Single Entity Accounts

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. Calculate the Net Realizable Value (NRV) of the damaged tractors. (Enter the number only)

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. Calculate the required write-down amount for the damaged tractors. (Enter the number only)

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the impact of the inventory adjustment on the draft net profit?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the initial journal entry to correct the $200,000 machine incorrectly charged to repairs (ignoring depreciation for a moment)?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. Calculate the depreciation charge for the new machine for the year ended 30 September 20X6. (Enter the number only)

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the NET impact of correcting the machine error (including depreciation) on the draft net profit?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the journal entry to record the legal provision?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the impact of the legal provision on the draft net profit?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. What is the impact of the allowance for receivables increase on the draft net profit?

SCENARIO: AgriSteel Heavy Industries manufactures specialized farming machinery. Draft financial statements for the year ended 30 September 20X6 show a draft net profit of $1,200,000. The following adjustments are needed: 1) Closing inventory was valued at cost $450,000, but includes damaged tractors costing $50,000 that can only be sold for $30,000 after $5,000 repair costs. 2) A machine bought for $200,000 on 1 Oct 20X5 was incorrectly charged to repairs. Depreciation is 20% reducing balance. 3) A provision for a legal claim of $80,000 needs to be created. 4) The allowance for receivables needs to increase by $15,000. Calculate the final adjusted net profit for the year. (Enter the number only)