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| Topic: |
Business
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| Number of pages / Number of words: |
4 / 957 |
Essay's paper body
Current liabilities are debts payable within one year or within the entity's normal operating cycle if longer than a year and long-term liabilities are payable after one year.
II - C. Sue's Pizza Parlour sells an old clunker delivery car for $500 more than its book value.
In this situation, Sue's Pizza parlour has "gain"...
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According to CICA handbook 1000.39 "Gains are increases in equity /net assets from peripheral or incidental transactions and events affecting an entity and from all other transactions, events and circumstances affecting the entity expect those that result from revenues or equity/net assets contribution"...
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