Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Avocado Enterprises owns a guac-machine that cost them NS50,000 when they bought it at the beginning of July 2016. Their intended useful life for

image text in transcribed
1. Avocado Enterprises owns a guac-machine that cost them NS50,000 when they bought it at the beginning of July 2016. Their intended useful life for the machine is 4 years. They disposed it off on the 31" of December 2019 at N$5,000. Using the straight line method, what is the depreciation expense on the guac-machine for the financial year ended June 2007 (2) Select one: Ca. 12,500 b. 11.250 Cc. 5.625 Cd. 6,250 2. All fun Karaoke owns a karaoke machine that cost N$50,000 When they bought it at the beginning of July 2016, residual value at the end of its useful life was anticipated to be at NS5,000 At the end of their financial year on June 30 2018, accumulated depreciation on the machine was at NS 21,960. Using the diminishing balance method and a depreciation rate of 20% what is the carrying amount of the machine at the end June 2019 financial year? (3) Select one: Ca. 25,736 E b. 23,432 Cc. 20,736 Cd. 23,040 3. The Loaf Bakery owns a stove that cost N$20,000 when they bought it on January 1, 2016. The stove is expected to run a total of 30,000 batches in its lifetime and it has a residual value of N$5,000. As at December 2018, accumulated depreciation on the stove was NS 10,000. The owner decided to sell the stove on July 31" 2019 for NS6,000. The stove ran a total of 5,000 batches between January and July 2019. What is the Gain or (Loss) made at disposal? (3) Select one: Ca. 2.500 (1,500) C 3,500 Cd.(4.000) 4. A tax invoice should include the following information: Select one: Ca. The name of the customer b. The VAT registration number of the supplier c. A description of the goods bought as well as quantity and price Cd. All of the above 5. How often should a VAT return be submitted to the receiver of revenue? Select one: Ca. On the 25 of every Month b. Every two months c. Every three Months Cd. Every five

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Government Auditing Standards 2011 Revision

Authors: U. S. Government Accountability Office, Comptroller General Of The United States

1st Edition

1482311372, 978-1482311372

More Books

Students also viewed these Accounting questions

Question

2. Define identity.

Answered: 1 week ago

Question

1. Identify three communication approaches to identity.

Answered: 1 week ago

Question

4. Describe phases of majority identity development.

Answered: 1 week ago