Solved Assignments

Paradise Ltd is involved in the computer services industry. Rental vehicles are used for delivery and service of computers.

Company Accounting (ACC20013) Assignment 1: Annual Reports Paradise Ltd is involved in the computer services industry. Rental vehicles are used for delivery and service of computers. The company’s head office, which houses its administrative staff, is located on a prime piece of real estate in the local township. The following unadjusted trial balance is for the year ended 30 June 2017: Paradise LTD Unadjusted Trial Balance as at 30 June 2017 Debit Credit Bank overdraft            178,050 Vehicle rental expenses              72,000 Cash at bank                 7,500 Investment in government bonds            150,000 Goodwill              24,000 Interest revenue                 4,800 Insurance expense                 3,000 Land            230,000 Buildings         1,000,000 Office furniture and equipment            127,000 Retained earnings (1/7/16)              83,000 Revaluation surplus             …

Details

Quality Watches Company (QWC) manufactures different brands of a hand watch in Bangkok, Thailand

BBAC501 Assignment: (Groups of 2 students) (Total Marks 15) Due Date: Session 5.2 Quality Watches Company (QWC) manufactures different brands of a hand watch in Bangkok, Thailand. The company’s accountant, Tony Blake, has just received the sales forecast for the coming year for QWC’s three watch products: QW-Orient, QW-Fossil, and QW-Citizen. QWC has experienced considerable discrepancy in sales volumes and variable costs over the past two years, and Bernard believes that the forecast should be cautiously assessed from a cost-volume-profit perspective. The initial budget data for the year 2017 is as follows. QW-Orient QW-Fossil QW-Citizen Total Sales units 5,000 5,000 10,000 20,000 Total Sales Revenue $400,000 $500,000 $2,000,000 $2,900,000 Total variable manufacturing costs $150,000 $200,000 $600,000 $950,000 Total variable selling & Admin. costs $60,000 $80,000 $200,000 $340,000…

Details

Cash Flow Statement and Share Capital

Question 1: Cash Flow statement (42 marks) Easy Fit LTD Statements of Financial Position as at 30 June 2016 2017 Cash at bank 20,000 257,495 Accounts Receivable 75,000 115,596 Inventory 72,000 147,803 Furniture and fittings 100,000 61,385 Acc. depn – furniture and fittings -30,000 70,000 -20,000 41,385 Buildings 330,000 430,000 Acc. depn – buildings -80,000 250,000 -110,000 320,000 Total assets 487,000 882,279 Accounts Payable 40,000 110,111 Current tax liability 7,500 17,000 Loan due 2017 — 255,008 Share capital 400,000 420,000 Retained earnings 39,500 80,160 Total liabilities and equity 487,000 882,279   Easy Fit LTD Statement of Profit or Loss for the year ended 30 June 2017 Income Sales revenue $480,000 Rent revenue 14,000 Discount received 1,630 $495,630 Expenses Cost of sales…

Details

The Citrus Company  produces quality fruit.  It has been producing and selling 40,000 boxes per month

ACC202 MANAGEMENT ACCOUNTING The Citrus Company  produces quality fruit.  It has been producing and selling 40,000 boxes per month during the Spring and Summer months. During  the Autumn and Winter months it has been noticed that only 30,000 boxes are sold.The Citrus Company  provides the following information and has asked you to provide advice on the issues raised in each of the following parts: Manufacturing costs Direct material                                                         $4.00 per box Direct labour                                                               2.00 per box Variable overhead                                                      0.80 per box Fixed overhead                                                         $10,000 Marketing costs Variable                                                                       $0.50 per unit Fixed                                                                            $15,000 The Citrus Company  has been selling these boxes of fruit  for $9.50 each and has asked you to provide answers to the following.Each part is to be considered  independently…

Details

The Westside Hospital radiology department is preparing a budget for the following year

Case 3 – Westside Hospital The Westside Hospital radiology department is preparing a budget for the following year.  A major budget category is hand, foot, and forearm imaging.  Current year admissions for these imaging categories totaled 2,000, which breaks down as follows: Procedure Time Required Volume Proportion Rate Hand imaging 10 minutes 60% $100 Foot imaging 20 minutes 30% $300 Forearm imaging 30 minutes 10% $400 The radiology department head thinks there will be a 10% increase in volume for next year.  This additional volume is expected to have the same procedure mix as the current year.  Rates are not expected to change. The controller projects the payer analysis to be 50% Medicare (reimbursement % of charges), 20% Medicaid (reimbursement %…

Details

Finance Quiz

Question 1 Which of the following assets belongs to the operating assets? Accounts receivables Marketable securities Accounts payables Both A and C     Question 2 According to the nonconstant dividend growth model discussed in the textbook, the expected dividend growth rate during the initial growth period is different from the expected dividend growth rate during the subsequent constant growth period. True. False. Question 3 An increase in a firm’s expected growth rate would normally cause its required rate of return to Increase. Decrease. Stay constant. Possibly increase, possibly decrease, or possibly have no effect. Question 4 Which of the following is NOT a capital component when calculating the weighted average cost of capital (WACC)? Newly-issued common equity Preferred stock Long-term…

Details

Group Accounting – Consolidation

Part B – Group Accounting – Consolidation (100 Marks in total, 60% of assignment) On 1 July 2016, ASD Ltd purchased 80% of EPY Ltd’s shares for $1,300,000 cash. On that day, the equity of EPY Ltd was: Share capital $700,000 Retained earnings 500,000 $1,200,000 At the time of acquisition, EPY Ltd recorded all its assets at their fair values except for an item of plant and some land. ASD Ltd considered that an item of plant shown in the accounts of EPY Ltd was less than the fair value. The fair value should be 80,000 not 62,000 as shown in EPY Ltd’s accounts. The plant was assessed to have a remaining useful life of 5 years and was to be…

Details

Contract Accounting, Debentures entries and Revaluation of Assets

You are required to finish each of these questions, each worth 10 marks, total 40 marks. Please give the solutions in detail, show calculations and submit the solutions to Moodle using a single file, it can be Excel format, Word format or PDF format, no requirement on word limits, if use any references, please refer to APA style. Question 1 (20 marks), Question 2 (10 Marks), Question 3 (10 Marks). Anderson Pty Ltd is an Australian diversified industrial company with its major business activity being to manufacture flotation devices for babies and toddlers. Over the past decade, the business has been very profitable and the directors, Simon Anderson and Lisa Anderson, have kept payment of dividends to a minimum to allow…

Details

Manual Accounting

ACC110 201660 Additional Assessment   Value: 100%  Due date: 14 January 2017 Submission method options: via Turnitin (you will be added to ACC110 AA special class) BACKGROUND TO THE ASSIGNMENT Company information You have just been appointed as Accountant for Sandgate Electronics, a small electronics store that operates in inner city Brisbane, owned by Benny Wang, and you start work on 1 February 2016. Sandgate Electronics was set up as a company based in Brisbane and derives its main source of revenue from retail sales of electronic goods. Benny Wang (the sole shareholder) is heavily involved in the running of the business. He has also appointed a sales consultant (Jenny Zhang) and an accountant (you) to work at the store on a…

Details

It is argued by some researchers that even in the absence of regulation

Question 1 It is argued by some researchers that even in the absence of regulation, organisations will have an incentive to provide credible information about their operations and performance to certain parties outside the organisation; otherwise, the costs of the organisation’s operations will rise. What is the basis of this belief?   Question 2 On 1 July 2013, Bells Beach Tourist Operations acquired an aircraft that can be used for taking wealthy surfers to remote surfing destinations with lovely waves and limited crowds. The aircraft cost $12 000 000. An engineer’s analysis commissioned by the company determined that the aircraft could be broken down into the following components: airframe, engines and fittings. The airframe comprised 55 per cent of the cost,…

Details

A hospital is expecting to have $25,000 cash in hand on 1st April 2015 and

Question 1 (8 marks)   A hospital is expecting to have $25,000 cash in hand on 1st April 2015 and it requires you to prepare an estimate of cash position in respect of three months from April to June 2015, from the information given below:   Patient services       Purchases       Wages       Expenses February                 70,000                       40,000              8,000         6,000 March                      80,000                       50,000              8,000         7,000 April                         92,000                       52,000              9,000         7,000 May                          100,000                     60,000              10,000       8,000 June                        120,000                     55,000              12,000       9,000   Additional Information: (a) The hospital pays for purchases two months after the purchase. (b) 25% of patients pay in cash in…

Details

MYOB Manual Accounting

DRUMMERS’ CHOICE LTD 17 TIPPERS STREET ST ABLANS 3021 Damian Drickers is a semi-retired music teacher and is starting a wholesale drum set sales business on the 1st September 2016, he is contributing the following assets and liabilities to commence the business: Cash at Bank $2,000, Motor Vehicles $30,000, Office Supplies $300, Motor Vehicles Financing Loan $10,000. The terms of the Loan are: interest rate of 12% per annum payable at the end of each month and repayment of principle of $90 at the end of each month. He has employed your accounting firm to design and set up the accounting journals and ledgers, and to complete the financial statements for the month ended 30th September 2016. Damian supplies two types…

Details