TABLE A You have total of 15 questions of which 9 are based on the information provided below. Machine Z was purchased on 1 November 2018 for R6 000 000. This machine was depreciated over 5 years using the straight-line method with a residual value of R3 000 000, instead a zero residual value. After discussions with the auditors, a conclusion was arrived that this material error had occurred in the annual financial statements. A correction of error was required in the current year, using a zero residual value. | The company tax rate was 28 % for current year and the past two years. The following are extracts of the statement of financial position of ABC Ltd for the years ending 31 December, before any adjustments have been made for the correction of error: 1 | 2020 1 2019 | 2018 | 1 R 1 1 R 1 R | Assets 1 Property, Plant and Equipment 1 | 5340000 6100000 | 6900000 Equity | 2 600 2001 Retained Income 2 400 2 100 900 300 1 Use the correct signs for the "Difference in Income" row calculation: for example 10-2 = + 8 or 6 - 8 = -2 Complete the workings the table below before you commence answering the 9 questions. Workings Calculations 1 1 2020 2019 Use the correct signs for the "Difference in Income" row calculation: for example 10- 2 = + 8 or 6 - 8 = -2 Complete the workings the table below before you commence answering the 9 questions. Workings Calculations 1 1 2020 2019 2018 | 1 R R R R 1 1 Add (plus) correct calculation of depreciation Less (minus) incorrect calculation of depreciation Difference on Income : - increase /+ decrease Deferred Tax Expense :+ increase /- decrease T 1 Income after tax: - increase/ + decrease huto.cut.ac.za/ultra/courses/_9803_1/dl/outline?legacyUrl=-2Fwebapps~2Fblack 78 Financial Accounting III (1) Take Test: ZUZI REK 31 TEST 3 the information in table A provided under the instructions and calculate the deprecia e correct and incorrect depreciation calculations, also calculate the before and after ti he workings format below: Workings Calculations 2020 R us) correct calculation of depreciation inus) incorrect calculation of depreciation 0 Refer to the information in table A provided under the instructions and calculate the de both the correct and incorrect depreciation calculations, also calculate the before and a using the workings format below: Workings Calculations Add (plus) correct calculation of depreciation Less (minus) incorrect calculation of depreciation Difference on Income: - increase /+ decrease Deferred Tax Expense: + increase /- decrease Income after tax: - increase/ + decrease Calculate the correct amount for "G" in the above workings showing either a negative or plus. Use: - increase/ + decrease income after tax Select your correct answer from the options below: 1.0 II. None of the answers are correct III. -72 000 IV. + 28 000 TABLE A You have total of 15 questions of which 9 are based on the information provided below. Machine Z was purchased on 1 November 2018 for R6 000 000. This machine was depreciated over 5 years using the straight-line method with a residual value of R3 000 000, instead a zero residual value. After discussions with the auditors, a conclusion was arrived that this material error had occurred in the annual financial statements. A correction of error was required in the current year, using a zero residual value. | The company tax rate was 28 % for current year and the past two years. The following are extracts of the statement of financial position of ABC Ltd for the years ending 31 December, before any adjustments have been made for the correction of error: 1 | 2020 1 2019 | 2018 | 1 R 1 1 R 1 R | Assets 1 Property, Plant and Equipment 1 | 5340000 6100000 | 6900000 Equity | 2 600 2001 Retained Income 2 400 2 100 900 300 1 Use the correct signs for the "Difference in Income" row calculation: for example 10-2 = + 8 or 6 - 8 = -2 Complete the workings the table below before you commence answering the 9 questions. Workings Calculations 1 1 2020 2019 Use the correct signs for the "Difference in Income" row calculation: for example 10- 2 = + 8 or 6 - 8 = -2 Complete the workings the table below before you commence answering the 9 questions. Workings Calculations 1 1 2020 2019 2018 | 1 R R R R 1 1 Add (plus) correct calculation of depreciation Less (minus) incorrect calculation of depreciation Difference on Income : - increase /+ decrease Deferred Tax Expense :+ increase /- decrease T 1 Income after tax: - increase/ + decrease huto.cut.ac.za/ultra/courses/_9803_1/dl/outline?legacyUrl=-2Fwebapps~2Fblack 78 Financial Accounting III (1) Take Test: ZUZI REK 31 TEST 3 the information in table A provided under the instructions and calculate the deprecia e correct and incorrect depreciation calculations, also calculate the before and after ti he workings format below: Workings Calculations 2020 R us) correct calculation of depreciation inus) incorrect calculation of depreciation 0 Refer to the information in table A provided under the instructions and calculate the de both the correct and incorrect depreciation calculations, also calculate the before and a using the workings format below: Workings Calculations Add (plus) correct calculation of depreciation Less (minus) incorrect calculation of depreciation Difference on Income: - increase /+ decrease Deferred Tax Expense: + increase /- decrease Income after tax: - increase/ + decrease Calculate the correct amount for "G" in the above workings showing either a negative or plus. Use: - increase/ + decrease income after tax Select your correct answer from the options below: 1.0 II. None of the answers are correct III. -72 000 IV. + 28 000