O O O O O Section 1: General Information X GIn the three-stage mpairm QLSfelWr2G3Yy-WzMesbLH8bwuZF1cS 9Fuvofcq8GL2f5tEFFA/formResponse Clear se On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid annually every December 31 starting December 31, 2022 until the maturity of the note on December 31, 2026. The equipment has a cost of P1,000,000 and accumulated depreciation as of January 1, 2022 of P550,000. The prevailing interest rate for a note of this type is 12%What amount should be reported as gain (loss) on sale of equipment? (Round off PV factors to four decimal places.) O13,940 gain O13,940 loss O50,000 gain O50,000 loss O Answer not given True or False (PAS 41) to

O O O O O Section 1: General Information X GIn the three-stage mpairm QLSfelWr2G3Yy-WzMesbLH8bwuZF1cS 9Fuvofcq8GL2f5tEFFA/formResponse Clear se On January 1, 2022, State Co. sold an equipment to Nation Co. The latter issued a five-year P500,000, 10% note to State Co. The note requires interest to be paid annually every December 31 starting December 31, 2022 until the maturity of the note on December 31, 2026. The equipment has a cost of P1,000,000 and accumulated depreciation as of January 1, 2022 of P550,000. The prevailing interest rate for a note of this type is 12%What amount should be reported as gain (loss) on sale of equipment? (Round off PV factors to four decimal places.) O13,940 gain O13,940 loss O50,000 gain O50,000 loss O Answer not given True or False (PAS 41) to

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 10-4 (AICPA Adapted) Os December 31, 2020, Kale Company had the following balances in the accounts maintained st First Besk Checking account #201 out 201 Checking Time deponit 1,750,000 (200,000) 250,000 Money market placement 1,000,000 90-day treasury bill du February 28, 201 180-day treasury bill, due March 15, 2001 500,000 900.000 The entity classified investments with original maturities of three months or less as cash equivalents On December 31, 2020, what amount should be reported an cash and cash equivalents? 3,400,000 & 2,000,000 2,400,000 d. 3,200,000
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ing 2021 Final Exam(2) - Saved to this PC - ences Mailings Review View Help 三三|ALT AaBbCcD AaBbCcDc AABBCC AaBbCcC AaB I Normal I No Spac. Heading 1 Heading 2 Title Paragraph Styles 4- The Robinson Company has the following current assets and current liabilities for these two years: 2016 2017 $50,000 350,000 500,000 $900,000 $250,000 $150,000 $200,000 $600,000 Cash and marketable securities Accounts receivable Inventories $50,000 300,000 350,000 $700,000 $200,000 Total current assets Accounts payable Bank loan Accruals Total current liabilities $150,000 $350,000 a. Compare the current ratios between the two years. b. Compare the acid test ratios between 2016 and 2017. Comment on your findings. ABC stock on July 15th. On July 5- You purchased 200 shares 100 shares and then on July 22st you purchased your final 200 shares of ABC stock. The company declared a dividend of $1.10 a share on July 5th to holders of record on Friday, July 23rd. The dividend is payable on July 31st. How much…
Patent Item Patent A Patent B Patent C 1. 2. 3. Year 2026 2027 The following events occurred during the year ended December 31, 2025. 2028 Initial Cost $41,820 $15,600 $16,800 (a) (b) Expected Future Cash Flows $2,050 2,050 Research and development costs of $235,000 were incurred during the year. Patent D was purchased on July 1 for $45,372. This patent has a useful life of 9¹/2 years. 2,050 Click here to view factor tables. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Sheridan estimates the expected future cash flows from Patent B will be as follows. Date Acquired Your answer is correct. 3/1/21 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Total carrying amount $ 7/1/22 9/1/23 eTextbook and Medial Useful Life at Date Acquired 17 years 10 years 4 years Compute the total carrying amount…
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ofice eBook Problem Walk-Through A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 1 2 3 4 Project S -$1,000 $878.81 $250 $15 $5 Project L -$1,000 $0 $240 $400 $782.91 The company's WACC is 8.5%. What is the IRR of the better project? (Hint: The better project may or may not be the one with the higher IRR.) Round your answer to two decimal places. %
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nces Mc raw Mill Exercise 5-5 (Algo) Solving for unknowns; single amounts [LO5-4] For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i= interest rate, and n = number of years) (FV of $1. PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.) 1. 2. 3. 4. 5. Present Value Future Value $ $ $ $ i $ 80,000 4.5% 31,841 $ 94,000 15,762 $ 50,000 84,482 $ 200,000 13,291 8.0% 9.0% n 9 16 10 15