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In: Accounting
Jing is an accountant at Barrier Reef Tours Australia and has included the following in the...
Jing is an accountant at Barrier Reef Tours Australia and has included the following in the company’s Profit and Loss account. accrued wages; advertising; bad debts provision; hire–purchase payments; interest; insurance of plant and equipment; printing and stationery; provision for long-service leave; repairs; tax-related expenses. Required: For each of these items of expenditure: state whether the item is an allowable deduction and for those items which are allowable deductions, state the relevant statutory provision under which the deduction will be claimed (i.e. whether the item satisfies the requirements of s8-1, or whether a specific provision applies). In your response give reasons and refer to sections of legislation and cases, where relevant.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Jing is an accountant at Barrier Reef Tours Australia and has included the following in the...
Jing is an accountant at Barrier Reef Tours Australia and has
included the following in the company’s Profit and Loss
account.
accrued wages;
advertising;
bad debts provision;
hire–purchase payments;
interest;
insurance of plant and equipment;
printing and stationery;
provision for long-service leave;
repairs;
tax-related expenses.
Required: (10x2 marks = 20 marks)
For each of these items of expenditure: state whether the item
is an allowable deduction and for those items which are allowable
deductions, state the relevant statutory provision under...
In our discussion of coral reef. Explain how the human impact has impacted the coral reef....
In our discussion of coral reef. Explain how the human impact
has impacted the coral reef. a) What trait might be selected for in
the coral population that would allow for adaptation to the impacts
caused by human? (i.e. what selection pressure might their be?) b)
What type of interspecific interactions describes the interaction
within the coral AND the coral reef?
Shorelake Tours Inc., operates a large number of tours throughout the United States. A study has...
Shorelake Tours Inc., operates a large number of tours
throughout the United States. A study has indicated that some of
the tours are not profitable, and consideration is being given to
dropping these tours in order to improve the company's overall
operating performance. One such tour is a two-day Battlefields of
the Native American and Francophone Wars bus tour. An income
statement from one of these tours is given below:
Ticket revenue
(100 seats x 45% occupancy x $80 ticket...
Lakeshore Tours Inc., operates a large number of tours throughout the United States. A study has...
Lakeshore Tours Inc., operates a large number of tours
throughout the United States. A study has indicated that some of
the tours are not profitable, and consideration is being given to
dropping these tours in order to improve the company's overall
operating performance. One such tour is a two-day Battlefields of
the French and Indian Wars bus tour. An income statement from one
of these tours is given below:
Ticket revenue
(100 seats x 45% occupancy x $80 ticket price)...
Pham Toan Vu is chief accountant for the Bank of Australia. Through vigorous marketing the bank...
Pham Toan Vu is chief accountant for the Bank of Australia.
Through vigorous marketing the bank has grown rapidly, but there is
some evidence of a decline in the quality of the loans it is
making. The bank seems to be getting business that is rejected by
other banks. Because of strict credit control procedures, the bank
has had very few bad-debt problems in the past. It has
traditionally maintained a provision for doubtful debts of about 5%
of loans...
What are corals? What is meant by a "coral reef"? How has climate change affected the...
What are corals? What is meant by a "coral
reef"?
How has climate change affected the Great Barrier Reef
in Australia? What are the problems and the causes of these
problems?
What is meant by "global climate change"? How is global
climate change related to the greenhouse effect and greenhouse
gases? What are some of the greenhouse gases?
AFT provides helicopter tours of the Grand Canyon. Clients pre-book tours on-line and pay the following...
AFT provides helicopter tours of the Grand Canyon. Clients
pre-book tours on-line and pay the following fees at the time of
booking:
1. a $10 administration fee for processing the booking and
potential cancellations,
2. A $20 fee for guaranteeing the reservation and
3. $300 for the helicopter tour itself.
Bookings can be placed as far as one year in advance. If the
client cancels the booking more than 2 weeks in advance of the
booked tour date, all fees...
Define a partnership. b) List four important matters, relevant to the accountant that may be included...
Define a partnership. b) List four important matters, relevant
to the accountant that may be included in the partnership deed.
Chang and Smith Tours has the following balance sheets: 20182019 Assets Cash $190 $190 Accounts...
Chang and Smith Tours has the following balance sheets: 2018
2019 Assets Cash $190 $190 Accounts Receivable 684 726 Inventory
918 1,023 Net Fixed Assets 2,027 1,996 Total Assets $3,819 $3,935
Liabilities and Equity Accounts Payable $788 $818 Notes Payable 306
302 Long-Term Debt 1,647 1,722 Stockholders' Equity 1,078 1,093
Total Liabilities and Equity $3,819 $3,935 What is the change in
net working capital during the year 2019? Group of answer
choices$90$46$175$121
Rio Bus Tours has incurred the following bus maintenance costs during the recent tourist season. (The...
Rio Bus Tours has incurred the following bus maintenance costs
during the recent tourist season. (The real is Brazil’s
national monetary unit. On the day this exercise was written, the
real was equivalent in value to .269 U.S. dollar.)
Month
Miles Traveled by Tour Buses
Cost
November
15,000
18,600
real
December
17,400
18,900
January
19,800
19,050
February
24,000
19,500
March
31,500
20,880
April
13,500
18,000
Required:
1. Use the high-low method to estimate the
variable cost per tour mile traveled...
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