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Problem 1: The debit for a non-refundable sales tax properly levied and paid on the purchase of machinery preferably would be a charge to
a) The machinery account.
b) A separate deferred charge account.
c) Miscellaneous tax expense (which includes all taxes other than those on income).
d) Accumulated depreciation--machinery.
Problem 2: Land improvements
a) Should be included in the cost of land.
b) Are subject to depreciation.
c) Should be charged as an expense in the year purchased.
d) Should be deducted from the cost of land.
Problem 3: Small tools and containers used repeatedly for more than a year are classified on the balance sheet as?
a) Current assets
b) Fixed assets (PPE)
c) Deferred charges
d) Investments
The following financial statements of William Ltd and its subsidiary Adam Ltd have been extracted from their financial records at 30 June 2012.
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