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Effectus [21]
2 years ago
13

Lomani Ltd acquired two new machines for cash on 1 January 2017. The cost of machine A was $400 000, plus GST, and of machine B,

$600 000, plus GST. Each machine was expected to have a useful life of 10 years, and residual values were estimated at $20 000 for machine A and $50 000 for machine B. Because of technological advances, Lomani Ltd decided to replace machine A. It traded in machine A on 31 March 2021 for a new machine, C, which cost $420 000. A $200 000, plus GST, trade-in was allowed for machine A, and the balance of machine C’s cost was paid in cash. Machine C was expected to have a useful life of 8 years and a residual value of $20 000. On 2 July 2021, extensive repairs were carried out on machine B for $66 000 cash. Lomani Ltd expected these repairs to extend machine B’s useful life by 4 years and it revised machine B’s estimated residual value to $19 500. Machine B was eventually sold on 1 April 2023 for $300 000, plus GST, cash. On 1 July 2023, Lomani Ltd decided to use the revaluation model for valuation of Machine C. The fair value of Machine C was assessed to be $220 000 and the future useful life was estimated to be 5 years, residual value remains the same. Lomani Ltd uses the straight-line depreciation method, recording depreciation to the nearest whole month. The end of the reporting period is 30 june. prepare general journal entries to record the above transactions and depreciation journal entries required at the end of each reporting period up to 30 june 2024​
Business
1 answer:
PolarNik [594]2 years ago
7 0

Answer:

Explanation:هاي

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PLEASE!!!
Cerrena [4.2K]

Answer:

The example that represents economic globalization is:

D. a Japanese store selling tea and spices from South Asia

Explanation:

The reason behind this answer is that globalization is the concept designed to understand the economic activity of a certain country outside its borders and engaging commercial activities in its zone with different countries or in zones further away. Then, because they are doing business around the globe they are doing a globalization economy.

4 0
3 years ago
explain prefix increment operator vs. postfix increment operator, give an example in Java code, explain what's happening at the
AveGali [126]
<h2>Pre-Increment increments the value immediately, Post increment increments the value only after executing the entire line.</h2>

Explanation:

class PrePostIncOperator {

   public static void main(String[] args){

         int x=5;    

         System.out.println(x++);          

         System.out.println("\n"+ ++x);    

        }

   }

Let us understand the program.

int x = 5 => Initializes the value of 5 to the variable x

System.out.println(x++);  This is the post increment operator. The value of x gets incremented only after printing the value. That is first System.out.println(x) will be executed and then the increment operator takes place once it finds the ";" that is the end of the statement. The memory which holds the value of x is changed only after executing the statement.

System.out.println("\n"+ ++x);     Here the value gets incremented and immediately assigns to the memory.

8 0
3 years ago
What type of tax system does the United States government use to collect income taxes?
Korolek [52]

Answer:

The answer is option 3:

Progressive  

Explanation:

The overall federal tax system is progressive, with total federal tax burdens a larger percentage of income for higher-income households than for lower-income households.

Individual income taxes are an example of progressive tax structure.

Progressive tax are the tax for which the percentage of income paid in taxes increases as income increases.

A tax determined by an individual's income from all sources are called Individual income tax.

5 0
3 years ago
Read 2 more answers
The FASB issued six types of pronouncements prior to the Codification: Statements of Financial Accounting Standards. These prono
Natalka [10]

<u>Solution and Explanation:</u>

The following guidelines as per the previously issued FASB statements of the Financial Accounting Standards, and APB Opinions, or the accounting research bulletins and the staff positions.

<u>The appropriate match for the each of the pronouncement is as follows: </u>

1. E (Interpretations)

2. C (Technical Bulletins)

3. B (Opinions)

4. D (Statements of Financial Accounting Concepts)

5. G (Accounting Research Bulletins)

6. A (The statements of the Financial Accounting Standards)

7. F (The Staff Positions)

4 0
2 years ago
Identify whether each of the following statements identifies a microeconomic issue or a macroeconomic issue.
Alex777 [14]

Answer:

a. Mika negotiates a long-term contract for capital equipment for her property management business.

Explanation:

Macroeconomics is a branch of economics that studies the economy as a whole. Macroeconomics studies economic aggregates such as inflation, unemployment, GDP and growth rate.

Microeconomics is a branch of economics that studies the decisions individuals and firms make in response to changes in economic factors. These factors include price, resources etc. it studies how firms and individuals allocate and make decisions about resources

a. Mika negotiates a long-term contract for capital equipment for her property management business. Thus it is a Microeconomic issue

4 0
3 years ago
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