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Drama Company, which was organized in 2019, has only one account for all its Intangibles. The following are the entries made to the account for the years 2019 and 2020:
DATE PARTICULARS AMOUNT07.01.2019 Franchise expiring on June 30, 2027 P 252,00010.01.2019 Advance payment on lease expiring on October 1, 2021 168,00012.31.2019 Net loss in 2019 including incorporation fee of P 6,000 and org.cost, P30,000 96,00001.02.2020 Acquired Patent with useful life of 10 years 444,00003.01.2020 Cost of developing secret formula 450,00004.01.2020 Goodwill purchased 1,670,40007.01.2020 Legal fees for successful defense of Patent 75,90010.01.2020 Research and development costs on new project Problem 1: The unamortized franchise cost at December 31, 2020?
aaa company produces and sells 6000 desks per year at a selling price of 500 each. its current production equipment
When the ordinary income of the S corporation is $180,000. What adjustments would you expect the IRS to impose upon these taxpayers
For one night accommodation per person, the hotel charges $60. Calculate the contribution margin per unit of service and the contribution margin ratio
If Bad Boys, Inc. raises capital using 45% debt, 5% preferred stock, and 50% common stock, what is Bad Boys, Inc.'s cost of capital
1. ____ refers to accounting information developed for managers within an organization. a. Internal auditingb. Managerial accounting c. Financial accounting d. Tax accounting
Mr. Johnson purchases an annuity that pays 14.5% compounded quarterly. If the quarterly payment is $1500, how much will Mr. Johnson will have saved
During 2013, Quattro entered into the following transactions relating to shareholders' equity. Compute basic and diluted EPS for 2013
Why does H. J. Heinz not prepare segment information on its products or services?
Hashim & co is a textile company. Due to the recent corona virus pandemic the company, How will the claims be settled now? Briefly explain in terms of priority
Analyze the tax implications of the following case studies. Apply the IRS codes to determine what should and shouldn't be included as income. Support your conclusions with reference to specific IRS codes and regulations.
Beg. raw materials inv were 200,000 pounds of Material A and 140,000 gallons of material B. Prepare a Raw materials purchases budget
Prepare a January 1, 2015, consolidated balance sheet for Casey Corporation and its subsidiary Kennedy Corporation
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