Delta is a carpenter who purchases her own tools for work. She purchased the following itemsduring the financial year. 10/03/2023 Band Saw (Effective Life Rate: 12 years) $1,210 80%work purposes 30/09/2022 Bench Drill (Effective Life Rate: 12 years) $450 100% workpurposes 15/04/2023 Table Saw (Effective Life Rate: 10 years) $300 100% work purposes10/06/2023 Laptop (Effective Life Rate: 2 years) $990 80% work purposes She has an existinglow value pool which had a closing balance of $1,965 at the end of the 2022 financial year.Calculate the closing balance of Delta's low value pool for the 2023 financial year. A. $2, 237 B$0 C. $2,702 D. $2,561

Step 1: Calculate the depreciation of existing pool balance.• For the existing low value pool with a…

Answered: Delta is a carpenter who purchases her…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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in the new building? 40. In January, Prahbu purchased for $90,000 a new machine for use in an existing production line of his manufacturing business. Assume that the machine is a unit of property and is not a material or supply. Prahbu pays $2,500 to install the machine, and after the machine is installed, he pays $1,300 to perform a critical test on the machine to ensure that it will operate in accordance with quality standards. On November 1, the critical test is complete, and Prahbu places the machine in service on the production line. On December 3, Prahbu pays another $3,300 to perform periodic quality control testing after the machine is placed in service. How much will Prahbu be required to capitalize as the cost of the machine? Donn 11 LO 2-1 resear
Adam is employed as a hairdresser. He also teaches hairdressing on some evenings at the Advanced College of Hairdos. Over the last year he has kept a log book which shows his car travel over a 12 week period is as follows: Salon to home 3,150 km Home to salon 3,150 km Salon to College 1,840 km College to Home 2,147 km Other Private travel 5,632 km Travel to Conference 900 km Adam's motor vehicle cost $36,200, has a 2.0 litre engine capacity and had an adjustable value of $28,200 as at 1 July 2014 and an effective life of 8 years. He incurred the following substantiated expenses: Fuel $ 5,200 Insurance 920 Registration 350 Service/Repairs 1,040 Road tolls (incurred in driving between the salon and home) 1,200 Speeding fine incurred travelling from salon to college 225 Required: Calculate Adam's maximum deduction for motor vehicle expenses. Show all available…
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of Take me to the text Higgins Ski Resort spent several years developing a new snow-making machine. Its lawyer suggested patenting the machine. The company obtained the patent on January 1, 2021. The company paid $190,000 to the lawyer, $15,000 to the government for the patent and $10,000 in additional fees. Required a) Prepare the journal entry to record the full cost of the patent. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Debit Credit To record the total relevant patent fees b) The patent has an estimated life of 20 years. Prepare the journal entry to record amortization for one year on December 31, 2021. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Check To record amortization for the year Debit Credit
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Jocelyn runs her own photography business and has done for the past 10 years. Her business income has remained relatively stable over the last 5 years, at around $1m. On 20 May 2021 Jocelyn purchased a new digital camera for $4,400. Assume that the camera as having an effective life of 5 years according to the Commissioner's ruling. On 1 September 2021, Jocelyn decided to upgrade her camera in order to produce the highest quality brochures, photos and documents for her clients. She paid $12,000 for the latest high-end digital camera. She traded in her old camera for $2,400 when she purchased her new camera. Assume the effective life of the new camera is 5 years. While the cameras are for Jocelyn's use in her business, she has sometimes used them to take family photos and photos of her hiking trips due to the superior quality of the cameras. Jocelyn’s personal use of the cameras amounts to 10%. Jocelyn is registered for GST (so you must account for this). Step through the criteria,…
A3
Jessica spent $5,000 on a new energy-efficient tankless water heater in 2021. She claimed a $400 nonbusiness energy property credit when she replaced an identical unit in 2006. What is the amount of her 2021 non-business energy property borrowing?

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