On 1 July 2023, Perth Ltd Entered into a 50:50

question 18

Multiple Choice

On 1 July 2023, Perth Ltd entered into a 50:50 joint operation with Hobart Ltd to develop robotic home appliances. Each operator's initial contribution was $1 million. Perth contributed $500 000 cash and equipment with a fair value of $500 000 and a book value of $400 000. The remaining useful life of the equipment contributed by Perth is 5 years. Tasmania Ltd contributed $1 million cash. Additional information:
An extract of the joint operation's balance sheet at 30 June 2024 shows:
$\begin{array}{lr}\text { Assets }&\$\\\text { Cash } & 290,000 \\\text { Raw materials } & 80,000 \\\text { Work in progress } & 460,000 \\\text { Finished goods inventories } & 100,000 \\\text { Equipment } & 500,000 \\\text { less: Accumulated depreciation } & -100,000\\\text { Total Assets }&1,330,000\\\text { Liabilities }\\\text { Accrued wages } & 40,000 \\\text { Accounts payable } & 140,000 \\\text { Total Liabilities } & \$ 180,000 \\\text { Net Assets } & \mathbf{1 , 1 5 0 , 0 0 0}\end{array}$ Production costs for the joint operation for the year ended 30 June 2024 were:
$\begin{array}{lr}\text { Raw materials } & \$ 420,000 \\\text { Wages } & 340,000 \\\text { Depreciation } & 100,000 \\\text { Overhead expenses } & 550,000\\\text { Total production costs } & 1,410,000 \\\text { Less Cost of inventories } & -950,000 \\ \text { Work in Progress at 30 June 2024 } & \$ 460,000\end{array}$ Cash receipts and payments for the year ended 30 June 2024 were:
$\begin{array}{lr}&\text { Payments }&\text { Receipts }\\\text { Contributions }&&\$1,500,000\\\text { Wages } & \$ 300,000 \\\text { Raw materials } & 360,000 \\\text { Overhead expenses } & 550,000\\&\$1,210,000&\$1,500,000\end{array}$ Tasmania Ltd's initial contribution entry will include a debit to the Cash in JO account of:

• A) $750 000.
• B) $1 000 000.
• C) $1 500 000.
• D) $2 000 000.

Recognize the role of traditional healers and alternative health practices in various cultures.

Identify strategies for improving access to healthcare for minority groups.

Understand the significance of biologic variations among different ethnicities in clinical practice.

Recognize the importance of self-awareness and self-assessment in achieving cultural competence.

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Definitions:

Two Gallons of Milk

A specific quantity of milk, equivalent to approximately 7.57 liters, often used in reference to grocery shopping or consumption tracking.

Extensive Decision Making

A complex process involving significant research and evaluation, typically associated with high-value or infrequent purchases.

Buying Decision

The process by which a consumer identifies a need or desire, gathers information, evaluates choices, and finally selects a product or service.

Decision-making Process

A structured approach to making choices by gathering information, identifying alternatives, weighing options, and choosing a course of action.