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Question - On December 31, 2016, the statement of financial position showed total assets of $1,000 000, total liabilities of $400,000 and contributed capital of $400,000.
During the year 2017, the corporation issued share capital of $100000 par value at a premium of 560,000, dividend of $50,000 were paid on December 31, 2017.
The statement of financial position on December 31, 2017 showed total assets of $1,500 000 and total liabilities of $640,090. What was the net income (loss) for the year 2017?
The cash in bank balance per ledger is P400,000. You determined that entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance
How to think about "Discount Rate"? If the company had debt ~ $ 6,000,000 (long-term debt $2,500,000; current liabilities $ 3,500,000).
Direct origination costs paid by G amounted to 46,200 while the origination costs paid by B amounted to 550,000. What is the initial carrying amount of the loan
Which a distinctive characteristic of a perpetual inventory system is that it? provides a continuous record of the balance in the inventory count
Salaries payable amounted to P2M while taxes due government amounted to P1M. What is the estimated recovery percentage
The current market rate on Dec. 31, 20x3 is 14%. Prepare the journal entry to record the impairment loss using direct method (1) and allowance method (2)
Calculate tax credit on disposal. Reversing Rapids Co. purchases an asset for $131,063. This asset qualifies as a five-year recovery asset.
Can the original transaction price be used as an indicator of fair value in the first post-acquisition goodwill impairment test? What if the next highest bid was substantially lower?
Calculate the dollar amount of ending inventory and cost of goods sold under each of the Weighted-average cost, periodic inventory cost flow assumptions
Which is a period cost for a computer manufacturer? Wages for assembly line workers, Glue for computers, Rent for factory building
Case - Alternative Financing Decision. Discuss the theoretical and current U.S. GAAP treatments for convertible bonds
Milordike Company owns land that it purchased at a cost of $600,000 in 2013. Prepare the journal entries to record the revaluation of the land in each year.
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