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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You recently received a bonus of $8,000 and are thinking of investing this sum of money

Question 1 You recently received a bonus of $8,000 and are thinking of investing this sum of money for your retirement 20 years later. Sandy Chen, your financial planner, approached you recently an offered two investment products.   Product Aee will earn an annual return of 5% per year for the first 5 years. If there is no recession in Singapore during the first 5 years, all amounts invested will earn an annual return of 7% for the next 10 years, otherwise, returns will be 3% per year. Alternatively, Product Bee allows you to invest $800 per year (at the beginning of each year) for the next 10 years. It will earn a return of 5% per year. This product will…

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ABC Co. Ltd. specialises in manufacturing electronic products

ABC Co. Ltd. specialises in manufacturing electronic products. The range comprises of 2 products, Personal Computers (‘PC’) and Video Players (‘VP’). The company’s products have the data shown below.   Products                              PC           VP Maximum  monthly demand         Unit                10,000         20,000 Direct labour hours per unit      hr                  2             4 Selling Price                      $                 1,200        1,600 Unit variable costs Direct Material                  $                 600          800 Direct Labour                   $                 200          400 Other variable O/H              $                 200          200   The company has adopted the OAR in term of direct labour hour. The total estimated fixed cost and direct hours during the year is $2.4m and 30,000 hours respectively.   The company is planned to manufacture a new product, I-Phone (‘IP’) with estimated contribution of $600 per unit.  …

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Below is the monthly share price data for Australian mining giant BHP for the 2018

Below is the monthly share price data for Australian mining giant BHP for the 2018 calendar year (source: https:// au.finance.yahoo.com/quote/BHP.AX). Date Open Close Dividends (100% Franked) Jan 29.57 30.2 Feb 30.2 30.5 Mar 30.5 28.21 0.705852 Apr 28.21 30.95 May 30.95 32.79 Jun 32.79 33.91 Jul 33.91 34.86 Aug 34.86 33.21 Sep 33.21 34.63 0.855978 Oct 34.63 32.21 Nov 32.21 30.69 Dec 30.69 34.23   i. Calculate the 2018 monthly returns (in both $ and %) for BHP. ii. Calculate the average monthly return (%) for BHP. iii. Using the data provided calculate the annual holding period return (in both $ and % terms) for an international (non-Australian) shareholder of BHP. iv. Calculate the annual holding period return (in both $…

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Harvard Square Inc., a leading manufacturing company has two main lines of products

Harvard Square Inc., a leading manufacturing company has two main lines of products: Traditional and Modern with unit sales prices of $400 and $550.  Currently manufacturing overheads are applied as $580 per direct labor hours. Below is some internal company information. Harvard Square Partial budgeted statement of gross margin 2019   Products Traditional Modern Total Sales in units 12500 12500 25000 Beginning inventory $                     600,000.00 $                 750,000.00 $                   1,350,000.00 Direct material $                 2,500,000.00 $             4,375,000.00 $                6,875,000.00 Direct labor $                     462,962.50 $                 231,482.50 $                    694,445.00 Ending inventory $                     600,000.00 $                 750,000.00 $                   1,350,000.00   Overhead breakdown in percentage Machining 50.00% Assembly 25.00% Material Handling 7.00% Inspection 18.00% Total 100.00%   Products Cost pool info for 2019 Traditional Modern Direct labor hours…

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Consolidation of Spectre plc, Skyfall Ltd and Moonraker Ltd

Portfolio Question 4 Set out below are the statements of financial position of Wolff plc, Bannon plc and Rex Ltd. at 31 March 2018.   Statements of financial position as at 31 March 2018      Wolff  plc  Bannon plc           Rex Ltd €’m €’m €’m €’m €’m €’m Non current assets  Property, plant and equipment    Land and Buildings 26,400 24,200 7,200    Plant and equipment 18,350 16,100 4,400 44,750 40,300 11,600   Investments     Investment in Bannon plc 14,000     Investment in Rex Ltd 1,250     Loan to  Bannon plc 5,000     65,000 40,300 11,600 Current assets    Inventory 12,200 7,200 4,200    Trade receivables 14,400 6,100 3,700    Amount due from Bannon plc 2,100    Amount due from…

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On 1 July 2017, Positive Ltd acquired all the issued shares of Smart Ltd

Question 1   Topic 1: Consolidation: Principles and accounting requirements On 1 July 2017, Positive Ltd acquired all the issued shares of Smart Ltd for $123,000. At the date of acquisition, the shareholder’s equity of Smart Ltd was as follows.   $ Share capital                               65,000 General reserve                          25,000 Retained earnings                      20,250 Total                                           110,250   All the assets and liabilities of Smart Ltd were recorded at amounts equal to their fair values at the acquisition date, except for some assets detailed below.    Carrying amount      Fair value                                                                                         $                       $ Plant (cost $115,000)                                                   100,000           105,000 Land                                                                             50,000             60,000 Inventories                                                                    15,000             19,000     Additional information:   The inventory was all sold by 30 June 2018. The land was sold on 1 February…

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Vadercat Limited issued $30 million 7.5 percent

Question 1 Vadercat Limited issued $30 million 7.5 percent, 5 year bonds on October 1, 2018. The market rate of interest on the date of the issue was 8 percent. Interest is payable semi-annually on April 1 and October 1. The company’s year-end is December 31. Required: Prepare journal entries to record all transactions during the first year the bonds are outstanding. The company uses the straight-line method of amortizations. Indicate how the bond obligation would be shown on the company’s year-end statement of financial position. How much interest expense is shown on the 2018 year end income statement? How much interest expense will be shown on the 2019 year end income statement? Question 2 Bella Ltd issued $25,000,000 of bonds…

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Budgeted Income Statement and Supporting Budgets – The budget director of Feathered Friends Inc.

The budget director of Feathered Friends Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for December: Estimated sales for December: Bird house 3,200 units at $50 per unit Bird feeder 3,000 units at $70 per unit   Estimated inventories at December 1: Direct materials: Wood 200 ft. Plastic 240 lbs. Finished products: Bird house 320 units at $27 per unit Bird feeder 270 units at $40 per unit   Desired inventories at December 31: Direct materials: Wood 220 ft. Plastic 200 lbs. Finished products: Bird house 290 units at $27 per unit Bird feeder 250 units at $41 per unit   Direct materials…

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