Fixed asset register as follows:
Date | Working | Depreciation | Accumulated Depreciation | Carrying value |
31 July 2019 | $60,000 | |||
28 February 2020 | ($60,000 × 20% × 7/12) | $7,000 | $7,000 | $53,000 |
28 February 2021 | ($53,000 × 20% ) | $10,600 | $17,600 | $42,400 |
28 February 2022 | ($42,400 × 20% ) | $8,480 | $26,080 | $33,920 |
1 December 2022 | ($33,920 × 20% × 9/12) | $5,088 | $31,168 | $28,832 |
_____________________________________________________________
Asset Disposal account as follows:
Asset Disposal | |||||
Dec. 1, 2022 | Motor home | $60,000 | Dec. 1, 2022 | Accumulated Deprn. | $31,168 |
Gain on disposal | $3,168 | Cash | $32,000 | ||
$63,168 | $63,168 |
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
Question 1 (Marks: 20) The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Date Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Purchased: Make and Toyota Hilux reg.: 2014 (FG765GP) Purchased Benji's Car Sales from: (Credit) Cost Price: 320 000.00 Current Accumulated depreciation depreciation 21 333.33 21 333.33 31 Dec 2015...
20 2020 Question 1 (Marks: 201 The following information was taken from the fixed as sets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Date Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Purchased Make and Toyota Hilux reg.: 2014 (FG765GP) Purchased Benji's Car Sales from: (Credit) Cost Price: 320 000.00 Current Accumulated depreciation depreciation 21 333.33 21 333.33...
Question 3 (15 marks) Busy Bee Enterprises, a manufacturing company, had the following assets recorded in its books at 31 July 2019: Asset type Date of purchase Cost Depreciation method 1 November 2017 600 000 Manufacturing equipment Straight-line method at 20% per annum Residual value: Nil Furniture 1 December 2018 120 000 Straight-line method at 12.5% per annum Residual value: 10% of initial cost Diminishing balance method at 33% Computer equipment 1 February 2019 60 000 June 88000 During the...
(25 Marks) Adjustments and Additional Information QUESTION 6 FINANCIAL STATEMENT AND DISPOSAL OF ASSET A. Rent for March 2017 has been received in advance. 6.1 STATEMENT OF COMPREHENSIVE INCOME (20 marks) Use the following information extracted from the accounting records of IBHUBESI TRADING to prepare the Statement of Comprehensive Income for the year ended 28 February 2017. B. Write off a debtor's outstanding account of R430 as irrecoverable. C. Adjust the provision for bad debts to 5% of trade debtors....
All questions need to be answered please. From
questions 1 to question 5.
ASSIGNMENT 7: FINANCIAL ACCOUNTING Note: 1. Value Added Tax (VAT) must be ignored 2. Use the formats contained in your study guide to answer questions 2 to 5 (20) QUESTION 1 REQUIRED For each of the following questions, write down only the letter of the correct answer e.g. 1.6 C. Do not shovw any calculations. 1.1 he following information relates to an item of inventory sold by...
The management accountant at Brookes Merchandising & More, Gary Jeffers, is in the process of preparing the cash budget for the business for the quarter ending December 31, 2018. Extracts from the sales and purchases budgets are as follows: Month Cash Sales Purchases 2018 Sales On On Account Account August $121,000 $480,000 $390,000 September $95,500 $600,000 $360,000 October $111,205 $720,000 $480,000 November $125,900 $650,000 $400,000 December $156,000 $800,000 $500,000 An analysis of the records shows that trade receivables (accounts receivable)...
On QUESTION 1(40 MARKS) The management accountant at Hawk Electronics Company, Robert Richie, is wwk Electronics Company, Robert Richie, is in the process of preparing the cash budget for the business for th e endine December 31, 2018. Extracts from the sales and purchases budgets are as follows: Month Cash Sales Purchases 2018 Sales On Account Account August $121,100 $480,000 $390,000 September $165,500 $600,000 $360,000 October $131,400 $700,000 $480,000 November $167,350 $650,000 $400,000 December $156,200 $800,000 $500,000 (i) An analysis...
The management accountant at Brookes Merchandising & More, Gary Jeffers, is in the process of preparing the cash budget for the business for the quarter ending December 31, 2018. Extracts from the sales and purchases budgets are as follows: Month 2018 Cash Sales Sales On Account Purchases on Account August $121000 $480000 $390000 September $95500 $600000 $360000 October $111205 $720000 $480000 November $125900 $650000 $400000 December $156000 $800000 $500000 (i) An analysis of the records shows that trade receivables (accounts...
Page 1 Discussion Question _ Budgets The management accountant at Brookes Merchandising & More, Gary Jeffers, is in the process of preparing the cash budget for the business for the quarter ending December 31, 2018. Extracts from the sales and purchases budgets are as follows: Cash Sales Sales on Account Purchases on account August $121,000 $480,000 $390,000 September $95,500 $600,000 $360,000 October $111,205 $720,000 $480,000 November $125,900 $ 650,000 $400,000 December $156,000 $ 800,000 $500,000 (i) An analysis of...