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Question 1 For the purposes of Question 1 you are not required to consider GST. On 1 February 2012 Reece Ramon commenced Ramon's Plant Supplies by obtaining a business loan from BA Bank for $20 000. The bank also provided a $10 000 overdraft facility to the business. The business uses the General Journal and special journals.The following assets and liabilities were also brought into the business by Reece Ramon on 1 February(Memo 1).
• Stock costing $15 000, of which $4 000 is still owing to the supplier (Box Nursery). This amount will be paid by the business in March. The estimated price the stock may be sold for is $25 000.
• Computer system (original cost $5 000, agreed value $3 000).
a. Prepare the General Journal entries required to commence a double entry recording system on 1 February 2012. Narration is not required.
b. Explain, with reference to one accounting principle and two qualitative characteristics, the issues involved in determining the value at which the computer system was recorded.
c. With reference to the definition of a liability, explain how the bank overdraft would be treated.
Rosa owns 30% of Pine Corporation's stock (basis of $50,000), and the other 70% was recently purchased by Arvid (basis of $620,000). Pine enters into a reorganization with Lodgepole Corporation.
a company plans to decrease a 200 petty cash fund to 75. the current balance in the account includes 45 in receipts and
Discuss how to calculate how much Marbury Bank loaned to the maker of the note and how must Marbury would receive when the note was rediscounted.
(Journal entries for a Private Purpose Trust Fund) Record the following journal entries in the Children's Book Fund, a city's Private Purpose Trust Fund.
Although cost savings could justify this project, do you think they are the main reason for pursuing it? Should MediaMath go ahead with the system even if it does not promise direct savings?
The instructor will post the answers to these exercises by the end of Day 6 for you to check your accuracy and comprehension on the subject matter. Exercises: 1-2, 1-4, 1-9, 1-12, 1-18, 2-1, 2-3, 2-19, 2-22, 2-25.
pueblo manufacturing company has the following information month budgeted sales january 76000 february 85000 march
develop an argument supporting the use of flexible-budget variance analysis to control the costs of activity areas in
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
american medical instruments produces a variety of medical products at its plant in minneapolis. the company has sales
Payroll Tax Entries Allison Hardware Company's payroll for November 2010 is summarized below. At this point in the year some employees have already received wages in excess of those to which payroll taxes apply.
Cikan Mining Co. acquired mineral rights for $16,200,000. The mineral deposit is estimated at 90,000,000 tons. During the current year, 13,750,000 tons were mined and sold.
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