BZ102 – ACCOUNTING PRINCIPLES

Complete Questions P 7-5 on pages 353 to 354 of Horngren’s Financial Accounting 8th Ed. P7-5 Using all the journals, posting and balancing the ledgers [30-40 mini] Prudhoe Bay uses the perpetual inventory system and makes all credit sales on terms of 2/10, n/30. During March, Prudhoe Bay completed these transactions: Mar 2 Issued invoice no. 191 for sale on credit to L. E. Wooten, $2350. Prudhoe Bay’s cost of this inventory was $1 390. 3 Purchased inventory on credit terms of 3/10, n/60 from Delwood Plaza, $5900. 4 Sold inventory for cash, $3410 (cost, $1 820). 5 Issued cheque no. 473 to purchase furniture for cash, $1 080. 8 Collected interest revenue of $120. 9 Issued invoice no. 192 for…

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MBA 5850 Spring 2018 Block 2 – PMD Corporation

MBA 5850 Spring 2018 Block 2 Case Study #1 PMD Corporation was formed by three shareholders on January 1, 2016. After a difficult first year (the company has reported retained earnings as of December 31, 2016 of negative $65,000), the company believes they need to obtain a line of credit to expand the business. The bank has requested financial statements for the nine months ended September 30, 2017 in order to determine eligibility for the line of credit. Although none of the shareholders have any accounting experience, one of them has taken on the role of bookkeeper and has prepared the following financial statements for year-to-date operations through September 30, 2017.   PMD CORPORATION Income Statement For 2017 Product revenue      …

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FINC20018 T1 2018: Assessment 1

Question 2 [Calculation-based]: The Income Statement [Chapter 3 Applying the theory] (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 CQU Oil Limited is a an oil wholesale company that had: ·         sales last year of $2.5 million; ·         cost of goods sold of $700,000; ·         paid interest of $200,000; ·         cash operating expenses of $150,000; ·         Depreciation expense amounting to $150,000 ·         a tax liability equal to 30% of the firm’s taxable income. a.    Construct an Income Statement with the above data. b.    Determine CQU Oil’s taxable income and tax payable for the year. c.    Determine the total amount of:…

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Finance 211 Case 2 – Capital Budgeting Analysis

Finance 211 Case 2 – Capital Budgeting Analysis   Dimples  Baby Products (DBP), projects unit sales for its new Vegey Goo pablum,  as follows:       Year Unit Sales         1 90,000   2 100,000   3 110,000   4 117,000   5 65,000         Production of the Pablum will require $10 million in net working capital to start and additional net operating working capital investments each year equal to 35 percent of the projected sales increase (in $’s) for the following year. (Because sales are expected to fall in the fifth year of sales, there is no NOWC for that year). Total fixed costs are $175,000 per year, variable production costs are $227…

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Accounting and Finance for Executives – UUAC5300

Question 2 (LO 2 a, b c): Preparation and evaluation of financial statements under the guidelines of New Zealand accounting framework. (60 marks) Please read the following information regarding Interwood, and answer the questions given at the end of the information. Bruce Minogue has decided to go into a retail business selling tables and chairs. He has named his business as Interwoo. He decided to open his first showroom in Remuera, Auckland. Bruce had the following transactions during June 2017 (The first month of his business):   Date Transaction detail 01/06/2017 Opened a bank account in the name of the business and transferred $ 22,000 from his personal account to business bank account. 02/06/2017 Obtained a bank loan worth $ 20, 0000 from ANZ…

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Scorpio Ltd is an Australian public company. The accounting staff of Scorpio Ltd have asked

Question 2                                                                                                                                                 Total 6 marks Scorpio Ltd is an Australian public company. The accounting staff of Scorpio Ltd have asked for your assistance in preparing the company’s financial statements for the year ended 30 June 2017 and have provided you with the following information: Scorpio Ltd Trial Balance As at 30 June 2017 Item Debit Credit Sales revenue   540,000 Gain on sale of financial assets   4,000 Revaluation of property, plant and equipment   20,000 Other income   16,000 Unrealised gains on cash flow hedges   13,000 Loss for the year from discontinued operations 5,000   Remeasurement of defined benefit superannuation plan 7,500   Occupancy expenses 45,000   Income tax expense 15,000   Finance costs 27,500   Distribution expenses 55,000…

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CQU Oil Limited is a an oil wholesale company that had

  Construct an Income Statement. Use an Excel spreadsheet and/or tables to present your work. Show all workings. Mark Part 1 CQU Oil Limited is a an oil wholesale company that had: ·         sales last year of $2.5 million; ·         cost of goods sold of $700,000; ·         paid interest of $200,000; ·         cash operating expenses of $150,000; ·         Depreciation expense amounting to $150,000 ·         a tax liability equal to 30% of the firm’s taxable income. a.       Construct an Income Statement with the above data. b.      Determine CQU Oil’s taxable income and tax payable for the year. c.       Determine the total amount of: i.        fully franked dividends ii.      imputation credits that the company is able to declare from its past year’s results.…

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On January 1, 2017, Cage Company contracts to lease equipment for 5 years

On January 1, 2017, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $550,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Cage’s incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Cage. Title to the equipment transfers to Cage at the end of the lease. The asset has an estimated useful life of 5 years and no residual value. Instructions: (a) Prepare the journal entry or entries that Cage should record on January…

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ACCT6001 Accounting Information Systems – Excel Spreadsheet

    ASSESSMENT BRIEF       Subject Code and Title   ACCT6001 Accounting Information Systems       Assessment   Assessment 3: Excel Spreadsheet       Individual/Group   Individual       Length           Learning Outcomes   1.  Apply technical knowledge and skills in creating     information for the workplace using spreadsheets     and relational databases.     2.  Communicate with IT professionals, stakeholders     and user groups of information systems.       Submission   By 11:55pm AEST/AEDT Sunday end of week 7       Weighting   25%       Total Marks   100 marks           Context: The aim of this assessment is to assess…

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Spreadsheet Project Task 1 – ACST201 Financial Modelling

Spreadsheet Project Task 1   Today is 1 January 2018. MQU bank is offering a 5 year $100,000 loan product to its customers.(25 marks).   [10 marks] This loan product requires customers to make monthly repayment. Payment will be paid at the beginning of each month with an amount of $2,000. Use the Goal Seek to find the implied annual nominal rate of interest payable monthly (i.e., j12) charged by MQU bank. [8 marks] For this loan product, each customer needs to pay an initial cost of $200 at the beginning of the loan. Use the Goal Seek to find the real borrowing cost for a customer (expressed as an annual rate payable monthly j12). This loan product requires customers to…

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ACST101 S1 2018 Excel Assignment

ACST101 S1 2018 Excel Assignment (7%)   GETTING READY   The worksheets are protected. You can only enter data into the cells that are not locked to you. In the excel file provided, if you attempt to change the contents of a locked cell, you will receive a message saying that you are trying to change protected content. Leave the file protected. Use MS Office Excel for Windows or Mac. The version can be no older than MS Office 2013. Use a computer lab at the University, if in doubt and don’t just switch to use another computer unless you know it uses the correct version. A penalty of 2 marks applies if the sheets are found to be unprotected (which…

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ACCT6003 Financial Accounting Processes – ChiHerbal

In Part B, students are required to account for a range of transactions undertaken by ChiHerbal Ltd.   Assignment Part B 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 (30 marks) The equity of ChiHerbal Ltd as at 30 June 2018 comprises the following: 320 000 ordinary Class 1 shares, issued at $4, fully paid $1 280 000 240 000 ordinary Class 2 shares, issued at $4, called to $2.40 576 000 40 000 6% redeemable preference shares, issued at $3.00, fully paid 120 000 Share issue costs (4 272) Calls in advance (at $1.60) 25 600 Share options (issued at $1.20, fully…

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