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Q- Calculate the following ratios
Gross profit ration
Net Profit ratio
Current Ratio
Liquid ratio.
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- P12.1B (L0 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021: Instructions 3/1/2020 3/1/2020 4/1/2020 6/30/2020 9/1/2020 12/31/2020 6/30/2021 9/1/2021 Intangible Assets 10-year franchise agreement; expires 2/28/28 Organization costsAdvance payment for 2 years for office space Purchased a patent (8-year life) Cost to develop a patent (10-year life) Net operating loss for 2020Research and development costsLegal fee to successfully defend internally developed patent $ 60,000 7,000 24,000 80,000 40,000 61,000 265,000 13,500 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore…1.How much is the carrying amount of property, plant and equipment as of December 31, 2020?a. P435,160 c. P763,440b. P729,840 d. P860,400Topic: Non-Current Assets Held for Sale and Discontinued Operations 13. Which of the following shall be recognized by the entity in its 20x2 financial statements? Held for ale asset Impairment loss a. P700,000 P100,000 b. P650,000 P100,000 c. P650,000 P150,000 d. P0 P100,000 13. Requirement: Provide the journal entry on December 31, 20x2.
- Q23 What is process that is done in HRA, the same way like that of any other physical asset? In this process, the asset is written off over its estimated useful life. a. Humanization b. Capitalization c. Depreciation d. AmortizationRefer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively2020 R0'000 2019 R0'000 ASSETS Non-current assets Property, plant and equipment 238,924 246,322 Right-of-use assets 3,246 3,479 Capital spares 566 487 242,736 250,288 Current assets Inventory 1,913 1.911 Trade and other receivables 15,249 5,118 Short term deposit 1,154 1,578 Cash and cash equivalents 1,543 1,883 19,859 10,490 TOTAL ASSETS 262,595 260,778 List all the fixed assets and categorize them in Tangible and Intangible Assets Using Notes to Accounts.
- 1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…24 If K.mart.CO total assets is 600000, and total liabilities 400000, and goodwill 20000. Compute the identifiable net assets. Select one: a. 180000. b. 200000. c. 220000. d. 240000.QUESTION 1 Polycarp Ltd adopts revaluation model for subsequent measurement of its intangible assetsin accordance with IAS 38: Intangible assets. The policy of Polycarp is to revalue itsintangible asset at the end of each year. An intangible asset with an estimated useful life of9 years was acquired on 1 January 2018 for GH¢45,000. It was revalued to GH¢54,400 on31 December 2018 and the revaluation surplus was correctly recognized on that date. Asat 31 December 2019, the asset was revalued at GH¢32,000. Required: Discuss the accounting treatment required in 2018 and 2019 financial statements. QUESTION 2 E. Adentwi Enterprises Ltd bought a machine for GH₵ 150,000 on 1st January 2019. It depreciates the machine on cost over four years assuming a nil residual value. The company received a grant of GH₵30,000 from the municipal assembly to support the acquisition of the machines. Required: Account for this grant under the netting off method.
- 38 - What are the receivables that can be collected in a year or more than the normal operating period, stocks to be consumed, advance payments to be used, financial, tangible and intangible assets and assets subject to special depletion to be used for more than one year?A) Returning AssetB) CapitalC) EquityD) SourceE) Fixed Asset31-Dec-2020 31-Dec-2019 $ $ Equipment 177,000 100,000 Accumulated Depreciation $76,000 $60,000 A equipment with a cost of $20,000 was disposed during the year with accumulated depreciation of $15000 and gain on disposal of $3,000. No other disposal or retirement of Equipment during the year ended 31 December 2020. The total depreiciation expense for year ended 31 December 2020 is $ Additions of Equipment (Purchase of Equipment) for the year ended 31 December 2020 is $ Sales Proceeds on disposal of equipment is $4. What is the carrying value of the right of use asset on December 31, 2021? ₱ 2,488,889 ₱ 2,750,000 ₱ 2,520,000 ₱ 2,666,667