Most businesses won't tell you the truth about their product or service. Their job is to tell you the good things Your job is to find out the truth. this statement is true.
Business nouns are countable or uncountable. In more general and commonly used contexts, the plural can also be business. However, in more specific contexts, the plural can also be firm. Concerning various kinds of companies or collections of companies.
A company is defined as an organization or business entity engaged in commercial, industrial, or professional activities. A company can be either a commercial entity or a non-profit entity. Company types range from limited liability companies to sole proprietors, corporations, and partnerships. Business is made up of individuals working together to meet the needs of society and common goals. Examples of businesses include Coca-Cola and Walmart, as well as small private companies such as accounting firms and local grocery stores.
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When there is high unemployment,
which of the following occurs in
society?
A. There is a greater reliance on government assistance.
B. There is a greater reliance on management creating
income.
C. There is a greater reliance on consumer spending.
D. There is a greater reliance on educational spending.
When there is high unemployment, A. There is a greater reliance on government assistance occurs in society.
A society is a collection of people involved in chronic social interaction, or a massive social institution sharing the identical spatial or social territory, normally subject to the identical political authority and dominant cultural expectancies
The totality of social relationships amongst prepared organizations of people or animals. a system of human businesses generating exceptional cultural styles and establishments and usually presenting protection, protection, continuity, and a countrywide identity for its contributors.
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what is an example of a personal-use property?
ang kagan daha na ay ikaw
What should you include on an income statement?
Select all correct answers.
1. income
2. expenses
3. net profit
4. all assets
All of the factors that have to be included in the income statement are:
1. income2. expenses3. net profitWhat is meant by the income statement?This is the term that is used to refer to the financial statement that would be made to show the revenue, the expenses and the profits that are made by a given company over a period of time. This is also called the earnings statement. It shows the revenue that is made from business.
Hence we can say that All of the factors that have to be included in the income statement are:
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sddsdsdc sdxasdxefdsds
Answer:
DJJWJJEJJDJJDJJEJJE
Explanation:
trust
You are head of the largest merchant trading house on the Silk Road. It is the year 1500, and the long prosperity of the Pax Romana has created strong demand in Italy for the luxury products you import from China and India. Chief among those products is silk. Everybody who is anybody wants their clothes made of silk. There is a great desire in the west to have the exotic goods of the east. And the most widely desired of those goods is that marvellous fabric called silk. It is beautiful to the eye, smooth to the touch, light in weight and very strong. How it is made is a mystery, only the Chinese know that, and they carefully guard the secrets of its manufacture. You also trade in other fine products to enhance the enjoyment of life. There are jewels to delight the eye, spices to tantalize the palette, medicines to heal the body and substances to soothe the mind. These are the products that are carried on the Silk Road. They are high in value, and smaller in size and weight than the common commodities of daily life such as grain, leather, iron, wood or woollen cloth. It is this combination of high value, small size and lightweight that makes it profitable to transport such products over long distances. These cities are also places where caravan leaders can sell their products to local merchants and return to their cities of origin. One way to manage the risks inherent in a long journey on the Silk Road is to specialize in just one or a few shorter routes between certain cities. The prices you can get for products increase the further you go from the origin points of those products, but costs and risks also increase the further you carry those products. So, you balance the risks against potential profits. In meetings with caravan leaders, and countless conversations with other merchants, travellers, priests, and soldiers, you are forever gathering information about conditions on the Road and prices and supply and demand for different products. You work at developing an i
Answer:
For more than 1,500 years, the network of routes known as the Silk Road contributed to the exchange of goods and ideas among diverse cultures
A meeting of the minds refers to
Answer:
an understanding or agreement between two people or groups?
Explanation:
I din completely know If this is right but I think??
Explain how collaboration could improve team performance
Answer:Why is collaboration important? Collaboration improves the way your team works together and problem solves. This leads to more innovation, efficient processes, increased success, and improved communication
Explanation:Brainliest award
reason for a bimodel distribution
The reason for a bimodel distribution is that a bimodal distribution may occasionally result from merging data from two processes or populations.
What is a bimodel distribution?Two modes comprise a bimodal distribution. In other words, the results of two distinct processes are integrated into a single collection of data. The distribution sometimes goes by the name "double-peaked." Consider the distribution of production data over two shifts in a manufacturing facility.Bimodal distributions frequently happen as a result of underlying events. A bimodal distribution, for instance, can be seen in the amount of patrons who visit a restaurant each hour because people typically eat out for lunch and dinner. The bimodal distribution is brought on by the underlying human behavior.If a data set has two modes, it is bimodal. This indicates that no particular data value has the highest frequency of occurrence. Instead, the highest frequency is tied between two data values.Learn more about bimodel distribution here:
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Meg Whitman, former CEO of HP, stated that early in her career she gained credibility and displayed competence through her focus on
Meg Whitman, former CEO of HP, stated that early in her career she gained credibility and displayed competence through her focus on creating a successful track record.
Whitman resigned as CEO of eBay in November 2007, but remained on the board and served as an guide to new CEO John Donahoe till past due 2008. She was inducted into the U.S. business hall of fame in 2008. Meg Whitman is nice recognized for taking eBay from $five.7 million to $8 billion in sales as CEO from 1998 to 2008. Whitman presently serves as the us ambassador to Kenya. She changed into CEO of Hewlett-Packard from 2011 to 2015, where she oversaw its split into HP Inc. Meg Whitman, in full Margaret Whitman, (born August four, 1956, Spring Harbor, new york, U.S.), American commercial enterprise government and flesh presser who served as president and CEO of eBay (1998–2008), a web auction business enterprise, and later of the technology company Hewlett Packard (2011–15).
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If the demand for cell-phone data decreases and supply decreases, equilibrium quantity?
May increase or decrease and the equilibrium price increases.
Falls and the equilibrium price increases.
Falls the the equilibrium price may increase or decrease.
Falls and the equilibrium price decreases.
If the demand for cell-phone data decreases and supply decreases, equilibrium quantity falls the the equilibrium price may increase or decrease. (third option).
What is the impact of a decrease in demand and supply?When there is a change in demand, it means that other factors other than the price of the good has caused demand to change. An example of such factors is a change in consumer's taste.
When there is a change in demand, the demand curve would either shift to the left or the right. When demand decreases, the demand curve would shift to the left. When demand decreases, both the equilibrium price and quantity would decrease.
When there is a change in supply, it means that other factors other than the price of the good has caused supply to change. An example of such factors is a change in the number of producers.
When there is a change in supply, the supply curve would either shift to the left or the right. When supply decreases, the supply curve would shift to the left. When supply decreases, the equilibrium price quantity increases and equilibrium quantity would decrease.
Taking these two changes together, equilibrium quantity falls the the equilibrium price may increase or decrease.
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what is your view on the "online gaming system with absolutely no physical presence in the presence in the philippines. shall be considered as "doing business" in the philippines and was thus required to obtain a license to do business from the SEC, state facts to support your answers.
It is TRUE to state that "online gaming system with absolutely no physical presence in the presence in the Philippines can be considered as "doing business"
What is the justification for the above assertion?The Securities and Exchange Commission - SEC stated various criteria to support the corporation's presence in the Philippines:
1) establishment of the online account takes place in the Philippines;
2) Access is granted by users in the Philippines;
3) The material is paid for using local credit cards from within the Philippines; and
4) The web material is delivered in the Philippines. The IP address in the Philippines gets the offer of services, transmits the acceptance of the offer to the virtual plane, and lastly, the content or service is delivered to the account holder's IP address in the Philippines via such virtual plane.
As a result, "the transactions will be executed in the Philippines," according to the SEC.
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explain reason why the Kenya government must collect taxes from it's citizens
A nation's capacity to fund social services like healthcare and education, vital infrastructure like roads and electricity, and other public goods depends heavily on its ability to collect taxes.
Examples of public goods?The rule of law, national defense, and law enforcement are a few examples of public goods. The term "public goods" can also apply to more fundamental items like access to fresh water and clean air.
From where do taxes come?The majority of the money the government receives in tax payments each year or every three months comes from contributions made by individual taxpayers, small enterprises, and corporations. Excise, estate, and other taxes and fees make up the remaining sources of revenue for the federal government.
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Bronco consulting statement of Cash Flows for the Month Ended August 31,
Cash flows from (used for) operating activities:
Cash received from customers
✓
Cash paid for expenses and to creditors
Net cash flows used for operating activities
Cash flows from (used for) investing activities
Cash flows from (used for) financing activities:
Cash received from issuing common stock
Cash paid for dividends
Net cash flows from financing activities
Net increase in cash
Cash balance, August 1, 20Y1
Cash balance, August 31, 20Y1
Bronco consulting statement of Cash Flows for the Month Ended August 31, Cash flows from (used for) operating activities are:
Bronco Consulting
Statement of Cash Flows
For the Month Ended August 31, 20Y1
Amount($) Amount($)
Cash flows from operating activities:
Cash receipts from customers 31,540
Cash payments for expenses and payments to creditors(Working note) -29,060
Net cash flow used for operating activities 2,480
Cash flows from investing activities -
Cash flows from financing activities:
Cash received from issuing common 32,180
Cash paid for dividends -8,000
Net cash flow from financing activities 24,180
Net increase in cash 26,660
Cash balance, August I, 20YI -
Cash balance, August 31, 20YI 26,660
Working note
Rent expense 8,700
Auto expense 4,180
miscellaneous expense 1,930
Salaries expense 12,900
total expense 27,710
Accounts payable 1,350
Total cash payment for an expense
& creditors thus is 29,060
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QUESTION 6
What do you think will happen to groups outside the regulation such as the payday loan market if this proposal is passed?
O A. It will likely help them
O B. All outside groups will be affected equally.
OC. It will likely hurt them
O D. No outside groups will be affected
The effect of the regulation on groups like the payday loan market which are outside the regulation is A. It will likely help them.
How will the regulation affect others?The regulation will help the loan suppliers that are outside the regulation because more people will go to them to be able to get loans for their needs and wants.
This is because the regulation on the title loan market has reduced their source of easier loans and so those groups that are not regulated such as the payday loan market, will be alternatives that will offer people loans. These groups will therefore be helped by the regulation.
Question summary:
The first part of the question refers to a new regulation on the Title loan market that is meant to reduce the amount of loans being taken by people.
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Use the following items to determine the total assets, total liabilities, net worth, total cash inflows, and total cash
outflows.
Rent for the month
Spending for food
Savings account balance
Current value of automobile
Credit card balance.
Auto insurance
Video equipment
Lunches/parking at work
Personal computer
Clothing purchase
$1,550
$ 795
$ 2,070
$ 9,400
$325
$ 410
$ 2,800
$ 270
$ 2,100
$ 200
Monthly take-home salary
Cash in checking account
Balance of educational loan
Telephone bill paid for month
Loan payment
Household possessions
Payment for electricity
Donations
Value of stock investment
Restaurant spending
$ 3,085
$ 630
$ 3,240
$155
$ 260
$ 5,200
$ 180
$ 340
$ 1,310
$ 220
Answer: khjbkjbkbkjbkjb
Explanation:
kjbjbkijbkjlblkjbljb
If you are filing your tax return as an individual, you will need to itemize your taxes if
(1 point)
the sum of your deductible contributions is less than $300.
the sum of your deductible contributions exceeds $300.
you don't have any deductible contributions.
you donated to a religious institution.
If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions is less than $300.
What does it mean to file a tax return?To file a tax return means to fill in the documents that have to do with the taxes that a person owns to the government authorities responsible for taxes based on the income that they make in the economy and based on their expenditures also.
The person that is filing this has to do so with the authority that is closest to the areas that they are residing.
The tax that is paid to the government can be defined as the money that a person makes from the businesses and the salary that they are paid in the economy.
Hence we can conclude by saying that If you are filing your tax return as an individual, you will need to itemize your taxes if the sum of your deductible contributions is less than $300.
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Answer:
the sum of your deductible contributions exceeds $300.
Explanation:
connexus
Central planning often suffers from a coordination problem and an incentive problem.
True
False
Central planning often suffers from a coordination problem and an incentive problem is a true statement.
What is Planning?Planning is the process of creating a specific plan that outlines how personnel will exercise control and what the overall objectives will be. In essence, it lays out the process for achieving the goal each step-by-step.
Additionally, as the procedures are being completed, adjustments must be made in the controlling process. This quality controls the time and the quantity.
Central planning helps managers to coordinate in a more organized and effective manner. It is true that the economic system frequently experiences communication and motivational issues.
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How do agency problems arise? Give some examples of agency problems in the South African context. How can corporations monitor the costs of the problem?
Institutional investors are affecting the work of the agency.
What are the problems related to agency in South Africa?Agency expenses are influenced by corporate governance structures and the presence of institutional investors in South African publicly traded companies. According to our research, independent boards reduce agency expenses whereas huge boards increase them. It is crucial to separate institutional investors based on their investment goals and their capacity for effective monitoring to cut down on agency expenses. The findings demonstrate that while institutional investors, who have been viewed as a homogeneous group, have looked to play a significant governance role in reducing agency difficulties, pressure-insensitive investors have a greater ability to affect agency-related concerns. Results have an impact on how institutional investors and independent non-executive directors in South Africa can monitor companies.
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What following agency is responsible for enforcing title seven of the civil rights act and the Americans with disabilities act
We can actually deduce here the agency that is responsible for enforcing Title VII of the Civil Rights Act and the Americans with disabilities act is the Equal Employment Opportunity Commission (EEOC).
What is Civil Rights Act?Civil Rights Act is actually known to be act that was set-up in 1964 which is a civil rights and labor law seen in the United States. This act is known to kick against any form of discrimination that is based color, race, sex, origin and religion.
We see that Title VII of the Civil Rights Act was given to the Equal Employment Opportunity Commission (EEOC) to enforce.
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Compare and contrast the two types of workplace motivation
A personal drive is necessary for self-motivation, although other people may encourage you when you're doing well and provide a hand when things aren't going as planned in group motivation. Self-motivation demands a personal desire.
This is further explained below.
What is Self-motivation?Generally, The concept of motivation refers to the driving force behind why people and other creatures start, maintain, or stop engaging in a certain action at a certain point in time.
It is usual practice to define motivational states as factors operating inside the agent that provides a tendency to participate in an action that is geared toward achieving a goal.
In conclusion, A personal drive is required for self-motivation, but other people may support you when you're doing well and provide a hand when things aren't going as planned in group motivation. Self-motivation requires a personal drive, while group motivation requires a group drive. A strong personal passion is necessary for self-motivation.
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Assume the same facts as in Hurte-Paroxysm Products, Inc. (A). HP Products also believes that if it maintains the same price in Brazilian reais as a permanent policy, volume will increase at 10% per annum for six years. Dollar costs will not change. At the end of six years HP Products’ patent expires and it will no longer export to Brazil. After the reais is devalued to R$4.00/US$ no further devaluation is expected. If HP Products raises the price in reais so as to maintain its dollar price, volume will increase at only 4% per annum for six years, starting from the lower initial base of 40,000 units. Again dollar costs will not change, and at the end of six years HP Products will stop exporting to Brazil. HP Products’ weighted average cost of capital is 12%. Given these considerations, what do you recommend for HP Products’ pricing policy? Justify your recommendation.
Answer:
nick grimshaw has revealed his first novel about
What statements describe Theodore Roosevelt's presidency? Check all that apply.
✓ Roosevelt expanded the power of the presidency.
✓ Roosevelt created the country's first national parks.
* Roosevelt established limits on the office of the president.
✓ Roosevelt negotiated construction of the Panama Canal.
* Roosevelt expanded the United States with the Louisiana Purchase.
* Roosevelt established arms reduction treaties with the Soviet Union.
The presidency of Theodore Roosevelt is described in the remarks. Roosevelt established the first national parks in the nation.
On more than 230 million acres of public land after taking office in 1901, Roosevelt utilized his power to create 150 national forests, 51 federal bird reserves, four national game preserves, five national parks, and 18 national monuments.
What motivated Roosevelt to establish national parks?To preserve woods for future use was the goal. Roosevelt, a fervent supporter of using the nation's resources, wanted to ensure their sustainability. During his presidency, Roosevelt established 51 Federal Bird Reserves, making him the first president to do so.
What kind of social impact has Theodore Roosevelt had?Roosevelt created 150 national forests, 51 federal bird reserves, four national wildlife preserves, five national parks, and 18 national monuments on more than 230 million acres of public land after taking office in 1901.
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Answer:
A B D
Explanation:
prevent you from doing what y
ou desire; the loss of something desired.
Answer:
The correct answers are "-able" and "-ous"
Explanation:
The root desire can have different suffixes that will determine the function of the word.
For example, with the suffix "-able", the noun desire is changed into the adjective "desirable". The meaning of the adjective is something that has pleasing characteristics or qualities.
Also, if we add the suffix "ous" to the word desire, we come up with another adjective, "desirous", that means that you want something very much. This adjective is used with the preposition "of": "desirous of something".
Answer: it will be desired
Explanation:
Exercise 4-33 (Algo) Job Costing [LO 4-3, 4-4, 4-5]
Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual
jobs. For the current year, estimated direct labor hours are 98,000 and estimated factory overhead is $588,000. The following information is for September of the
current year. Job A was completed during September, and Job B was started but not finished.
September 1, inventories
Materials inventory $ 8,900
Work-in-process inventory (All Job A) 34,000
Finished goods inventory 74,000
Material purchases 125,000
Direct materials requisitioned
Job A 79,000
Job B 40,500
Direct labor hours
Job A 5,600
Job B 2,100
Labor costs incurred
Direct labor ($8.00/hour) 61,600
Indirect labor 14,900
Supervisory salaries 7,400
Rental costs
Factory 8,400
Administrative offices 3,200
Total equipment depreciation costs
Factory 9,600
Administrative offices 3,700
Indirect materials used 13,400
Required:
1. What is the total cost of Job A?
2. What is the total factory overhead applied during September?
3. What is the overapplied or underapplied overhead for September?
Required 2 Required 3
1. The total cost of Job A is $191,400.
2. The total factory overhead applied during September is $46,200.
3. The underapplied overhead is $7,500.
Data and Calculations:
Estimated direct labor hours = 98,000 hours
Estimated factory overhead = $588,000
Predetermined overhead rate = $6 per direct labor hour ($588,00/98,000)
September 1, inventories:Materials inventory $ 8,900
Work-in-process inventory (All Job A) 34,000
Finished goods inventory 74,000
Material purchases 125,000
Direct materials requisitioned
Job A 79,000
Job B 40,500
Direct labor hours
Job A 5,600
Job B 2,100
Labor costs incurred:
Direct labor ($8.00/hour) 61,600
Indirect labor 14,900
Supervisory salaries 7,400
Rental costs:
Factory 8,400
Administrative offices 3,200
Total equipment depreciation costs:
Factory 9,600
Administrative offices 3,700
Indirect materials used 13,400
Production Costs:Job A Job B Total
Work-in-process inventory $34,000 $34,000
Direct materials 79,000 $40,500 119,500
Direct labor costs 44,800 16,800 61,600
Overhead applied 33,600 12,600 46,200
Total costs $191,400 $69,900 $261,300
Overhead Costs:Indirect labor 14,900
Supervisory salaries 7,400
Factory Rent 8,400
Factory Depreciation 9,600
Indirect materials used 13,400
Total actual overhead = $53,700
Overhead applied $46,200
Underapplied overhead $7,500
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Your company experience 20 percent turnover last year. This means 20 percent of the people employed at the beginning of the year were terminated no longer employed by the years end. You know that a year from now you will need to hire 40 more people in your company to keep up with increasing customer demand. How many employees should you plan on hiring assuming turnover remains constant?
There will be a requirement to hire forty (40) and an additional 20% of the entire workforce in order to maintain the company's employee turnover ratio at a consistent level.
What is turnover rate in business?Employee turnover, also known as employee turnover rate, is the number of workers who leave a company in a given time frame, usually one year.
How to calculate turnover percentage?"Divide the total number of people quitting their jobs by the average number of people working at the company [the average number of employees at the start and end of the time period]." The staff turnover rate can then be calculated by multiplying that figure by 100.
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THE OWNER MS ROSE PETALS CONTRIBUTED R80 000 AS CAPITAL CONTRIBUTION. ISSUED RECIEPT NO 57
Based on the fact that the owner contributed R80,000 as capital contribution, the journal entry is:
Date Account title Debit Credit
XX-XX-XXXX Cash R80,000
Capital - Ms. Rose R80,000
How is capital contribution treated?When a capital contribution is made by the owner of a company or by the owners of the company, the value of the amount or asset donated will be credited to the Capital account.
The cash account will be debited if it was cash that was introduced to the company like Ms. Rose Petals did.
Rest of the question:
Prepare the journal entry to record the capital contribution of Ms. Rose Petals.
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a. Service charges of $50 for the month of January were listed on the bank statement.
b. The bank charged a $250 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement.
c. A check of $62 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the
check from a customer and thought that it was good when it was deposited into the account.
d. A $990 deposit was recorded by the bank as $980.
e. Four checks totaling $810 written during the month of January were not included with the January bank statement.
f. A $75 check written to Office Max for office supplies was recorded in the general journal as $57.
g. The bank statement indicated that the bank had collected a $450 note for Wong.
h. Wong recorded $900 of receipts on January 31 that were deposited in the night depository of the bank. These deposits were not
included in the bank statement.
Reconciling Book Balance
Items
Adjusted?
Amount Added
or
Subtracted?
Reconciling the Book Balance with the items adjusted in Wong Company's ledger is as follows:
Items Adjusted Amount Amount Added Subtracteda. Service charges $50
c. Dishonored Check $62
f. Accounts Payable $18
g. Note Receivable $450
Total $450 $130
What is bank reconciliation?Bank reconciliation is an accounting process that matches the entries in the bank statement with the internal records of the company.
During bank reconciliation, the accountant finds discrepancies that cause the Bank Statementbalance not to agree with the Cash Book balance.
After discovering the transaction discrepancies, the Cash Book is adjusted with reconciling items found from the bank statement.
Transaction Analysis:a. Service charges $50 Cash $50
b. Wing's check debited against Wong $250
c. Dishonored Check $62:
Accounts Receivable $62 Cash $62
d. Under-accounted deposit by $10 ($990 deposit as $980)
e. Checks not presented $810
f. Accounts Payable $18 Cash $18 ($75 - $57)
g. Cash $450 Note Receivable $450
h. Uncredited checks $900
Thus, the total amount that will be added to the Cash Book of Wong Company is $450 while a total of $130 will be subtracted to reconcile the book balance with the bank statement.
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A firm recently paid a $0.75 annual dividend. The dividend is expected to increase by 11 percent in each of the next four years. In the fourth year, the stock price is expected to be $36. If the required return for this stock is 14.5 percent, what is its current value?
The current value of this stock is $29.3 if the needed return is 14.5 percent.
How much are stocks worth?The capacity of a company to generate and increase earnings determines the value of its shares. Expectations for earnings are based on economic, sectoral, and company-specific variables. Stock value is impacted by market capitalization size. A stock's worth is influenced by its market acceptance or perceived value.
One equity share among the many sellable shares of a firm is valued at one share price. The lowest price at which a stock can be purchased or the greatest price someone is willing to pay for it is known as the stock price.
The stock's current value will be as follows if the needed return is 14.5%:
Stock value = Dividend per share / (required rate of return - Dividend Growth rate)
dividend in
1st year = 0.75
2nd year = 0.75 (1 + 0.11) = 0.833
3rd year = 0.833 (1 + 0.11) = 0.924
4th year = 0.924 (1 + 0.11) = 1.025
Stock value= 1.025 / (14.5 - 11) = $0.293
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The text uses the metaphor of a house to explain the relationship between metaethics, normative ethics, and applied ethics. Which part of the house represents normative ethics?
The framework represents normative ethics.
What is normative ethics?Normative ethics is the discipline of philosophical ethics that looks at the issues that arise regarding how one should behave morally. It is the study of ethical behavior.
Normative ethics is to establish moral benchmarks that define what is appropriate and inappropriate behavior. In a way, it's an effort to find the perfect yardstick for the right conduct. The Golden Rule is a well-known illustration of a normative principle: We should treat others as we would like to be treated
In this case, the text uses the metaphor of a house to explain the relationship between metaethics, normative ethics, and applied ethics. Therefore, the framework represents normative ethics.
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QUESTION TWO (30 MARKS)
The accountant of Richfield Pty Ltd did not provide for the depreciation on non-current assets in the current financial year. He approached you to assist her in calculating the depreciation and with the disclosure of property, plant and equipment in the financial statements for the year ended 30 June 2018.
The following balances were extracted from the records of Richfield Pty Ltd on 30 June 2018
Machinery at cost R660 000
Accumulated depreciation on machinery R131 250
Vehicles at cost R360 000
Accumulated depreciation on vehicles R21 600
Equipment at cost R480 000
Accumulated depreciation on equipment R70 000
Additional information.
1. A manufacturing machine was purchased on 31 July 2016 at a cost of R660 000. The estimated production capacity of the machine is 180 000 units over the useful life of the machine. The estimated residual value at the end of its useful life is R30 000. During the financial year, 42 000 units (2017: 37 500 units) were manufactured by the machine.
2. Depreciation on vehicles is provided at 30% per annum on the carrying amount method. A new vehicle with a cost of R216 000 was purchased on 31 August 2017 and correctly recorded. The other vehicles were purchased on 1 January 2017.
3. Equipment with an estimated economic useful life of six years was depreciated using straight-line method. New equipment with a cost of R120 000 was purchased on 1 April 2018 and is included in the balance on 30 June 2018. The other equipment was purchased on 1 May 2016.
REQUIRED: Disclose property, plant and equipment on the statement of financial position and in the notes to the financial statements of Richfield Pty Ltd on 30
The disclosures of property, plant, and equipment on the statement of financial position and in the notes to the financial statements of Richfield Pty Ltd on 30 June 2018 are as follows:
Statement of Financial PositionProperty, Plant, and Equipment:
Machinery at cost R660,000
Accumulated depreciation on machinery R278,250 R381,750
Vehicles at cost R360,000
Accumulated depreciation on vehicles R129,600 R230,400
Equipment at cost R480 000
Accumulated depreciation on equipment R145,000 R335,000
Notes to the Financial StatementsProperty, Plant, and Equipment:
Cost Depreciation Accumulated Ending
Expenses Depreciation Balance
Machinery R660,000 R147,000 R278,250 R381,750
Vehicles R360,000 R108,000 R129,600 R230,400
Equipment R480 000 R75,000 R145,000 R335,000
Data and Calculations:Richfield Pty Ltd on 30 June 2018
Machinery at cost R660 000
Accumulated depreciation on machinery R131 250
Vehicles at cost R360 000
Accumulated depreciation on vehicles R21 600
Equipment at cost R480 000
Accumulated depreciation on equipment R70 000
1) Machinery:Cost = R660,000
Residual value = R30,000
Depreciable amount = R630,000
Depreciation Expenses for the year = R147,000 (R630,000 x 42,000/180,000)
2) Vehicle:Cost = R360,000
Depreciation Expenses = R108,000 (R360,000 x 30%)
3) Equipment:Old Equipment's Depreciation Expense = R60,000 (R360,000/6)
New Equipment's Depreciation Expense = R15,000 (R120,000/6 x 9/12)
Total Equipment's Depreciation Expenses = $75,000
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