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Question - On 30 June 2021, at the end of the current reporting period, Tranquil Lid made a decision, using the information obtained over the past few years, to revise the useful life of its building acquired five years earlier on 1 July 2016 for $137,0000. The useful life was revised from 10 years to 15 years. The building was originally depreciated on a straight-line basis over its useful life, and it was expected that the building would have no residual value. No depreciation has been provided in the current period. Prepare the journal entry to account for the change in the accounting estimate.
Bob starts selling extended warranty for "type S" on July 1, Determine the balance of unearned warranty revenue at December 31, Year 8.
Miraculously no one was hurt. R9 500 was received from the insurance company. Show workings to calculate the profit or loss on scrapping the motor bike
The fuel costs for a return flight are R145 000 and R85 000 respectively. How much of the fuel budget would remain unused
What is value and how is it determined and measured? In your opinion, does business generally determine and measure value appropriately
assume you work as an assistant accountant in the head office of a national movie rental business a la blockbuster inc.
based on predicted production of 19000 units a company anticipates 9500 of fixed costs and 25650 of variable costs. the
Explain how you structured that chart of accounts to meet the company's needs and operating characteristics
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
If the company uses straight-line depreciation, what amount would be recorded as the depreciation expense each year, beginning with the third year
john clinton owner of clinton company applied for a bank loan and was informed by the banker that audited financial
Discuss how, in choosing the accounting methods below, the following ratios can be affected - (i) rate of return on assets, (ii) quick ratio, (iii) profit margin, (iv) asset turnover: a change in accounting method for depreciation from straight line..
To determine the amount of liability to recognize on the statement of financial position, Picnic decides to use expected cash flow techniques.
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