Eureka Ltd commences operations on 1 July 2018

Eureka Ltd commences operations on 1 July 2018. One year after the commencement of its operations (30 June 2019) the entity presents its first Statement of Comprehensive Income and Statement of Financial Position on 30 June 2019. The statements are prepared before considering taxation. The following information is available.   Eureka Ltd Statement of Comprehensive Income for the year ended 30 June 2019      $       $ Gross Profit   2,700,000       Expenses:     Administrative expenses 200,000   Selling expenses   80,000   Salaries 420,000   Interest expenses   14,000   Provision for doubtful debts   70,000   Long service leave 140,000   Warranty expenses   84,000   Depreciation expense – plant 224,000   Insurance   84,000…

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Sampras Ltd issued $1 million of convertible notes

Sampras Ltd issued $1 million of convertible notes on 1 July 2019. The notes have a life of 6 years and a face value of $1 each. They offer interest, payable at the end of each financial year, at a rate of 5 percent per annum. The notes were issued at their face value and each note can be converted into one ordinary share in Sampras Ltd at any time in the next 6 years. Organisations with a similar risk profile to Sampras Ltd have issued debt with similar terms but without the option to convert at the rate of 7%. The holders of the options elect to convert the options to ordinary shares at the end of the second year…

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ACC514 FINANCIAL ACCOUNTING – 201830

Financial statement presentation, accounting for income tax, statement of cash flows The trial balance of Dress to Impress Ltd, a new clothing retailer in Sydney (commenced operations on 1 July 2017), includes the following accounts at 30 June 2018:   DR ($) CR ($) Sales revenue   4,278,000 Interest income   19,000 Cost of goods sold 2,620,000   Advertising 230,000   Annual leave 28,000   Depreciation – administration office equipment 8,000   Depreciation – shop fittings 23,000   Doubtful debts expense 13,000   Electricity 26,000   Insurance 28,000     DR ($) CR ($) Interest expense 4,000   Long service leave 8,000   Rent 240,000   Salaries 518,000   Sundry expenses 74,000   Income tax expense ?   Cash on hand…

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ACST201 Financial Modelling – Spreadsheet Project Task 3

Bill has bought a new home in Canberra. He borrowed $600000 at a rate calculated to be 150 basis points over the Australian 10-year government bond yield for 2018*. The loan is to be repaid in annual instalments over a thirty year period. The first instalment was due on 19 March 2020. a. In your spreadsheet, in your first tab (labelled ‘A’), draw up the loan repayment schedule for Bill. Calculate the annual loan repayment amount using Goal Seek. Like Bill, in question 3 above, Scott has bought a house in Canberra, borrowing the same amount, and on the the same terms. Scott’s bank, however, offers an ‘interest offset’ account facility with the loan. Like Bill, Scott’s first payment is on 19…

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Pumpkin Group – Consolidated financial statements – Version2

 Pumpkin Group – Consolidated financial statements   Pumpkin Ltd is a large successful agricultural company based in Morrinsville. You are the assistant accountant with the company and have been asked to draft the company’s group accounts. Tom Ato, head of group accounting briefed you as follows and followed up with emailed information for you to work with.   Tom has stressed that the company has a staff code of conduct, which requires staff to treat all company information as strictly confidential. The code permits reviewing reference material, conducting research, and discussing and seeking advice about accounting procedures with others but does not allow sharing any financial information with anyone including unauthorised staff. He suggests that similar ethics apply, to those you…

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FlixCity & Gaming – Transactions

  FlixCity & Gaming Post-closing Trial Balance for the month ended 30 June 2017 Account No’s Account Names Opening Balances Dr Cr ASSETS 100 Cash at Bank             15,690.00 110 Accounts Receivable               2,650.00 130 Prepaid Advertising               1,430.00 140 Prepaid Insurance                  980.00 150 Land           860,000.00 160 Buidling           130,000.00 165 Accumulated Depreciation – Building             17,500.00 170 Equipment – Computer/console/candy bar/projector           360,000.00 175 Accumulated Depreciation – Equipment           180,000.00 LIABILITIES 200 Accounts Payable             12,100.00 210 Unearned revenue               5,600.00 220 Interest Payable               4,850.00 230 Loan Payable – Principal due May 2030           985,000.00 240 Wages Payable               6,200.00 250 Utilities Payable               7,600.00 EQUITY 300 Nicholas Robbins, Capital           151,900.00 301 Nicholas Robbins, Drawings 0.00…

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Padda Ltd acquired all the issued shares

On 1 July 2014 Padda Ltd acquired all the issued shares (cum div) of Slang Ltd. At this date the statement of financial position of Slang Ltd included the following information:     Carrying amount Fair value Assets     Cash $   7 500 $    7 500 Receivables 22 800 22 800 Inventories 22 500 28 500 Goodwill 7 200   Plant and Equipment 300 000 264 600 Accumulated depreciation – plant and equipment (38400)   Total assets $321 600         Liabilities     Dividend payable 12 000 12 000 Provisions 28 800 28 800       Equity     Share capital (180 000 shares) 180 000   General reserve 34 800   Retained earnings 66 000…

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The Gleason Company, a division of a large international company

The Gleason Company, a division of a large international company, has two production departments, Machining and Assembly, and two support departments, namely, Factory Administration and Cafeteria. The estimated building and grounds costs for the coming year would be $41,010. The following are the cost estimates for next year that can be traced to each department: Direct costs $ Factory Administration 78,270 Cafeteria 4,920 Machining 104,100 Assembly 146,700 $ 333,990 Company management would like to know the estimated total allocated product cost per unit. These costs will be used as a benchmark for future period operations. The following information is available and can be used as a possible allocation base. The difference between direct labour hours and total labour hours represents hours…

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ACC506 Task 2 – MARVEL LANDSCAPING

1. MARVEL    LANDSCAPING  –      Introduction      1.1 Introduction A Stanlee is the sole proprietor of Marvel Landscaping – a GST-registered independent landscaping materials business that began operations on 2 July 2017. The business focuses mostly on supplying garden features to small landscaping businesses. It performs some additional services including deliveries. Stanlee is an astute business owner who prides herself on delivering an excellent service whilst aiming to grow a profitable and successful business. Towards the end of the financial year, Stanlee employed some staff including an office assistant and delivery driver. Stanlee is continuing with the MS Excel spreadsheet system that she has been using to record the accounting transactions and manage her accounts and financial reports. 1.2 Accounting policies and other…

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Excel Assignment 2019 S1 Instructions – The Blues Brothers guitar Company makes three types of guitar

Excel Assignment 2019 S1 Instructions   Scenario The Blues Brothers guitar Company makes three types of guitar. The Company has used a traditional product costing system with direct labour hours as the only cost driver for overhead application, but has asked you to develop a full activity based costing method solution for product costing and profitability measurement.   Start by downloading the assessment workbook from iLearn and copying/moving it to an appropriate folder. When you open the workbook it is very important that you Enable Macros/Content. You will then be asked to enter your Student Number (you will not be able to edit it afterwards, so type it in carefully) and then enter your Student Name.   General Guidelines All the…

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EZY MANUFACTURING LTD (Ezy) – You are the accountant of

EZY MANUFACTURING LTD (Ezy) You are the accountant of Ezy Manufacturing Ltd (Ezy), a listed public company incorporated in Australia. Ezy is a paper and packaging company that is complimented by an extensive merchant distribution system, with primary markets and manufacturing operations in Asia Pacific region. In order to take complete control of its production facilities, Ezy implemented a policy of vertical integration and invested in two of its key suppliers.   The investments of Ezy as at 30 June 2019 are illustrated below:   Ezy   100% Range   100% SWL     RANGE PTY LTD (Range) Range is a producer of uncoated paper, industrial and consumer packaging, and pulp.  It has been one of the key suppliers of raw…

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Credit Card Debt Scenario – A department store offers you the following credit card offer

Credit Card Debt Scenario A department store offers you the following credit card offer:  No money down and no interest for 5 years.   You have been considering a new furniture purchase for your home and decide to sign up for this attractive offer as you purchase $10,000 worth of furniture.   Since personal funds are low, you decide to utilize the no payment, no interest option for 5 years, and plan to begin making the 2% per month payments when the five year offer ends.   You also decide not to make any more charges on this credit card. So, in this assignment, we pick up at the end of the 5-year period, with a $10,000 debt on a credit card.  The interest…

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