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Answer Test Group No.2-K27kt
Answer Test Group No.2-K27kt
Answer Test Group No.2-K27kt
2
Case study 1:
Answer:
(a)
Sum-of-the-Years'-Digits Method 2022 2023
Equipment $4,320,000 $4,320,000
Less: Accumulated Depreciation 690,000 1,932,000
Year-End Book Value 3,630,000 2,388,000
Depreciation Expense for the Year 690,000(*) 1,242,000(**)
Double-Declining Balance Method
Equipment $4,320,000 $4,320,000
Less: Accumulated Depreciation 864,000 2,246,400
Year-End Book Value 3,456,000 2,073,600
Depreciation Expense for the Year 864,000(***) 1,382,400(****)
(b)
Depreciation expense 2022 = (4,320,000 – 180,000)/5 *1/2 = $414,000
Depreciation expense 2023 = (4,320,000 – 180,000)/ 5 = $828,000
Accumualted Depreciation after 2 years = $1,242,000
Carrying amount after 2 years = $4,320,000 – 1,242,000 = $3,078,000
During 2024, the company determined that the equipment would be useful to the company
for only one more year beyond 2024. Residual value is estimated at $120,000.
➔ Useful (new) = 2 yrs
Residual value = $120,000
Carrying amount = $3,078,000
Depreciation expense 2024 = (3,078,000 – 180,000)/2 = $1,479,000
Case study 2:
Answer:
1. The revenue FPT would recognise in quarter ended 30 June 2022 is $60,590 (= 83 x
730)
2. The revenue FPT would recognise in quarter ended 30 September 2022: 0
(không có nghiệp vụ mua bán nào phát sinh liên quan trong quý kết thúc vào ngày
30/9/2022)
Case study 3:
Answer:
Revenue of machine which sold on 1 August 20x1 would be recorded at 31 December 20x1
at $264
The discount should be allocated to each part of the bundled sale. Applying the discount
across each part gives revenue as follows:
- Washing machine: $144 ($180 × $320/$400)
- Installation fee $80 ($100 × $320/$400)
- One year technical support service: $96 ($120 × $320/$400)
The revenue in relation to the goods and installation should be recognised on 1 August 20X1.
As 5 months of the service has been performed (from 1 August to 31 December 20X1), then
$40 should be recognised ($96 × 5/12).
This gives a total revenue for the year of 144 + 80 + 40 = $264