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1. Shaving 5% of the estimated direct labor hours in the predetermined overhead rate will result a high overhead rate, which would likely result a high credit balance of overapplie
On January 1, 2012, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1
2 deprecation on equipment is calculated at 10% per annum on cost price new equipment for R400 was purchased on 1 December 2012 and has been recorded
Needs the entries for the following scenarios: Capital accounts as follows : Mason ; 90,000 Jiri; 30,000 James; 60,000 a) Frank pays mason 25,000 for 20% of masons interest i
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Q. Illsutarte the Summary of transactions? Summary of transactions is a teaching tool utilized to show the effects of transactions on the accounting equation. Note that the sto
Oil production has been proposed for an area along the coast off Southern California. Oil production would jeopardize the use of beaches along 10 miles of coast which are a major v
Q. Example of lower-of-cost-or-market method? A company may perhaps apply LCM to each inventory item such as Monopoly each inventory class (such as games) or total inventory. T
Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage
Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei
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