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Questions -
Q1. TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machine's useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset's fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).
Required - Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.
Q2. Fitbit Ltd has leased a machine on the following terms: Date of entering lease 1 July 2019 Duration of lease 5 years Life of asset 6 years Unguaranteed residual value $40,000 Lease payments inception (at the start) $60,000 Annual payments (5) $65,000 Implied rate 11.0 %
Required - Determine the Fair Value (rounded off) of the leased asset.
the alphonse company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours.
wissota co. applies overhead based on direct labor hours. the variable overhead standard is 4 hours at 6 per hour.
Define audit sampling. Why auditor sample used instead of examining all accounting transaction? Discuss audit procedure used in cash audit process
For each of the summarized transactions for the Village of Sycamore General Fund, prepare the general ledger journal entries.
Prepare a statement of earnings for Planxty Ltd. for the year ended December 31, 2010 in proper format
Pina Company follows the practice of pricing its inventory at the lower-of-cost-or-market, determine the amount of Pine Company inventory
wayne cos production plan for 5000 units of production provided for 25000 of direct labor 35000 of direct materials and
Mickelle Bride, the CEO of Harmony Organ, was very excited about the new methods of looking at costs you showed her previously (fixed cost, variable cost, and semi-variable cost, the importance of cost, visual fit, high-low, and least-squares regr..
GEH is in the business of owning and running hotels with an 'eco' theme - meaning they must be environmentally and socially responsible, but capable of making a good profit in the medium to long term.
If Kevin agrees to an $18,500 alimony payment, what is the after-tax cash flow for Kevin and Elizabeth
Prepare dated journal entries for Fleming to reflect the above transactions using the current method. Do not use hedge accounting.
problem 11-13 effects of stockholders equity transactions on the balance sheet.the following transactions occurred at
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