84. Lynne Corporation acquired a patent on May 1, 2010. Lynne paid cash of $30,000 to the
seller. Legal fees of $1,000 were paid related to the acquisition. What amount should be debited
to the patent account?
Inventory Valuation & Biological Assets
Oslo Corporation has two products in its ending inventory, each accounted for at the
lower of cost or market. Specific data with respect to each product follows:
Acquisitions of PPE
Use the following information for questions 71 and 72.
Wilson Co. purchased land as a factory site for $600,000. Wilson paid $60,000 to tear down two
buildings on the land. Salvage was sold for $5,400. Legal fees of $3,4
Morgan Manufacturing Company has the following account balances at year end:
What amount should Morgan report a
Ferguson Company purchased a depreciable asset for $100,000. The estimated residual
value is $10,000, and the estimated useful life is 10 years. The straight-line method will be used
for depreciation. What is the depreciati
DILUTIVE SECURITIES AND EARNINGS PER
DILUTIVE SECURITIES AND EARNINGS PER SHARE
Ex. 1Convertible Bonds.
Catt Co. issued P3,000,000 of 12%, 5-year convertible bonds on December 1, 2003 for
P3,013,000 plus accrued interest. The bonds we
Acctg 2 - Partnership & Corporation
Accounting 2 (Partnership and Corporation)
Choose the best answer : ENCIRCLE the LETTER ONLY
It is a contract among and between two or more persons who bind themselves to contribute money,
Chapter 6 TVM Quiz
In the time diagram below, which concept is being depicted?
ANS: PV OF ORDINARY ANNUITY
2. Peter invests $100,000 in a 3-year certificate of deposit earning 3.5% at his local bank. Which
time value concept would be used to determine
High and Low Points Method
High and Low Points Method. A transferee student from Manila is interested in analyzing the tuition fee
and miscellaneous fee for the BSA program of National Teachers College (NTC) as related to number of units. Th