SEMESTER SPRING 2013 FINANCIAL ACCOUNTING (MGT101) ASSIGNMENT NO. 01 DUE DATE: 2nd May 2013 MARKS: 20 TOPIC TO BE TESTED : • Application of “Rules of debit and credit” LEARNING OBJECTIVES: • To develop an understanding for applying the rules of debit and credit ASSIGNMENT QUESTION On 1st March 2013‚ Mr. Adnan organized a business called A.R Rentals. Mr. Adnan’s new business was able to begin operations immediately by purchasing the assets and taking over the location of Ammar Rentals‚ an equipment
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000 (Gain on revaluation to fair value) *Plant Revaluation Cost 200 000 Accumulated Depreciation 25 000 Carrying Amount 175 000 Fair Value 186 000 Increment 11 000 Journal Entry 3-Accounting the tax effect on revaluation Income Tax Expense – gain on revaluation of asset(OCI)* Dr 3 300 Deferred Tax Liability Cr 3 300 (Tax-effect of revaluation) *(Gain × Tax Rate: 11 000 × 30%=$3 300) Journal Entry 4-Accumulation
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1.Tell Me About Yourself. I am currently a student at _____________. I enjoy interacting with people and provide assistance whenever I can. I want to start a business in the future‚ most likely a restaurant. If I do get hired‚ I hope to gain quality experience from this position‚ to run a successful business such as your own. 2.Have you had other work experience? Yes‚ I previously worked at a restaurant and through that I have developed good communication skills from taking dine-in and take-out
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1. award: 0 out of 0.00 points On January 1‚ Puckett Company paid $2.64 million for 88‚000 shares of Harrison’s voting common stock‚ which represents a 40 percent investment. No allocation to goodwill or other specific account was made. Significant influence over Harrison is achieved by this acquisition and so Puckett applies the equity method. Harrison distributed a dividend of $2 per share during the year and reported net income of $613‚000. What is the balance in the Investment in Harrison
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Group 1 Questions "The Birthmark" 1. Using inferences from the story‚ establish its likely geographical setting and historical time. Afterwards‚ review the story for at least a couple of convincing clues and hints that suggest the story will end tragically‚ i.e. that Aylmer will fail and/or Georgiana will die. The narrator tells us that it takes place “in the latter part of the last century”‚ meaning around the late 1700s. We know this because the story was written in the 1840s so prior to that
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product is sold. B. When the premium offer expires. C. Over the life cycle of the product to which the premium relates. D. When the premiums are claimed. 4. The accounting concept that requires recognition of a liability for customer premium offers is: A. Periodicity. B. Conservatism. C. Historical cost. D. The matching principle. 5. Accounting for cost of incentive programs for frequent customer purchases involves: A. Recording an expense and a liability each period. B. Recording a liability and a
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1) Shakespeare uses the ‘unnatural’ or ‘supernatural’ to develop the theme of the play by having these supernatural occurrences play a major part in the temptation‚ then the regret that happens to Macbeth. The witches‚ who are the biggest ‘supernatural’ influences in the play‚ tempt Macbeth from the beginning with the original prophecies that‚ mixed with his ambitious nature‚ push him to try to capture the throne and kill Duncan. These ‘supernatural’ occurrences also help to make Macbeth feel regret
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Chapter 1: The Power of Markets What are the two basic assumptions that economists make about individuals and firms? Economists have two basic assumptions which keeps the economy in check. One is that people try to make themselves as versatile as possible maximizing their overall potential. The other is that a firm would do what it needs to make the most profit possible. What is the role and significance of prices in the market economy? Prices in a market economy are very important. Price allows
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1. What network topology has the inherent weakness of a single point of failure The Star physical network 2. Define "networking standard" The details of what a networking topology does and how it does it 3. "De facto standards" No particular standards‚ they are established as a matter of practice 4. About how many bytes are in a kilobyte (KB) 1000 bytes 5. Convert to decimal "00101011" 43 6. A single hexadecimal digit is equivalent to ______ binary digits 4 7. How are "Voice
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Reorganization and Troubled Debt Restructuring 135 CHAPTER 8 MULTIPLE CHOICE ANSWERS AND SOLUTIONS 8-1: a Trade accounts payable (P52‚000 + P62‚700) P114‚700 12% preferred stock (5‚000 x P1) P 5‚000 Paid in capital in excess of par (5‚000 x P9) 45‚000 Cash (P62‚700 x P0.80) _50‚160 _100‚160 Gain from discharge of indebtedness P 14‚540 8-2: c 8-3: c 8-4: b Carrying value of the
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