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On July 1, 2020, Manuel Corporation purchased machinery worth P 8,000,000. Terms: P 500,000 down payment, the balance on three equal annual payments every July 1 of each year. The cash price of the machinery is P 6,000,000. A promissory note is issued for the installment balance. Required: Problem 1: What would be the journal entry to record the acquisition of machinery?
Problem 2: What would be the journal entries to record the amortization at December 31, 2020?
taos company purchased merchandise for resale from tuscon company with an invoice price of 19300 and credit terms of
Calculate and analyze the following ratios for your selected company for the last two years from the SEC Form 10-K: Time Interest Earned.
The Lease is non-cancelable and requires DF to pay $6,000 per year, Make the journal entries required on the lessee's books through January 1, 2020
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Can she claim a deduction under s 40-880 ITAA97 for the amount paid under the contract to acquire the goodwill of the business?
Sea Biz Co. has four employees. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay.
Total annual fixed costs are $5,250,000. Assume that sales mix remains the same at all levels of sales. How many printers in total must be sold to break even
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On January 2, 2018, Baltimore Company purchased 6,000 shares of the stock of Towson Company at $12 per share. How much Baltimore Company should report
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The Icelandic Company reported an adjusted net operating profit after taxes (NOPAT) of $27,550 in 2008. In this year the cost of capital was 16.5% and their adjusted investment was $235,000.
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