The following information relates to Brunswick Ltd
The following information relates to Brunswick Ltd. At the beginning of the accounting period the company has a wages payable liability of $300 and at the reporting date a wages payable of $720. During the year the wages expense shown in the income statement was $700. At the beginning of the accounting period the company has property plant and equipment (PPE) with a carrying amount of $800. At the end of the accounting period, the carrying amount of the PPE is $2,400. During the year depreciation charged was $160, a revaluation surplus of $480 was recorded and PPE with a carrying amount of $120 was sold for $160. At the beginning of the accounting period the company has retained earnings of…
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