Delta is a carpenter who purchases her own tools for work. She purchased the following items during 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% work purposes 15/04/2023 Table Saw (Effective Life Rate: 10 years) $300 100% work purposes 10/06/2023 Laptop (Effective Life Rate: 2 years) $990 80% work purposes She has an existing low 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
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- Ricks Towing Company owns three tow trucks. During the current year, Rick performed maintenance on the trucks and realized he had to make improvements to the engines on two of his trucks. The improvements totaled 55,000. Prepare the journal entries Rick may make under two alternative methods for the improvements made to his trucks.Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment. You will be completing several accounting activities in regards to this purchase. 1. Prepare the Deprecation schedule in Excel for this dump truck with plow. Use the suggested life from an IRS publication 946, Chapter 4, Under Property Classes. Craig believes the salvage (residual) value will be $10,000 after its useful life. Craig will use the straight-line depreciation method for accounting purposes. Hint: In the first year and last year you will have partial depreciation. Include a column for Accumulated Depreciation and Book Value. Be sure your table is professional and fits on one page.Willow Creek Company purchased and installed carpet in its new general offices on July 30 for a total cost of $6,528. The carpet is estimated to have a 8-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. July 30 Carpet v 6,528 V Cash v 6,528 Feedback V Check My Work Is this purchase improving or extending the life of the asset? Or is this purchase something that will only benefit this period? b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. Dec. 31 Depreciation Expense-Carpet v 476 X Accumulated Depreciation-Carpet v 476 X
- Allan’s employer purchased a car in March 2020 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 April 2020. Allan garages the car at his home each night during the 2020/21 FBT year. Allan traveled 40,000 kilometers in the car during the year, and the odometer and logbook records show that 10,000 kilometers were for business purposes and 30,000 kilometers were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Advise Allan and his employer of the tax consequences of this transaction.Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased on April 1 for $350,000. It is expected to last 8 years and have a salvage value of $30,000. a. What is the MACRS-GDS property class? b. Determine the depreciation deduction during each year of the asset’s 8-year life. c. Determine the unrecovered investment at the end of each of the 8 years.Randy rents commercial warehouses to various businesses. He purchased a warehouse in May of the current year. The cost of the warehouse was $250,000 The depreciation for the current year will be $ (rounded to the nearest dollar). If Randy continues to rent the warehouse for the next 40 years, the depreciation in the 40th year he owns the warehouse will be $ . (Please refer to the tables at the end of the chapter for the MACRS depreciation rates for this problem.) Please dont use any AI. It's strictly prohibited. Help me asap please.
- Cynthia purchased video recording equipment the equipment juice 40% for her wedding photography business and 60% of personal purchases purposes which of the following correctly describes how the equipment will be treated for depreciationAt the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.Required information [The following information applies to the questions displayed below.] Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $13,400. They expect to use the Suburban for five years and then sell the vehicle for $5,200. The following expenditures related to the vehicle were also made on July 1, 2022: The company pays $2,150 to GEICO for a one-year insurance policy. The company spends an extra $4,400 to repaint the vehicle, placing the Great Adventures logo on the front hood, back, and both sides. • An additional $2,350 is spent on a deluxe roof rack and a trailer hitch. The painting, roof rack, and hitch are all expected to increase the future benefits of the vehicle for Great Adventures. In addition, on October 22, 2022, the company pays $1,100 for basic vehicle maintenance related to changing the oil, replacing the windshield wipers, rotating the tires, and…
- Highsmith Rental Company purchased an apartment building early in 2018. There are 20 apartments in the building and each is furnished with major kitchen appliances. The company has decided to use the group depreciationmethod for the appliances. The following data are available:Appliance CostResidualValueService Life(in years)Stoves $15,000 $3,000 6Refrigerators 10,000 1,000 5Dishwashers 8,000 500 4In 2021, three new refrigerators costing $2,700 were purchased for cash. The old refrigerators, which originallycost $1,500, were sold for $200.Required:1. Calculate the group depreciation rate, group life, and depreciation for 2018.2. Prepare the journal entries to record the purchase of the new refrigerators and the sale of the old refrigeratorA company owner has asked his accountant to research the photocopier equipment available from vendors, and to recommend the two best equipment alternatives. The company owner will decide on one piece of equipment topurchase. The fee charged for the accountant’s research was $500. The accountant’s report produced the following information: Photocopier (A) Photocopier (B) Initial cost, including installation $6,500 $ 6,000 Economic life 5 years 5 years Scrap value at end of economic life -0- -0- Initial training cost $ 500 $ 700 Annual maintenance $ 400 $ 300 Annual wage cost $12,500 $12,500 REQUIRED 1. Which photocopier should the company owner choose? Why? 2. The company owner requested your help in preparing the coming year company budget. Please, guide him to the best method and appropriate type from your perspective.Allan’s employer purchased a car in March 2019 at a cost of $88,000 GST inclusive and provided the car to Allan on 1 April 2019. Allan garages the car at his home 300 nights during the 2019/20 FBT year. Allan travelled 20,000 kilometres in the car during the year, and the odometer and logbook records show that 10,000 kilometres were for business purposes and 10,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $13,000 (GST inclusive). Allan made contribution totalling $1,000 and all the necessary documents for his employer to calculate his FBT liability.