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A colliery took a coal mine on lease at minimum rent of rs 7500 p.a. Rate of royalty is 25 paise per tonne.each year's shortworking can be recouped out of royalty of next 3 years. Year 1 production nil. year 2 production 6000.3rd year 24000 4th year 60000 5th year 45000 prepare shortworkings accounts in the books of company for five years.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.
Prepare the journal entries to record the November 17, 2011 (ignore cost of goods) and collection on November 26, 2011, assuming that the gross method of accounting for cash discounts is used.
Glenda received a proportionate nonliquidating distribution from the EFG Partnership. The distribution consisted of $10,000 cash and property with an adjusted basis to the partnership of $34,000 and a fair market value of $42,000.
Assume an activity-based costing system is used and that the number of setups and the number of components are identified as the activity-cost drivers for overhead.
Assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB"s oversight of governmental accounting is as effective as the FASB's over financial standards for-profit entities.
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
Prepare all journal entries in all funds and the GCA and GLTL accounts to record the following transactions and events.
In 2011, Hoffmann Company had a break-even point of $332,000 based on a selling price of $8.00 per unit and fixed costs of $112,880. In 2012, the selling price and the variable cost per unit did not change, but the break-even point increased to $4..
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
Compare and contrast the deductive, inductive and pragmatic research methods. Discuss human information processing research and the consequences of its findings on accounting.
Assume you own portfolio of British securities valued at $430,000. The exchange rate is currently at $1 = £0.57. A currency contract on British pounds is set at 62,500 pounds.
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