FREE – Which of the following is an example of good internal control over cash

Which of the following is an example of good internal control over cash? Select one:

a. The accounts receivable clerk is responsible for the preparation of weekly bank reconciliations.

b. The accounts payable clerk is responsible for paying all accounts outstanding and can approve payment of accounts of less than $5,000.

c. The wages clerk is responsible for the preparation of wages and salaries payments. The wages are electronically transferred to employee’s bank accounts and are approved by the accountant.

d. The accountant is responsible for approving the purchase of all goods and services, and signs all cheques when payment is due.

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Laura Golarsa’s Asset and Liabilities

Income Statement and Balance Sheet  Laura Golarsa’s Asset and Liabilities as at June 30 are outlined in the post-closing trial balance below.   Debit Credit Cash at Bank $2,700.00   Inventory (at cost) $4,000.00   Accounts Receivable $3,100.00   Plant & Equipment $6,600.00   Accumulated Depreciation: Plant & Equipment   $2,640.00 Motor Vehicles $18,000.00   Accumulated Depreciation: Motor Vehicles   $4,500.00 Land & Buildings $225,000.00   Accrued Expenses Payable   $530.00 Bank Loan   $51,730.00 Capital: Laura Golarsa   $200,000.00   $259,400.00 $259,400.00   Laura Golarsa estimates that her sales for the next three months will be as follows: July August September $30500 $35800 $40850 Selling price is firmly established a cost plus 75% Markup, with 80% of sales on credit.…

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Nina ltd purchased 90% of the issued shares of carl ltd

Nina ltd purchased 90% of the issued shares of carl ltd for $2543000 on July 2018 when the equity ltd was as follows: Share capital 1017200 General reserve 762900 Asset revaluation surplus 381150   At this date, carl ltd had not recorded any goodwill, and all identifiable assets and liabilities were recorded at fair value except for the following: Account Cost Carrying amount Fair value Further life (years) Inventories $76300 $83900 Land $191000 $210000 Machinery $295000 $236000 $283000 5 Carl ltd identified a t acquisition date a contingent liability related to a lawsuit where carl ltd was sued by a former supplier $31000 Carl ltd had unrecorded and internally generated patent with the FairValue of: $76000 Carl ltd had unrecorded and…

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Jardine Ltd is developing factory overhead rates

Question 1  Jardine Ltd is developing factory overhead rates for the coming year.  Budgeted overhead costs for the five factory departments are as follows:   Cost ($)   Cost Driver Milling     79,500   Machine hours Finishing     84,600   Direct labour hours Maintenance     40,500   Repair hours Factory storeroom     52,800   Requisitions Factory office     37,800   No. of employees Total $295,200       Estimated operating statistics for the coming year are: Departments Repair hours No. of Requisitions No. of employees Machine hours Direct labour Hours Production:           Milling 5,000 420 10 7,500 12,750 Finishing 2,500 240 8 4,000 11,250 Support:           Maintenance 400 80 2     Factory…

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Racca Limited is a new business that started trading

Part A – Racca  Limited Racca Limited is a new business that started trading on 1 January 2019. You have recently been appointed as an account manager within the accounting department and have been presented with the following summary of transactions that have occurred during the first year of trading:   The owners introduced £180,000 of equity, which was paid into a bank account opened in the name of the business. Premises were rented from 1 January 2019 at an annual rate of £90,000. During the year, rent of £112,500 was paid to the owner of the premises. Rates (a tax on business premises) were paid during the year as follows: For the period 1 January 2019 to 31 March 2019…

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Wayne Industry has been investigating the expansion of the company

Wayne Industry has been investigating the expansion of the company into new areas of development. In order to fund these new investments, the company needs an increase in equity. On 1 April 2022 the company decided to make a public issue to raise $1 800 000 for new capital development. The company issued a prospectus inviting applications for 600 000 $3 shares, payable in full on application. There was an additional incentive offered by Wayne Industry to investors, as those shareholders who acquired more than 30 000 shares were allowed to acquire options at 50 cents each. These options allowed the investors to acquire shares in Wayne Industry at $3.20 each, the acquisition having to occur before 30 November 2022. Wayne Industry had received applications…

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Blackmores is evaluating between two manufacturing facilities projects

All amounts are in $AUD. Blackmores is evaluating between two manufacturing facilities projects in Asia. In order to mitigate the risk and assess the fit for purpose of these manufacturing plants Blackmores asked “SGS Ltd.” to conduct a technical due diligence on each of the two facilities. “SGS Ltd.” is asking $1 Million as a fixed fee for its consulting services. Project A has an initial outlay of dollars $500 million and Project B has an initial outlay of $950 million. Project A will produce 350,000,000 tablets ready for sale starting at the end of year 1 until the end of year 5 and 450,000,000 tablets starting at the end of year 6 until the end of year 10. It will…

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Atom Ltd’s opening inventory balance at 1 January 2020 was 58 units

Atom Ltd’s opening inventory balance at 1 January 2020 was 58 units of LED screens valued at $ 17.80 each. The company’s storekeeper has prepared the following records:   Date Received  Units Purchase price Per Unit($)     Date Issued  Units Selling Price Per Unit ($) Jan Jan 3 62 17.40 4 68 61.50 8 54 17.25 10 48 59.00 26 52 16.65 28 56 57.20   The company incurred the following expenses during the month of January 2020: $ Salaries            2,240 Rental              3,100     Required: Prepare the stock record card to record the stock movement for the month of January 2020 using the First-in First-out Method (FIFO). State the quantity and value of the stock available on…

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The following is the Trial Balance for Polaris Resources

The following is the Trial Balance for Polaris Resources as at 31 December 2019: Particulars Debit Credit Accumulated depreciation-Equipment $123,120 5-year Bank Loan $90,000 Capital $180,000 Accounts Payable $48,960 Sales $1,031,400 Carriage Outwards $4,320 Cash in Bank $32,760 Accounts Receivable $140,760 Drawings $94,320 General expenses $76,680 Equipment at cost $410,400 Opening Stock $81,000 Purchases $334,440 Utilities $95,040 Rental $18,720 Repairs and maintenance $16,200 Salaries $160,560 Sales returns $8,280 $1,473,480 $1,473,480   Additional information not accounted for in the trial balance:   The closing stock as at 31 December 2019 was valued at $71,070. As at 31 December 2019, salaries outstanding amounted to $3,830 and utilities is prepaid by $1,420. Bad debts of $4,100 is to be written off. Depreciation for Equipment…

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TACC 202 – Fantastic Sky Tours Pty Ltd is a small sightseeing

Fantastic Sky Tours Pty Ltd is a small sightseeing tour company in Sydney that specialises in aerial tours of the New South Wales area. Until recently, the company had not had an accounting department. Routine bookkeeping tasks, such as billing, had been handled by a person who had little formal training in accounting. As the business began to grow, however, the owner recognised the need for more formal accounting procedures. Miranda Jenkins, a CPA, was recently hired as the new management accountant, and she has the authority to hire an assistant. During her first week on the job, Miranda was given the performance report on the next page. The report was prepared by Robert Smith, the company’s manager of Aircraft Operations,…

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ACC5213 – Froggy Ltd, George, JC Wood, Len’s Kayaks and BV Landscaping

QUESTION 1 (Module 2) Variable and absorption costing Froggy Ltd produces ornamental garden ponds and commenced operations in 2019. For 2019, Froggy budgeted to produce and sell 20,000 units. The company writes off under- or over-allocated overheads to Cost of goods sold. Fixed costs were as expected. Actual data for 2019 are given as follows:   Units produced   20,000 Units sold   17,500 Selling price      $320 Variable costs: Production cost per unit produced Direct materials                                                  $30 Direct production labour                                      24 Production overhead                                         46 Marketing cost per unit sold                                20 Fixed costs: Production costs                                           $1 050 000 Marketing                                                     $1,300,000 Administrative costs                                        $980,000 Required Prepare a 2018 income statement for Froggy Ltd using variable costing. Prepare a 2018…

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You are an accountant of Rapid Transport Service

You are an accountant of Rapid Transport Service. The following information is available about the entity’s business transactions in June 2019.

 

June	1	Owner invested $50,000 in the business
	5	Purchased equipment for $6,000, paid $2,000 in cash and agreed to pay the rest in 30 days
	7	Paid office rent for the next six months $10,000
	12	Sent an invoice to a client for the service provided 2,500
	14	Received an advance payment of $8,000 from a client for the service will be provided in next 3 months

 

Required:

Prepare general journal entries for Rapid Transport Service. Ignore GST.

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