Solved Assignments

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

Another version of this question is available here.   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,…

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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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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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