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Question - Alex purchased a CNC machine on 1st October 2019 at a cost of $110,000 (including GST). This machinery is estimated to have a useful life of seven years. Alex purchased a Holden car on 1 May, 2019 at a cost of $63,000, estimated to have a useful life of five years.
Required - With reference to relevant legislation and case law, discuss and calculate what amount is allowed as a deduction for the decline in value of the machinery and the Holden car discussed above, using both prime cost and diminishing value methods.
Compute the product margins for the Xactive and the Pathbreaker products under the company's traditional costing system
The company has an incremental borrowing rate of 12%. It must close its books and prepare third-quarter financial statements on September 30, 2010. Prepare journal entries for the forward contract and firm commitment.
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. Calculate cost of goods sold for 2013, 2014, and 2015
A company makes an accrued revenue adjusting entry for $780 and an accrued expense adjusting entry for $510. How much was net income understated or overstated?
Waylander Coatings Company purchased waterproofing equipment on January 6, 2015, What method yields the highest depreciation expense for 2015
On 1/1/13 Karitas Inc., a calendar year company, is created with an equity investment of $720. On the same day the company purchases 1 share of stock.
Municipal Responsibility Accounting After barely avoiding bankruptcy, New York City established one of the most sophisticated budgeting and reporting systems.
Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31
on january 1 2011 nana company paid 100000 for 8100 shares of papa company common stock. these securities were
Calculate EVA for 2014. Assume that for purposes of calculating EVA, the company capitalizes research and development expenditures
Hilbert Company recorded operating data for its shoe division for the year. What is the controllable a margin for the year
Evaluate the challenges for u.s. public companies to fully adopt ifrs and propose solutions to these challenges. Provide support for your recommendations.
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