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- John has just started a new engineering business, where he maintains lifts. He does not provide any materials, just his own labour. He could not afford to buy a van, so he rents one at a cost of £300 per week. Each time he does a repair call-out, he earns a standard fee of £140 and he estimates the average fuel cost of each repair at £19. Assuming no other costs, how much does John have to earn each week to break even? A) 140 B) 647 C) 347 D) 300John has just started a new engineering business, where he maintains lifts. He does not provide any materials, just his own labour. He could not afford to buy a van, so he rents one at a cost of £300 per week. Each time he does a repair call-out, he earns a standard fee of £140 and he estimates the average fuel cost of each repair at £19. Assuming no other costs, how much does John have to earn each week to break even?James owns a framing business, Frames-4-U, that frames artworks, prints and photos for clients. He purchased equipment for R100 000 with the intention of using it to assist him to frame the art of his clients. The expected useful life of the equipment is five years. The supplier of the equipment is in Johannesburg, and James had to pay for transport from the supplier to his workshop in Cape Town. This cost R5 000. The workers had to offload the equipment and carry it to the correct location in the workshop and James paid them R500 for this task. You are required to a. Explain to James what type of asset the equipment will be classified in the accounting records of Frames-4-U. In your answer you should also give the definition of the classification of the asset. (...) b. Calculate the total cost of the equipment he should use to debit the equipment account. Give a reason to explain to James why you calculated the cost is this manner.
- Steven John owns a cab for which he purchased a Rs. 18,000 operating licence two years ago. Mr. John makes Rs. 36,000 per year as an individual, but has the option of selling the cab and permit for Rs. 73,000 and working as a dispatcher for Santino Taxi Co. For a 40-hour week, the dispatcher role earns Rs. 31,000 per year. Mr. John works about 55 hours each week driving his own cab. He will invest Rs. 73,000 if he sells his firm and can make a 10% return. Needed 1. Calculate the opportunity cost of owning and managing your own firm. 2. Should Mr. John sell the cab and take the dispatcher post merely on financial grounds? 3. Discuss the qualitative and quantitative elements that Mr. John should take into account.Natalia makes colorful beaded necklaces and sells them at a local farmer's market. Natalia currently sells her necklaces for $40 each. She spends approximately $18 on the materials (beads, wire, and clasp) and $2 on packaging for each necklace. She pays annual fixed costs of $4,180 ($3,500 for space at the farmer's market, $180 for licenses and permits, and $500 annual depreciation on tent, display cases, and signage). a) How many necklaces does Natalia need to sell in 2021 to break even? necklaces b) How many necklaces does Natalia need to sell in 2021 to earn a profit of $25,000? necklaces c) Natalia's best guess is that she will sell 1,500 necklaces in 2021. If she's correct, what is Natalia's expected 2021 profit? d) Natalia estimates that if she reduces her selling price by 15% in 2021, she will sell 20% more necklaces. What is Natalia's expected profit if she reduces her selling price by 15%? Natalia estimates that if she instead increases her selling price by 15% in 2021, she…Cook is a teacher. His job at a boarding school requires him to live in a house in the school grounds. The house cost £70000 three years ago and its annual value is £650. In 2020/21 the company pays an electricity bill of £550, a gas bill of £400, a gardener’s bill of £750 and redecoration costs £1800. Cook makes a monthly contribution of £50 for his accommodation. He earns a gross salary of £28850 and £1450 occupational pension contributions. Requirement: Calculate Cook’s taxable employment income for 2020/21.
- Candy purchased a 3 bedrooms house in St Kilda on the 1’s March 2015 for the cost of$1.3M. She paid a stamp duty on the transaction for $74,750. She also incurred legal fees of$3,500. She then rent the apartment out straight away for the amount of $30,000/year net.In the year of 2017, she renovated the kitchen and bathroom for the cost of $150,000 tomake the house looks more modern.Candy finally sold the house in November 2019 for $2.15M, incurring legal costs of $4,500and agent’s commission of $40,000.Candy also incurred interest on the amount borrowed to purchase the property of $120,000and council rates totalling $20,000Required:• Calculate the cost base for this asset• Calculate the capital gain or loss for the disposal of the asset• Calculate Candy’s assessable income for Income year 19/20 assuming she made a salaryof $90,000, net rental ncome of $30,000 an capital loss of $4,250 from the sale of someshares (purchased 10 years ago)• Would your answer will be different if Candy…Julie has been provided a diesel car. The list price of the car when new was £19,000. CO2 emission is 99g/km. The car was provided throughout the tax year 21/22. In addition to private use of the car, private fuel was also paid by the employer. What is fuel benefit for in 2021/22? £4,370 £0 £5,904 £19,000Betty Boop started a small toy factory, Boopy Doop, Inc., in her garage and incorporated it in March of 2014 as a calendar-year corporation. At that time, she began using her personal computer and tools solely for the business as part of her contribution to the corporation. The computer cost $2,700 but had a fair market value of only $900 at conversion and the tools, which had cost $1,500, were valued at $1,100. During 2014, Boopy Doop, Inc. purchased two machines: Gadget 1, purchased on May 2, cost $24,000; Gadget 2, purchased on June 5, cost $40,000. The corporation expensed Gadget 1 under Section 179. The computer, tools, and Gadget 2 were depreciated using accelerated MACRS only. The corporation did not take any depreciation on the garage nor did Betty charge the business rent because the business moved to a building purchased by Boopy Doop, Inc. for $125,000 on January 5, 2015. On January 20, 2015, Boopy Doop, Inc. purchased $4,000 of office furniture and on July 7, it purchased…
- Joe is self-employed in a store that has a rental value of R500 a month which he pays, but he can vacate the building without giving notice. His other expenses are R100 a month for maintenance. He makes R25 000 a year on net sales (total revenue minus the wholesale cost of the product). If he quit his job and worked the same number of hours elsewhere at a job he liked equally well, he estimates that he could make R20 000 a year. No one else can be hired to work in the store. Suppose that Joe had a long term lease which requires him to pay the rent even if he doesn't operate the store. What should Joe do?"Rough & Ready" is a tool manufacturing business based in Melbourne. The entity's tax rate is 30%. It is considering the replacement of a manually operated machine with a fully automated model. One full-time staff member is currently employed to manually operate the current machine. This costs the company $120,000 p.a. in wages, holiday loading and compulsory superannuation payments. It also includes money spent on engaging another person when the full-time staff member goes on holidays or calls in sick. The manual machine's maintenance costs are $12,000 per year. The manually operated machine was bought 4 years ago for $75,000. The Australian Tax Office schedule includes the asset in the 12-year useful-life category and only allows prime cost depreciation (with no residual) for this type of equipment. This is a straight-line depreciation method with no residual. The company believed that the machine normally would be taken out of service at the 12-year point. The current disposal…Jordan opens her own custom sign business where she sells a sign for $80 a piece. She has been able to sell 20 signs per month. Her costs of materials to make the signs is $15 and she is paying sales tax of $4 per sign. In addition, she purchased online ads for $300 per month and pays for printing of $100 per month. To be able to run the business, Jordan has reduced her hours so her salary fell from $3,000 per month to $2,600 per month and she no longer rents out the studio apartment at her home for $500 per month. Calculate the below for Jordan's monthly financial statement. Total Sales Revenue Total Explicit Cost Accounting Profit Total Implicit Cost Total Economic Profit