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Gretta Chung Associated surveys American eating habits. the company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation account for each asset. During 2014, Gretta Chung completed the following transactions:jan 1 Purchased office equipment, &119,000. Paid $80,000 cash and financed the remaining with a note payable.April 1 Acquired land and communication equipment in a lump-sum purchase. Total cost was $270,000 paid in cash. An independent appraisal valued the land at $212,625 and the coommunication equipment at $70,875.Sept. 1 Sold a building that cost $555,000(accumulated depreciation of $255,000 through December 31 of the preceding year). Chung received $370,000 cash from the sale of the building. Depreciation is computed on a straight-line basis. The building has a 40-year useful life and a residual value of $75,000.De. 31 Recorded depreciation as follows:Communication equipment is depreciated by the straight line method over a five year life with zeor residual value.Office equipment is depreciated using the double-declining balance method over five years with $2000 residual value.
Compare the accounting treatment of dividends appropriated from pre-control and post control equities of a subsidiary. Consider the accounting by the companies paying and receiving the dividend, as well as by the corporate group.
Determine the objectivity of each of the two measurement systems for the year under consideration. On the basis of your examination, which of the two systems would you prefer? Explain.
Advise Polaris Ltd whether it is required to produce consolidated financial statements (CFS). Consider the levels of control and the members' rights in your answer.
Develop an Entity Relationship (ER) diagram with cardinalities based on the procedures described in the narrative and requirement.
You work for an accounting firm. Your supervisor asks you to write a report on a new photocopier which the accounting firm can purchase. In addition to information about its hardware, software, and user friendliness, he/she wants a recommendation ..
IAS3/AASB 3 Business Combinations IAS116/AASB116 Property, plant and equipment IAS138/AASB138 Intangible assets
They have offered to guarantee 1000 patient visits per year and want to pay $70 per visit. City Rehab currently receives $95 per visit directly from Medicare
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
Describe the IASB Conceptual Framework's perspective of users and their decisions
Do you think a uniform set of accounting standards across all nations will work? Provide pros and cons to your argument. Provide Reference in APA format and maximum of 200 words.
The case for global accounting standards by Professor Ann Tarca (UWA) and analyse what the key points are of the report. Then prepare a report either supporting or challenging the position of the author.
A series of monthly cash flows is deposited into an account that earns 12% nominal interest compounded monthly.
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