Value Vehicles is a car dealership. One of its models was used as a demonstrator during the
Question:
Value Vehicles is a car dealership. One of its models was used as a demonstrator during the year. Presented below is information relating to the demonstrator as of 30 June 2016, the end of the current financial year.
Normal sales price (net of GST) Original cost (net of GST) Estimated sales value in existing condition Estimated selling and disposal cost | $29990 22000 23500 1800 |
Required
From the information, determine the value at which the demonstrator should be reported in the 30 June 2016 financial statements. Is there an effect on profit reported for the current period? Explain.
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Estimated sales price 23 500 Less Selling and disposal ...View the full answer
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ISBN: 978-1118608227
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