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Question - On 2 January 2018, Johnston Ltd purchased a machine with a list price of $243,700 (including GST) and credit terms of 2/10, n/30. Payment was made within the discount period. Freight costs of $5,600 plus GST and installation costs of $5,490 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 $25,000.
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.
What is maximum possible monthly withdrawal? A woman, with her employer's matching program, contributes $700 at the end of each month.
How will thisdecision affect your sale and profit? If you choose to extend credit, how would you ensure that yourfirm is paid by its customer?
A printing press priced at a fair market value of $275,000 is acquired in a transaction, what is the gain or loss on the exchange
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In a merchandising operation, the Sales account should include? sales of both merchandise and other assets of the business. / only cash sales of merchandise
An original cost of $ 720,000, and accumulated depreciation of $ 345,000. Record the journal entries in AJ's books
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You invest $25,000 today at 8% per year. How much money will you have accumulated after 13 years? Your friend has learned that he is going to receive $7,500 a year for the next 10 years. Utilizing 5% interest rate, calculate the current value of the ..
q1 heflin company incurs these expenditures in purchasing a truck cash price 17700 accident insurance during use 1810
A bond with an even value of $1,000 and five years of maturity has a current price of $755. What is the performance at maturity
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The corporation assumed a liability of $420 on the property transferred. What is Amy's tax basis in the stock received in the exchange?
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