ACCT 20076 - Assignment 2
.pdf
keyboard_arrow_up
School
Central Queensland University *
*We aren’t endorsed by this school
Course
20076
Subject
Accounting
Date
May 3, 2024
Type
Pages
4
Uploaded by CommodoreGrouse3472 on coursehero.com
ACCT20076: Practical and Written Assessment ================================================================== Due date: Monday of week 9 (11:45 pm (AEST) 6
May
202
4
)
Weight: 20%
================================================================= Objective: This assessment item relates to unit learning outcomes 1,2,3 and 4. Details The assignment must be completed as a group (2-3 students). Before starting this assessment, please read the information on Plagiarism and Academic Misconduct on Moodle. Students are to exhibit knowledge of the subject matter by demonstrating: • Demonstr
ating accuracy in accounting calculations.
• Understanding and the ability to analyse and interpret the information from the calculations
undertaken.
• Breadth of quality of analyses and providing appropriate guidance to management
decision-making.
• Co
mmunication –
use of appropriate grammar and the use of appropriate format.
• Correctly using the APA referencing system to cite academic sources in
-text and in the
reference list.
Allocation of marks Please refer to the marking rubric provided for this assessment task. Please ensure you use the correct referencing style (APA style) as stated in the Unit Profile. Formatting: You must consider the case study provided and write an executive report using Microsoft Word. Your report should be set out in an appropriate format under the following headings: 1.
Title Page
2.
Table of Contents
3.
Executive Summary
4.
Management Accounting Report
5.
Recommendation and Conclusion
6.
References
7.
The report needs to use Times New Roman font, with a font size of 12.
Please adhere to the appropriate format and structure while preparing your report. Utilise the tools available to you in Microsoft Word to create a polished and professional document. Submission requirements You must submit your assignment in Microsoft Word format electronically through the secure upload facility in the Moodle system. Please do not email your assignment to your lecturer or the Unit Coordinator. Please ensure all details are complete on the Cover sheet and that it is your assignment's FIRST page. These are the minimum requirements as outlined in the marking criteria available on the Moodle site. However, students should note that satisfactorily meeting the minimum requirements will typically only result in the minimum pass grade being awarded. Higher grades will be awarded to students that exceed these minimum requirements. See the marking rubric for further details. Assignment questions Melody
Musical Pty Ltd manufactures brass musical instruments for use in Primary and Secondary
School
s across Victoria
. The company uses a job costing system in which
manufacturing overhead is applied based on direct labour hours. The company’s budget for the current year included the following prediction. Budgeted total manufacturing overhead $426,300 Budgeted total direct labour hours 20,300 During March, the firm began two production jobs: •
Job number T81, consisting of 76 trombones.
•
Job number C40, consisting of 110 cornets.
The events of March are described as follows: 1,000 square metres of rolled brass sheet metal were purchased on credit for $5,000. 400 kilograms of brass tubing were purchased on credit for $4,000. The following requisitions were filled on 5 March: -
Requisition number 112: 250 square meters of brass sheet metal @ $5.00 per square
meter (For job number T81)
-
Requisition number 113: 1,000 kilograms of bras tubing @ $10 per kilogram (for job
number C40)
-
Requisition number 114: 10 litres of valve lubricant @ $10.00 litre
-
All brass used in production is treated as direct material. Valve lubricant is an indirect
material.
An Analysis of labour time sheets revealed the following labour usage for March. -
Direct labour: Job number T81, 800 hours @$20 per hour
-
Direct labour: Job number C40, 900 hours @$20 per hour
-
Indirect Labour: general factory clean-up, $4,000
-
Indirect labour: factory supervisory salaries, $9,000
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivable
and allowance for doubtful accounts.
→ BrandMakers maintains a subsidiary ledger for accounts receivable.
→ Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have one
uniform set of payment terms.
→ Payment terms are specified in the contract.
→ In prior years, BrandMakers utilized the following percentages as estimates of uncollectible
accounts. BrandMakers will use the same percentages in the current year.
Aging Category
Current
1-30 days past due
31-60 days past due
Greater than 60 days past due
Percent Estimated
to be Uncollectible
1%
5%
10%
25%
→ The ledger for the beginning of the year and the end of the year can be found in the attached
picture. Also, this worksheet includes an analysis of what occurred during the current year in the
accounts that were open as of the beginning of the year.
arrow_forward
AHEAD | Login
FA_21BUS101A-END-SEM ASSIGI X
https://aheadonline.amrita.edu/courses/34/assignments/2033?module_item_id=9674
Discussions
1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
Courses
Modules
Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
arrow_forward
More info
- X
December 1
Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,900;
the cost of goods sold for each was $400.
December 5 Ritchie received notice of a class-action lawsuit being filed against it. The lawsuit
claims that Ritchie's go-karts have engine defects that appear after the warranty
period expires. The plaintiffs,want Ritchie to replace the defective engines and pay
damages for the owners' losé of use. The cost of replacing the engines would be
approximately $380,000 (not including any damages). Ritchie's attorney believes
that it is reasonably possible that Ritchie will lose the case, but the attorney cannot
provide a dollar estimate of the potential loss amount.
December 20 Ritchie performed repairs due to product warranty complaints for two go-karts sold
earlier in the year. Ritchie's cost of the repairs, paid in cash, was $850.
December 22 An individual claims that he suffered emotional distress from a high-speed ride on a
Ritchie…
arrow_forward
20. If the billing cycle is from the first day of April to the last day of April, howmany days are in the billing period?A. 29B. 28C. 31D. 30
arrow_forward
ge 2 of 16)-Mozilla Firefox
earn.squ.edu.om/mod/quiz/attempt.php?attempt3D1893449&cmid%3D891193&page=D1
ING SYSTEM (ACADEMIC)
Time left 1:50:39
The following information is available for Mazoon company's electricity cost for operating its heavy machinery over the
last quarter of the year 2020.
Month
Machine hours
Electricity cost
September
1,800
$ 11,900
October
1,300
$4
5,200
November
4,800
$15,200
December
6,500
24
19,200
Using the high-low method, the estimated variable cost per machine hour for total cost of electricity is approximately:
O a. $0.37
O b. $2.86
O c. $2.95
O d. $2.69
O e. None of the given answers
Company XYZ produces and sells scientific calculators. The company is currently producing and selling 10,000 units. At
this level, the fixed expenses were $10,500. In order to expand sales, the company plans to reduce the selling price by
$2, which is expected to improve unit sales by 40% and achieve fixed cost savings of $9,000. Given that the company
does not pay…
arrow_forward
montife
Installme
Parment: 678.41
perjod Beginning Bolah
prezare t
firs)
twe
arrow_forward
A https://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&launchUrl=https%253A%2... ☆
- Apply: Current and Long-Term Liabilities ... G
Saved
Help
Save & Exit
Submit
1
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal
year ends December 31, and the 2021 financial statements are issued on March 15, 2022.
a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against
Eastern in the amount of $116 million plus interest, a total of $131 million. Eastern plans to appeal the judgment and is unable to
predict its outcome though it is not expected to have a material adverse effect on the company.
b. In November 2020, the State of Nevada filed suit against Eastern, seeking civil penalties and injunctive relief for violations of
environmental laws regulating hazardous waste. On January 12, 2022, Eastern reached a settlement…
arrow_forward
Given the NYSE advancing/declining (Num) and volume (Vol)
Advancing DecliningDay Num Vol Num Vol1 492 346 2493 35072 2244 2587 714 6803 1940 1725 979 12764 2035 2169 904 10765 743 823 2143 2431 What is the Advance-Decline Volume (AD Volume) for day 4?
arrow_forward
6:41
+ Module1_PPE...
Tel Nos.: (+63 43) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1546/1822
Email Address: president@g.batstate-u.edu.ph Website Address: http://www.batstate-u.edu.
Problem 23-15 (AICPA Adapted)
On December 31, 2020, Bart Company purchased a machin,
in exchange for a noninterest bearing note requiring eight
payments of P200,000.
The first payment was made on December 31, 2020 and
the others are due annually on December 31.
At date of issuance, the prevailing rate of interest for thi,
type of note was 11%.
PV of an ordinary annuity of 1 at 11% for 8 periods 5.146
PV of an annuity of 1 in advance at 11% for 8 periods 5.712
1. What amount should be recorded as initial cost of the
machine?
a 1,600,000
b. 1,029,200
c. 1,400,000
d. 1,142,400
2. What is the discount on note payable on December 31,
2020?
a. 657,600
b. 457,600
c. 570,800
d.
3. What is the interest expense for 2021?
a. 125,664
b. 103,664
c. 113,212
d. 176,000
4. What is the carrying amount of note…
arrow_forward
Auditing || fall20
Dashboard
My courses
ACCT4141_iram_fall20
WEEK 7: 25 OCTOBER - 31 OCTOBER
Case study 2
Separate groups: 5
My Submissions
Case 2
Title Start Date Due Date Post Date Marks Available
Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
Summary:
On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
The charity’s income is derived wholly from voluntary donations. Sources of donations include:
(i) Cash collected by volunteers asking the public for donations in shopping areas,
(ii) Cheques sent to the charity’s head office,
(iii) Donations…
arrow_forward
A Question Completion Status:
1
2
3
5
8
9
10
11
12
13
14
15
Close Window
A Moving to another question will save this response.
Question 2 of 15
Save Answer
Question 2
XYZ reports the following information for 2022: sales revenue $1,000,000; cost of goods sold $500,000; operating expenses $290,000; gain on sale of land $50,000; an unrealized gaun
in the value of the office building of $160,000; an unrealized loss on available-for-sale securities of $40,000; and an unrealized gain in the value of the company's reputation of
S100,000. It declared cash dividend of $150,000 (of which $37,500 will be paid 1/15/23) in 2022. The company issued 15,000 shares on 8/1/22 for equipment valued at $70,000and
10,000 shares on 4/1/22 for $50,000. Tax rate for 2022 is 20%.
As of 12/31/21, XYZ has common stock PV $3, issued 100,000 shares at an average issue price of $4.50; accumulated other comprehensive income S120,000; and retained earmings
S600,000.
Prepare the Stockholders' equity section of the…
arrow_forward
7-2 Project: Company Accour x
121. Project Guidelines and Rubric x
121. 7-1 Problem Set: Module Sev X
CengageNOWv2 | Online tea
now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress3false
eBook
Show Me How
Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
1.8
Check My Work
Divide the sum of net income and interest expense by average total assets.
Previa
Check My Work
ADE
dy
arrow_forward
17.39 .. 90
PROBLEMS OF SEMESTER FINAL TEST 2021
Word
es
Mailings
Review
View
Help
O Tell me what you want to do
Aa -
AaBbCeDd AaBbCcl AaBbCcDe AaBbCcDe AaBt
Heading 2 Heading 3
T Normal I No Spac. Headin
Paragraph
Styles
4.5.6 7 8.. 9. • 10. 11 12. 13. 14. 15.I
Thursday : January 21, 2021 --- 80 Minutes
1. In this section we examine three theories of investor preference: The dividend irrelevance
theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
and if its accounts payable average $ 657.535. What is the length of the cash conversion
sicle?
3. The ELGRAJO Corporation has capital structure as follow…
arrow_forward
CALLS
Jan 12 '18 (41 days)
PUTS
12.35
0.00 12.45 13.10
05
23.28% 0.8184
160
1.30
0.00 1.18 1.33
0 260
22.44% -0.175
10.14
0.00 10.35 11.00
01
22.25% 0.7714
162.5
1.64
0.00 1.60 1.75
09
21.65%
-0.225
8.45
0.00 8.55 8.85
0 15
21.28% 0.7133
165
2.30
0.00 2.17 2.31
0 10
20.96 % -0.2865
6.70
0.00 6.80 7.05
00
20.58% 0.6427
167.5
3.15
0.00 2.89 3.05
0 107
20.31 % -0.359
5.23
0.00 5.30 5.55
0 234
20.30 % 0.5619
170
4.25
0.00 3.80 4.00
0 406
19.72 % -0.4412
4.10
0.00 3.95 4.10
0 283
19.55 % 0.4763
172.5
5.05
0.00 5.00 5.20
02
19.39 % -0.5296
3.03
0.00 2.94 3.10
0 132
19.60 % 0.3919
175
8.25
0.00 6.40 6.65
05
19.07 % -0.6189
2.16
0.00 2.11 2.24
037
19.45% 0.3119 ▾
177.5
8.80
1.57 0.00 1.50 1.59
025
19.46 % 0.2417
180
11.67
0.00 8.05 8.35
0.00
00
18.90% -0.703
1.09 0.00 1.04 1.18
0 14
19.73% 0.1853
182.5
0.00
9.95 10.25
0.00 11.85 12.70
00
18.89 % -0.777
00
19.66 % -0.8285
The table above shows the prices for Apple Calls and Puts with expiration of January 12, 2018.
Apple was trading at 171.05…
arrow_forward
10:59
* ll l O
NO
DAT
AGSESSVENT
POST FACH 3OUENAL ENTEY TO Is dOR kESPUDILla LED GER
(CRITE YOHR ANSUER S N SEPARATE OF PAPPIR
THE OWNER P(URCAASED SUPPIFS WORTAPIe
GENERAL SDUENAL
PAGE1
DATE
A CCOUNT TIFFLE AND FXPLANTI ON PR
DEBIT CREDF
2019
JUL-
SUPPLIES
CASA
AC COUNT HAME
ACCOUrt TITLY
AN EXPLEHATIDN
ACCOUT HO
CREDIT BALANCFS
DATE
J.R
DEBIT
ACCOLNT NAME
ACOCUNT TITLE
DATE LAND EKPLAIATi J.R
ACCOUnT HD-
CREDIT IBALANCES
DEBIT
TitE BUSINESS RECENED P 8. FOR SERVICES RENDFRED
6FNERALTOURNAL
ACCOUNT TITLE AND PR DFBIT
EXPLAH RTIDN
DATE
CREDIT
2019
sul-
CASH
SERVICE REVE MUE
46
arrow_forward
A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab tab gr
Jill bought a $730 rocking chair. The terms of her revolving charge are 2% on the unpaid balance from the previous month. If she pays
$100 per month, complete a schedule for the first 3 months like Table 14.3. Be sure to use the U.S. Rule. (Round your final answers to
the nearest cent.)
Monthly
Outstanding
Amount of
Outstanding
balance due
2.0% interest
Reduction in
рayment
number
monthly payment
balance due
payment
balance due
acer
3.
arrow_forward
NOWV2 | Online teachin x
+
EAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator%=&inprogress=false
eBook
Show Me How
July 31
Not
1-30
31-60
61-90
Over 90
Past
Days
Days
Days
Days
Customer
Balance
Due
Past Due
Past Due
Past Due
Past Due
Subtotals
1,050,000 600,000
220,000
115,000
৪5,000
30,000
Boyd Industries
36,000
36,000
Hodges Company
11,500
11,500
Kent Creek Inc.
6,600
6,600
Lockwood Company
7,400
7,400
Van Epps Company
13,000
13,000
Totals
1,124,500 607,400
233,000
121,600
96,500
66,000
Percentage uncollectible
1%
3%
12%
30%
75%
Allowance for Doubtful Accounts
106,106
6,074
6,990
14,592
28,950
49,500
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31.
Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank.
88
July 31
Next
Check My Work
Email Instructor
Save and Exit
Submit Assignment for Gradin
arrow_forward
i 1:50 O O
*UN 40 80%
5 The company dseouteda P10.000, 0 ay, 6 ne on November 15, 2019,
Orgnal entry
Adisting ertry
PHACTICAL EXERCISE
testruction: Lung the ecerse mettod tis tare, p te ongral entry ot the tregoing ransations and
the neonsary adjuing ery at the end of the acrting pered. Der. 31,201a
Protiem
Tha trai talance ot the Mabils Fapar Shop appean below at the and f in calondar penad
MABLIS REPAR SHOP
Trial Balance
Decenter 31, 2019
Cash an tand
Accounta Recevable
Estnand Uncotectbie Accourta
10.000
25.000
P.
1.000
30.000
750
Ns Receivatie
Shop Equohert
Actumuuted Depreciafen-Shep Egipmert
Furte and Fature
Acrumuuted Deorsaton-Fuinture ard Fatue
Accourts Poyable
tows Payable
Lenes Capits
Leynes, Driwing
Service ncome
Salares Expanse
Rant Expense
Suopies Erper
Tann and Liman
Ligt and Water Expenua
2000
.000
5.000
11.000
12.000
44.750
1.000
30 D00
8000
4000
1.500
1000
105.500
105.S00
A4ssoral ielomation
1. Urpad taxes P600
2 Acorued satarien P1000
1 Acortued interst on netes…
arrow_forward
Continue:
BFIN 300 Fal X
M Inbox (11,43 X
Week 4, We
Do/Con
A https://blackboard.albany.edu/webapps/assessment/take/take.jsp?course_assessment id=_152523 1&course_id= 157898 1&content id= 60538.
To
How To Factory Res..
O Honey
P MyLab IT | Pearson M Inbox (10,367) - rde.
Ot
WN. CPU.
Google WebAssign - Blackboard Learn
K.J. Lee, CFA, an analyst with
Water's Edge
Securities, estimates the
market risk premium is 6.80%
and the risk-free rate is
2.10%. She's calculated the
beta for Summerfield Tech as
0.94, and she estimates the
expected return is:
O Type here to search
5:54 PM
10/25/2021
arrow_forward
السؤال 5 من 0ما
يمنع الانتقال إلى السؤال التالي إجراء تغي يرات على هذه الإجابة.
übja 1.5
السؤال 5
The following are the information relating to KIAS Est. for the year 2020. Current Assets SR 300,000; Current Liabilities SR 150,000; Inventories SR 25,000; Goodwill SR"
"125,000; Share Capital SR 250,000; Prepaid Expenses SR 25,000;Calculate the The value of liquid assets
"a) SR 250 0o00" O
arrow_forward
mpt3D1764895&cmid%3875183&page%=15
SQU E-I
SQU PORTAL ATTENDANCE
خدمات التعلم الإلكتروني -
"الوقت المتبقي 1:32:46
and $2 200% a O
and $2 $40 .b O
and 150% $2 .cO
.d O
None of the given answer
and 150% $40 e O
Ali is a member of a family that consists of him, his father. his mother and his older brother. Each
member of the family has his own mobile phone. Each mobile phone is on a post-paid plan, for which a
monthly bill is received at the end of each month. The electricity, on the other hand, is provided to the
entire house in general, with one bill is received at the end of each month. The father has recently
received the phone bill of Ali and wishes to do some analysis of the phone consumption. Assuming that
the value of the phone bill is calculated based on the number of minutes consumed with no
:subscription fees. In the above information, the cost of the phone bill to Ali is
A direct, variable cost
.a O
An indirect fixed cost .b C
A direct fixed cost
.c O
An indirect, variable…
arrow_forward
Central Valley Construction (CVC) purchased $80,000 of sheet metal fabricating equipment from Buffalo Supply on January 1,
20X1. CVC paid $15,000 cash and signed a five-year, 10% note for the remaining $65,000 of the purchase price. The note
specifies that payments of $13,000 plus interest be made each year on the loan's anniversary date. CVC made the required January 1, 20X2,
payment but was unable to make the second payment on January 1, 20X3, because of a downturn in the construction industry. At this time,
CVC owed Buffalo Supply $52,000 plus $5,200 interest that had been accrued by both companies. Rather than write off the note and
repossess the equipment, Buffalo Supply agreed to restructure the loan as one payment of $50,000 on January 1, 20X5, to satisfy the
Page 9-40
restructured note.
arrow_forward
. McGrav
9 Questio
O Questio t Dr. Dav
Home
G 1. what
WFinal e
W Word
CU One
O New Ta
O (202) Y 6
x
A courses.campbellsville.edu/pluginfile.php/3951141/mod_resource/content/1/TVM_Self-Assessment%20Assignment%20Spring%202019.docx
M doooi M Gmail
Assessment Assignment Spring 2019.docx
prmat Tools Help
BIU A - A -
喜
Normal
Calibri
11
Name
TVM-Self Assessment Assignment
Show your work for all answers!
1. Today Zack purchased an investment grade gold coin for $50,000. He expects the coin to increase in value at a
rate of 12% compounded annually for the next 5 years. How much will the coin be worth at the end of the fifth
year if his expectations are correct?
2. Jason purchased $60,000 worth of silver coins 8 years ago. The coins have appreciated 7.5% compounded
annually over the last 8 years. How much are the coins worth today?
3. Kasey wants to give her daughter $25,000 in 8 years to start her own business. How much should she invest
today at an annual interest rate of 8% compounded…
arrow_forward
?Refer to CASE 1 (Company A): What is the activity rate for the Inspection activity cost pool
$12.20 a O
$890.00 b O
$6.00 .c O
None of the amounts given d O
arrow_forward
ANotes X A Soluti x
A Notes x
A Soluti x
A Tuton X
Answ X
OTgzNDkyOTcw/a/MJU1MTU2OT94NZAX/details
2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac
2020:
RM
83,030
1,620
800
145,800
10,000
8,500
232,950
68,000
3,600
8,400
4,300
9,600
3,180
28,400
16,440
Particulars
Capital
Carriage in
Carriage out
Purchases
Office equipment
Motor vehicle
Sales
Wages and salaries
Rent and rates
Lighting and heating
Vehicles running cost
Telephone expenses
General office expenses
Debtors
Creditors
Provision for depreciation:
Motor vehicle
Office equipment
Provision for doubtful debts
4,250
4,000
500
13,570
6,200
Drawings
Cash at bank
Cash in hand
Stock as at 1 April 2019
Return inwards
Return outwards
300
8,000
3,800
2,900
Additional information as at 31 Mac 2020:
Stock on hand was valued at RM8,800
Rent and rates prepaid RM1,200
Wages and salaries RM1,750
iv.
i.
ii.
i.
Depreciation is to be provided as follows:
a. Motor vehicles
b. Office equipment
50 % reducing…
arrow_forward
Please answer the question Minimum 150 words
What are the most important statements of the Annual report? Why are they important ? What do they measure?
arrow_forward
P4_BAAC 210
S1/ GENERAL ANNOUNCEMENTS
Link- April 19,8.30 am -11.30 am
Overhead expenses can be classified according to
a. Functions
O b. Elements
on
C. All of the above
O d. Behaviour
pace
arrow_forward
pter X +
education.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity
er 15, 16, and 17 i
Saved
Help
Save &
On January 1, 2024, Robertson Construction leased several items of equipment under a two-year operating lease agreement from
Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent
and depreciation semi-annually.
payments of $54,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison
Leasing at a cost of $374,000 and was expected to have a useful life of 6 years with no residual value. Both firms record amortization
Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Required:
Prepare the appropriate journal entries for the lessee from the beginning of the lease through the end of 2024.
intermediate and final…
arrow_forward
42)
Identify the term, which is used for the full payment is due on the 15th of the month following the invoice date from the following?
a.
15MFI
b.
1/10
c.
2/10
d.
3/EOM
arrow_forward
Third Party A/R Report
Days Outstanding
91-120
Payer
|Payer Code
Current
31-60
61-90
121-150 151-180
180+
Total Balance
Aetna
ΑΕΤΝΑ
7175
3712
402
469
4814
225
1018
17816
Blue Cross/Blue
Shield
BCBS
18441
9541
1034
856
9307
306
4608
44094
|Cigna Health
CGNA
12381
6406
694
900
8616
201
3094
32292
HCSC
HCSC
23744
12285
1332
1196
8237
573
2331
49698
Humana
| ΗΜΝΑ
32686
16912
1833
2016
15465
1219
3873
74004
Kaiser
KSR
1639
848
92
60
924
142
410
4115
Medicaid
MDCD
2923
1512
164
157
771
70
730
6328
Medicare
MDCR
84021
43472
4712
5264
25830
796
1289
165385
United Health
UNHTH
51095
26437
2866
2454
19051
780
2378
105060
WellPoint
WLPT
2586
1338
145
94
992
47
646
5848
Worker's Comp
WCMP
2220
1149
125
226
15264
691
555
20229
Reports Totals
|% Aged
238911
123613
13400
13692
109271
5050
20932
524869
45.52%
23.55%
2.55%
2.61%
20.82%
0.96%
3.99%
Note: This is fictional data created for academic purposes.
arrow_forward
1ll 23
4G
15:18| 0.0KB/s0
Tutorial 11.pdf
Tutorial 11
Submission date: 1 February 2021 before 12.00pm
1.
Jorasmi Enterprise
Trial Balance as at 31 December 2020
Particulars
Debit
Credit
RM
RM
Inventory of raw materials 1 Jan 2020
Inventory of finished goods 1 Jan 2020
21,000
38,900
13,500
325,000
7,000
3,500
370,000
Work in progress 1 Jan 2020
Wages (direct RM180,000, factory indirect RM145,000)
Royalties
Carriage inwards (on raw materials)
Purchases of raw materials
Productive machinery (cost RM280,000)
Administration computers (cost RM20,000)
General factory expenses
Lighting
Factory power
Administration salaries
230,000
12,000
31,000
7,500
13,700
44,000
30,000
Sales representative salaries
Commission on sales
Rent
11,500
12,000
Insurance
General administration expenses
Bank charges
Discount allowed
Carriage outwards
4,200
13,400
2,300
4,800
5,900
1,000,000
64,000
Sales
Account receivable and accounts payable
Bank
Cash
Drawings
Capital as at 1 Jan 2020
142,300
16,800
1,500
60,000…
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Related Questions
- Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivable and allowance for doubtful accounts. → BrandMakers maintains a subsidiary ledger for accounts receivable. → Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have one uniform set of payment terms. → Payment terms are specified in the contract. → In prior years, BrandMakers utilized the following percentages as estimates of uncollectible accounts. BrandMakers will use the same percentages in the current year. Aging Category Current 1-30 days past due 31-60 days past due Greater than 60 days past due Percent Estimated to be Uncollectible 1% 5% 10% 25% → The ledger for the beginning of the year and the end of the year can be found in the attached picture. Also, this worksheet includes an analysis of what occurred during the current year in the accounts that were open as of the beginning of the year.arrow_forwardAHEAD | Login FA_21BUS101A-END-SEM ASSIGI X https://aheadonline.amrita.edu/courses/34/assignments/2033?module_item_id=9674 Discussions 1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020. Grades Particulars Amount (Dr) Amount(Cr) 4,80,000 Сapital Drawings Land & Building People 1,35,000 4,50,000 Pages Account Creditors 3,15,000 Files Plant& Machinery 1,20,000 Purchase returns 7,950 Syllabus Bills receivable 18,000 Dashboard Sales 6,54,000 Quizzes Opening stock 1,20,000 1,53,000 78,000 1,500 3,000 1,14,000 10,200 79,800 1,35,000 3,600 6,000 18,000 11,850 Courses Modules Purchase Wages Carriage outwards Carriage inwards Salaries Calendar Discount Inbox Bank balance Debtors Bad debts Sales returns Furniture Advertisements Total 14,56,950 14,56,950 Adjustments: Stock on 31st December,2020 is Rs. 1,05,000 Machinery & Furniture to be depreciated @ 10%. Wages outstanding is Rs. 4,50O Prepaid Advertisement is Rs.1,500 A…arrow_forwardMore info - X December 1 Ritchie sold 14 go-karts on account. The selling price of each go-kart was $1,900; the cost of goods sold for each was $400. December 5 Ritchie received notice of a class-action lawsuit being filed against it. The lawsuit claims that Ritchie's go-karts have engine defects that appear after the warranty period expires. The plaintiffs,want Ritchie to replace the defective engines and pay damages for the owners' losé of use. The cost of replacing the engines would be approximately $380,000 (not including any damages). Ritchie's attorney believes that it is reasonably possible that Ritchie will lose the case, but the attorney cannot provide a dollar estimate of the potential loss amount. December 20 Ritchie performed repairs due to product warranty complaints for two go-karts sold earlier in the year. Ritchie's cost of the repairs, paid in cash, was $850. December 22 An individual claims that he suffered emotional distress from a high-speed ride on a Ritchie…arrow_forward
- 20. If the billing cycle is from the first day of April to the last day of April, howmany days are in the billing period?A. 29B. 28C. 31D. 30arrow_forwardge 2 of 16)-Mozilla Firefox earn.squ.edu.om/mod/quiz/attempt.php?attempt3D1893449&cmid%3D891193&page=D1 ING SYSTEM (ACADEMIC) Time left 1:50:39 The following information is available for Mazoon company's electricity cost for operating its heavy machinery over the last quarter of the year 2020. Month Machine hours Electricity cost September 1,800 $ 11,900 October 1,300 $4 5,200 November 4,800 $15,200 December 6,500 24 19,200 Using the high-low method, the estimated variable cost per machine hour for total cost of electricity is approximately: O a. $0.37 O b. $2.86 O c. $2.95 O d. $2.69 O e. None of the given answers Company XYZ produces and sells scientific calculators. The company is currently producing and selling 10,000 units. At this level, the fixed expenses were $10,500. In order to expand sales, the company plans to reduce the selling price by $2, which is expected to improve unit sales by 40% and achieve fixed cost savings of $9,000. Given that the company does not pay…arrow_forwardmontife Installme Parment: 678.41 perjod Beginning Bolah prezare t firs) twearrow_forward
- A https://ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&launchUrl=https%253A%2... ☆ - Apply: Current and Long-Term Liabilities ... G Saved Help Save & Exit Submit 1 Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $116 million plus interest, a total of $131 million. Eastern plans to appeal the judgment and is unable to predict its outcome though it is not expected to have a material adverse effect on the company. b. In November 2020, the State of Nevada filed suit against Eastern, seeking civil penalties and injunctive relief for violations of environmental laws regulating hazardous waste. On January 12, 2022, Eastern reached a settlement…arrow_forwardGiven the NYSE advancing/declining (Num) and volume (Vol) Advancing DecliningDay Num Vol Num Vol1 492 346 2493 35072 2244 2587 714 6803 1940 1725 979 12764 2035 2169 904 10765 743 823 2143 2431 What is the Advance-Decline Volume (AD Volume) for day 4?arrow_forward6:41 + Module1_PPE... Tel Nos.: (+63 43) 980-0385; 980-0387; 980-0392 to 94; 425-7158 to 62 loc. 1546/1822 Email Address: president@g.batstate-u.edu.ph Website Address: http://www.batstate-u.edu. Problem 23-15 (AICPA Adapted) On December 31, 2020, Bart Company purchased a machin, in exchange for a noninterest bearing note requiring eight payments of P200,000. The first payment was made on December 31, 2020 and the others are due annually on December 31. At date of issuance, the prevailing rate of interest for thi, type of note was 11%. PV of an ordinary annuity of 1 at 11% for 8 periods 5.146 PV of an annuity of 1 in advance at 11% for 8 periods 5.712 1. What amount should be recorded as initial cost of the machine? a 1,600,000 b. 1,029,200 c. 1,400,000 d. 1,142,400 2. What is the discount on note payable on December 31, 2020? a. 657,600 b. 457,600 c. 570,800 d. 3. What is the interest expense for 2021? a. 125,664 b. 103,664 c. 113,212 d. 176,000 4. What is the carrying amount of note…arrow_forward
- Auditing || fall20 Dashboard My courses ACCT4141_iram_fall20 WEEK 7: 25 OCTOBER - 31 OCTOBER Case study 2 Separate groups: 5 My Submissions Case 2 Title Start Date Due Date Post Date Marks Available Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100 Summary: On Chapters 9, 10, and 11: The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football. YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year. The charity’s income is derived wholly from voluntary donations. Sources of donations include: (i) Cash collected by volunteers asking the public for donations in shopping areas, (ii) Cheques sent to the charity’s head office, (iii) Donations…arrow_forwardA Question Completion Status: 1 2 3 5 8 9 10 11 12 13 14 15 Close Window A Moving to another question will save this response. Question 2 of 15 Save Answer Question 2 XYZ reports the following information for 2022: sales revenue $1,000,000; cost of goods sold $500,000; operating expenses $290,000; gain on sale of land $50,000; an unrealized gaun in the value of the office building of $160,000; an unrealized loss on available-for-sale securities of $40,000; and an unrealized gain in the value of the company's reputation of S100,000. It declared cash dividend of $150,000 (of which $37,500 will be paid 1/15/23) in 2022. The company issued 15,000 shares on 8/1/22 for equipment valued at $70,000and 10,000 shares on 4/1/22 for $50,000. Tax rate for 2022 is 20%. As of 12/31/21, XYZ has common stock PV $3, issued 100,000 shares at an average issue price of $4.50; accumulated other comprehensive income S120,000; and retained earmings S600,000. Prepare the Stockholders' equity section of the…arrow_forward7-2 Project: Company Accour x 121. Project Guidelines and Rubric x 121. 7-1 Problem Set: Module Sev X CengageNOWv2 | Online tea now.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress3false eBook Show Me How Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $224,540 Interest expense 39,620 Average total assets Determine the return on total assets. If required, round the answer to one decimal place. 1.8 Check My Work Divide the sum of net income and interest expense by average total assets. Previa Check My Work ADE dyarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,