Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. consider the following scenario:- our organisation

Consider the following scenario:- our organisation has purchased a new photocopier at a cost of...

80.2K

Verified Solution

Question

Accounting

Consider the following scenario:-

our organisation has purchased a new photocopier at a cost of $17,000. The purchase was made in July so there is no need to calculate depreciation for part of the first year. The copier will be outdated and written off after five years at a book value of zero.

Describe how to use the diminishing value method and the prime cost method, and detail the cost each year to be allocated for reporting purposes and show the book value during each year.

Show your results in a table with comparisons between the two methods as follows:-

Prime cost method:-

Open Written Down Value Days Held Days in Year Depreciation Closed Written Down Value
Year 1
Year 2
Year 3
Year 4
Year 5

Year 6

Diminishing Value Method:-

Open Written Down Value Days Held Days in Year Depreciation Closed Written Down Value
Year 1
Year 2
Year 3
Year 4
Year 5

Year 6

Please consider it is in Australian Taxation Environment, and please type up your answer!!

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Discuss the costs and benefits of both debt and equity financing, and the circumstances in which...

Finance
Q

1.Two other significant \"design features\" of human language are duality and discreteness. Give examples to illustrate...

Psychology
Q

Behaviorists from John Locke on have assumed that we can shape our children any way we...

Psychology
Q

A parallel plate capacitor consists of two parallel square plates that have dimensions 1 0...

Physics
Q

Given circle M with chords NO OQ QN NR RP and NP NO NP Name...

Basic Math
Q

PART III Statistical Concepts Applied Questions Complete each of the following problems Show enough on...

Statistics
Q

17. Wade Company estimates the cost of its physical inventory at...

Accounting
Q

S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2016,...

Accounting
Q

Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows:...

Accounting
Q

For tax filing year 2018 many taxpayers noticed a change on their tax returns because...

Accounting
Q

Conglomco has a beta of 0.32. If the market return is expected to be 12...

Accounting
Q

QUESTION FIVE [20] You are a registered accountant and auditor engaged in public practice. A...

Finance