Pluslife Limited (Pluslife) is a nutritional infant formula retailer in New Zealand. Dennis Miles, the owner, has
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Pluslife Limited (“Pluslife”) is a nutritional infant formula retailer in New Zealand. Dennis Miles, the owner, has been having difficulties in accounting for the company’s current assets and has asked for your assistance. Pluslife is a GST registered company in New Zealand (15%).
At the end of its financial year, Pluslife determines that inventory with a cost of $4,200 has a net realizable value of $4,000. Prepare the required journal entry assuming Plus life values its inventory at the lower of cost and net realizable value.
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
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