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Question 1 - On January 1, 2022, Izzieh Corp. acquired a machine at a cost of P1,350,000. It is to be depreciated on the straight-line method over a five-year period with no residual value. Because of a bookkeeping error, no depreciation was recognized in Izzieh's 2022 financial statements. The oversight was discovered during the preparation of Izzieh's 2023 financial statements. Depreciation expense on this machine for 2023 should be?
Question 2 - On January 1, 2019, Rulyn Co. purchased a machine for P2,400,000 and depreciated it by the straight-line method using an estimated useful life of twelve years with no salvage value. On January 1, 2022, Rulyn determined that the machine had a useful life of seven years from the date of acquisition and will have a salvage value of P185,000. An accounting change was made in 2022 to reflect these additional data. The accumulated depreciation for this machine should have a balance at December 31, 2022 of?
What are the advantages and disadvantages of the computer-assisted audit technique known as parallel simulation?
newbirth coatings company purchased waterproofing equipment on january 2 2009 for 682000. the equipment was expected to
Erickson, Inc. sells plumbing supplies to contractors in the northeast region of the United States. Construct a context diagram
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Explain the "shareholder primacy" thinking in Lynn Stout (2012) about? Explain the key arguments in Section 2 of Stout (2012), "The Positive Case Against Shareholder Primacy".
brooks corp. is a medium-sized corporation specializing in quarrying stone for building construction. the company has
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Asset will result in taxable amounts of P600,000 in each of the next three years. The income tax rate is 30% for all years. Income tax payable is
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Calculate the difference in the total revenue gained before the price rise and the total revenue gained after the price fall
Locate an article online describing a current event in the accounting or auditing profession. Topics might include, for example, articles describing recent.
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