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Consider the following scenarios:
a) Audit fees received by an auditing firm.
b) Final ordinary dividend received. Dividends are declared on 31 December and are payable to shareholders registered on that date. Payment is made three weeks after date of declaration.
c) Trade discounts granted to customers
d) Royalties amounting to R100 000 are receivable from a foreign country. The payment of other royalties is expected to be delayed.
e) A vehicle sold in terms of an installment sales agreement.
f) Subscription fees received in respect of a magazine published monthly. The magazine sell for R10 a copy.
REQUIRED
State with reasons when each of the above scenarios (A-F) will be recognized as revenue (timing of recognition).
Your response must comply with the requirements of international financial reporting standards.
During the current year, Denos Corporation incurred costs of $45,000 for leasehold improvements to its newly rented building. The lease was signed in the current year for an initia
c program to input the salary and output payable tax using the following information salary tax 10,000-20,000 2% 20,000-35,000 4% 3
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Good Health Company Inc. began business in 2007 and has operating results as listed below. In 2009 & 2010 it generated net operating losses of $75,000 and $120,000 respectively. Th
Q. How much cash did a firm collect from its customers, given the following fact set? Beginning and ending accounts receivable were $50 and $60, respectively. Beginning and endin
Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided,
Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.
1. Shortly after he retired in November 2009, Paul Martyn decided to set up a coffee retail shop in leased premises close to the Camberwell where he lived. The main products sold
WriteRight, Inc. has engaged us to prepare its 2012 Federal (but not state) income tax return. Your responsibilities are as follows: 1. Prepare WriteRight, Inc.'s 2012 Federal
write a program on Uganda revenue authority taxation based on import and export cargo.
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