Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2
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Cash flows from operating activities would include both the cash received from patient service Revenue of P300,000 and the cash received from gift shop sales of P25,000.. Cash
has hedged its foreign currency purchase commitment with a forward contract to receive an equal number of foreign currency units... Pesos in settlement of the
Minority Interest in Net Assets of Subsidiary (MINAS). Sto ckholders’
(3) To eliminate intercompany gain on sale of equipment debited to Investment account and restore equipment to its original book value. Working Paper Elimination Entries –
Papa’s retained earnings of P120,000 will
No revenue is to be reported. Because the franchisor fails to render substantial services to the franchisee as of December 31, 2008.. The down payment of P600,000 is recognized
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Cash in bank .. Assets recorded at market value with two equal capital balances.. greater than 15% of the profits from the period].. Extra 10% payment is deducted from the
