore products places orders for goods equal to 80 of its sales forecast in the next quarter. the sales forecasts for
Sally Golfo, a registered nurse, opens a business called Sally Elder Care. Golfo plans to care for the elderly herself in a facility that she will rent
Alpha Company provided the following data concerning its income statement: sales, $1,040,000; purchases, $380,000; How much is net income
Investments with a cost of $30,000 was sold for $45,000 Cash. What are the Cash Flows from Investing Activities for the Year ended 30 June 2020
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