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Question 1: Blacktown Ltd received consultation service from Wonderland Ltd in exchange for its 500 shares. Given that each share is worth $4 on the reporting date, the journal entry is:
Select one:
a. Dr consultation expense 2000 Cr Share capital 2000
b. Dr Cash 2000 Cr Share capital 2000
c. Dr share capital 2000 Cr Consultation expense 2000
d. Dr Share capital 2000 Cr Cash 2000
Explain the major differences between equity and debt financing, and discuss the primary ways in which each would affect the future of the partners' business.
In order to provide capital for new hotel construction in other locations, Prepare a separate journal entry to record the disposition of each of these assets.
By the way, the higher the current ratio the better is not really true. Why have excess liquidity that earns nothing for the company e.g., Apple? MSFT?
On May 1, 2014, ABC corporation purchased equipment for $60,000 by issuing a one-year, 4% note payable, with interest to be paid at maturity on May 1,2015. The company routinely depreciates its equipment over a 5 year life with salvage value using st..
Complete the statement below that outlines what the Federal income tax ramifications are.A capital gain of $ 80,000 is reported at the corporate level, and each shareholder includes a flow-through of $ 20,000 . David's basis in the S corporation beco..
Prepare journal entries for Terry Ltd. for PC1 in July and August 2018 with reference to HKFRS 15 "Revenue from Contracts with Customers".
The purpose of controlling is to keep deviations from planned activities and performances levels to a minimum so that the mission
What kind of stress does a senior auditor has during his or her auditing work? And what kind of stress does a staff accountant has during his or her work?
Venus Corp.'s worksheet for calculating current and deferred income taxes for Year 1 follows: Year 1 Year 2 Year 3 Pretax income $1,400 Temporary differences: Depreciation (800) (1,200)$ 2,000 Warranty costs 400 (100) (300) Taxable income $1000 (1,30..
Determine which major balance sheet information requires supplemental disclosure. Illustrate your points with examples. Given the following account information for Leong Corporation, prepare a balance sheet in report form for the company as of Decemb..
For the past ten years, you've worked at a PETCO Salon as a dog groomer. You're thinking of starting your own dog grooming business. You found place you could rent that's right next to a popular shopping center, and two of your friends (who are also ..
questionin the 2012 year bale company sold equipment with a book value of 90000 for proceeds of 104000. the company
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