Get college assignment help at uniessay writers The population in Catholic New France grew very slowly for all of the following reasons except
Worksheet For the Year Ended September 30, 2014 Adjusted Trial Balance Trial Balance Cr. Dr Dr. Cr. 34,400 18,600 29,900 80,000 120,000 Cash 34,400 2,200 10,900 80,000 120,000 Supplies Prepaid Insurance Land Equipment Accumulated Depreciation-Equip Accounts Payable Unearned Ticket Revenue 36,200 14,600 3,900 50,000 60,000 36,100 42,200 14,600 1,000 50,000 60,000 36,100 Mortgage Payable Share Capital Ordinary Retained Earnings Dividends Ticket Revenue 14,000 14,000 277,900 280,800 Salaries and Wages Expense Maintenance and Repairs Expense Advertising Expense Utilities Expense Property Tax Expense Interest Expense 98,000 30,500 9,400 16,900 21,000 6,000 478,700 98,000 30,500 9,400 16,900 24,000 8,000 Totals 478,700 Insurance Expense Supplies Expense Interest Payable Depreciation Expense Property Taxes Payable 19,000 16,400 2,000 6,000 3,000 489,700 Totals 489,700
Total 23 Marks Question 1 Suggested time allocation: 41.4 Minutes The bank portion of the bank reconciliation for Lord Limited as at 31 March 2018 was as follows. Lord Limited Bank Reconciliation As at 31 March 2018 $12,444.70 1,530.20 13,974.90 Cash Balance per bank Add: Outstanding deposits Less: Un-presented Cheques Cheque number Cheque Amount $1,260.40 720.10 2451 2470 2471 844,50 2472 503.60 2474 1,050.00 4,378.60 $9,596.30 Adjusted cash balance per bank The adjusted cash balance per bank agreed with the cash balance per books as at 31 March 2018 The April 2018 bank statement showed the following cheques and deposits: Bank Statement Cheques Deposits Amount S 1,530.20 1,211.60 Amount $ Date Cheques number 1/4 2/4 5/4 4/4 8/4 10/4 15/4 18/4 27/4 30/4 29/4 Date 1/4 4/4 8/4 13/4 18/4 21/4 25/4 28/4 30/4 2470 720.10 844.50 2471 2474 1,050.00 1,640.70 2,830.00 600.00 990.10 2475 2,575.00 1,472.70 2,945.00 2,567.30 1,650.00 1,186.00 16,127.90 2476 2477 2479 1,750.00 1,330.00 2480 2481 695.40 2483 575.50 Total 900.00 2486 Total 12,936.20 The records per books for April 2018 showed the following. Cash Pavment Journal Cash Receipt Journal Amount $ Amount S Date Cheque number 2475 $1,640.70 Amount Date Cheque number Date 1/4 2/4 2/4 4/4 8/4 10/4 15/4 18/4 20/4 22/4 23/4 24/4 29/4 30/4 3/4 7/4 12/4 17/4 20/4 24/4 27/4 29/4 30/4 Total 2483 575.50 1,211.60 2476 2,830.00 2484 829.50 990.10 974.80 2477 600,00 2485 2,575.00 1,472.70 2,954.00 2,567.30 1,650.00 1,186.00 1.338.00 15,944.70 538.20 2478 2486 900.00 1,570.00 398.00 2479 2487 2480 1,330.00 695.40 2488 1.200.00 Total 14,694.10 2481 2482 612.00 The bank statement contained the following direct debits/credits: A credit of $1,505.00 for the collection of a $1,400 note for Lord Limited plus interest of $120 and less collection fee for $15. Lord Limited has not accrued any interest on the note. (i) a A debt for printing of additional company cheques $72.00. (ii) $10,846.90, and the cash balance per the bank statement was As at 30 April, the cash balance per books was $17,069.40. The Bank did not make any errors; two errors were made in Lord Limited. Required: (a) Prepare bank reconciliation as at 30 April 2018. (Marks: 15) (b) Prepare adjusting entries based on the reconciliation. (Hint: The correction of any errors pertaining to recording cheques should be made to Accounts Payable. The correction of any errors relating to recording cash receipts should be made to Accounts Receivables). (Marks: 8)
Total: 29 Marks Question 2 Suggested time allocation: 52.2 Minutes resented below is the statement of financial position for Wattleup Ltd as at 31 December 2018 Wattleup Ltd Statement of Financial Position As at 31 December 2018 2018 2017 Assets 74,600 Cash (16,700) 127,200 275,000 22,800 Accounts Receivable 111,300 221,200 23,000 199,000 339,000 (97,600) 331,200 (67,000) 1.134,700 Inventory Prepaid Expenses Land 238,000 639,000 (111,400) 361,200 (89,900) 1445,200 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation Equipment Liabilities and Shareholders Equity Accounts Payable Accrued Expense Payable Income Tax Payable Bond Payable Share Capital Retained Earnings 218,000 14,000 24,000 350,000 388,100 140,600 1.134.700 Examination of the company’s income statement and general ledger accounts for the year ending 31 December 215,000 10,500 26,000 540,000 502,100 151,600 1445,200 2018 disclosed the following: Profit (after tax) was 2. Net Sales for the period depreciation) amounted to $152,900 Income tax expense for the year amounted to $115,700 4. 30,000 shares were issued at $3.80 5. Bonds of $100,000 were issued for cash An extension was added to the building at a cost of $300,000 cash In 2012, the company declared and paid $69,000 cash dividend Vacant land next to the company’s plant was purchased for $129,000 with payment consisting of $39,000 cash and a bond payable for $90,000 9. Land with a carrying amount of $90,000 was sold for $125,000 10. Equipment costing $30,000 was purchased for cash. $80,000 were $875 600; Cost of Sales amounted to $525,300; Other Expenses (excluding 1. 3. 6. 7. 8 Required Prepare a statement of cash flows for Wattleup Ltd for the year ended 31 December 2018 using the direct method
Question 3 15 Marks Suggested time allocation: 27 Minutes At December 31, 2017, House Co. reported the following information on its balance sheet. $ Accounts receivable 960,000 80,000 Less: Allowance for doubtful accounts During 2018, the company had the following transactions related to receivables 1. Sales on account 3,700,000 50,000 2,810,000 90,000 29,000 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncllectible Required: a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were (6 marks) taken on the collections of accounts receivable. b) Enter the January 1, 2018, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts, and determine the balances Accounts receivable $1,710,000 i Allowance for Doubtful Accounts $19,000 (6 marks) i. c) Prepare the journal entry to record bad debt expense for 2018, if an ageing of accounts receivable indicates that expected bad debts are $115,000. (3 marks)
SECTION B: MANAGEMENT ACCOUNTING IS0 MARKS Question 1 (20 marks) Gauteng Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Moulding Department is based on machine-hours, and the rate in the Painting Department is based on direct labour cost. At the beginning of the year, the company’s management made the following estimates: TURN OVER PBA4807 MAYUUNE 2019 PORTFOLIO EXAMINATION Department Moulding Painting Direct labour-hours 12,000 60,000 Machine-hours 70,000 8,000 Direct materials cost R510,000 R650,000 Direct labour cost 130,000 420,000 Manufacturing overhead cost 602,000 735,000 Job 205 was started on 1 August and completed on 10 August. The company’s cost records show the following information conceming the job: Department Moulding Painting Direct labour-hours 30 85 Machine-hours 110 20 Materials placed into production R470 R332 Direct labour cost 290 680 Required A. Compute the predetermined overhead rate used during the year in the Moulding Department. Compute the rate used in the Painting Department. B. Compute the total overhead cost applied to Job 205. What would be the total cost recorded for Job 205? If the job contained 50 units, what C. would be the cost per unit? D. At the end of the year, the records of Gauteng Potteryworks revealed the following actual cost and operating data for all jobs worked on during the year Department Moulding Painting Direct labour-hours 10,000 62,000 65,000 Machine-hours 9,000 Direct materials cost R430,000 R680,000 Direct labour cost 108,000 436,000 750,000 Manufacturing overhead cost 570,000 TURN OVER] 7 PBA4807 MAYJUNE 2019 PORTFOLIO EXAMI NATION What was the amount of under- or overapplied overhead in each department at the end of the year?
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6-29 Process Costing in Sugar Manufacturing The food-processing industry, like mos pu industries, is a common user of process costing. Consider, for example, the sugar manua industry. The processes in sugar manufacturing to produce sugar. When sugar cane is used, the sequence of processes looks something like thi can differ depending on the agricultural produ First: Cane shredding The sugar cane is shredded into small pieces to facilitate its mo through the milling machine. Second: Milling The shredded cane is crushed between the rollers in the milling machine to the cane juice. juice is heated to concentrate the juice Third: Heating and adding lime In this step, the cane lime is added to reduce acidity. Fourth: Clarifying Impure elements are removed from the juice. Fifth: Evaporating and separating Here the juice is heated, vacuum is applied, and the is centrifuged to remove the molasses and to produce what is called raw sugar. Sixth: Crystallizing The raw sugar is melted and carbon-filtered to produce the refined sugat Seventh: Drying The refined sugar is dried and made ready for packaging. Due to the nature of the seven processes, there is a relatively large amount of Work-in-Process Inven at any point in time. Also, sugar cane and raw sugar commodity prices can be stable for a peri time but there are periods of high volatility caused by, for example, India’s mandate in 2007 to dev ethanol fuel or the supply/demand imbalance in 1980 that sent prices up. Also, government price s ports, import restrictions, and quotas affect the price of sugar cane. For example, ment policy, the European Union (EU) in recent years paid above-market rates for sugar from a nun of African, Caribbean, and Pacific countries, many of them former colonies of European countris part of its devan as Required -. Are firms that produce sugar likely to incur transferred-in costs? Why . Should a sugar producer Explain your answer. . Identify and explain any sustainability issues for the production of sugar. – Identify and interpret the significance of any global issues for the production of sugar. why not? or use the FIFO or the weighted-average method for the process cost rep
ASSIGNMENT STAGE 2 20 marks ZHL is going well and is looking to acquire another business. To do so it decides to raise some further capital by offering its ordinary shareholders a non-renounceable share rights issue. This decision is made on 1st August 20X2. The offer is 1 ordinary share for every 10 ordinary shares held and payable at 90% of the share price on the day of the announcement. The company prepares all the necessary documentation and makes the announcement on the 31st August 20X2. Shareholders who decide to take up the offer must do so by the 30th September 20X2 and pay their money on that date. By the required date 80% of shareholders take up the offer and pay the necessary money. Due to the company performing well it decided to issue an interim dividend to its ordinary shareholders. On the 15th February 20X3 it declared and paid the interim dividend at 3 ce nts per share. At the final Director’s Meeting of ZHL for the year held on 16th June 20X3 it was determined that a final dividend on ordinary shares of 4 cents per share will be paid. The final dividend needs to be approved and declared at the annual general meeting which is scheduled for October 10th 20X3. The Directors also decided to offer ordinary shareholders the opportunity to elect to take their dividends in shares (DRP). The conditions are that shareholders who elect for the DRP can take their dividends in shares at 95% of the ASX share price on the day the dividend is declared. When 95% is applied to the ASX share price and the resulting number is not a whole number (ie goes to a part cent) then that number is to be rounded up to the next whole cent. Shareholders have until 30th October 20X3 to elect for the DRP and will have effect for all ordinary share dividends paid after that date. 3 The following are a selection of ASX share prices for ZHL Closing Share Price Closing Share Price $ Date Date 1/7/X2 1.01 1.17 1/9/X2 10/7/X2 1.03 12/9/X2 1.15 1.08 23/7/X2 21/9/X2 1.13 31/7/X2 1.15 1.15 30/9/X2 1.23 1.20 1/8/X2 1/10/X2 8/8/X2 1.22 9/10/X2 1,21 17/8/X2 19/10/X2 1.26 1.22 31/8/X2 1.25 1.20 31/10/X2 REQUIREMENTS FOR STAGE 2 From the above and previous information prepare all the general journal entries that relate equity transactions that occurred for the year ended 30 June 20X3 for 1 Zermatt Holdings Ltd. ASSIGNMENT STAGE 1 30 marks Zermatt Holdings Ltd (ZHL) is a public company and was established on the 1st July 20X1 The company decided to go to the public for its first share issue and the prospectus was released on the 2nd July 20X1. Applications were sought for 10,000,000 ordinary shares of $1.00 each payable in full on application on the 31st August 20X1. The offer was popular and applications for 12,520,000 shares were received together with the required monies The share issue was made on 1st September 20X1 and shares issued in proportion to the applications and excess monies were returned to the applicants. On the 21st October 20X1 ZHL paid Intext Share Registry Ltd $128,000 for services it provided in respect of the ordinary share issue. On the 1st November 20X1 ZHL undertook a private placement of 25,000 preference shares. Each share is issued at $25.00 and receives an annual return of 8% payable every 6 months on the last day of April and October each year. The preference shares are redeemable at the company’s discretion and dividends are paid out of profits. Full monies were received on the day of issue. For the year ended 30th June 20X2 a profit of $823,000 was recorded after all necessary transactions were recorded against it and this entire amount was retained by the company REQUIREMENTS FOR STAGE 1 Prepare all the general journal entries for all share issues and the associated 1 activities for the year ended 30th June 20X2 for Zermatt Holdings Ltd. (NB an entry is respect of the profit is not required and you can assume, therefore, that all entries in relation thereto were recorded by the company). 21 marks Prepare the equity section of the Balance Sheet of Zermatt Holdings Ltd as at the 2 30th June 20X2. marks 3 ASSIGNMENT STAGE 3 50 marks ZHL held its annual general meeting as intended on the 10th October 20X3 and the final dividend determined in the previous final year was approved, declared and paid. On the 30th October 20X3 60% of ordinary shareholders advised ZHL that they elected to take shares instead of dividends under the terms of the DRP conditions previously advised. The 60% was evenly spread across the two shareholder groups. ZHL was having another good year and the Board of Directors wanted to reward the shareholders. As a result it decided to undertake a bonus share issue to all ordinary shareholders to be paid out of the retained profits. These shareholders received 1 bonus share for every 10 shares held. The bonus shares were issued on the 15th November 20×3 at the share price on that day. The company decided to continue paying an interim dividend and on the 15th February 20X4 it declared and paid the interim dividend at 3 cents per share. The following are a selection f ASX share prices for ZHL Closing Share Price Closing Share Date Date Price S S 10/1/20X4 1/11/20X3 $1.28 $1.33 10/11/20X3 $1.29 22/1/20X4 $1.30 15/11/20X3 $1.25 $1.30 31/1/20X4 $1.22 2/2/20X4 27/11/20X3 $1.30 1/12/20X3 $1.31 12/2/20X4 $1.19 $1.32 $1.26 12/12/20X3 15/2/20X4 $1.35 $1.29 29/12/20X3 24/2/20X4 $1.32 $1.38 3/1/20X4 1/3/20X4 3 REQUIREMENTS FOR STAGE 3 From the above and previous information prepare all the general journal entries 1. that relate equity transactions that occurred for the year ended 30th June 20X4 for Zermatt Holdings Ltd. 38 marks Calculate how many Ordinary shares are on issue after the payment of the interim 2. dividend on 15th February 20X4. This involves a careful understanding of all the transactions involving share issues since the any began and tracking the individual shareholder groups. 12 marks HINT Before paying the interim dividend in Part 1 it might be a good idea to consider the calculations required to answer Part 2
Semester 1, 2019 Functions 1. You have taken out a loan of $300 000 at an interest rate of 3% per annum compounded quarterly. You plan to repay the loan in 240 reducing-principal payments made at the end of each quarter and starting at t end of the first quarter (a) How much is the principal reduced by after each payment? (b) Write down an expression for the loan balance before repayment Arm at the end of period m. This means that A1 should give the initial loan balance. (c) Write down an period expression for the interest Im owed at the end of m. Do not round values
Get college assignment help at uniessay writers EXERCISE 1-13 The following selected transactions were completed by Salvo Delivery Service dur- ing February: Transactions Objective 7 1. Received cash from owner as additional investment, $35,000 2. Received cash for providing delivery services, $15,000 3. Paid creditors on account, $1,800 4. Billed customers for delivery services on account, $11,250 5. Paid advertising expense, $750. 6. Purchased supplies for cash, $800 7. Paid rent for February, $2,000 8. Received cash from customers on account, $6,740 9. Determined that the cost of supplies on hand was $135; therefore, $665 of sup- plies had been used during the month 10. Paid cash to owner for personal use, $1,000 C Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (10), in a vertical column, and in- serting at the right of each number the appropriate letter from the following list a. Increase in an asset, decrease in another asset b. Increase in an asset, increase in a liability c. Increase in an asset, increase in owner’s equity d. Decrease in an asset, decrease in a liability e. Decrease in an asset, decrease in owner’s equity
Exercise 14-11 Here is the income statement for Myers, Inc. Myers, Inc. For the Ye 31, 2020 Sales revenue $412,000 Cost of goods sold 220,000 Gross profit 192,000 Expenses (including $10,000 interest and $29,500 income taxes) 94,000 98,000 Net income Additional information: Common stock outstanding January 1, 2020, was 16,000 shares, and 24,000 shares were outstanding at December 31, 2020. 1. 2020 2. The market price of Myers stock was $11.04 Cash dividends of $23,520 were paid, $6,000 of which were to preferred stockholders. 3 Compute the following measures for 2020. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share (b) Price-earnings ratio times (c) Payout ratio % (d) Times interest earned times
Problem 14-5A a Suppose selected financial data of Target and Wal-Mart for 2020 are presented here (in millions). Target Corporation Wal-Mart Stores, Inc. Income Statement Data for Year Net sales $65,357 $408,214 Cost of goods sold 45,583 304,657 Selling and administrative expenses 15,101 79,607 Interest expense 707 2,065 Other income (expense) (94) (411) Income tax expense 1.384 7,139 $2,488 14,335 Net income Balance Sheet Data (End of Year) Current assets $18,424 $48.331 Noncurrent assets 26,109 122,375 $44,533 $170,706 Total assets Current liabilities $11,327 $55,561 17,859 Long-term debt 44,089 Total stockholders’ equity 15,347 71,056 Total liabilities and stockholders’ equity $44,533 $170,706 Beginning-of-Year Balances $44.106 Total assets $163,429 Total stockholders’ equity 13,712 65,682 Current liabilities 10,512 55,390 Total liabilities 30,394 97,747 Other Data Average net accounts receivable $7,525 $4,025 Average inventory 6,942 33,836 Net cash provided by operating activities 5,881 26,249 Capital expenditures 1,729 12,184 Dividends 496 4,217 (a) For each company, compute the following ratios. (Enter free cash flow in millions. Round Current ratio to 2 decimal places, e.g. 1.67. Round Debt to assets ratio to 0 decimal places, e.g. 18 or 18%. Round all other answers to decimal place, e.g. 1.6, or 1.6 %. Use 365 dayys for calculation.) Ratio Target Wal-Mart (1) Current ratio 1 :1 (2) Accounts receivable turnover times times Average collection period (3) days days (4) Inventory turnaver times times (5) inventory days days Days (6) Profit margin Asset turnover (7) times times (8) Return on assets (9) Return on common stockholders’ equity (10) Debt assets ratio (11) Times interest earned times times (12) Free cash flow million million 5
ovesens 3 are bnd en the t Cedito byBesh C for the yearended ce bnee prepared Amitrative espenses ed deb epense Freight im s0.000 Git on the sale of equipments 25.000 120.000 aenest nevenue anventary beginning anventary, ending lou en early retirement of long term deb s60.000 20.000 10.000 35.000 s00.000 tew on sale of equipment Prepaid expenses Punchases 750,000 Sales 50,000 Sales commissions Uneaed enue Uvealized gain on available-for-sale dehe evrities 35,000 20.000 1000,000) 1000,000 Totals Bash Co.s income tax.rate is 20% 1 n its 2018 mubiple-step income statement, what should Bash Co. report as gross proft? A S200.000 8 $165.000 C $150000 D. $135.000 2. In its 2018 multiple-step income statement, what should Bash Co. report as operating income/loss? A $45,000 8. $15.000 C $10.500 D. ($20.000 3. In its 2018 multiple-step income statement, what should Bash Co. report as net income/loss)? A $80.000 B. $64.000 C $60,000 D. $48,000
EXERCISE 1-14 Nature of transactions Mike Renner operates his own catering service. Summary financial data for March are presented in equation form as follows. Each line designated by cates the effect of a transaction on the equation. Each increase and decrease in owner’s equity, except transaction (5), affects net income number indi a Objective 7 d. $7,600 1-46.qxd 11/10/03 6:26 PM Page 32 82 Chapter 1 Introduction to Accounting and Business Supplies Land Liabilities Owner’s Equity Cash Bal 18,000 1,500 54,000 15,000 58,500 25,000 -10,000 25,000 1. 2. 10,000 3. -16,000 -16,000 4. 800 800 2,000 5. 2,000 6 -10,600 -10,600 -1,400 900 7. 1,400 64,100 5,200 4,400 64,000 Bal a. Describe each transaction b. What is the amount of net decrease in cash during the month? c. What is the amount of net increase in owner’s equity during the month? d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in the business?
Define contingencies 21) 22) What are contingent liabilities? Assets? Define commitments 23) Define leases 24) 25) Distinguish between capital lease accounting and operating lease accounting.
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Ahttps://newconnect.mheducation.com/flow/connect.html?sessionld 294875481549575389170020682d19fb747d2828821 Saved m 2G Use the following information for Ephron Company to compute days’ sales in inventory for Year 2 10 Year 1 Year 2 $547,500 $572,000 Net sales Cost of goods sold Ending inventory 370,840 348,500 81,400 75,700 01:07:02 Multiple Choice 82.3
3. Prepare On Company’s income statement for December. PR 15-5B Statement of cost of goods manufactured and income ds The following information is available for Shanika Company for 20Y6: ctured for December 2. Prepare statement for a manufacturing company Co teto Inventories Materials January 1 s $77,350 109,200 December 31 $ 95,550 96.200 0 100,100 Work in process Finished goods 113,750 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor $ 68,250 22,750 14,560 186,550 5,850 23,660 6 Heat, light, and power-factory S-Indirect labor Materials purchased 123,500 Chapter 15 Introduction to Managerial Accounting Inventories January 1 December 31 togod or to Office salaries expense Property taxes-factory 77,350 4,095 13,650 d b bed oldelieProperty taxes-headquarters building A to erbnotm Rent expense-factory 6,825 Sales 864,500 – Sales salaries expense Supplies-factory 1OMiscellaneous costs-factory 136,500 3,250 to 4,420 2mac bobnurd no moo00S iqod od Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement T bud slodiadics edionanosd (Oroeciluen o Making
Surveys suggest that up to 4% of the U.S. population suffers from generalized anxiety disorder. How are anxiety disorders viewed by various psychological perspectives such as psychodynamic, biological, cognitive, and humanistic? With which perspective do you most agree? With which do you least agree? Explain your answers.
Please complete the following problem in detail. Provide insightful answers and descriptions. After you have answered ALL the questions, read and comment on at least three more posts from other students Watch your spelling! Check Rubric . Problem: A diagnostics laboratory is considering one of the following microscopes with digital recording and pattern detection software: Option B $30,000 Options C $15,000 Option A $20,000 Cost $1,199 $2,199 $1,000 Savings IRR 6% 9% 7% Each machine will have a 20-year life with no salvage value. There is a lot of debate within the company as to whether these devices are really going to last long, but they assume MARR of 10% as reasonable. 1. Which system do you recommend and why? 2. What is MARR? What is the formula to calculate it?
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