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Question - ABC Corporation's performance during the last three years had not been favorable resulting to a deficit of P950,000 at December 31, 2020. The company, with the approval of the shareholders, decided to eliminate the deficit through quasi- reorganization which would be effected as follows: The company's 200,000, P20 par ordinary share capital originally issued at an average price of P22 would be reissued with par value of P15. Immediately after the quasi-reorganization, what would be the balance of share premium?
On January 1, 2008, Langly Co. issued ten-year bonds with a face value of $1,000,000. Calculate the issue price of the bonds
Explain whether the current treatment of the probable damages in the financial statements for the year ended 31 December 2020 is appropriate
A fire completely destroyed the entire inventory of Printing Delight Company on April 10, 2014. Fortunately, the books were not destroyed in the fire. The following information is taken from the books of Printing Delight Company for January 1 to A..
Which of the following statements regarding the contribution margin ratio is not true?
What is the carrying amount of machinery at December 31, 2020? On July 1, 2020, Manuel Corporation purchased machinery worth P 8,000,000.
Pretax financial income was $896,000. The tax rate is 30%. Prepare the journal entry for 2017 to record income taxes payable and income tax expense
The Hale Company finished their sales projections for the coming year. Prepare the Materials purchase budget and Production budget
Provision for depriciation in the trial balance is for the current year or it is of previous year? Do we need to deduct it from this year's balance sheet.
an tax accountant is examining his productivity. in 1996 he did 300 tax returns in 1400 hours. in 1997 he did 250 tax
Complete the Flexible Budget Performance Report in good form. Use whole #s. The report heading needs to be completed, but column headings are provided
terry inc. manufactures machine parts for aircraft engines. ceo bucky walters is considering an offer from a
Assess the external and internal factors that influence credit policy and decision making within a company that extends credit to its customer
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