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Abbey Ltd purchased machinery on 1 October 2010 for $80,000. The estimated useful life of the machinery is 5 years, with an estimated residual of $5,000. The entity's balance date is 30 June, and it uses the straight-line method of depreciation. On 1 July 2011, the value is use was estimated to be $45,000 and the net selling price was $48,750.
Prepare the journal entries in relation to the equipment from the date of acquisition.
What is meant by variance power? Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. Of what relevance is variance power to how the foundation acco..
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2010, Loxley took part in the following selected transactions.
Please describe the procedure used in either case and do you think there was sufficient internal control to prevent improper claims?
Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?
On 1 July 2010, Cherry Ltd acquired an item of plant for $31 864. On the same date, Cherry Ltd entered into a lease agreement with Hazel Ltd in relation to the assets. According to the lease agreement, Hazel Ltd agreed to pay $ 12 000 immediately,..
Marilyn's basis in the partnership interest was $80,000 before the distribution. What is Marilyn's basis in the inventory, land, and partnership interest following the distribution?
predict what the probability would be of this situation happening again. Then, suggest what management can do to prevent future embezzlement. Provide specific examples to support your response.
Describe weaknesses in internal control over information and data flows and the procedures for processing shipping notices and customer invoices, and recommend improvements in these controls and processing procedures.
Compute the value added, nonvalue added, and the total lead time of the wreath process for both the old and the new manufacturing process.
Part 1 On July 1, 2010, Wallace Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer.
A competitive environment means that organizations will be:
Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year-What is Brain's total value with leverage?
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