Corporate Reporting (ACC2CRE) – Stuart Ltd commences its operations

Stuart Ltd commences its operations on 1 July 2019. One year after the commencement of its operations (30 June 2020) the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2020. The statements are prepared before considering taxation. The following information is available. Stuart Ltd Statement of Comprehensive Income for the year ended 30 June 2020     $ $ Sales revenue 10,250,000   Cost of Goods Sold   4,650,000   Gross Profit   5,600,000       Expenses:     Salaries and wages 1,050,000   Selling expense 35,000   Administrative expenses 700,000   Provision for doubtful debts 175,000   Warranty expenses 210,000   Long service leave 350,000   Depreciation expense – Plant 560,000…

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New Perspectives Excel 2019 | Module 11: End of Module Project 1

Qualey Consulting CREATE ADVANCED PIVOTTABLES AND USE DATABASE FUNCTIONS      GETTING STARTED Open the file NP_EX19_EOM11-1_FirstLastNamexlsx, available for download from the SAM website. Save the file as NP_EX19_EOM11-1_FirstLastNamexlsx by changing the “1” to a “2”. If you do not see the .xlsx file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically. With the file NP_EX19_EOM11-1_FirstLastNamexlsx still open, ensure that your first and last name is displayed in cell B6 of the Documentation sheet. If cell B6 does not display your name, delete the file and download a new copy from the SAM website. PROJECT STEPS Nadia Ivanov is a partner at Qualey Consulting, a consulting firm with headquarters…

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New Perspectives Excel 2019 | Module 12: SAM Project 1a

Penta Insurance DEVELOP AN EXCEL APPLICATION      GETTING STARTED Open the file NP_EX19_12a_FirstLastNamexlsm, available for download from the SAM website. Save the file as NP_EX19_12a_FirstLastNamexlsm by changing the “1” to a “2”. If you do not see the .xlsm file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically. With the file NP_EX19_12a_FirstLastNamexlsm still open, ensure that your first and last name is displayed in cell B6 of the Documentation sheet. If cell B6 does not display your name, delete the file and download a new copy from the SAM website. To complete this project, you need to add the Developer tab. If this tab does not display, right-click…

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New Perspectives Excel 2019 | Module 5: End of Module Project 1

Lewellen Group GENERATE REPORTS FROM MULTIPLE WORKBOOKS        GETTING STARTED Open the file NP_EX19_EOM5-1_FirstLastNamexlsx, available for download from the SAM website. Save the file as NP_EX19_EOM5-1_FirstLastNamexlsx by changing the “1” to a “2”. If you do not see the .xlsx file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically. To complete this SAM Project, you will also need to download and save the following data files from the SAM website onto your computer: Support_EX19_EOM5-1_2021.xlsx With the file NP_EX19_EOM5-1_FirstLastNamexlsx still open, ensure that your first and last name is displayed in cell B6 of the Documentation sheet. If cell B6 does not display your name, delete the file…

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 New Perspectives Excel 2019 | Module 7: End of Module Project 1

Pierce Software SUMMARIZE DATA WITH PIVOTTABLES      GETTING STARTED Open the file NP_EX19_EOM7-1_FirstLastNamexlsx, available for download from the SAM website. Save the file as NP_EX19_EOM7-1_FirstLastNamexlsx by changing the “1” to a “2”. If you do not see the .xlsx file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically. With the file NP_EX19_EOM7-1_FirstLastNamexlsx still open, ensure that your first and last name is displayed in cell B6 of the Documentation sheet. If cell B6 does not display your name, delete the file and download a new copy from the SAM website. PROJECT STEPS Tiana Morales is the director of the customer call center for Pierce Software. For the past…

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New Perspectives Excel 2019 | Module 6: End of Module Project 1

Veritate Online MANAGE YOUR DATA WITH DATA TOOLS      GETTING STARTED Open the file NP_EX19_EOM6-1_FirstLastNamexlsx, available for download from the SAM website. Save the file as NP_EX19_EOM6-1_FirstLastNamexlsx by changing the “1” to a “2”. If you do not see the .xlsx file extension in the Save As dialog box, do not type it. The program will add the file extension for you automatically. With the file NP_EX19_EOM6-1_FirstLastNamexlsx still open, ensure that your first and last name is displayed in cell B6 of the Documentation sheet. If cell B6 does not display your name, delete the file and download a new copy from the SAM website. PROJECT STEPS Padma Laghari is a content manager for Veritate Online, a website that sells electronics,…

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MYOB CASE STUDY – The business is a Gift Shop named

MYOB CASE STUDY   Introduction In this assignment students are required to use the following modules of the MYOB computer accounting program to process transactions and to produce a set of accounting reports relating to business operations:   General Ledger Banking Sales – Accounts Receivable Purchases – Accounts Payable Inventory Company Data   The business is a Gift Shop named, “Student Name Gifts Pty Ltd” (students are to insert their own name) and the ABN number must include your “Student Number as a unique identifier” with zeros making up the required numbers. The firm’s sales are both over-the-counter cash sales and credit sales on account.   It will be necessary to create a new company, details are as follows: Company Name…

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Exp19 Excel AppCapstone CompAssessment Manufacturing

Project Description: You have recently become the CFO for Beta Manufacturing, a small cap company that produces auto parts. As you step into your new position, you have decided to compile a report that details all aspects of the business, including: employee tax withholding, facility management, sales data, and product inventory. To complete the task, you will duplicate existing formatting, utilize various conditional logic functions, complete an amortization table with financial functions, visualize data with PivotTables, and lastly import data from another source.   Steps to Perform: Step Instructions Points Possible 1 Start Excel. Download and open the file named Exp19_Excel_AppCapstone_ComprehensiveAssessment- Manufacturing.xlsx. Grader has automatically added your last name to the beginning of the filename. 0 2 Group all the worksheets…

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Popeye Company is a metal and wood cutting manufacture

Popeye Company is a metal and wood cutting manufacture, selling products to the home construction market. Consider the following data for the month of October, 2006. 1-1-2006 31-10-2006 Direct materials 100,000 125,000 Finished goods 250,000 375,000 Work-in-process 25,000 35,000   Transactions during the month: Rs Sand paper 5,000 Material-handling costs 175,000 Lubricants and Coolants 12,500 Miscellaneous indirect manufacturing labour 100,000 Direct manufacturing labour 750,000 Plant-leasing costs 135,000 Depreciation-plant and equipment 90,000 Property taxes on plant and equipment 10,000 Fire insurance on plant and equipment 7,500 Direct materials purchased 1,150,000 Sales revenues 3,400,000 Marketing promotions 150,000 Marketing salaries 250,000 Distribution costs 175,000 Customer-service costs 250,000   Required (i) Prepare an income statement with a separate supporting schedule of cost of goods manufactured.…

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Parent Ltd acquired 100% interest in Subsidiary Ltd

Parent Ltd acquired 100% interest in Subsidiary Ltd on 1 January 2019. At that date, Subsidiary Ltd’s net assets were represented by its shareholders’ equity consisting of share capital of $100,000 and retained earnings of $70,000. On the date of the acquisition, Parent Ltd and Subsidiary Ltd agreed the following; Subsidiary’s Land had a fair value of $180,000 (carrying amount $100,000). Subsidiary had a patent with a fair value of $100,000 (was not previously recognised in Subsidiary’s book). The patent is to amortise over 10 years on straight line basis. Subsidiary had inventories that were $30,000 lower than fair value. These inventories were sold by 30 June 2019. The following intra-company transactions occurred during the year ending 30 June 2020. On…

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Magnificent Constructions Ltd purchased a truck costing $105,000

Magnificent Constructions Ltd purchased a truck costing $105,000. It is expected to have a residual value of $5,000 at the end of its useful life of 10 years or 260,000 kilometres.  Ignore GST.   Required: Assume the truck was purchased on 1 July 2018 and that the accounting period ends on 30 June. Calculate the depreciation expense for the third year using each of the following depreciation methods straight-line diminishing balance (depreciation rate has been calculated as 20%) units of production (assume the truck was driven 30,000 km, 50,000 km, 60,000 km respectively in year 1, 2 and 3). Prepare partial financial statement that shows how the truck appear in the financial statement prepared at the end of year 3 using…

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The following information relates to the inventory of a retailing business named Sports Ltd

The following information relates to the inventory of a retailing business named Sports Ltd. during the month of October. Ignore GST.

Units Units cost ($) Total cost ($)
1/10 Beginning inventory 315 110 34,650
5/10 Sales @ $250 180 ?
10/10 Purchase 225 116 26,100
12/10 Sales @ $250 165 ?
15/10 Purchase 135 122 16,470
20/10 Sales @ $250 170 ?
23/10 Purchase 205 130 26,650

 

Sports Ltd uses the Perpetual Inventory System.

 

Required:

  1. Determine the Ending inventory and Cost of Sales for the month of October, using the average method.
  2. Contrast the Perpetual and Periodic Inventory systems.