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Question - Dallas is an electrician who purchases his own tools for work.
He purchased the following items during the financial year.
10/03/2021 Nail Gun $970 100% work purposes
30/09/2020 Ladder $1,090 100% work purposes
15/04/2021 Laser level $280 100% work purposes
10/06 2021 Laptop $870 50% work purposes
He has an existing low value pool which had a closing balance of $2,910 at the end of the 2020 financial year.
Required - Calculate the closing balance of Dallas' low value pool for the 2021 financial year and explain why any item (if applicable) would not be included in the Pool.
On the second sheet of the workbook prepare the Working Capital section of the Balance Sheet for Norse Doors as at 30 April 2020
Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return
Question - What is the future value of 20 periodic payments of $12,000 each made at the beginning of each period and compounded at 6%
Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.
How is the tax basis of the balance sheet asset or liability account calculated and why does it differ from the book basis of the asset or liability account
Evaluate professional judgment with respect to the organizational culture of the accounting profession and the AICPA Code
Prepare a schedule, similar to that illustrated in the text, of changes in unassigned fund balance
Discuss the difference between fund financial statements and government wide financial statements, covering the scope of the statements.
Pete's Pies Ltd reports operating expenses of $216 000 excluding depreciation expense of $18 000 for 2018. Calculate cash payments for operating expenses
Product-cost cross- subsidization is less likely to occur when: a) a single cost pool is used b) little effort is mae to trace cost objects c) a peanut butter approach is used to allocate overhead d) none of the above
The bonds which were issued at 99, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium
What amount is credited to Accumulated depreciation - Equipment? What amount is credited to Accumulated depreciation-Building?
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