Problem 1 (6 Marks) On 1 January 2015, KZ Ltd purchased equipment for a total cost of $55,000. The estimated
useful life of the equipment was 8 years, with an estimated residual value of $5,000. The
entity's reporting period ends on 30 June, and it uses straight-line depreciation. On 1 July
2017, KZ Ltd revalued the equipment upwards to reflect the fair value of $70,000. The
revised useful life was 7 years and residual value was estimated at $nil. On 1 January 2019,
KZ Ltd sold the equipment for $56,500.
Prepare the following journal entries (assuming no GST):
a) journal entries on 1 July 2017 for the revaluation of the equipment.
b) Journal entry on 30 June 2018 for the depreciation expense.
c) Journal entries on 1 January 2019 for the sale of the equipment.
Solution:
KZ'td

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What is marketing’s contribution to the new product development team? a. technical expertise needed to translate designs into an actual product/service. b. deep customer insight that leads to product ideas. c. ability to assess financial viability d. feedback on design as well as how customers will actually use the product e. technical expertise needed to translate concepts into product/service designs.

crow design, inc. is a web site design and consulting firm. the firm uses a job order costing system in which each client is a different job. crow design assigns direct labor, licensing costs, and travel costs directly to each job. it allocates indirect costs to jobs based on a predetermined overhead allocation rate, computed as a percentage of direct labor costs. direct labor hours (professional) 6,250 hours direct labor costs ($1,800,000 support staff salaries ,000 computer ,000 office ,000 office ,000 in november 2012, crow design served several clients. records for two clients appear here: delicious treats mesilla chocolates direct labor 700 hours 100 hours software licensing $ 4,000 $400 travel costs 8,000 1. compute crow design’s direct labor rate and its predetermined indirect cost allocation rate for 2012. 2. compute the total cost of each job. 3. if simone wants to earn profits equal to 50% of service revenue, how much (what fee) should she charge each of these two clients? 4. why does crow design assign costs to jobs?