Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
You are a trainee accountant for The Finance Team, a company that provides businesses with accounting staff on an interim basis. You have been contracted out to Mzansi Risk. Mzansi Risk provides short term insurance services to individuals and companies. These insurance services include car and household insurance.
On 1 February 2016 Mzansi Risk entered into a lease agreement with Hollard whereby Mzansi Risk will have the unrestricted right of use of an office building. Ownership will pass to Mzansi Risk at the end of the lease term at no further consideration to Hollard.
Details of the transaction are as follows:
Fair value of office building on 1 February 2016 (incl VAT) R1 800 000 Date of lease (inception & commencement date) 1 February 2016 Lease term 18 years Lease instalment (payable monthly in arrears) R19 171 Useful life of office building 20 years straight line Rate implicit in the lease 11%
REQUIRED:
Problem 1: Journalize the DEPRECIATION for the year ended 29 FEB 2016.
Problem 2: Provide the calculations for the depreciation for the year ended 29 Feb 2016.
On June 1, Year 1, South Company purchased 4,000 of the P1,000 face value, Prepare the entry to record the sale of the securities
Wrote off assigned accounts of P300,000. Compute for the amount of cash received from the assignment of accounts receivable on December 1, 2020.
Compute the payback period for the NC equipment. Compute the NC equipment's ARR. Compute the investment's NPV, assuming a required rate of return of 10 percent.
The client had agreed up front that they would provide Spencer capital stock in lieu of cash for his service.
In 2001. Ellen purchased a house for $60,000 to use as her personal residence She paid $12,000 and borrowed $48,000 from the local savings and loan company In 2005 she paid $10,000 to add a room to the house In 2007 she pad $625 to have the house pai..
What the amount of depreciation to be recorded for 2019 using the declining balance method at two times the straight line rate
Prepare journal entries to record the above events, as well as a financial performance report for Year 10 and a statement of financial position for December 31
The effective tax rate is 30%. Compute the amount Sandhill should report as a deferred tax asset at December 31, 2017
Write down the journal entry (if any) in Staggerwing's ledger in relation to the sale of the gift certificate and the sale of the goods
On April 4th, Jessica purchased $20,500 of merchandise from Parker Company; terms 2/10, n/30. Prepare the journal entry to record the transaction using the perpetual inventory system and the net price method. On April 8th, Jessica returned $1,200 of ..
Marks pays $500 cash to deliver the goods to three regional retail outlets. How would this cost be recorded? Compute the cost of inventory to Marks.
Each year, Sunshine Motos surveys 7,500 former and prospective customers regarding satisfaction and brand awareness. For the current year, the company is considering outsourcing the survey to Global Associates, who have offered to conduct the survey ..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd