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
-
What is production flow analysis?
-
Tom Wells claims the formula for the cash payback technique is the same as the formula for the annual rate of return technique. Is Tom correct? What is the formula for the cash payback technique?
-
Xie Company identified the following activities, costs, and activity drivers for 2017. The company manufactures two types of go-karts: deluxe and basic. Required 1. Compute a single plantwide...
-
A number of graphs displaying cost behavior patterns are shown below. The vertical axis on each graph represents total cost, and the horizontal axis represents level of activity (volume). Required:...
-
Simon Company's year-end balance sheets follow. At December 31 Assets Current Year 1 Year Ago 2 Years Ago Cash Accounts receivable, net $ 34,375 99,630 $ 40,993 69,607 Merchandise inventory Prepaid...
-
If you construct a bond portfolio with five 6% coupon (semiannual payment), duration of 2.79 years, 3-year maturity bond sells at par ($1,000) and six 1-year zero coupon bond sells for $950. (a)...
-
What is the acceleration due to gravity at a location where a 15-kilogram mass weighs 45 newtons? 1. 2. 9.81 m/s 3. 3.00 m/s 4. 0.333 m/s
-
Devi Vishwakumar, of Indian ethnicity but a resident citizen of the Philippines, had the following information for taxable year 2024, all in Philippine pesos: Within the Philippines Without the...
-
You are creating payments for vendors. You have $100,000 in your bank account. The total amount of vendor invoices is $150,000. Which two actions should you perform? Each correct answer presents part...
-
A machinery has a carrying amount of $30,000 being original cost of $60,000 less accumulated depreciation of $30,000. The asset is revalued downwards to $25,000. What is the appropriate entry to...
-
Lead and manage effective workplace relationships Develop cultural diversity and ethical practice policies and include them with your assessment. Your policies should demonstrate a recognition of the...
-
Wal-Mart, BJ Wholesale, and Sam's Club are Costco's top competitors. Headquartered in Bentonville, Arkansas, Sam's Club operates in the retail distributors industry and generates $90billion less...
-
An acquiring corporation, or Blank______, can buy any or all of another corporation's voting shares. Through such a stock purchase, the purchasing corporation gains control of the selling corporation...
-
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...
-
Gavins Gardening Equipment Hires unadjusted trial balance of the business appears as shown below. Ignore GST. Additional information 1. Expired insurance amounts to $750. 2. June electricity costs of...
-
The unadjusted trial balance of Helenas Hire Cars is shown below (ignore GST). Additional information 1. Petrol purchased on credit for $680 and used during the last week in June has not been paid...
-
Lana Priest set up a home sewing business on 1 July 2019. Usually, Lana collects $20 per hour for sewing on the completion of each days work and pays for the maintenance of her machine with cash....
Study smarter with the SolutionInn App