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Okinawa Company uses job-order costing

Okinawa Company uses job-order costing. They worked on three jobs in July. Data are as follows:   Job 2106 $ Job 2107 $ Job 2108 Direct materials $10 450 $12 300 $16 150 Direct labour $16 000 $12 200 $24 000 Machine hours 500 300 1 000 Balance, 1 July $21 310 $6 250 $0   Overhead is applied to jobs at the rate of $16 per machine hour. By 31 July, Jobs 2106 and 2108 were completed. Jobs 2102 and 2106 were sold. Job 2107 remained n process. On 1 July, the balance in Finished Goods was $49 000 (consisting of Job 2102 for $25 600 and Job 2104 for $23 400). Okinawa prices its jobs at cost plus 30%.…

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Consolidation: Principles, accounting requirements and intra-group transactions

Question 1 [100 marks]  Topics 1 & 2: Consolidation: Principles, accounting requirements and intra-group transactions   On 1 July 2015, Peace Ltd acquired all the shares of Sublime Ltd. At this date, the equity and liability sections of Sublime Ltd’s statement of financial position comprised of the following items:   $ Share capital (30 000 shares) 30 000 Retained earnings 10 500 General reserve 15 000 Other reserves 3 000   At acquisition date, all the identifiable assets and liabilities of Sublime Ltd were recorded at amounts equal to fair value except for:   Carrying amount Fair value $ $ Inventory 25 000 28 000 Equipment (cost $15 000) 12 000 16 000 Machinery (cost $8 500) 7 500 8 000 Land 9 240 12 240   The inventory on hand…

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Budgeting – Vermillion Chemical Company manufactures a red industrial dye

BACC216 Management Accounting 2 Semester 2, 2017 Assignment – Part 1 Vermillion Chemical Company Vermillion Chemical Company manufactures a red industrial dye. The Vermillion Chemical Company is in the process of preparing its 2018 master budget and you (a group of two trainee management accountants) are presented with the following information in mid-August 2017: 1. The December 31, 2017, projected balance sheet for the company is shown below:   Vermillion Chemical Company Projected Balance Sheet As at 31 December 2017 ASSETS LIABILITIES AND SHAREHOLDERS’ EQUITY Cash 5,080 Notes payable 25,000 Accounts receivable 26,500 Accounts payable 2,148 Raw materials inventory 800 Dividends payable 10,000 Finished goods inventory 2,104 Total liabilities 37,148 Prepaid insurance 1,200 Shareholders’ funds Building 300,000 Paid in capital 150,000 Accumulated depreciation…

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World Gourmet Coffee Company (WGCC) is a distributor and processor of different blends of coffee

World Gourmet Coffee Company (WGCC) is a distributor and processor of different blends of coffee. The company buys coffee beans from around the world and roasts, blends, and packages them for resale. WGCC currently has 15 different coffees that it offers to gourmet shops in one-pound bags. The major cost is raw materials; however, there is a substantial amount of manufacturing overhead in the predominantly automated roasting and packing process. The company uses relatively little direct labor. Some of the coffees are very popular and sell in large volumes, while a few of the newer blends have very low volumes. WGCC prices its coffee at full product cost, including allocated overhead, plus a markup of 30 percent. If prices for certain coffees are significantly higher than…

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Financial Management – Annuity

Question 1 This question relates to material covered in the Topic 3 on Financial Mathematics. This question addresses the 6th subject learning outcome. A couple wants to accumulate $10,000 by making payments of $800 at the end of each half year into a savings account that earns interest of 10% per annum. Find the number of full payments required and the size of the concluding payment. A woman wins $200,000 in a lottery. She takes only $20,000 in cash and invests the balance at a rate of interest of 10% with the understanding that she will receive 180 equal monthly payments, with the first one to be made in 4 years. Find the size of the payments. Dr.Ritz has been depositing $4,000…

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Lease accounting-Annabel Ltd leased a portable sound recording studio from Lessor Ltd.

Annabel Ltd leased a portable sound recording studio from Lessor Ltd. Lessor has no material initial direct cots. Annabel does not plan to acquire the portable studio at the end of the lease because it expects that, by then, it will need a larger studio. The terms of the lease are as follows: ·      Date of entering lease: 1 July 2019 ·      Duration of lease: four years ·      Life of leased asset: five years ·      Lease payments: $50 000 at the beginning of each year ·      First lease payment: 1 July 2019 ·      Lease expires: 1 July 2023 ·      Interest rate implicit in the lease: 8 per cent ·      Guaranteed residual value expected to be paid: $40 000. Required: (a) Determine the fair value of the portable sound recording…

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Lease Accounting

Hopeful limited leased a portable sound recording studio from Lessor Limited. Lessor Limited has no material initial direct costs. Hopeful Limited does not plan to acquire the portable studio at the end of the lease because it expects that, by then, it will ne//ed a larger studio. The terms of the lease are as follows: – Date of entering lease: 1 July 2011 – Duration of lease: 4 years – Life of leased asset: 5 years – Lease payments: $50,000 at the beginning of each financial year – First lease payment: 1 July 2011 – Lease expires: 1 July 2015 – Interest rate implicit in the lease: 8% – Guaranteed residual: $40,000 a) Determine the fair value of the portable sound…

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Consolidation worksheet entries – Ben Ltd operates a number of supermarkets with an emphasis on the supply of quality produce

    Please check new version of question at https://myassignmentguru.com/assignments/new-consolidation-worksheet-entries-ben-ltd-operates-a-number-of-supermarkets/ Assignment ACC705 T2 2017  Q1 Consolidation worksheet entries  Ben Ltd operates a number of supermarkets with an emphasis on the supply of quality produce The operations of Sam Ltd are primarily in the fine fruit market. Believing that the acquisition of Sam Ltd would enable Ben Ltd to expand its supply of quality produce to its customers, Ben Ltd commenced actions to acquire the shares of Sam Ltd. On 1 July 2013, Ben Ltd acquired all the issued shares (cum div.) of Sam Ltd for $123 500. At this date the equity of Sam Ltd consisted of:                           Share capital                           $100 000                         Reserves                                 5 000                         Retained earnings                   10 000…

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Keon Ltd has two mutually exclusive projects under consideration. Both projects can be considered replacement projects.

Keon Ltd has two mutually exclusive projects under consideration. Both projects can be considered replacement projects.   The details of the projects are given in the table below.       Project A   Project B Development costs to date   $125,000   $135,000           Life of project   4 years   5  years           Depreciation   Straight line, fully over life of project   Straight line, fully over life of project           Machine cost   $2.4 million   $3.5million           Residual   No residual   No residual           Working capital needs   Injection of $250,000 at beginning of project   One…

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Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry

Q1 Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs uniformly throughout the production process. Work in process, June 1 – 50,000 units: Direct material: 100% complete cost of ……………………………………. $120,000 Conversion: 40% complete, cost of ……………………………………………. 34,400 Balance in work in process, June 1 …………………………………… $154,400 Units started during June ………………………………………………….. 200,000 Units completed during June and transferred out to finished-goods inventory … 190,000 Work in process, June 30: Direct material: 100% complete Conversion: 60% complete Costs incurred during June: Direct material …………………………………………………………… $492,500 Conversion costs: Direct labor ………………………………………………………………………………. $ 87,450 Applied manufacturing overhead ………………………………………….. 262,350 Total conversion costs ………………………………………………….. $349,800…

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Income Statement, Financial Analysis, Time Value of Money, Risk and Return

Question 1 [Calculation-based]: The Income Statement [Chapter 3 Study Questions 3.2 and Study Problems 3.1, 3.2, 3.3] (Refer to Example on page 46 of Textbook)   Construct an Income Statement. Use an Excel spreadsheet and/or tables to present your work. Show all workings. Mark Part 1 At the end of its third year of operations, the Sandifer Manufacturing Company had: ·         $4,500,000 in revenue; ·         $3,375,000 in cost of goods sold; ·         $450,000 in operating expenses, which included a depreciation expense of $150,000; ·         a tax liability equal to 30% of the firm’s taxable income. a.    Construct an Income Statement with the above data. b.    What is the net profit of the firm for the year? c.    Explain how net profit…

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HappyDaze T-shirts manufactures and prints customised designs on T-shirts

Cost behavior; engineered cost; committed and discretionary costs: manufacturer (10 Marks) HappyDaze T-shirts manufactures and prints customised designs on T-shirts. Below is a list of some of their major costs. (a)           Cost of daily radio advertising on the local community radio station. (b)           Cost of the fabric used to make the T-shirts. (c)           Cost of the ink used in the designs. (d)           Salary of the managing director. (e)           Wages of the production employees who sew and print the T-shirts. (f)            Cost of movie tickets provided for the Employee of the Month award each month. (g)           Depreciation of the sewing machines, calculated on a units of production basis. (h)           Cost of electricity used in the factory building. (i)            Rent of the building.…

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