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The Smiths decided to convert Ron's home into a furnished rental house. After several minor repairs (touching up the paint, replacing screens, pressure-washing), the property was advertised for rent in the classified section of the local newspaper on March 1, 2011. The repairs cost $720 and the newspaper ad was $360. Based on reconstructed records and appraisal estimates, information about the property is as follows:
Original Cost
FMV 1/8/11
House
$40,000
$220,000
Land
10,000
50,000
Furniture and Appliances
21,000
14,000
Ron's former residence was rented almost immediately, with occupancy commencing April 1, 2011, under the following terms: one-year lease; $2,400 per month; first and last month's rent in advance; $2,000 damage deposit; and lawn care, but not utilities, included. The tenant complied with all terms except that the December rent payment was not made until January 1, 2012. Expenses in connection with the property were as follows: Property taxes, $2,600; repairs $320; lawn maintenance $540; insurance, $1,800 and street paving assessment $2,100. The property is located at 549 Columbus Street, Stafford, VA 22554.
On a New product development process of making a new S3 STORAGE SIM card phone storage device for end users, forecast the following With full working and tabulations; a) With fu
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The Integrated Management Project is to be based on an organisation, a strategic business unit, or profit centre that has good potential for growth and development. The brief is to
Describe briefly the possible causes of: (i) the material usage variance, (ii) the labour rate variance, (iii) the sales volume profit variance.
cost with respect to accounting period
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