Balances at the end of the financial year: 28 February 2022. Equipment R20 000 Accumulated Depreciation...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Balances at the end of the financial year: 28 February 2022. Equipment R20 000 Accumulated Depreciation R16 000. Adjustment: Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2021. The equipment originally costed R3 000. The Accumulated depreciation for previous years is R 700. The depreciation for the current year for the disposed equipment is: AR115 OBR460 CR345 OD. R575 Balances at the end of the financial year: 28 February 2022. Equipment R20 000 Accumulated Depreciation R16 000. Adjustment: Depreciation is calculated at 20% p. a. on a diminishing method. An old equipment was disposed for R1 500 cash on 1 December 2021. The equipment originally costed R3 000. The Accumulated depreciation for previous years is R 700. The depreciation for the current year for the disposed equipment is: AR115 OBR460 CR345 OD. R575
Expert Answer:
Related Book For
Ethics in Accounting A Decision Making Approach
ISBN: 978-1118928332
1st edition
Authors: Gordon Klein
Posted Date:
Students also viewed these accounting questions
-
Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data...
-
Explain the type of environment in a service organization that best suits the use of standard costs for control?
-
A large firm of solicitors uses a job costing system to identify costs with individual clients. Hours worked by professional staff are used as the basis for charging overhead costs to client...
-
Solve each equation in Exercises. Round decimal answers to four decimal places. log 3 (x 2 + 17) - log3 (x + 5) = 1
-
The Lazer Company has a contract to produce a part for Boeing Corporation that must have an average diameter of 6 inches and a standard deviation of 0.10 inch. The Lazer Company has developed the...
-
On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following $39,750 transactions during the month of August: A. Opened a business bank account with a deposit of $35,000...
-
Describe the primary activities of (a) the receiving, (b) stores, and (c) vouchers payable departments in executing transactions.
-
This problem continues the Daniels Consulting situation from Problem PI2-45 of Chapter 12. Daniels decides to raise additional capital for a planned business expansion by issuing 8,000 additional $2...
-
Mohave Corporation makes several varieties of beach umbrellas and accessories. It has been approached by a company called Lost Mine Industries about producing a special order for a custom umbrella...
-
Pennack Corporation purchased 75% of the outstanding stock of Shing Corporation on January 1, 2014 for $300,000 cash. At the time of the purchase, the book value and fair value of Shing's assets and...
-
Consider the tone of the statement in Exhibit A. After reading this statement, do you think the Federal Reserve would be more likely to increase or decrease the interest rate in the future meetings?...
-
Your client, who is 25 years old, just inherited $10mil and wants to growth his/her wealth over the next 10-20 years to $1 Billion. 1) Recommend portfolio allocations among the different asset...
-
A venture started the year with $20 million in book value of equity. It plans no intermediate equity injections or withdrawals and projects net income of $2 million for the year. It will pay a...
-
Your employer offers you a group retirement saving benefits of matching 20% of your monthly saving in the retirement account. Every month, you plan to save CAD 200. You expect to earn 6% return from...
-
Let's pretend you own a small business that cannot afford to pay huge salaries for talent. In the old days, you could grant key employees a fist full of stock options in lieu of a large paycheck. If...
-
Mike Fagan needs $25,000 to expand his flower shop. Find the face value of a simple discount note that will provide the $25,000 in proceeds if he plans to repay the note in 240 days and the bank...
-
Suppose that the scores on your next statistics test will be normally distributed with a mean of 66% and a standard deviation of 10%. Using the z-score table find the percentage, and the area under...
-
Let X be a random variable taking on values a1, a2, . . . , pr with probabilities p1, p2, . . . , pr and with E(X) = μ. Define the spread of X as follows: This, like the standard deviation, is a...
-
Bob is an accounting supervisor who works in Jimenco's tax department. Sharon is a partner at Delight, CPAs, and Delight, CPAs audits Jimenco. Recently, Bob asked Sharon if he could "make some extra...
-
A partner at a major CPA firm once confided that "it's simple...we like to hire pretty women. Our clients generally are middle-aged men and they enjoy being around pretty women." a. Did this partner...
-
Most ethics codes require accountants to act in "the public interest." Assume that a large, publicly traded automobile manufacturer prepares financial statements that require restatement due to a...
-
How does the WTO differ from the GATT?
-
Describe the five major organizations governing the EU.
-
How do the various forms of economic integration differ?
Study smarter with the SolutionInn App