25UMI BOLliesFinancial year 20211 200Financial year 2022900Wicketer MachineWTS has elected to diversify its operations by producing sustainable plastic bags. On 1 April 2020,a wicketer machine was purchased to create these plastic bags and was immediately brought intouse.The cost of the wicketer machine is as follows:Purchase PriceR70 000InstallationR15 000Staff TrainingR6 500The machine has a useful life of 10 years and management's policy is to revalue the machineevery two years from the date of purchase. The entity adopts the elimination method forrevaluations. The machine is depreciated on a straight-line basis.An independent valuator who is a competent industry expert has determined the fair value of themachine to be R90 000 on the 2nd anniversary of the purchase of the machine.The Financial Director has also approved a policy that the revaluation surplus may be transferredto retained earnings as the asset is used.Required:Q.1.1Calculate the carrying value of the Fruit Filtration Machine at 30 June 2022. Question 1WorthTheSqueeze (WTS) (Pty) Ltd is a cold pressed juice company based in Durban. WTS pridesthemselves on sourcing the freshest organic ingredients for their juices as well as packaging andbottling them sustainably.The details of WTS assets are as follows:Fruit Filtration MachineMachine NameCostPurchase DateAppealer X87501-Jan-212 800 000The entity follows the component approach in the depreciation of its filtration machines. Thefiltering unit is depreciated in accordance with the amount of 250ml juice bottles produced andthe rest of the machine is depreciated on a straight-line basis.Management estimates that the filtration machines have an eight-year useful life with no residualvalue.The filtering unit is 40% of the total cost and it is estimated that the machine will be able to filter4 000 250ml juice bottles over its useful life. The following information is available in respect ofjuice production (250ml bottles):250ml BottlesFinancial year 20211 200900Financial year 2022Wicketer MachineWTS has elected to diversify its operations by producing sustainable plastic bags. On 1 April 2020,a wicketer machine was purchased to create these plastic bags and was immediately brought intouse.< >

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25UMI BOLLIES Financial year 2021 1 200 Financial year 2022 900 Wicketer Machine WTS has elected to diversify its operations by producing sustainable plastic bags. On 1 April 2020, a wicketer machine was purchased to create these plastic bags and was immediately brought into use. The cost of the wicketer machine is as follows: Purchase Price R70 000 R15 000 Installation Staff Training R6 500 The machine has a useful life of 10 years and management's policy is to revalue the machine every two years from the date of purchase. The entity adopts the elimination method for revaluations. The machine is depreciated on a straight-line basis. An independent valuator who is a competent industry expert has determined the fair value of the machine to be R90 000 on the 2nd anniversary of the purchase of the machine. The Financial Director has also approved a policy that the revaluation surplus may be transferred to retained earnings as the asset is used. Required: Q.1.1 Calculate the carrying value of the Fruit Filtration Machine at 30 June 2022.

25UMI BOLLIES Financial year 2021 1 200 Financial year 2022 900 Wicketer Machine WTS has elected to diversify its operations by producing sustainable plastic bags. On 1 April 2020, a wicketer machine was purchased to create these plastic bags and was immediately brought into use. The cost of the wicketer machine is as follows: Purchase Price R70 000 R15 000 Installation Staff Training R6 500 The machine has a useful life of 10 years and management's policy is to revalue the machine every two years from the date of purchase. The entity adopts the elimination method for revaluations. The machine is depreciated on a straight-line basis. An independent valuator who is a competent industry expert has determined the fair value of the machine to be R90 000 on the 2nd anniversary of the purchase of the machine. The Financial Director has also approved a policy that the revaluation surplus may be transferred to retained earnings as the asset is used. Required: Q.1.1 Calculate the carrying value of the Fruit Filtration Machine at 30 June 2022.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter14: The Balanced Scorecard And Corporate Social Responsibility

Section: Chapter Questions

Problem 2PB: Strategic initiatives and CSR Blue Skies Inc. is a retail gardening company that is piloting a new...

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