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It is August 31, 2020. Johnny has acquired the sole importing rights to sell exclusive food from Malaysia. He can introduce this food by early 2021. He paid 7500 in the fiscal year of 2020 for these rights which will expire in 2025. The resale value for these rights are 9800. Since he is practicing preparing the food, he will delay introducing the food until 2021.
Problem 1: What (journal entry title) did Johnny acquire the rights to? (eg. copyright, license, patent) What journal entries need to be made with this information? (9800 price, etc.)
Review the National Health Care Billing Audit Guidelines. describe the Billing Audit Guidelines
Does the fact that the actual cost of goods received during the year exceeded the estimated cost when ordered suggest a budgetary or management problem? Why?
Classify the costs as either variable or fixed costs. Assume there are no mixed costs. Enter the dollar amount of each cost in the appropriate column and total each classification.
$125,000 for 11,000 lounge chairs produced, what would the spending (flexible budget) variance be for the total manufacturing overhead?
What do you mean by Purchases return and Sales return? What are the most common types of business entities? What is general purpose of financial statements?
William, a high school teacher, earns about $50,000 each year. In December 2016, he won $1 million in the state lottery. William plans to donate $100,000 to his church. He has asked you, his tax advisor, whether he should donate the $100,000 in 2016 ..
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. If Wainwright uses the direct write-off method to account for uncollectible accounts, ..
XYZ Ltd. is a paper producer and has a policy of giving 30 days' credit. What do tell about the efficiency management of XYZ Ltd?
prepared based on a monthly capacity of 50,000 units: Category Cost per Unit Variable manufacturing costs $28 Fixed manufacturing costs $6 Variable selling costs $7 Fixed selling costs $9 Capacity cannot be added in the short run and the firm current..
What is the amount of current tax payable by Young Ltd for the year ended 30 June 2020? (Round your result to the nearest dollar)
Compute the depreciation expense under the straight-line depreciation for 2011 methods.
Find the amount that would be recognised by Lessee Ltd as the Right of Use Asset at commencement of the lease in accordance with the requirements of AASB 16.
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