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KK Limited owns a property that is used as its head office in Pretoria. On 1 st January 2020, its carrying value was R20 million and its remaining useful life was 20 years. On 1st July 2020, the business recognized cheaper premises found for use as the head office. It was therefore decided to lease the property under an operating lease. The property was valued by a qualified professional who assessed the property's value as R21 million on 1st July and R21.6 million on 31st December 2020. Explain the accounting treatment of the property in the financial statements for the year ended 31st December 2020. (Hint: Income statement and SOFP extract including calculations).
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.
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What are the financial statement effects of this transaction if (a) revenue is recognized at sale, and (b) revenue is recognized when cash is received?
Provide a report to your boss that details the external funding needs required by Panera Bread Company as they undergo some tightening of margins
Discuss the implications of applying CVP analysis in this situation. How would you advise the restaurant owner. Explain your answer
How would lowering the estimate of warranty liability affect the current ratio? How should Jim respond to his boss? Given that Jim's employer is a publicly-traded corporation, what safeguards should be at Jim's disposal?
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