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Problem 1: Prepare the General Journal entries, with narrations, for the following unrelated transactions of Terra Tory Pty Ltd which is registered for GST for all its products and services provided.
1. The owner contributes his personal motor vehicle valued at $37,500, a computer valued at$6,000 and cash of $20,000 to the business2. The amount owing by Paper Supplies Pty Ltd $2,398 inclusive of GST is to be written off as a bad debt3. A computer of the business was sold for cash at its recorded value of $825 inclusive of GST4. Drawings of goods by the owner totaled $495 inclusive of GST. The company uses a perpetual inventory system.5. Interest of $67 was charged on an overdue account Perfect Pets for not paying its account within 30 days6. $528 was received from Gotcha Supplies. These funds had previously been written off as a bad debt.
The market rate of interest for these bonds was 12%. On the first interest date, using the effective-interest method, the debit entry to Bond Interest Expense is for:
A balanced scorecard is used to align the business activities to the vision and strategy of the organization, improve internal and external communications.
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Straight-line amortization is used for discounts and premiums. On September 1, 2012, $3,000,000 of the bonds are called at 102 plus accrued interest. What gain or loss would be recognized on the called bonds on September 1, 2012?
Given the following data: Sales revenue $850,000, Beginning inventory 120,000 and Ending inventory 200,000. What is the Gross Profit
Midland Oil has $1,000 par value bonds outstanding at 8 percentinterest. The bonds will mature in 25 years. Compute the current price of the bonds if the present yield to maturity is:
How to research a company of your choice. You will be performing an analysis of the financial statements of a publicly traded company.
question 8 figure 3-2. lassiter toys inc. cost of materials no. of toys total cost produced of materials 100000 20000
Denozzo Builders will then use the completed contract solely for tax purposes. The tax rate is 40%. Prepare the Journal Entry to record the accounting change
What is the purpose of a Balance Sheet? What is the purpose of an income statement? What are the typical categories and sub-categories for an income statement
abc medical center has cardiology equipment with fixed depreciation costs of 150000 per year. variable costs per
Lockard Company purchased machinery on January 1, 2012, for $151,840. The machinery is estimated to have a salvage value of $15,184 after a useful life of 8 years.
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