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Problem 1: On 1 July 2021, Enron Ltd received $880 (including GST) in advance from their customer for services to be rendered on 15 July 2021. The transaction is recorded as:
Select one:
A DR Cash at bank $880; CR Unearned Revenue $800; CR GST Payable $80B DR Unearned Revenue $880; CR GST receivable 88, CR Cash $792C DR Cash at bank $880; CR GST receivable $80; CR Unearned Revenue $800D DR Accounts Receivable $800; DR GST Receivable $80; CR Unearned Revenue $880
Determine the taxpayer’s current-year (1) economic income and (2) gross income for tax purposes from the following events: or each of the following, determine the amount that should be included in gross income:
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If customers attempt to sell more shares of a stock or spend more money than they have in their account, what would be best control method to prevent this problem?
According to the Conceptual Framework which statement concerning the recognition of liabilities is not true. Please identify from below.
Considering Genesis Energy’s aggressive growth plan, Sensible Essentials suggested that its client should broaden the scope of financing beyond short-term loans and consider long-term financing options. Determine the cost of debt and equity for Genes..
Which statement is false about the uses of managerial accounting? 1 Managerial accounting cannot be used to determine how many products need to be sold in order to cover recurring cost 2 Managerial accounting is used to support long-term planning dec..
A company has a net cash inflow from operating activities of $795,000, a net cash outflow of $62,000 from investing activities and a net cash inflow of $101,000 from financing activities. The cash dividends of $206,000 paid will be reported as a cash..
The Dupont analysis (Dupont model) is a ROE based financial ratio for assessing an ability of a company to increase its ROE. To conduct Dupont decomposition of Lucent's ROE we need to break it down in three components
Do you believe leadership is a natural ability that a person is born with? Or, do you believe that leadership is a trait that can be taught? Provide an example.
howell corporation produces an executive jet for which it currently manufactures a fuel valve the cost of the valve is
Explain two decisions a CPA might make using the time value of money. Include specific examples in your post. Respond to at least one additional post.
Calculate the? firm's tax liability if it sold the machine for each of the following? amounts: $98,400?; $57,400?; $23,780?; and $16,600.
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