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Question - On 2 January 2018, Johnston Ltd purchased a machine with a list price of $187,400 (including GST) and credit terms of 2/10, n/30. Payment was made within the discount period. Freight costs of $4,300 plus GST and installation costs of $4,220 plus GST were also paid. The machine has a useful life of 4 years and a residual value at the end of its useful life of $19,200.
Required - Determine the amount that should be debited to the machinery account and prepare a general journal entry to record the purchase, assuming a financial year ending 31 December.
Prepare finance charge allocation schedule for lease: and Show disclosure of the lease in the financial statement of lessee for the year ended December 31, 2020
How do prepare entries to record the following transactions and events related to Morgan County's tax revenues for the year beginning January 1, 2019
how much will Benjamin's tax liability decline because of the investment
Did terrorism exist prior to the French Revolution? Are the terrorist acts we see today significantly different from those of the past? If so, how?
Question - What is the materiality concept? Is the dollar amount that is material the same for a company that has annual sales of $10,000 compared
Discuss why this situation represents an audit risk and Identify the main account(s) affected by this risk and the audit work you would plan to undertake
What is the purpose of a project dashboard? What sort of information is listed on this project tool? What is a Quality checklist, and what is its purpose?
Swifty Corporation reported net income of $203000 for the year. Calculate the net cash provided by operating activities for the year
If the company's fixed expenses increase by $600, what would become the new break-even point in unit sales? In dollar sales.?
With $5 million, Paul's will creates a trust with the following provisions: life estate to Jacob (Paul's son). Does a generation-skipping transfer result
In year 1, the Helpful Trust agreed to make a $50,000 cash contribution to Local Soup Kitchen, Can the trust claim a charitable contribution deduction
Prepare the adjusting entry at December 31, 2017, to record bad debt expense, assuming that the aging schedule indicates that $10,200 of accounts
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