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Walker runs a business as a plumber. The trial balance, and additional information, of the business as on 31 December 2011 was as follows:
Required:
a) Using ONLY the data provided in the initial Trial Balance, prepare an income statement for the year ended 30 September and a balance sheet as at that date for Joe.
b) Update the income statement and balance sheet showing the effect of the further information. Your workings must be clearly presented in the revised accounts and supporting notes/calculations.
c) Discuss, with reasons, which accounting concepts and conventions you have used in the preparation of the financial statements. Your discussion should be 600 words. Each concept requires a clear reference.
Compare the points made about the influence of the law on pricing decisions to your own.How were they similar or different?
Hazel Holden and Cedric Dalton are organizing Calgary Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Discuss whether Hazel and Cedric are behaving in a professional manner.
Prepare the July income statement for Wrecker Ronnie. Assume that Wrecker Ronnie uses the perpetual inventory method. Find out the invenotry balances at the end of the first month of operations.
Prepare the entry required on December 31, 2013, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.
Compute the company’s after- tax cost of borrowing on this bond issue stated as a percentage of the amount borrowed. Describe briefly advantage of raising funds by issuing bonds as opposed to stocks.
Which of these should be included in the initial project cash flow related to net working capital and What amount should be used as the initial cash flow for this building project
Discuss the benefit buyouts. GM is doing it and some other company may follow. What do you think of the buyouts? If you were a GM employee, would you accept the buyout? Why or why not?
Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depr..
Indirect costs are charged as follows: $8.00 per order placed; $4.00 per separate item ordered; $30.00 per return. A customer places 10 orders with a total direct cost of $3,000, orders 300 separate items, and makes 5 returns. What will the cu..
This is the only asset he purchased during the year. Barry did not elect to expense any of the asset under 179, nor did he elect straight-line cost recovery. Barry sold the asset on July 17, 2012. Determine cost recovery deduction for 2012.
The directors of Snapper Ltd want to calculate both the factory and the land at fair value as at 30 June 2010 Show how you would measure these fair values
What are the main problems caused by worldwide accounting diversity for a multinational corporation?
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