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In June 2021, NCT Company acquired a machine in exchanged for a non-monetary asset with a cost of P1,200,000 and an accumulated depreciation of P600,000 and paid a cash difference of P160,000. The market value of the non-monetary asset was determined to be P650,000. Problem 1: If the exchange ha commercial substance, what amount of gain is to be recognized? Problem 2: If the exchange is lacking in commercial substance, what would be the cost of the new asset acquired?
On October 1, 2016, Ratkowski Inc. borrowed $18,000 from Second National Bank by issuing a 12-month note. What effective rate of interest did Ratkowski pay
Determine and Compute Valero's return on equity (ROE) for 2016 and 2015. Valero Energy stockholders' equity in 2014 was $20,677 million.
If the policy on such special orders is a markup (over cost) of 80%, what should you charge for the 373 units?Janesky Compamy has been asked by customer to ship
If Sweet uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2017
On June 30 of the current year, the assets and liabilities of Merak Berhad are as follows: What is the amount of owner equity as of July
Why is the rationale for the decision not necessarily an appropriate one? Provide constructive feedback to at least two other students' postings.
The equipment is expected to have a five-year life and a residual value of $6,000. Using the double-declining-balance method, find the book value at December
Find the complete optimal solution to this linear programming problem. Graph to show each constraint and the feasible region. Provide graph on separate page. What is the optimal value of the objective function?
What would Sunland report as total stockholders' equity? For the year ended December 31, 2017, Sunland Company reported.
Discuss the relationship between the IASB and the International Accounting Standards Committee Foundation. Discuss how the focus of the IASB and the International Federation of Accountants are similar and different.
The count of cash in the cash register is $1,055. There was $0 cash in the drawer at the beginning of the day. The correct entry to record the cash sales is
In the current year, Raven sold machinery with a fair market value of $200,000. The machinery's original basis was $190,000 and Raven's accumulated depreciation on the machine was $40,000. Raven received $50,000 in the current year and a note paying ..
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