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: Provide the journal entries, excluding deferred tax, to record the lease transaction of the Office Building in the accounting records of Mzansi Risk for the year ended 29 February 2016.
A local science museum normally sells tickets to its museum for $5 each. The daily maximum capacity of the museum is 1,000 visitors. At the maximum capacity, fixed costs are $2 per visitor and variable costs are $1.50 per visitor. A local school grou..
Explain the employer contributions that are specific to the province of Québec, their rates and thresholds where available. Do not include the organization
What is the net advantage to leasing? Enter your answer as a positive value. Do not round intermediate calculations. Round your answer to the nearest cent
Identify the cost-flow assumption(s) that Nike uses to measure cost of goods sold. Does Nike's choice of cost-flow assumption(s) seem appropriate? Explain.
The company did not maintain any inventories, so total cost of goods sold was $4,400. Selling expenses totalled $1,600 ($600 variable and $1,000 fixed), and administrative expenses totaled $1,500 ($500 variable and $1,000 fixed). Operating income was..
P20,000 and P35,000 for Espiritu and Cheng, respectively; and any balance equally. If the profit if P102,500, how much should be allocated to espiritu?
What was the cost per unit and gross profit of each model using ABC costing? Are management's future plans for the two models sound? Enter your answer in the block below.
Perform the impairment test for the building at December 31, 2020 assuming ASPE is used. Calculate the impairment loss, if any, for the building
Compute the degree of operating leverage for each company and interpret your results. Assuming that sales revenue increases by 10%, prepare a variable costing income statement for each company.
Compute the weighted-average number of ordinary shares outstanding for 2021 that should be shown on comparative statements at the end of 2021.
Carole owns 75% of Pet Foods, Inc. As CEO, Carole must travel extensively and does so on the company jet. In addition, she also uses the jet to take several personal vacations. Carole reports the value of the personal use of the jet, $140,000, as add..
How much is the compensation expense in 2009? On January 1, 2008, Milan Company granted share options to officers and key employees
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