ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P3,000. Upon executing the sale, ABC received P5,000 down payment and a 10% 1 year promissory note for the balance. Compute the amount of loss ABC has suffered from the sale of the equipment.

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A: From the above data give, we can say that, there are four parties involved. 1. Victor: Manufacturer ...

Q: 45000 65000 p00 190000 160000 (2010) Physical Asset Management 3,140/yr

A: Step 1 Economic life is the life of an asset till the time it can be used.  The EUAC of the defende...

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A:

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A: Partnership- A partnership is a firm that involves two or more persons who are equally accountable f...

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A: The dividend is considered as a part of the distributable profit distributed by the company to its s...

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A: Contribution Margin=Sales Revenue-Variable Cost

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A: The practice of documenting business transactions for first time inside the books of accounts is kno...

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A: FV = PV(1 + r)t FV= Future Vale PV = Present Value r= rate of interest t = time in years

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Q: Date Account Titles and Explanation PR Debit Credit 2019 August Cash P 100,000 Armenta, Capital 100,...

A: Ledger: Each and every individual account is maintained in a book that is referred to as Ledger. viz...

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A: Depreciation - Depreciation is computed every year due to wear and tear of the assets, for the purpo...

Q: On January 1, 2021, P Corporation purchases from an unrelated person all the outstanding stock of S ...

A: It is the section enacted by US Congress to allow taxpayers to consider certain stock purchase trans...

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Q: Question 3 On 6 July 2021, Falta Limited paid $300 to purchase a put option on Zebra Limited when th...

A: The put option is a derivative instrument that expects that the prices will fall below the strike pr...

Q: A company issues 6% bonds with a par value of $100,000 at par on January 1. The market rate on the d...

A: Par value of bond = $100,000 Coupon rate = 6% Semi annual coupon rate = 6%/2 = 3%

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A: Degree of operating leverage = Contribution/EBIT Degree of Financial leverage = EBIT/EBT

Q: Altira Corporation provides the following Information related to its merchandise Inventory during th...

A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods: ...

Q: 2. A gift store reported the following records for its operation during the month of February. @Cost...

A: Closing Inventory is the stock at the end of the closing period held by the entity. Markup percent i...

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A: Formula: Straight line method = ( Asset cost - Salvage value ) / Useful life

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A: The answer is stated below:

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A: Expected Pension =  (Final average salary/80) * Number of years

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A: Interest payment per period=Par value×Coupon rate×6 months12 months

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Q: 1. Current ratio 2. Quick ratio 3. Accounts receivable turnover 345-30

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A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials ...

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Q: No No No No No er 31

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Q: December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,9003; the c...

A: The question is based on the concept of Financial Accounting.

Q: Prepare year-end adjusting entries for the following transactions. Omit explanation.

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A: Cash and cash equivalents refer to items that can be easily converted into cash. Cash equivalents in...

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A: Formula: Dividends paid = Beginning dividends + Declared dividends - Ending dividends

Q: a. Degree of operating leverage. b. Degree of financial leverage. Degree of combined leverage. с.

A: Solution:- a)Calculation of Degree of operating leverage as follows under:- Degree of operating leve...

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A: Net income = Income - sales return =$1700000 - $250000 = $1450000