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Problem 1: ABC Corporation has a total shareholders' equity of P1,000,000, including retained earnings of P210,000. The cash balance is P370,000. The maximum cash dividend the corporation can declare and pay is
a. P370,000
b. P210,000
c. P1,000,000
d. P630,000
Problem 2: Which of the following statements is correct?
a. Like a limited partnership, corporations have limited liability.
b. All dividends, when declared, are liabilities of a corporation.
c. Like the general partners' right in the dissolution of partnership assets, preference shareholders have the first right to participate in the distribution of corporate assets upon dissolution.
d. The corporation uses books of accounts to record all business transactions.
Prepare Journal Entries to record the debit and credit card transactions for Bulk Departmental Store. A customer used her debit card to pay for $650 purchase.
Explain how can an audit firm minimize its potential for paying damages in cases involving torts?
Problem - Statement of cost of goods manufactured for a manufacturing company - Prepare a cost of goods manufactured statement for May 2012
Prepare the operating activities section of the statement of cash flows using the direct method.
The value of a car is depreciating at 15% per annum on a straight line basis. The value of the car is R64500 after 3years. Calculate the original value of car
You are the lead S-Corporations tax specialist in your area. You have been asked to give a talk to business owners interested in this form of organization.
Determine What amount will the company receive at the time the lease expires? (Round factor values to 5 decimal places, e.g. 1.25124 )
Some wind farm operators assume a capacity factor of 30% rather than 35%. How would this lower capacity factor alter project NPV?
On this date, the debtor agrees to receive equipment with historical cost of 1,800,000, Compute for the gain or loss on the derecognition
What will the depreciation expense for this purchase (exclude all other plant and equipment) be after its second year of use? (Use FASB GAAP)
ab and c are partners with capital balances of 50000 30000 and 20000 and who share in the profit and loss of the abc
After its first month of operation, the following amounts weretaken from the accounting records of Sandcastle Realty Inc. as ofJune 30, 2009. Prepare an income statement for the month ending June 30,2009.
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