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Problem 1: Using the following information, draw up a trading and profit and loss account for R Knight for the year ended 31 October Year 3.
RM Sock at 31 October Year 2 15,200
Purchases 75,400
Sales 120,500
Returns inwards 740
Carriage inwards 2,150
Carriage outwards 3,200
Wages 28,500 Sundry expenses 2,230 Stock at 3 1
October Year 3 13,600
Describe fully the alternatives that are available to you in this situation. Express your personal opinion as to the appropriate course of action and provide reasoning to support your opinion.
Provide the journal entries to account for tax in accordance with AASB 112 - Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015.
What is a LIFO reserve? What information can we learn from the LIFO reserve and from the change in the reserve during the year?
Explain the main items you would expect to find on the balance sheet of a limited company which are not present on the balance sheet of a sale trader.
The other 28 units remain in inventory at January 31. If Orange Kola uses the FIFO flow assumption, what is the cost of goods sold to be recorded at January 14
five-year project has an initial fixed asset investment of $345,000, an initial NWC investment of $37,000, and an annual OCF of -$36,000. The fixed asset is fully depreciated over the life of the project and has no salvage value
Jassal Music Inc. is located in Edmonton, How to Prepare year-end adjusting entries for transactions 1 to 3 and the required entry for transaction 4.
Freight charges and insurance while in transit totaled $900 and sales tax was $500. Insurance, taxes, and maintenance costs for the first year of use were $3,000.
What unit value should be attached to each painting, assuming item-by-item application of the lower-of-cost-or-net-realizable-value rule? Prepare journal entries to record each transaction.
Compute accounting rate of return/simple rate of return of the equipment. The Comcast company is considering to purchase an equipment costing $100,000
What is the taxpayer's recognized gain and the basis for the bonds?
Determine labor efficiency variance
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