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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
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
Prepare general journal entries for Goela Ltd
Prepare the journal entry to record the acquisition of the assets.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.
Explain the IASB Conceptual Framework's perspective of users and their decisions.
T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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