Goliath Company purchased an equipment on January 2, 2017 for P3,000,000. At the date of acquisition, the equipment had a life of 6 years with no salvage value. The equipment is being depreciated on a straight-line basis. In January 2020, Goliath Company determined that the equipment had a useful life of 8 years from the date of acquisition with no salvage value. What should be the carrying amount of the equipment as of December 31, 2020? A.P300,000 B.P500,000 C.P1,200,000 D.P1,800,000
Selected information from the accounts of Colossians Co. at December
31, 2021 reveals that the total income since incorporation is P420,000; the total cash dividends paid is P130,000; the total value of property
dividends distributed is P30,000; and the excess of proceeds over cost of treasury shares sold is P110,000. In its December 31, 2021 statement of changes in equity, what amount should the firm report as
A.P260,000
B.P290,000
C.P370,000
D.P400,000
Goliath Company purchased an equipment on January 2, 2017 for
P3,000,000. At the date of acquisition, the equipment had a life of 6 years with no salvage value. The equipment is being
A.P300,000
B.P500,000
C.P1,200,000
D.P1,800,000
Bayabas Company started operations on January 1, 2021. Following data are available as of June 30, 2021: Purchase of merchandise - P9,000,000; Inventory, June 30, 2021 – P1,500,000; Goods were sold at 50% above cost; 75% of sales were on credit; Estimated
A.P2,200,000
B.P2,137,500
C.P2,131,200
D.Answer not given
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