1. Frizzies cc bought an ice machine from Icies R Us on 05 November 2021 for N$20,000. Frizzies cc can buy the same machine today at N$22,000 from Machinery co. Frizzies can also sell the machine in the market today for N$23,000 and pay delivery fees of N$500. Frizzies cc expects to de-recognise the ice machine in 5 years after it earns a present value of N$30,000. In which financial statement would Frizzies cc recognize the Asset bought on November 05th, 2021 a. Statement of profit and loss and other comprehensive income b. Statement of cash flow c. Statement of financial position d. Accounting policies and explanatory notes e.
1. Frizzies cc bought an ice machine from Icies R Us on 05 November 2021 for N$20,000. Frizzies cc can buy the same machine today at N$22,000 from Machinery co. Frizzies can also sell the machine in the market today for N$23,000 and pay delivery fees of N$500. Frizzies cc expects to de-recognise the ice machine in 5 years after it earns a present value of N$30,000. In which financial statement would Frizzies cc recognize the Asset bought on November 05th, 2021 a. Statement of profit and loss and other comprehensive income b. Statement of cash flow c. Statement of financial position d. Accounting policies and explanatory notes e.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Frizzies cc bought an ice machine from Icies R Us on 05 November 2021 for N$20,000. Frizzies cc can buy the same machine today at N$22,000 from Machinery co. Frizzies can also sell the machine in the market today for N$23,000 and pay delivery fees of N$500. Frizzies cc expects to de-recognise the ice machine in 5 years after it earns a present value of N$30,000. In which financial statement would Frizzies cc recognize the Asset bought on November 05th, 2021
a.
Statement of
b.
Statement of
c.
Statement of financial position
d.
Accounting policies and explanatory notes
e.
Statement of owner’s equity
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