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How will the following transactions affect the balance sheet equation? Also write the journal entriesfor them.
Issued capital of Rs.1 lakh
hired building worth Rs.2 lakhs on Lease..
Bought good worth 10 lakhs from Mr.X oncredit.
Sold 50% of the goods for cash at a profit of 30% on salesprice.
Took over B ltd. By issuing shares of Rs.100 atRs.120
Purchased machinery worth Rs.50000,life 5years.
Sold rest of the goods at 20% of cost price to Mr.Y oncredit.
Created a provision for bad debt account of2%.
Availed a loan of Rs.20000 from SBI to purchase newmachinery.
Candi purchased a 10 percent limited partnership interest in rental property for $30,000. The partnership has a $1,300,000 mortgage that is secured by the building.
Stevenson Corporation acquires a one-year old building at a cost of $500,000 at the beginning of Year 2. The building has an estimated useful life of 50 years.
Who are the stakeholders in this case. Does the president's request pose an ethical dilemma for the controller? Should the controller be concerned with the company's growth rate? explain
What are the rational of recognising costs as expenses at the time of project sale? Which are the accounting factors that sometimes keep reported operating results from reflecting the change in the value of a company?
What segregation of duties would you recommend to attain maximum internal control over purchasing activities in a manufacturing concern? (250 word minimum)
PepsiCo sells Pepsi Cola to non-PepsiCo restaurants at $0.53 per gallon. This is the market price of Pepsi-Cola. Pepsi-Cola's variable manufacturing cost is $0.09 per gallon and its total (fixed and variable) manufacturing cost is $0.22 per gallon..
What amount of the bond issue proceeds should Evan record as an increase in equity?
On june 1, 2009, norm leases a taxi and places it in service. the lease payments are $1,000 per month. assuming the dollar amount from the irs table is $241, determine norm's inclusion amount.
Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital acc..
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
The new machine would cost $20,000 per year to operate and maintain, but would save $100,000 per year in labor and other costs. The old machine can be sold now for scrap for $50,000. The simple rate of return on the new machine is closest to:
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