Question:
Every student for this assignment is required to find the assignment question, analyse the given information, make calculations where relevant and draw relevant, supported conclusions and make justified recommendations. Responses are to be formatted into a professional report for each part of each question, as would be expected of someone working in a modern accountant’s office.
ASSESSMENT SUBMISSION: The assignment must be submitted online in Moodle. All materials MUST be submitted electronically in Microsoft Word format. Other formats (e.g., pdf or MAC file) may not be readable by markers. Please be aware that any assessments submitted in other formats will be considered LATE and will lose marks until it is presented in MS Word. No paper based or hardcopy submission will be accepted. Our Academic Learning Support (ALS) team would be happy to help you with understanding the task and all other assessment-related matters. For assistance please speak to our Academic Learning Skills Coordinators, Barbara Karena in Sydney or Ryan Honner in Melbourne. They can help you with understanding the task, draft checking, structure, referencing and other assignment-related matters. For online help and support please click the following link and navigate Academic Learning Support in Moodle.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 Version 1: 22nd December, 2016 TEQSA Provider Number: PRV12051 MARKING GUIDE (RUBRIC): Marking Criteria. Fail Pass Credit Distinction High Distinction Mark presentation/1 0 missing or incomplete (0 marks)
Low level Apprentice: demonstrates a developing understanding (4 marks)
Average level Proficient: demonstrates accomplishment that shows understanding (6 marks)
Good level Distinguished: well developed demonstrates good understanding (8 marks) Excellent level Exemplary: demonstrates complete understanding (10 marks) /10
Proper referencingnumber of references /10 missing or incomplete (0 marks)
Low level Apprentice: demonstrates a developing understanding (4 marks)
Average level Proficient: demonstrates accomplishment that shows understanding (6 marks)
Good level Distinguished: well developed demonstrates good understanding (8 marks)
Excellent level Exemplary: demonstrates complete understanding (10 marks) /10
Information Analysis /30 missing or incomplete (0 marks)
Low level Apprentice: demonstrates a developing understanding (10 marks)
Average level Proficient: demonstrates accomplishment that shows understanding (15marks)
Good level Distinguished: well developed demonstrates good understanding (20 marks)
Excellent level Exemplary: demonstrates complete understanding (30 marks) /30 Relevant Calculation /30
missing or incomplete (0 marks)
Low level Apprentice: demonstrates a developing understanding (10 marks)
Average level Proficient: demonstrates accomplishment that shows understanding (15 marks)
Good level Distinguished: well developed demonstrates good understanding (20 marks)
Excellent level Exemplary: demonstrates complete understanding (30 marks) /30
Supported conclusions and justified recommendatio ns /20 missing or incomplete (0 marks)
Low level Apprentice: demonstrates a developing understanding (5 marks)
Average level Proficient: demonstrates accomplishment that shows understanding (10 marks)
Good level Distinguished: well developed demonstrates good understanding (15 marks)
Excellent level Exemplary: demonstrates complete understanding (20 marks) /20 Total /100
Kent Institute Australia Pty. Ltd. Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458 Version 1: 22nd December, 2016 TEQSA Provider Number: PRV12051 GENERAL NOTES FOR ASSIGNMENTS Assignments should usually incorporate a formal introduction, main points and conclusion, and will be fully referenced including a reference list. The work must be fully referenced with in-text citations and a reference list at the end. We strongly recommend you to refer to the Academic Learning Skills materials available in the Moodle. For details please click the link and download the file “Harvard Referencing Workbook”.
Appropriate academic writing and referencing are inevitable academic skills that you must develop and demonstrate. We recommend a minimum of FIVE references, unless instructed differently by your lecturer. Unless specifically instructed otherwise by your lecturer, any paper with less than FIVE references may be failed. Work that includes sources that are not properly referenced according to the “Harvard Referencing Workbook” will be penalised. Marks will be deducted for failure to adhere to the word count – as a general rule you may go over or under by 10% than the stated length.
GENERAL NOTES FOR REFERENCING High quality work must be fully referenced with in-text citations and a reference list at the end. We recommend you work with your Academic Learning Support (ALS) siteavailable in Moodle to ensure that you reference correctly. References are assessed for their quality. You should draw on quality academic sources, such as books, chapters from edited books, journals etc.
Your textbook can be used as a reference, but not the lecturer notes. We want to see evidence that you are capable of conducting your own research. Also, in order to help markers determine students’ understanding of the work they cite, all in-text references (not just direct quotes) must include the specific page number/s if shown in the original. Before preparing your assignment or own contribution, please review this ‘YouTube’ video by clicking on the following link: Plagiarism: How to avoid it PLAGIARISM: HOW TO AVOID IT You can search for peer-reviewed journal articles, which you can find in the online journal databases and which can be accessed from the library homepage.
Wikipedia, online dictionaries and online encyclopaedias are acceptable as a starting point to gain knowledge about a topic, but should not be overused – these should constitute no more than 10% of your total list of references/sources. Additional information and literature can be used where these are produced by legitimate sources, such as government departments, research institutes such as the NHMRC, or international organisations such as the World Health Organisation (WHO). Legitimate organisations and government departments produce peer reviewed reports and articles and are therefore very useful and mostly very current. The content of the following link explains why it is not acceptable to use nonpeer reviewed websites: Why can't I just Google? (thanks to La Trobe University for this video).
Answer:
Question BE 10-2
Expenditures in regards to purchase the truck
Cash price = $30,000
Accident insurance = $2,000
Sale taxes = $2,100
Motor vehicle license = $100
Painting and lettering = $400
Cost of truck =?
Cost of truck
Hence, the cost of truck would be $32,500.
Question BE 10- 3
Flaherty Company’s journal entries for the two transactions are shown below:
Question BE 10-4
Depreciation through straight line method
Straight depreciation = (38000-6000)/4 = $ 8000 per year
Question BE 10-6
Depreciation through double declining method
Straight line depreciation rate = 100 / 4 = 25%
Double decline rate = 2*25% = 50%
First year depreciation = $38000*50% = $19,000
Second year depreciation = $19000*50% = $9,500
Question BE 10-7
Depreciation rate = (39500-500)/150000 = 0.26 per mile
First year depreciation = $30000*0.26 = $7,800
Second year depreciation = $20000*0.26 = $5,200
Question E 10-6
- Depreciation expense for 2017 through straight line method
Annual depreciation = ($150,000 - $12,000)/5 = $27,600
Depreciation expense for 2017 = 27,600 * (3/12) = $6,900
- Depreciation for 2017 through units of activity method
Depreciation per hour = ($150,000 - $12,000)/10000 = $13.8 per hour
Depreciation for 2017 = 13.8 * 1700 = $23,460
- Depreciation for 2017 through double declining balance method
- Depreciation expense for 2017
Straight line depreciation rate = 100 * (1/5) = 20%
Depreciation expense for first year [Oct’17 to Oct’18] = 2*20%*$150,000 = $60,000
Depreciation expense for first year [Oct’17 to Oct’18] = 2*20% *($150,000 -$60000) = $36,000
Hence,
Depreciation expense for 2017 =$60000 *(3/12) = $15,000
- Depreciation expense for 2018
Depreciation expense [Jan’17 to Sept’18] = $60,000 *(9/12) = $45,000
Depreciation expense [Oct’18 to Dec’18] = $36000 * (3/12) = $9,000
Depreciation expense for 2018 = $45,000 + $9,000 = $54,000
Question E 10- 7
- Depreciation expense for 2017 and 2018
- Straight line method (SLM)
Depreciation expense (SLM) = ($34,000 -$2,000)/8 = $4,000
Depreciation expense on delivery truck through SLM for year 2017 is $4,000 and for year 2018 is $4,000.
Depreciation expense on delivery truck through units of activity method for year 2017 is $4,800 and for year 2018 is $3,840.
- Double declining balance method
Double declining balance rate = 2* ((100%)/ (8 year)) = 25%
- Let Linton has used straight line method (SLM)
- Journal entry to record depreciation for year 2017
- Amount of delivery truck that would be recorded on December 31, 2017.
Question E 10-8
- Revised annual depreciation for each asset for the year 2017
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- Entries to record depreciation on building for the year 2017
Question E 10-9
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Question E 10- 10
Depreciation = (Original cost – Salvage value)/ Useful life
Depreciation for 2014-2016 = 12000 * 3 = $36,000
Jan 1, 2017: Book value = 65000 – 36000 = $29,000
- January 1, 2017 sale for $31,000
- May 1, 2017 sale for $31,000
Depreciation = $12000/3 = $4000
Book value on May 1, 2017 = ($65000)-((12000*3) +4000) = $25,000
- January 1, 2017 sale for $11,000
- October 1, 2017 sale for $11,000
Question E 10-2 A
Total miles = 120,000
- Amount of accumulated depreciation on each bus at December 31, 2017
Depreciation expense per mile per mile
Depreciation on rate (Bus 2) = (1/5)*2 = 40%![]()
- If bus 2 was purchased on April 1 rather than January 1, then depreciation expense for bus (1) 2015 and (2) 2016.
Depreciation expense (Bus 2) for year 2015 = ($120,000) *0.4 *(9/12) = $36,000
Depreciation expense (Bus 2) for year 2015 = ($120,000-$36,000) *0.4 = $33,600
