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Question 1. The A business purchased a motor car on 1 July 2013 for $20,000. It is to be depreciated at 20 per cent per year on the straight line basis, assuming a salvage value at the end of five years of $4,000, with a proportionate depreciation charge.
What is the carrying amount (net book value) of the asset on 1 January 2015.
A $14,000
B $15,200
C $4,000
D $20,000
Question 2. XYZ Company bought a new printing machine on 1 January 20X0. The cost of the machine was $80,000. The installation costs were $6,000, the delivery expenses of $2,000 and professional fees were $1,000.
What should be the net book value on 31 December 20X1, if the salvage value is $3,000 and useful life is 10 years and the company uses declining balance method (20% rate)?
Dixon manufacturing company makes alluminum alloy wheels for automobiles, they recently introduced one to fit small sports cars. the following standards are used for the new product, compute standard cost per wheel of direct materials, direct labor a..
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Discuss whether the old lease accounting standard (AASB 117) is to blame for, or has contributed to, some companies' failures during the financial crisis (i.e. Border in Australia)?
If assets increased by $1,569 and stockholders' equity increased by $1,570, what was the increase or decrease in liabilities for the year ending September 27, 2008?
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations.
fill in the missing line item labels and dollar amounts in accounts.triton corporation is trying to better manage its
Cook County Hospital uses an indirect overhead job costing system for determining patient costs. In June the critical care facility and the special care facility had allocation bases of 5000 nursing days and 4000 nursing days. respectively. The budge..
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The Silver Center (TSC) produces cups and platters. TSC purchases silver and other metals that are processed into silver alloy that is used to make platters and cups. TSC incurred $40,000 of materials cost and $44,000 of labor cost to produce the sil..
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