Question: year end should be 30 june while doing calculation I Q22 On 1 June 2018, Toby purchased a new truck to use in his business

year end should be 30 june while doing calculation I Q22

year end should be 30 june while doing calculation

I Q22 On 1 June 2018, Toby purchased a new truck to use in his business for $650,000. The Commissioner's effective life for the truck was 3 years. Toby decided to upgrade to a new Tesla-battery powered truck and sold his old truck to a 2nd hand truck dealer for 325,000 on 31 August 2019. Toby estimates he used his truck for business purposes for about 80% of the time. Advise Toby on the income tax consequences arising for him as a result of the disposal of the truck under BOTH: a) the Prime Cost Method; and (5 marks) b) the Diminishing Value Method. (5 marks) Assume Toby is not a small business entity. C || || Y be

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

(Solution at end of chapter) (24 Marks) PART A (13 Marks) Elt (Pty) Ltd (Elt), with a 31 March year-end, manufactures healthier alternatives to coffee and tea that are also suitable for persons...

Prepare: Financial Statements: Comparative Income Statement and Balance Sheet Ratio Analysis: Liquidity, Profitability, Solvency Supplemental Data: includes journal entries, a list of T accounts,...

I need help on part 3 if possible please! 3. Chart of T-Accounts Create a chart of T-Accounts and post each journal entry to the appropriate accounts. 2. Journal Entry List Record entries from the...

QUESTION: 2. JOURNAL ENTRY LIST - RECORD ENTRIES FROM THE TRANSACTION AND EVENT LIST 2. Journal Entry List Record entries from the transaction and event list provided below in proper journal entry...

3. Create a chart of T-Accounts and post each journal entry to the appropriate accounts. I AU 2. Journal Entry List Record entries from the transaction and event list provided below in proper journal...

4. Adjusted Trial Balance Prepare an adjusted trial balance. COMPANY INFORMATION Your company began operations on January 1, 2016. > From January 1, 2017 December 31, 2018 your company's stock is...

Make a income statement for 2017,2018,2019 Make a income statement for 2017,2018,2019 ACCY1 Accounting Fundamentals Group Project COMPANY INFORMATION Your company began operations on January 1, 2016....

Hello, I need help using this information to make journal entries for December or t-charts for this ! I did most of the journal entries but I am confused about the adjusting entries as well as I am...

1. Record the transactions 2. Create T-accounts of journal entries BALANCE SHEET 2018 2017 December 31, Assets Cash Marketable Securities Accounts Receivable Allowance for Bad Debt Interest...

Western Cement Industries Ltd (WCIL) manufactures cement from limestone deposits mined from the rift valley areas of Rubirizi district, western Uganda. The main factory was constructed 10 years ago...

Mr. Moin was working in Sohar Furniture Mall, while working he completed his ACCA and became a certified auditor. Sohar furniture was own by very good friend of Mr. Moin. After completing ACCA, Mr....

the following question relates to the information you were provided prior to the exam, which included the sequence position of a specific amino acid, and the name of an amino acid that this specific...

At the year end of 30 June 20X7, KW has accrued income of $95,000. This income will be taxed when it is received. Assume a tax rate of 30%. What is the accounting entry to record the deferred tax on...

use C or C++ programs Write a program to: 1. Get a sequence of integers (1~9) 2. Insert this sequence of integers one at a time into an empty binary search tree. 3. Calculate and print the height of...