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Question: 1. Ozinzim & Sons Ltd sold products to customers on the 30 June 2006 for a total price of R10000. The terms of the sale are that payment is due in 30 days. The cost of the products was R8000. What was the most likely net change in the company's total assets on 30 June 2006 related to this transaction? Explain your answer in full.
2. Mkoena Brothers plc paid R12000 of cash to a real estate company upon signing a lease on 31 December 2005. The payment represents a R4000 security deposit and R4000 of rent for each of January 2006 and February 2006. Assuming that the correct accounting is to reflect both January and February rent as prepaid, what was the most likely effect on the company's accounting equation in December 2005? Explain your answer in full.
blanchard company manufactures a single product that sells for 140 per unit and whose total variable costs are 112 per
Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable.
plant properties and equipment are stated at cost less accumulated depreciation. expenditures for betterments are
Dollar-Value LIFO Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2010, Norman adopted dollar-value LIFO and decided to use a single inventory pool.
barker company has a single product called a zet. the company normally produces and sells 89000 zets each year at a
An annual receipt of $8,000 for three years followed by a single receipt of $10,000 at the end of Year 4. The company has a 16% rate of return.
Assuming that the books have been closed, what are the adjusting entries necessary at December 31, 2010? (Ignore income tax considerations.)
Grass Security, which began operations in 2013, invests in long term available for sale securities. Following is a series of transactions and events determining its long term investment activity.
What is the maximum amount of interest expenditures that the government would be permitted to report on the bonds for 20X7
Determine the amount of gain or loss that would be recorded due to the change in the Allowance to Reduce Inventory to Market account.
1. patties production company has annual fixed costs of 420000 per year. she sells each widget she makes for 20
Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the inception of the lease through January 1, 2012. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis
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