Solved Assignments

Anna’s Frozen Treats Ltd sells only one product

Question 1: Inventories Anna’s Frozen Treats Ltd sells only one product, a refreshing lemonade ice-block that is very popular during the summer. The company uses the perpetual inventory system for recording its cost of sales. The inventories and purchases for the month of December 2019 are as follows:     December   Purchases Sales Quantity Cost per unit Quantity 1 Beginning inventory 100 1.00 3 Purchase 200 1.30 7 Sales 220 9 Purchase 200 1.80 14 Sales 280 18 Purchase 300 2.00 21 Sales 200 30 Purchase 100 2.20   During the month units were sold for $3.50 per unit.   Required: For the purpose of this question, please ignore GST. Show ALL your workings.    Calculate the cost of goods…

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BAO2000 – Anderson is the owner of Motor Parts Pty

Reports to be printed and submitted in PDF format: AGED RECEIVABLES (SUMMARY) AGED PAYABLES (SUMMARY) TRIAL BALANCE (YTD) PROFIT & LOSS STATEMENT BALANCE SHEET BANK RECONCILIATION ACCOUNTS TRANSACTIONS ACCRUAL The assignment requires you to complete the following tasks for the month of  AUGUST using the following financial period : Financial Year 2019- 20   SET UP COMPANY as– Retail – Motor Parts Pty SET UP ACCOUNTS SET UP SALES AND PURCHASES SET UP INVENTORY ITEMS ENTER TRANSACTIONS BANK RECONCILIATION STOCKTAKE END OF PERIOD PROCESSING END OF PERIOD REPORTS Anderson is the owner of Motor Parts Pty .The firm distributes various types of vehicle parts to businesses in the Melbourne area. The company is located at 205 Ballarat Rd, Sydney, 3015,   Ph:…

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Schumacher has invented a business simulation called Drivepast

Schumacher has invented a business simulation called Drivepast which can be played on a personal computer. He is considering three different proposals via which to exploit the product. Proposal 1- Sell all the rights in the game to a local computer company, Keypoint Limited. for the sum of E40,000 outright. Proposal 2 – Sell all the rights in the game to Keypoint Ltd. for five annual amounts of E14,000 payable to him on the basis of one payment at the end of the year and the other four at yearly intervals, thereafter. Proposal 3 – Set up a manufacturing company to produce and market the game. Schumacher estimates that the following data would be relevant over a period of the next…

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B9MG009 – Managerial Financial Analysis

Question 1 A company makes and sells a single product. At the beginning of Year 1, there are no opening inventories. Variable production cost is $7 per unit and the sales price is $12 per unit. Fixed costs are $4,000 per annum, of which $1,800 are fixed production costs. Units produced and sold are as follows:-   Year 1             Year 2 Units               Units Sales                                        1600              2000 Production                              1800              1800   Required: Prepare an Income Statement in which you calculate the profit in each year and over the two years in total using:- Absorption costing Marginal costing Critically discuss the differences in the Profit calculations   Question 2 Blue Ltd is a technology company and is considering…

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ACCT 5507 – You are considering bidding on a project to make new cases

Section 1   You are considering bidding on a project to make new cases for mobile phones. The project details include:  Upfront costs of $350,000 for a new injection-moulding machine. 4 year life $30,000 in yearly pre-tax operating costs Initial investment of $50,000 in working capital Your company has a tax rate of 30% Your company’s required rate of return is 10% At the end of 4 years you can sell the equipment for $30,000 There is no depreciation consideration for this equipment   a. Complete the following table and calculate the net present value for the project costs.   Year Cash Flows PV 0 1 2 3 4                        …

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AM Airways Pty Ltd (AMAPL) operates regional air services

QUESTION   1 This question has two parts – Part A and Part B.   Part A AM Airways Pty Ltd (AMAPL) operates regional air services to corporates and the general public in South Australia.  Its financial year ends on the 30th June.  You are provided with transactions which occurred during March 20X1.  Each transaction is provided separately below together with a blank general journal template.     Required Prepare general journal entries for AM Airways Pty Ltd (AMAPL) for a selection of transactions for March 20X1 which are listed below.  If you believe a general journal entry is not required then just make that comment in the journal template.  In keeping with AMAOL’s high standards each journal entry you write must…

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Clifford Limited trade receivables balance

Question 1   Clifford Limited trade receivables balance as at 31 October 2019 was €212,280. The following transactions took place during November and December 2019:     Nov 2019 € Dec 2019 € Cash sales Credit sales Sales returns from credit customers Settlement discounts allowed Cheques received from credit customers Bad debts written off Recovery of bad debt written off in 2018 Amounts due from customers to be offset against purchases in the purchase ledger Cash refunds to customers who returned items after payment  70,200 145,700 3,100 1,880 160,400 2,500 500 2,680   1,000  67,000 165,200 5,880 2,460 142,480 4,200 Nil 3,000   Nil   At 31 December 2019, there was no bad debt provision for outstanding balances recognised in the…

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BF 330: FINANCIAL RISK MANAGEMENT – Platinum Real Estate Consulting Group

QUESTION ONE Platinum Real Estate Consulting Group, owner of a number of properties dotted around Lusaka is faced with a choice of: A large-scale investment (A) to improve its flats. This could produce a substantial pay-off in terms of increased revenue net of costs but will require an investment of K1, 400,000. After extensive market research it is considered that there is a 40% chance that a pay-off of K2, 500,000 will be obtained, but there is a 60% chance that it will be only K800, 000. A smaller scale project (B) to re-decorate its premises. At K500, 000 this is less costly but will produce a lower pay-off. Research data suggests a 30% chance of a gain of K1, 000,000…

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2102AFE Financial Accounting – Magpie Ltd uses many kinds of machines

Topic 6 – Regulation, PP&E and Intangibles   Question 1 Magpie Ltd uses many kinds of machines in its operations. It constructs some of these machines itself and acquires others from the manufacturers. Machine A was acquired on 1 July 2017. Machine A has a useful life of 5 years and has a zero residual value. The Machine A is depreciated on a straight-line basis. The following information relates to Machine A that it has recorded in the 2017–18 period. Machine A Cash paid for machine A, including GST of $8,000 Costs of transporting machine — insurance and transport Labour costs of installation by expert fitter Labour costs of testing machine Insurance costs for 2017–18 Costs of training for personnel who…

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COMP1750 – G’day ticketing company has been selling concert tickets featuring different artists

Case Background G’day ticketing company has been selling concert tickets featuring different artists for the past 18 years across Australia. You have been hired to build a database to store and record their ticket sales, as well as preparing queries, forms, reports, and a user-friendly navigational menu.   Task Descriptions Your tasks in this assignment are as follows:   Task  1:        Setting up Database Note that anything with “???” means that you will need to assign an appropriate replacement. Create a blank database called GDAY followed by your student ID number (e.g. GDAY12345678). Artist Table a. Create the table Artist with the following fields and properties: Field Name Data Type Description Properties ArtistID Number Artist/Band ID Size: Integer AName Short Text…

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BAO2203 – The financial information for Moon Ltd and its 100% owned subsidiary

CONSOLIDATIONS AND INTER-COMPANY TRANSACTIONS. The financial information for Moon Ltd and its 100% owned subsidiary, Light Ltd, for the period ended 31 December 2022 is as follows:   Moon Ltd Light Ltd Sales revenue $ 60 000 $ 57 000 Dividend revenue 3 000 0 Gain on sale of property, plant and equipment 3 000 5 000 Other income 4 000 6 000 Total income 70 000 68 000 Cost of sales 45 000 38 000 Other expenses 7 000 4 000 Total expenses 52 000 42 000 Profit before income tax 18 000 26 000 Income tax expense 5 800 6 100 Profit for the period 12 200 19 900 Retained earnings (1/1/22) 14 000 9 000 26 200 28…

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Benedetto Fallica is a manufacturer of fashionable clothing

Benedetto Fallica is a manufacturer of fashionable clothing.  He hired Nadim Youkim as his CFO 5 years ago. Nadim has been happily working at the company for the past 7 years.  Nadim has recently been asked by Benedetto to assess the following manufacturing records from the manufacture of the new clothing line with sales of $2,550,000 Beginning Direct Materials Inventory $45,000 Direct Materials Purchased $756,000 Beginning Work in Progress Inventory $58,500 Beginning Finished Goods Inventory $175,600 Wages paid for direct labourers $456,000 Wages paid to factory supervisors $234,000 P e iden     Sala $450,000 Head office salary costs $350,000 Wages paid for Indirect Labour $23,450 Advertising and marketing expenses $356,000 Electricity used in plant $130,000 Overhead supplies used in plant $23,500 Marketing…

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