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On July 1, Brave opened Happy Company, a perfume shop with an initial investment of P750, 000. Happy borrowed a total of P300,000 to finance its initial operation. In early September, Brave issued a personal check for 100,000 in payment for one of Happy Company's loan. In December, Brave took merchandise costing P40,000 which were marked to sell for P75,000 for personal use. Sales and other income for the year amounted to P400,000 while total expenses totaled P160,000. Happy Company's liabilities decreased by P95,000.
Problem 1: The assets of Happy Company at the end of the year is.
Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund
At the beginning of 2011, based on new marketing research, Barkley determines that the fair value of the tradename is $12,000. Estimated total future cash flows from the trade name are $13,000 on January 4, 2011.
What is a virtual tape system and what is it used for?
Question - Problem foe effective interest - Record an effective interest amortization table through 1/1/21. Record the interest payment on 1/1/20
Cash dividends of $85,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of dividends during the year is ?
Compute the amounts of each of the Weighted-average accumulated expenditures qualifying for capitalization of interest cost.
Elwood received property with a $ 10,000 basis and a $35,000 fair market value, What is Elwood's tax basis for the non cash property he received
Sam and Tom in the ratio 7:5:8 respectively. Last year, Sam's share of the profit was $70,000. Calculate the total profit for last year
Because Brenda stayed with relatives while sightseeing, she only paid for 5 nights of lodging. What is Brenda's deduction for a. Airfare
What are your thoughts on government funding startups? Is there any way for Venture Capitalists / private investors to protect themselves in funding startups
Currently Syed has fixed costs of $346400 and variable cost per unit of $2.50. If Syed can sell 80,000 units what price should it charge in order to break even?
paulson inc. has 5 computers which have been part of the inventory for over two years. each computer cost 600 and
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