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Practice questions:
Rex Bendall starts an agricultural fencing business. Wellworth Fencing. with £50.000 capital which he has inherited.
On 1 June 1998 he opens a bank account for the business and pays in the capital into it. buys a lorry for £16.000. pays for insurance costing £1.400 and pays 3 months' rent on premises in advance of £4.500.
On 2 June he purchases equipment for £5.400 and fencing materials from Timber Supplies for £850. In addition he pays for advertising in the local press which costs £420.
On 4 June he buys a further £120 of fencing materials from Timber Supplies on credit. Draw up the books of accounts.
Prepare a condensed multiple-step income statement. Assume a tax rate of 30% and 100,000 shares of common stock outstanding during 2014.
Illustrate what three items comprise “Other reserves” as reported in the balance sheet? If British Airways used U.S. GAAP, what would be the likely account titles for the three items?
Karen, in forming a new corporation, transfers land to the corporation in exchange for 100 percent of the stock of the corporation. Karen's basis in the land is $275,000, and the corporation assumes liability on the property in the amount of $300,000..
Prepare the journal entries to record the transactions and events for the period 1 July 2011 to 30 Sep 2014 and prepare general journal entries to record the transactions and events for the period 1 July 2011 to 30 September 2014.
Prepare a schedule showing the computation of cost of goods sold for 2014 - prepare a budgeted income statement for 2014.
Polska Corporation owns a subsidiary in a foreign country that has a book value of $5,906,000 and an estimated fair value of $9,612,000. The foreign government has communicated to Polska its intention to expropriate the assets and business of all for..
Calculate the minimum transfer price that the Chip Division should accept. Discuss whether it is in the Chip Division's best interest to accept the offer.
Suppose Stock A offers an expected return of 8.2%, a Beta of .38, a Variance of .036, and a Standard Deviation of 18.9%. Stock B has an expected return of 22.4%, a Beta of 1.67, a Variance of .016, and a standard Deviation of 12.7%. What would you co..
At the beginning of 2011, there was $2,000 of materials on hand. During the year, the company purchased $305,000 of materials; however, it paid for only $292,500. Explain how much inventory was requisitioned for use on jobs during 2011?
A company had 260 units of inventory at a cost of $152 each on January 1. On June 5, the company purchased 460 units for $172 each. On November 10, the company purchased 160 units for $212 each. On December 15, the company sold 520 units. Given this ..
Prepare a Comprehensive Income Statement as well in addition to the required.
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires.
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