1) In January 2022, Utah Corporation entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of P2.000,000, was paid for as follows: Down payment 5.000 ordinary shares of Utah with an agreed-upon value of P370 per share 300,000 1.850,000 2.150.000 Prior to the machine's use, installation costs of P70.000 were incurred. The machine has an estimated useful life of 10 years and an estimated salvage value of P100,000. The straight line method of depreciation is used. What is the cost of the machinery purchased on January 2022? A 1.850,000 B. 2.150,000 C. 2,000,000 D. 2,300,000

1) In January 2022, Utah Corporation entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of P2.000,000, was paid for as follows: Down payment 5.000 ordinary shares of Utah with an agreed-upon value of P370 per share 300,000 1.850,000 2.150.000 Prior to the machine's use, installation costs of P70.000 were incurred. The machine has an estimated useful life of 10 years and an estimated salvage value of P100,000. The straight line method of depreciation is used. What is the cost of the machinery purchased on January 2022? A 1.850,000 B. 2.150,000 C. 2,000,000 D. 2,300,000

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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Leave no cells plank - De certain to enter "U" wherever requirea.) Year Beginning Balance Total Payment Interest Payment Principal Payment 1 $ 72,000.00 $ 18,032.86 $ 5,760.00 $ 12,272.86 $ 2 59,727.14 18,032.86 4,778.17 13,254.69 3 46,472.44 18,032.86 3,717.80 14,315.07 4 32,157.37 18,032.86 2,572.59 15,460.27 5 16,697.10 18,032.86 1,335.77 16,697.10 A b. Interest paid in third year c. Interest paid over the life of loan ✔ Ending Bala 59,7 46,4; 32,15 16,69 b. How much interest is paid in the third year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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Problem 16-1 (Algo) Single temporary difference originates each year for four years [LO16-2] Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2023-2026 are as follows: Service Revenue Collections 2023 2024 2025 2026 $ 732,000 $ 692,000 822,000 850,000 782,000 788,000 774,000 792,000 Pretax Accounting Income $ 258,000 332,000 300,000 272,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 25%. (Hint: You will find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2023- 2026.) Required: 1. to 3.…
11:37 AM ... alll 4G 26% Vo) e Assignment 2.docx 6. Submission: The last day for submission of this assignment is October 12th, 2021. Please save the document for future clarification. Exercise 1 1. The Creative Electronics Company shows the following selected adjusted account balances as at December 31, 2020: 11 Accounts Payable 2.0 00 15 Salaries Payable 3,0 00 Accumulated 40, Depreciation, Equipment 00 Estimated Warranty Liability 35, 00 29 Mortgage Payable 2.0 00 Notes Payable, 6 months 38, 00 Required: Prepare the current liability section of Creative's balance sheet. $52,000 in principal is due during 2021 regarding the mortgage payable. 2. On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows: Annual Principal Principal Portion of Interest Ye Paymen Portion of Balance at Year- Payment IS ar Payment…
The Miller Company reported gross sales of $760,000, sales returns and allowances of $6,900, and sales discounts of $6,900. The company has average total assets of $410,000, of which $205,000 is property, plant, and equipment. What is the company's asset turnover ratio? (Round your answer to 2 decimal places.)
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Year 2 5678 A WN 3 4 3-Year 33.33% 44.45 14.81 7.41 Property Class 5-Year 20.00% 32.00 19.20 11.52 11.52 5.76 7-Year 14.29% 24.49 17.49 12.49 8.93 8.92 8.93 4.46
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