Question - Primo Industries collected $105,000 from customers in 2015. Of the amount collected, $25,000 was for services performed in 2014. In addition, Primo performed services worth $40,000 in 2015, which will not be c ...
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Question - Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations. July 1: Issued common sh ...
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Question - On 24th May 2018, the board of ABX authorised the incorporation of ALCORE, a wholly owned subsidiary to develop a production plant capable of producing 50,000 tonnes of aluminium fluoride per annum? How will t ...
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Question - On February 20, 2017, Coronado Inc. purchased a machine for $1,440,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the straight- ...
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Questions - 1. Pop Corporation paid $100,000 cash for the net assets of Son Company, which consisted of the following: Book Value Fair Value Current assets $ 40,000 $ 56,000 Plant and equipment 160,000 220,000 Liabilitie ...
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Question - X Company's profit equation next year is expected to be 0.47R-$12,900, where R is total revenue. Assuming a tax rate of 36%, what must next year's revenue be in order for X Company to earn after-tax profits of ...
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Question - Mary is employed by a large public company. In 2017, she was granted options to acquire 1,000 shares of her employer's common stock at a price of $23 per share. At the time the options were granted, the shares ...
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Question - As the senior accountant you had just prepared & posted the journal entry that closed the revenue accounts to the income summary account. Suddenly you noticed that your bookkeeper made a tragic error in record ...
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Question - Patty's Party Planners had $1,500 of supplies on hand on January 1 2017. During the year, they purchased $30,850 of supplies with cash. On December 31, 2017, they had $4,220 of supplies on hand. Patty's Party ...
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Question - Stockman Corp. purchased 10, $ 1,000 6% bonds of Energy Corporation when the market rate of interest was 14%. Interest is paid semiannually on the bonds, and the bonds will mature in six years. Using the PV fu ...
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