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On 1 July 2020, the company purchased furniture for its offices at a cost of $120,000. $60,000 of this purchase was paid in cash and the remainder was funded via a secured loan (repayable in 5 years) with their financiers. It is estimated that the furniture will have a useful life of 6 years with no residual value. For tax purposes the furniture has a useful life of 4 years. On 30 June 2021, a valuer determined that the fair value of the furniture was $110,000.
Question 1: Provide journal entries for this transaction including narrations. You will need to include a table which shows any temporary differences in how/if you have calculated any deferred tax assets or liabilities. Which current note numbers (using the 2020 Annual report) to the company accounts will be affected by this transaction?
An income statement shows "income before income taxes and extraordinary items" in the amount of $3,000,000. The income taxes payable for the year are $1,500,000, including $260,000 that is applicable to an extraordinary gain. Thus, what is the "incom..
Refer to the data for the Collins Group. Which of the following is the best estimate for the weight of debt for use in calculating the firm's WACC?
Burlin Company starts the year with $108,000 in assets and $21,600 in liabilities. Net income for the year is $27,000, and no dividends are paid. How much is owners' equity at the end of the year?
How Samsung Ltd. should record $60 million in the accounts for the financial year 2019/2020. You should refer to the Conceptual Framework
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General and administrative expenses total $8,000 per month (including $10,000 depreciation), Calculate the total cash receipt for January and February
Top management of PFC International would like the Heating Division to transfer 15,000 heating units to another division within the company at a price of $29. The Heating Division is operating at full capacity. Illustrate what is the minimum transf..
Does the company have any leased assets? If so, what are they and what did these assets cost the company in the last year? Why
each Company bonds 99% Buttercup Corporation bonds 102%. Give all entries during the year 2019
Bunkowske Company uses cost-plus pricing whereby the selling price of each of its products are 150 percent of the life-cycle costs. Determine the selling price of this product.
On January 1, 2010, Compute Rachael Ray's 2010 operating expenses if net income is $130,000 and there are no non-operating activities
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