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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 55P

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Question

Middy Garden Services provides you with the following information on
28 February 20.9.
R
Machinery
60,000
Bank
2,50,000
Vehicles
1,00,000
- Dale Golf Course, a client of Middy Garden Services, owes R30,000 to
Middy Garden Services for garden services rendered on January 20.9.
- Middy Garden Services owes Clean It Machines R5,000.
What is the net asset value (equity) of Middy Garden Services as of 28
February 20.9?
a. R445,000
b. R450,000
c. R440,000
d. R435,000
e. R405,000

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