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Pls answer the questions with your detailed explanations, it's much appreciated! 0 The plant and machinery at cost account of Tolly Co for the year
Pls answer the questions with your detailed explanations, it's much appreciated!
0 The plant and machinery at cost account of Tolly Co for the year ended 30 June 204 was as follows: Tolly Co's policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal. What should be the depreciation charge for the year ended 30 June 20X4? A manufacturing company receives an invoice on 29 February 20X2 for work done on one of its machines. $25,500 of the cost is actually for a machine upgrade, which will improve efficiency. The accounts department do not notice and charge the whole amount to maintenance costs. Machinery is depreciated at 25% per year on a straight line basis, with a proportional charge in the years of acquisition and disposal. By what amount will the profit for the year to 30 June 202 be understated? $19,125$25,500$23,375$21,250 2 W bought a new printing machine. The machine was purchased for $80,000. The installation costs were $5,000 and the employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customers' orders, a test was undertaken and the paper and ink cost $1,000. What should be the cost of the machine in the company's statement of financial position? $ (2 marks)Step by Step Solution
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