ACC 512 ( Management accounting for cost and control) assignment

Question 2: Manufacturing Statement and Income Statement (20 marks in total)   Lake Ltd.’s accounting department provided following financial information: Depreciation Expense – Factory Equipment $       90,000 Direct Labour $  1,284,000 Raw Material Inventory (1st July, 2016) $     183,000 Raw Material Inventory (30th June, 2017) $     186,000 Factory Rent $     152,820 Finished Goods (1st July, 2016) $     264,000 Finished Goods (30th June, 2017) $     345,000 Indirect Labour $       75,000 Indirect Materials $       52,500 Sales Revenue $  6,751,500 Administration Expenses $     600,000 Selling & Distribution Expenses $  1,200,000 Purchase of Raw Material $  1,200,360 Freight In $       90,000 Work in Process (1st July, 2016) $       60,600 Work in Process (30th…

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ACCT6003 FINANCIAL ACCOUNTING PROCESS – ChiHerbal

Assignment Part 2 Questions Assume you were the accountant of ChiHerbal Ltd, address the requirements of the following independent scenarios for the company.   Scenario 1 Financing Company Operations   On 1 July 2017, ChiHerbal Ltd was registered and offered 500,000 ordinary shares to the public at an issue price of $8, payable as follows. As per the company’s constitution, all surplus money from application would be transferred to allotment and/or calls accounts.   $3 on application (due by 1 August 2017) $2.5 on allotment (due by 30 August 2017) $1.5 on Call 1 (due by 15 June 2018) $1 on Call 2 (due by 30 July 2018)   Application has been closed and by 1 August 2017, 600,000 shares have…

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The expected costs and operating data for two manufacturers are presented below.

Question 1: The expected costs and operating data for two manufacturers are presented below.   Aloe Ltd Basil Ltd. Units Produced 104 000 83 960 Factory overhead costs $499 200 $888 160 Direct labor hours 151 600 164 000 Direct labor costs $996 000 $803 600   Aloe Ltd applies factory overhead on the basis of units of production, whereas Basil Ltd uses direct labour hours. During the last financial year, Aloe Ltd produced 109 600 units and incurred factory overhead costs of $528 000, and Basil Ltd’s overhead costs were $860 000, using 174 000 direct labour hours.   Required Calculate the predetermined factory overhead rate for each company. Indicate whether factory overhead was overapplied or underapplied for each company,…

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ASSIGNMENT ACC202: CORPORATE ACCOUNTING: SEMESTER 1, 2018

ASSIGNMENT ACC202: CORPORATE ACCOUNTING: SEMESTER 1, 2018   Answer all questions   Question 1 [15 marks] Accounting for income tax ABC Ltd commenced business on 1 July 2015, with share capital of $300,000. On 30 June 2016, the company presents its first Statement of Profit or Loss and Other Comprehensive Income, and first Statement of Financial Position. The statements are prepared before considering taxation. The following information is available:   Extract from statement of profit or loss and other comprehensive income for the year ended 30 June 2016     $ $ Revenue   751,000 Government grant (exempt from income tax)   30,000 Expenses:     Cost of sales 325,000   Annual leave 13,000   Depreciation – equipment 40,000   Depreciation…

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ACC512 – Management Accounting for Costs & Control

QUESTION 1 Job costing (20 marks)   A. Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Follow the template provided. Play the Job Cost podcasts from Interact Resources and work through the example problem in those podcasts. The example problem in the podcasts is similar to the Obese problem. Create a spreadsheet solution showing the row and column headings and the formula view. Your report section should be completely formula driven. Scan or use your phone to copy and paste an image of your handwritten attempt into your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which…

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ACC106 ATMC Task 2 Assignment Business Scenario and Instructions

ACC106 ATMC Task 2 Assignment Business Scenario and Instructions   1         Magic Mufflers  – Business Background   Introduction Magic Mufflers is a proprietorship of Mr Innis Hornet who established this new business on 1st June 2017. Magic Mufflers is a GST-registered muffler and exhaust business that specialises in a small range of high-performance mufflers and exhaust systems. The business sources its products from a number of suppliers and trade expos, and sells to car enthusiasts.   The business currently sells three types of mufflers: Sports SP, Retro RR, and Racer CC: Innis Hornet, sole proprietor, has established a reputable and growing business with and has employed four staff members. Being an astute businessperson, Innis is using Microsoft EXCEL software to maintain…

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Accounting and Finance for Executives – UUAC5300 Assignment – 2 Semester 1 – 2018

This questions has two parts (Q 2.1 and Q 2.2), each part has sub parts and attempts to address various aspects related to budgeting. Please read the instructions carefully and answer each part.   Q2.1: (Maximum Marks = 15)   The following data has been estimated for Hamilton Limited, who commenced the business on January 1, 2018.   Estimated Sales: January $ 60,000 February $ 55, 000 Cash sales are estimated to be 30% of the total sales   Debtors are expected to pay: 40% in the month of sale 60% in the month after sales   Estimated purchases: January $ 35,000 February $ 39,000   All purchases are to be on credit and are to be paid for in the…

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MPA105 – Financial Accounting and Reporting

(37 marks) Question 1: On 1 July 2016, Sisters Ltd acquired all of the issued shares of Brothers Ltd for $950 000.  At the acquisition date the equity of Brothers Ltd consisted of: Share capital $600 000 Reserves   120 000 Retained earnings   150 000 At the date of acquisition this equity reflected the fair values of all the identifiable assets and liabilities of Brothers Ltd. The following transaction occurred between the two entities during the financial year: On 1 July 2016 Brothers Ltd sold a motor vehicle to Sisters Ltd for $900 000. The motor vehicle had cost Brothers Ltd $1 500 000. It had been used for 5 years and had a carrying amount of $800 000 on…

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ACC200: ASSIGNMENT TERM 1 2018 – Sewing Easy Ltd has been in business for two years

Sewing Easy Ltd has been in business for two years manufacturing sewing machines. It currently manufactures two models, the basic and advance. Last year, 2017 they made good profit and they were happy their business is running well. They are about to enter a new phase in their business, selling to an overseas buyer. However, they are a bit confused as to why the buyer is only interested to buy the advance model and not the basic or both. For product costing purposes the business uses the traditional costing system and machine hours to assign indirect cost to the sewing machines as they are fairly new in business and don’t want to spend too much money to implement a more refined…

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FIN700–Financial Management – Trimester 1, 2018 – Version 1

QUESTION 1. [6 + 4 + 6 = 16 Marks.]   a) This is a two period certainty model problem. Assume that Daisy Brown has a sole income from Fantasy Ltd in which she owns 15% of the ordinary share capital. Currently, she has no savings. In February, 2018, Fantasy Ltd reported net profits after tax of $600,000, and announced it expects net profits after tax for the current calendar year, 2018, to be 30% higher than last year’s figure. The company operates with a dividend payout ratio of 75%, which it plans to continue, and will pay the annual dividend for 2017 in late-May, 2018, and the dividend for 2018 in late-May, 2019. In late-May, 2019, Daisy wishes to spend…

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Taxes and Consolidation

Question 1 (30 Marks)   The accounting profit before tax of Jameson Ltd for the year ended 30 June 2018 was $320,000. It included the following revenue and expense items:   Amortisation of development costs $30,000 Employee benefits expense 54,000 Carrying amount of plant sold 36,667 Depreciation expense – plant (15%) 40,000 Doubtful debts expense 12,000 Entertainment expense 14,220 Fines and penalties 7,200 Goodwill impairment 1,000 Insurance expense 24,000 Legal fees 4,200 Proceeds on sale of plant 30,000 Rent revenue 25,000 Royalty revenue (non-assessable) 3,500 Restructuring expenses 25,000   The draft statement of financial position as at 30 June 2018 included the following assets and liabilities: 2018 2017 Assets Cash 42,000 57,000 Accounts receivable 190,000 160,000 Allowance for doubtful debts (26,000)…

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Department Variance Analysis

Task 3: Department Variance Analysis                                                                                                   15 marks This task requires you to identify potential causes for variances in the operational profitability of the hotel’s banquets department. You are given an extract of the department’s financial performance report and also budget information (see blow). The report focuses on the aspects of performance that show the largest deviations from the budget: Sales revenues for banquet meals Costs relating to the one complimentary welcome drink served with each meal Costs relating to the major ingredient of the main course: Wagyu beef Kitchen labour costs* *Note: The majority of preparation time is spent on preparing and cooking the main ingredient, the Wagyu steak. At first glance it appears the sales revenue show…

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