QUESTION 1 Richard Reid commenced business as an architect trading as Archi-pro. He has provided the first month’s business transactions for July 2017. July 3 Invested $120,000 of his own funds into a business bank account and took out a personal loan for $30,000, also deposited into the business account. 4 Purchased business premises located in Hawthorn for $450,000. Richard paid a 10% deposit and the balance was financed through a mortgage with Jaz Finance Corporation at 6% per annum interest. 5 Richard purchased architectural equipment for $15,000 cash. $3,600 was paid to Design Australia for six months database subscription. Office supplies was purchased for $800 on 30 day credit terms 6 Office equipment was acquired for $4,000 cash. Paid $3,600…Details
Scenario 2 Property, Plant and Equipment ChiHerbal Ltd had the following information regarding its equipment as at 30 June 2015: Equipment (at cost) $520,000 Accumulated depreciation 150,000 370,000 The equipment consisted of two machines, Machine A and Machine B. Machine A had cost $310 000 and had a carrying amount of $190 000 at 30 June 2015, and Machine B had cost $210 000 and was carried at $180 000. Both machines are measured using the cost model, and depreciated on a straight-line basis over a 10-year period. On 31 December 2015, the company’s directors decided to change the basis of measuring the equipment from the cost model to the revaluation model. Machine A was revalued to $190 000 with…Details
Background Adrenaline Junkies Rafting (AJR) is a local provider of white-water rafting trips. AJR has been in business for five years and is a sole proprietorship. The owner, Bill Flip, has asked you to take on the responsibility of maintaining the business books. Project Instructions Open T accounts for all of the accounts on the May 31, 20xx trial balance. Post the June transactions and adjusting entries to the T accounts. Prepare an adjusted trial balance after you have posted all of the transactions. Prepare an income statement and balance sheet for the month ended June 30, 20xx. Submission Instructions Submit the adjusted trial balance, income statement and balance sheet you have prepared on either MS Excel or MS Word or…Details
On 1 July 2016, Yoshi Ltd acquired 70% of the share capital of Wario Ltd for $210,000. At thisdate, the equity of Wario Ltd consisted of: $Share capital 170,000 General reserve 30,000 Retained earnings 50,000 At the date of acquisition all assets and liabilities of Wario Ltd were carried in their accountingrecords at fair values with the exception of a block of land with the fair value being $25,000above the carrying amount. Additional information: (a)On 1 January 2017, Wario Ltd purchased inventory from Yoshi Ltd for $20,000 at amark-up of 25%. By 30 June 2017, Wario Ltd still held inventory that it had bought fromYoshi Ltd for $8,000. (b)The transfer to the general reserve by Wario Ltd during the year was from post-acquisition retained…Details
Taps and Plumbing Supplies (TaPS) The case scenario The Taps and Plumbing Supplies (TaPS) business began as a brass and iron foundry, before moving to manufacturing taps. Today, TaPS is one of Auckland’s established supplier of tapware. Taps and Plumbing Supplies (TaPS) manufactures two models of bathroom taps at their Panmure plant. The plant has two production departments – machining and assembly. Two models of taps are manufactured – a basic and a premier model. The premier model was introduced in 1998 and it has proved to be both popular and profitable. In 2012 it accounted for 40% of the total units sold and over 50% of the company’s profit. These statistics are shown in the 2012…Details
ACCT19060 T1 2017 Assessment task 2: Part B — Assignment Due date: Monday of Week 9 [11:45pm [AEST] 8 May 2017] ASSESSMENT Weighting: 20% 2 Objectives This assessment item relates to the unit learning outcomes 3 and 5. Details and instructions This is the second part of assessment task 2. Similar to Part A, you can choose to do Part B either as an individual or you can pair up with another student currently enrolled in the unit. This student may be the same student you paired up for Part A or can be a different student. For administration purposes, you must email the Unit Coordinator (UC) if you intend to work in a pair by 4pm on Monday 1…Details
The comparative statement of financial position and statement of profit or loss of HUSKY Ltd for the year ended 30 June 2017 are as follows: HUSKY Ltd Statement of Financial Position as at 30 June 2017 2017 2016 Current assets Cash at bank $ 402 000 $ 70 000 Cash deposits (30-day) 80 000 30 000 Accounts receivable 181 000 75 000 Allowance for doubtful debts (10 000) (5 000) Interest receivable 5 000 3 000 Inventories 146 000 200 000 Prepayments 4 000 7 000 808 000 380 000 Non-current assets Land 120 000 100 000 Plant 710 000 600 000 Accumulated depreciation (190 000) (140 000) Investment in associate 97 000 80 000 Brand names 90 000…Details
Accounting Corporate and Reporting – Zack Ltd acquired all the issued shares (ex div.) of William Ltd for $227 500
Trimester 1, 2017 Assignment ACC705 Accounting Corporate and Reporting Question 1 Consolidation worksheet entries On 1 July 2015, Zack Ltd acquired all the issued shares (ex div.) of William Ltd for $227 500. At this date the equity of William Ltd consisted of: Share capital $ 150 000 General reserve 34 000 Retained earnings 20 000 At acquisition date, William Ltd reported a dividend payable of $8000. All the identifiable assets and liabilities of William Ltd were recorded at amounts equal to their fair values except for: Carrying amount Fair value Plant (cost $200 000) $175 000 …Details
Please provide answers to the following problems using Excel. For your Excel answer, please follow the Excel format and functions presented in Chapter 5 of the textbook. Suppose today is July 1, 2010, and you deposit KD 3,000 into an account today. Then you deposit KD 1,500 into the same account each July 1, beginning in 2011 and continuing until the last KD 1,500 deposit is made on July 1, 2016. Also, assume you withdraw KD 5,000 on July 1, 2018. Assuming a 7% annual compound interest rate, what will be the balance in the account at the end of July 1, 2020? (hint: find the present value for CFs then the future value for lump sum) Sara is…Details
Given the profit loss (income statement) and balance sheet for Sam’s Sandwich Delivery (Table 4-8), answer the following:
- Calculate the following ratios: current, quick, accounts receivable turnover, fixed asset turnover.
- Using the inventory figure on the balance sheet as average inventory, calculate the inventory turnover ratio.
- Calculate the debt-to-equity ratio, debt-to-total asset ratio, and operating profit margin ratio.
- Perform a vertical analysis of the income statement.
- Perform a vertical analysis of the balance sheet.
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 …
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…