ACT501 –Accounting Principles – Kargil P/L began operations

Q. 1  Kargil P/L began operations and completed the following transactions during July 2018 as follows:   July 1 Sold ordinary shares for cash for $25,000   2 Set up a petty cash for $200, to be managed by the receptionist.   2 Paid quarterly office rent, $3,300   3 Paid cash for office computers, $4,400. This equipment is expected to remain in service for 5 years.   3 Employed a full-time draftsman at the rate of $800 per fortnight.   3 Purchased milk, coffee, sugar, tissues etc for office amenities for $49.25. This total amount included GST of $13.74.   4 Purchased office furniture on credit for $3,960. The furniture should last for 7 years.   4 Purchased supplies on…

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Corporate Reporting (ACC2CRE) The summarised general ledger trial balance of Simrex Ltd

Question 1 The summarised general ledger trial balance of Simrex Ltd, a manufacturing entity for the year ended 30 June 2018 is detailed below.          Debit $ Credit $ Sales Revenue         990,000 Interest Revenue         98,500 Cost of Goods Sold       290,000   Distribution Expenses       93,000   Sales and Marketing Expenses       95,000   Administration Expenses       55,000   Interest Expense       55,000   Dividends Paid       32,000   Cash at bank       97,000   Inventories – 30 June 2018       123,000   Accounts Receivable       192,500   Provision for Doubtful Debts…

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ACC508 – Informatics and Financial Applications – Task 2 – In Australia, permanent employees get given 20 days holiday pay

In Australia, permanent employees get given 20 days holiday pay (they get paid at their normal rate while on holiday) and ten days sick pay (they get paid at their normal rate while sick) in each year that they are employed.  This means that they get paid even though they are away from work.  Superannuation is calculated as a percentage of the Gross pay and taxed at 15%.  Overtime is calculated at time and a half.   The task 2 starting workbook consists of two worksheets, named Employee Information and Payroll Calculator.   Task 1 Format the two worksheets to create professional looking work sheets for each of these two worksheets. At this stage, none of the data in the two…

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ACC 512 – Lake Surf Company uses an automated process

Question 1: Process costing (20 marks in total) Lake Surf Company uses an automated process to clean and polish its merchandise items. Normal spoilage is 5% of the goods units and is detected at the end of the process.   For March 2017, the company conducted the following activities:   Units     Beginning work in process inventory: 3,000 Items   [Direct material – 100%]   [Conversion costs – 25%]     Units placed in production 12,000 units   Unites Completed 9,000 units    Ending work in process inventory: 5,000 units   [Direct material – 100%]     [Conversion costs – 60%]   Costs     Cost of beginning work in process:     Direct materials $ 2,100   Conversion costs…

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MAA261: Financial Accounting – The company began operations as a retailer on 1 July 2016

Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2016. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight-line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. The company employs two people who are rostered over a seven-day working week. The employees are paid fortnightly up to and including the day of payment. There are no penalty wages. The company has one…

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ACC00146 MANAGEMENT ACCOUNTING – Sunny Days manufactures swimwear and beach accessories for men and women

ACC00146 MANAGEMENTACCOUNTING MAJOR ASSIGNMENT (Session 2 2018)   Sunny Days manufactures swimwear and beach accessories for men and women.  They operate out of rented premises in Currumbin Creek Road where the factory is split into a manufacturing and storage area and a retail space. The business produces 4 products: One-piece swimsuits for women Board shorts for men Beach Towels Beach Umbrellas   You, as the management accountant for the firm, have been asked to prepare a range of budgets for the 2019 year.  The following information has been gathered: Sales One-piece swimsuits Board short Towel Beach Umbrellas January 2019 1,800 1,600 400 200 February 2019 1,400 1,100 300 180 March 2019 1,300 1,160 260 160 April 2019 1,000 1,000 140 120…

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ACC106 ATMC Task 2 Assignment – Nelly’s Saddlery is a proprietorship of Ms Nelly Gee

ACC106 ATMC Task 2 Assignment Business Scenario and Instructions     1 Nelly’s Saddlery – Business Background 1.1 Introduction Nelly’s Saddlery is a proprietorship of Ms Nelly Gee who established this new business on 1st June 2018. Nelly’s Saddlery is a GST-registered horse tack and supplies business that is beginning with just a small range of saddles and horse rugs. The business also provides some basic saddlery repairs and maintenance services. The business sources its products from a number of suppliers.   The business currently sells two types of saddles: All Purpose Saddles, Suede Seat Saddles, and one type of rug: Top Tack DELUXE Rug   Nelly Gee, sole proprietor, has established a reputable and growing business with and has employed…

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On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd

On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd for $305 000 on an ex-div. basis. On this date, the equity and liabilities of Bat Ltd included the following balances:   Share capital $ 200 000 General reserve 25 000 Retained earnings 45 000 Dividend payable 10 000 Provisions 169 500   At acquisition date, all the identifiable assets and liabilities of Bat Ltd were recorded at amounts equal to fair value except for:   Carrying amount Fair value Plant and equipment (cost $300 000) $186 000 $190 000 Trademark 100 000 110 000 Inventories 70 000 80 000 Land 50 000 70 000 Goodwill 25 000 55 000 Machinery (cost $18 000) 15 000 16 000…

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Myer Inc. would like to set up a new plant

CAPITAL BUDGETING Myer Inc. would like to set up a new plant. Currently, Myer has an option to buy an exsiting building at a cost of $24,000. Necessary equipment for the plant will cost $16,000, including installation costs. Depreciation of the equipment and of the building is as follows: Year 1=$3512, Year 2= $5744, Year 3=$3664, and Year 4= $2544. The project would require an initial investment of $12,000 of net working capital and will be made at the time of the purchase of the building and equipment. The working capital will be fully recovered at end of year 4. The project’s estimated economic life is four years. At the end of that time, the building is expected to have a…

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Presentation of financial statements, Accounting policies and other disclosures, Accounting for equity and Revaluation of assets

Question 1   Topic 2: Presentation of financial statements    The trial balance of KLZR Ltd for the year ended 30 June 2018 is presented below:   Debit Credit $ $ Sales revenue 997,000 Dividend revenue 7,000 Interest revenue 3,000 Cost of sales 355,000 Impairment loss – goodwill 5,000 Auditor remuneration 36,000 Depreciation – motor vehicles 45,000 Depreciation – plant and equipment 46,000 Doubtful debts 8,000 Interest expense 32,000 Office expenses 92,000 Rental expenses 15,000 Salaries 104,000 Selling expenses 97,000 Bad debt recovered 26,000 Loss on destruction of building 42,000 Income tax expenses 61,000 Cash on hand 13,000 Inventories 298,000 Receivables 192,000 Provision for doubtful debts 12,000 Bank deposits 40,000 Deferred tax assets 24,000 Franchises (cost) 95,000 Goodwill 100,000 Accumulated impairment…

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ACC – 514 Assessment

Question 1 Financial statement disclosures You are the financial accountant for Superstore Ltd, and are in the process of preparing its financial statements for the year ended 30 June 2018.  Whilst preparing the financial statements, you become aware of the following situations: On 1 July 2017, the directors made a decision, using information obtained over the last couple of years, to revise the useful life of an item of manufacturing equipment.  The equipment was acquired on 1 July 2015 for $800,000, and has been depreciated on a straight-line basis, based on an estimated useful life of 10 years and residual value of nil.  Superstore Ltd uses the cost model for manufacturing equipment.  The directors estimate that as at 1 July 2017,…

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ACST201 Financial Modelling – Spreadsheet Project Task 1 – Today is 1 July 2018. MQU bank is offering a 25 year

Spreadsheet Project Task 1 Today is 1 July 2018. MQU bank is offering a 25 year $1,000,000 loan product from July 2018 to June 2043 to its customers.   This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $6,500. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. Assume that there is an annual fee of 350 paid on 1 July of each year and the first payment is on today.  For this loan product, each customer can have an option to defer the repayment by 6 months. Specifically, customers can borrow $1,000,000 on 1…

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