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In: Accounting
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019...
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019 Income year is shown as follows: Asset Cost Opening Adjustable Value Method Effective Life Decline in Value for This Period Closing Adjustable Value Printer 1,200 1,200 Diminishing Value 3 years 400 800 Desks 3,000 2,400 Prime Cost 10 years 300 2,100 Appliances 2,600 1,040 Prime Cost 5 years 520 520 All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840. Advise Ace of the Income Tax consequences arising out of the above information for the 2019 - 2020 Income year assuming Ace is not a small business entity. (7 marks. Word limit: Minimum of 120 words. Maximum of 150 words)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 - 2019...
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the
2018 - 2019 Income year is shown as follows: Asset Cost Opening
Adjustable Value Method Effective Life Decline in Value for This
Period Closing Adjustable Value Printer 1,200 1,200 Diminishing
Value 3 years 400 800 Desks 3,000 2,400 Prime Cost 10 years 300
2,100 Appliances 2,600 1,040 Prime Cost 5 years 520 520 All
depreciable assets are 100% for business use and Ace uses a
low-value pool...
ZigZag provided an extract of the asset register as at the end of the current and...
ZigZag provided an extract of the asset register as at
the end of the current and prior financial year:
ASSETS CARRYING AMOUNTS
31 December 2020
R
31 December 2019
R
Land (1) 3 800 000 3 000 000
Office buildings (2) 1 900 000 1 370 000
Industrial buildings (3) 3 333 333 3 666 667
Machinery (4) 1 800 000 2 700 000
Additional information:
1. Land is vacant land and it is classified as investment property.
The land...
The following information is an extract from the financial statements of Extreme-Experiences Pty Ltd. 2020 2019...
The following information is an extract from the financial
statements of Extreme-Experiences Pty Ltd.
2020
2019
Current Assets
409,500
292,500
Non-current Assets
2,275,000
1,768,000
Current Liabilities
221,000
169,000
Non-current Liabilities
764,400
670,800
Total Revenue
728,000
624,000
Total Expenses
500,500
455,000
a) Calculate the following ratios for both
2019 and 2020.
2020
2019
Profit Margin
(Correct your answer to 0.01%)
Current Ratio
(Correct your answer to 0.1)
Debt to Total Assets Ratio
(Correct your answer to 0.01%)
b) Comment on the...
The following information is an extract from the financial statements of Extreme-Experiences Pty Ltd. 2020 2019...
The following information is an extract from the financial
statements of Extreme-Experiences Pty Ltd.
2020
2019
Current Assets
409,500
292,500
Non-current Assets
2,275,000
1,768,000
Current Liabilities
221,000
169,000
Non-current Liabilities
764,400
670,800
Total Revenue
728,000
624,000
Total Expenses
500,500
455,000
Required: Answer the following questions in the
spaces provided below:
a) Calculate the following ratios for both
2019 and 2020.
2020
2019
Profit Margin
(Correct your answer to 0.01%)
Current Ratio
(Correct your answer to 0.1)
Debt to Total Assets...
iii. Charging of Fees: Advanced Accounting Service Pty Ltd planning to register as a tax agent...
iii. Charging of Fees: Advanced Accounting Service Pty Ltd
planning to register as a tax agent and provides taxation service
to its clients. a) Can Advanced Accounting Service Pty Ltd start
charging fees if they provide any client service now? b) What
section of TAS act this can be referred to? (REF: s.50-5TAS
Act)
SA ONE Limited Extract of Statement of Financial Position as at 31 December 2018 and 2019...
SA ONE Limited
Extract of Statement of Financial Position as at 31
December 2018 and 2019
$
$
Total assets
830,000
820,000
Total liabilities
650,200
661,500
Share capital - ordinary (5,000 shares, $2)
10,000
10,000
Share capital - preference (3,000 shares, $1, 20%)
3,000
3,000
Retained earnings
166,800
145,500
179,800
158,500
A net income of $30,000 was reported in 2019 (2018:
$23,000).
Cash dividends attributable to 2018 and 2019 were declared and paid
to both the preference shareholders and the...
Projected Return Year Asset A Asset B Asset C 2018 13% 15% 11% 2019 ...
Projected Return
Year Asset A Asset B Asset
C
2018 13% 15% 11%
2019 15% 13% 13%
2020 17% 11% 15%
You have been asked for your advice in selecting a portfolio of
assets and have been supplied with the following data: LOADING....
You have been told that you can create two portfolioslong dashone
consisting of assets A and B and the other consisting of assets A
and Clong dashby investing equal proportions (50 %) in each of...
The balance sheet of Murdoch Pty Ltd as at 30 June 2019 reveals the following information:...
The balance sheet of Murdoch Pty Ltd as at 30 June 2019 reveals
the following information: $(‘000s) Paid-up Capital (1,000,000
shares) 3,000 Bank Overdraft 1,000 Accounts Payable 1,500 Mortgage
Bonds, $1,000 face value (10%) 4,000 You are also given the
following additional information about the firm: a) The company’s
marginal tax rate is 30 cents in a dollar. The proportion of tax
collected from the company that is claimed by shareholders is 0.6.
b) The market price per mortgage bond...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
The following information relates to the June 2018 cash transactions for Allmar Pty Ltd. The following...
The following information relates to the June 2018 cash
transactions for Allmar Pty Ltd.
The following unpresented cheques (outstanding cheques)
appeared on the 31st May 2018 bank reconciliation:
Cheque no.
Amount ($)
6539
1,207.60
6548
3,605.00
6549
317.40
6555
575.60
6558
990.00
All cheques except for cheque no. 6558 are included in the
30th June 2018 bank statement. On 31st May
2018, a deposit of $5,163.00 was outstanding.
In the company’s records the cash balance at 31st
May 2018 was...
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