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Mist (Pty) Ltd is a company with a reporting period of 30 June. Currently the company's accountant is preparing the financial statements for the year ending 30 June 2019.Mist (Pty) Ltd operates from a building it is leasing from a property developer. Mist (Pty) Ltd occupied the building on 1 July 2016 and pays monthly rental. The monthly rentals as from 1 July 2017 are R14 000 and there is an 10% annual increase. The lease agreement is for four years.
REQUIRED
Problem 1: Provide the necessary journal entries for the reporting of 30 June 2019.
Problem 2: Identify differences between an operating lease and a finance lease.
Based on the standard set by Hillman Company, 2,250 direct labor hours should have been used in the production this period at a cost of $15 per hour. The actual results indicate that 2,200 hours were used at a total cost of $35,200. What are the dire..
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