Question - Lucky Treasures Enterprises issued 9%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2013 and are issued on that date. The discount ra ...
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ASSIGNMENT ON PRINCIPLES OF INCOME TAX - QUESTION 1 - Kristie is 42 and decided to buy an investment property with the view to selling the land in the future to fund her retirement. She considered between buying an inner ...
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Question - X Company's profit equation next year is expected to be 0.47R-$12,900, where R is total revenue. Assuming a tax rate of 36%, what must next year's revenue be in order for X Company to earn after-tax profits of ...
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Question - John Lee is the manager in charge of the audit of the upcoming annual audit of Hing Fat Ltd, a new audit client. All the preliminary verbal discussions and enquiries among the auditors, the company, the predec ...
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Question - Arnold Company's raw material purchases during January, its first month of operations, were as follows: Quantity Cost per unit Total Costs 1/2 1,200 pounds 2.20 2,640 1/8 2,200 pounds 2.25 4950 1/15 2,800 poun ...
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Question - A summary of labor costs and associated deductions for the month of July follows: Gross PAYG Tax Super Medical Fund Direct labour 40,000 12,000 2,000 200 Indirect labour 8,000 2,400 400 40 48,000 14,400 2, ...
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Question - For the year ended May 31, 2015, NIKE, Inc. financial statements included the following data: NIKE, Inc. Selected financial data Revenues 30,601 Cost of sales 16,534 Gross profit 14,067 Total selling and admin ...
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Question - The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period, office supplies were purchased, on account, for $5,100. A physical count, on the last day of the accounting p ...
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Question - Bob Smith borrowed $200,000 on January 1, 2015. The interest rate of 8% is compounded semiannually to be repaid January 1, 2025. To repay this Bob wants to start making five equal annual deposits into fund tha ...
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Question: As a small business owner in today's economy: • What three financial reports would you use on a regular basis? • What information would you find on each statement? • What decisions might each statement help you ...
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