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Assume that you work as an auditor in a local accounting firm and your manager asks you to review employee-related expenses and liability recorded by Nu Space Ltd. The accountant of Nu Space Ltd believes that long service leave (LSL) should not be considered a liability in the accounts until employees commence their tenth year of service, given this leave entitlement only applies to Nu Space Ltd's employees after ten years of continuous service.
REQUIRED
Question 1: Advise the accountant on whether this approach is acceptable under AASB 119. Discuss what needs to be estimated to report a liability regarding long service leave.
Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330. A deposit of $160, representing cash receipts as of April 30, did not appear on the bank statement. Prepare bank reconciliation for Rawlins C..
Calculate the effect of this acquisition on operating leverage and explain any change. (Round your answer to two decimal places.)
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Prepare an income statement using absorption costing. Prepare an income statement using variable costing. Reconcile the difference between the two income statements.
What is the NPV of this investment using the government's borrowing cost of 5 percent? What is the NPV of this investment using a risk-adjusted return of 10 percent?
discuss the following1. nature of business2. if there are mention and discuss two 2 subsidiaries of the chosen
Balboa Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for orga..
Which of the following assets must be tested for value each year?
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