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Ali acquired an equipment on 1 January x10 for RM70 million. The useful life of the equipment was estimated to be 7 years. On 31 December x10 the equipment showed condition of impairment. An estimated of recoverable amount was carried out which indicated that the fair value of the equipment was RM27 million, the expected decommission and transportation cost was RM1 million and the estimated present value of the future economic benefits was RM28 million. Due to a sudden surge in the demand for the product manufactured, the recoverable amount based on value in use is expected to be RM30 million as at 31 December x12.
Problem 1: Show extracts of the statement of profit or loss and statement of financial position for each of the year ended 31 December x10 to x12.
General and Admin $350 Please prepare Paul's Income Statement and Balance sheet based upon this information. HINT: Adjustments to Retained Earnings will have to be made
A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and explain how the accounting equation is impacted.
Which section of the statement of cash flows best predicts the company's ability to generate future cash flows? A common definition of Free Cash Flow is equal
What changes on the balance sheet and by how much (how is it accounted for)?
Dukakis Company had the following accounts and balances during 2014: Service Revenue, $13,200. Prepare Dukakis's income statement, statement of owner's equity, and balance sheet.
Is the University discharged from its obligation of performancce? Is professor Glass discharged from his obligation of performance? Explain, citing the legal principles involved.
Biando Corporation began operations on May 1, 2010 and completed the following transactions during its first month of operations. Prepare the general journal entries to record each of these events. Prepare the closing entries.
Discuss the Risk description, Estimated impact (low med high) based on materiality, Estimated likelihood (low med high). You should have multiple risks.
Calculating Revenue Profit & Capital Profit and passing Journal Entry - If Bon Air sells 400 shares of this stock on December 31, 2007, for $60,000 cash, what journal entry is recorded?
A clerical error, a company overstated by $50,000 the amount of inventory on hand at the end of the year. Will net income for the year be overstated or understated? Identify the two accounts on the year-end balance sheet that will be in error and ind..
Jassal Music Inc. is located in Edmonton, Prepare year-end adjusting entries for transactions 1 to 3 and the required entry for transaction 4.
Calculate the material mix variance. The actual production in February 2019 was 60000 cakes., during the month the following occurred
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