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Problem 1: On May 1, 2021, AAA and BBB formed a joint operation to acquire and sell a special type of merchandise. The contractual arrangements provide that AAA is to manage the joint operation for a fee and that gain and losses are to be divided equally. On May 1, 2021, BBB invests cash of P52,000, which P50,000 was used to purchased the merchandise. AAA incurs expenses amounting to P2,500. On May 20, one half of the merchandise was sold for P36,000. In the books of BBB, the Investment in Joint Operation account on May 30, 2021 would show a balance of:
a. 50,000b. 45,750c. 54,250d. 56,250
Offered Alpha, $185,000 for this equipment. What amount should Alpha Company record the equipment purchase at if payment is made by July 11?
Sam company, What is the amount of liability for warranty reported in Sam Company's December 31, 2021 statement of financial position?
Blue should have taken $910 and $7,272 cost recovery in 2009 and 2010. On January 1, 2011, the asset was sold for $180,000. Calculate gain or loss on the sale of the asset in 2011.
On August 10, 2009, an investor purchased 1,000 shares of Planet Corporation for $12,000. On January 2, 2010, the stock became worthless. What is the recognized gain or loss, and how is it classified?
Unearned revenue of $2,300 was recorded in the 2018 revenue. Calculate the corrected R/E for December 31, 2018
Here are the NAVs for a no-load mutual fund that paid no distributions: What is your return if you buy the fund on April 2 at 10am and sell it on Apr 4 at 5pm
Lastufka Corporation is considering a capital budgeting project. The project would require an investment of $240,000 in equipment with a 4 year expected life and zero salvage value. The company uses straight-line depreciation and the annual depreciat..
Assuming BCC uses the percentage-of-completion method of recognition the gross profit recognized in 2013 would be rounded to the nearest thousand
Prepare journal entries for first year of stock-option plan.- Prepare the journal entries for the first year of the plan assuming that, rather than options, 700 shares of restricted stock were granted at the beginning of 2012.
Make the journal entry to record the purchase of the bonds on december 31. Using debt investments as the debit and cash as the credit.
What is the arbitrage profit per $1000 notional amount in portfolio A (long or short position.) Enter a number without a dollar sign
On January 1, 2014, Craig Corp. had the following stockholders' equity accounts: Prepare the journal entries, and closing entries, necessary for the 2014 transactions. Prepare the stockholders' equity section on the December 31, 2104 balance sheet.
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