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Question 1) Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000.
The journal entry could be to:A. Debit accumulated depreciation $15000, debit depreciation expense $7000, credit can $22000.B. Debit accumulated depreciation $15000, credit van $15000C. debit loss disposal of plant asset $7000, debit accumulated depreciation $15000, credit van $22000. D. None of the above.
Question 2) a purchase discount was recorded as a credit to purchases account- the remainder was properly recorded. This error will cause:A. Net income will be understated.B. Total assets will be overstated.C. net income will be overstated. D. None of these are correct.
Question 3) A purchase discount that's was earned and never recorded. This error may cause:A. Total assets will be overstated.B. Net income will be overstated.C. net income will be understated. D. None of the above.
Question 4) if the ending inventory is overstated,A. Gross profit is overstated.B. Gross profit upis understated.C. cost of goods sold is overstated. D. None of these are correct.
NML Ltd is a public gold mining company that is exploring for gold in the Ballarat and the Bendigo region. Geoff is the managing director and he seeks your advice as to the deductibility of the following expenses which were incurred prior to 30 June ..
Describe how the passage of a state tax bill is same to the passage of a Federal law.
AIH – TAX –ACT304, Please prepare a statement for each loss/outgoing to Geoff advising him whether the above expenses are deductible or not for the year ended 30 June 2013.
Virginia, who was experiencing financial difficulties, was capable to adjust her debts as follows. Determine the tax consequences to Virginia.
Evaluate the budgeted net income. Ignore income taxes. Management is trying to decide how several possible conditions or decisions might affect net income.
Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?
Discuss- A tax on cigarettes is a good way of raising tax revenue for the government
Do you agree or disagree? Why? How could you suggest this issue be resolved?
As a result of these things happening Rachel decides that she no longer wants to purchase Lizzybellas for $1million and tells Lizzy of her decision. Advise Lizzy of her legal rights and possible remedies
Determine Ruby Division's economic value added and Determine the brick division's division margin
What code section defines net earnings from self-employment. Where is the treatment of partners with respect to self-employment tax explained in one of the tax services
Prepare the required journal entry to record the tax expense
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