ACC1103 BUSINESS ACCOUNTING

Question: #1 Why depreciation on fixed assets should be brought into account? Discuss in detail the several methods of providing for depreciation. You own a bakery and you’ve just bought a big Elba oven for the baking at a cost of RM30,200. It estimated disposal value or scrap value is RM200. Elba gives warranty of 3 years but it can be used for five years in the business. At the same time Users’ manual indicates that the oven can be used for 12,000 baking hours. Since you’ve just started the business, your estimate for using the oven will be Year Baking hours 1 1400 2 1800 3 2400 4 2800 5 2600 Prepare depreciation schedules based on the information given above…

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ACFI2012 Accounting for Corporate Entities_Semester 2, 2018 – Patterson Ltd

Question 1 Patterson Ltd was registered on 18 March 2017, as a company with a constitution limiting the shares that could be offered to; 4 000 000 Ordinary A shares and 2 000 000 non-voting Ordinary B shares. The company issued a prospectus dated 12 May inviting the public to apply for 3 000 000 Ordinary A class shares at $2.50 per share. The terms of the shares on issue are $1.00 on application, $1.00 on allotment and $0.50 to be called within six months of allotment.   If the issue is oversubscribed the directors will make a pro-rata issue of shares and the excess application money will be applied to allotment and calls before any refunds will be given. On…

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ACG 11 (Accounting for Business) – Part B – Balance Day Adjustments

QUESTION 1: Balance Day Adjustments Below is the unadjusted Trial Balance as at 30 June 2018 for “Feed Me Seymour”, a retail plant nursery and garden centre. It is owned and operated by Fran Giapani.   Feed Me Seymour Unadjusted Trial Balance As at 30 June 2018 Debit ($) Credit ($) Cash at Bank 35,760 Accounts Receivable 42,500 Inventory 187,200 Prepaid Insurance 6,480 Office Supplies on hand 4,368 Nursery Equipment 53,040 Accumulated Depreciation — Nursery Equipment 15,912 Delivery Van 62,400 Accumulated Depreciation — Delivery Van 24,960 Accounts Payable 36,036 Loan Payable 156,000 F. Giapani — Capital (1 July 2017) 88,296 F. Giapani — Drawings 37,440 Sales Revenue 921,372 Sales Returns and Allowances 13,232 Cost of Sales 549,744 Discount received 17,276 Freight…

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200109 Corporate Accounting Systems – Spring 2018- Practical Project – Nelson Ltd.

Part A   The following represented an extract from the Statement of Financial Position of the assets and liabilities of Nelson Ltd (Nelson) for the years ending 30 June 2017 and 30 June 2018. The company reported a profit before tax for the year to 30 June 2018 of $700 000. 2018 2017 Accounts receivable $ 245 000 $ 200 000 Allowance for doubtful debts (20 000) (10 000) Plant-at cost 600 000 600 000 Accumulated depreciation-plant (190 000) (120 000) Interest receivable 10 000 20 000 Provision for long-service leave 48 000 62 000 Deferred tax asset ? 21 600 Deferred tax liability ? 24 000   You were appointed as a junior accountant at Nelson after graduation from Western…

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ACCG200 Excel Assessment – BikePro Ltd want you to perform a Cost Volume Profit Analysis

BikePro Ltd want you to perform a Cost Volume Profit Analysis for their High-End Racing Bike product, the X-800.  You will need to calculate the labour costs, material costs, fixed costs and variable costs and then work out the break-even volume.  You have also been asked to show a forecast for different sales volumes and produce a break-even analysis line chart.   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.  …

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FINANCIAL ACCOUNTING – ACCT1101 – Charles Boutique Books Pty Ltd Accounting Practice Set online

Company Background Charles Boutique Books Pty Ltd has been in business in Melbourne since July, 2014. The company was started by James Lowe and operates a shop which sells books on a wholesale basis to other businesses on both credit and cash terms. The company’s share capital consists of 162,000 ordinary shares, issued at $1 each, that are owned by various members of the Lowe family. The company employs a combination of sales and administration staff to operate the business.   Accounting System Information & Procedures The company has a financial year end of 30 June and prepares adjusting entries at the end of the financial year. To ensure efficiency of its accounting procedures, the company uses the following Special Journals to maintain…

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Unit: ACC102 – Fundamentals of Accounting II – Nicolaidis, Tamworth Trading, Masterton

Case Study One:   On 1 January 2017, Nicolaidis Ltd purchased two identical new machines at a total cost of $700 000 plus GST. It was estimated that the machines would have a useful life of 10 years and a residual value of $50 000 each. Nicolaidis Ltd uses the straight-line method of depreciation for all of its equipment. The company’s end of reporting period is 31 December.   Required Record the purchase of the trucks on 1 January 2017. Record the depreciation expense on the trucks for 2022. Assume that early in 2023 the company revalued the machines upwards by $80 000 each and assessed that the machines would last 6 more years instead of 4 but that the residual value would…

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Spreadsheet Project Task 2 – Ruby purchased

Spreadsheet Project Task 2 Ruby purchased a 10-year 4.2% p.a. Treasury bond with a face value of $100 at a price of 98.545 10 years ago. The bond was redeemable at par. Immediately following the receipt of each coupon, Ruby deposited the coupon into a bank account earning a particular reinvestment rate. Over the 10 years the reinvestment rates Ruby earns are shown in table 1. At the time of purchase, Ruby used her financial modelling skills to model and predict the market rates of return rates for the next 10 years which are shown in table 2 below. Assume her 10-year forecast (in table 2) is actually correct. Hence, these rates represent the appropriate rates to discount Ruby’s future cash…

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Saturn Petcare Australia and New Zealand is Australia’s largest manufacturer of pet care products

Saturn Petcare Australia and New Zealand is Australia’s largest manufacturer of pet care products. Saturn have been part of the Australian and New Zealand pet care landscape since opening their first manufacturing facility in Albury Wodonga in 1966. Since then they have expanded their manufacturing footprint to include other sites in regional Australia and New Zealand including a world-leading manufacturing site opened in Bathurst, NSW in 2015. Saturn Petcare Australia New Zealand manufactures for the Australian and New Zealand domestic markets as well as exporting products to more than 26 countries. Saturn Petcare is part of the larger overall Saturn Group which is globally one of the largest privately held manufacturing companies and operates in a range of different fast moving…

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Budget – Bombera Ltd operates at capacity and makes glass-topped dining tables

Q. 1 Max Brenner, a college student, plans to sell CD players over the internet & by mail order during the semester to help pay his expenses. He buys the players for $31 & sells them for $52. If payment by cheque accompanies the mail order (estimated to be 40% of sales), he gives 10% discount. If customers include a credit card number for either internet or mail order (estimated 30% of sales), they receive 5% discount. The remaining collections are estimated as follows: One month following 15% Two months following 6% Three months following 4% Uncollectable 5%   Sales forecast are as follows: September 140 units October 240 units November 330 units December 420 units January Business terminated   Max…

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ACC106 ATMC Task 2 Assignment – Nellys Saddlery is a proprietorship of Ms Nelly Gee

Nelly’s Saddlery – Business Background   1.1 Introduction Nelly’s Saddlery is a proprietorship of Ms Nelly Gee who established this new business on 1st June 2018. Nelly’s Saddlery is a GST-registered horse tack and supplies business that is beginning with just a small range of saddles and horse rugs. The business also provides some basic saddlery repairs and maintenance services. The business sources its products from a number of suppliers.   The business currently sells two types of saddles: All Purpose Saddles, Suede Seat Saddles, and one type of rug: Top Tack DELUXE Rug   Nelly Gee, sole proprietor, has established a reputable and growing business with and has employed two staff members. Being an astute businessperson, Nelly is using Microsoft…

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ACC00146 MANAGEMENT ACCOUNTING – Sunny Days manufactures swimwear and beach accessories for men and women

Sunny Days manufactures swimwear and beach accessories for men and women.  They operate out of rented premises in Currumbin Creek Road where the factory is split into a manufacturing and storage area and a retail space. The business produces 4 products: One-piece swimsuits for women Board shorts for men Beach Towels Beach Umbrellas   You, as the management accountant for the firm, have been asked to prepare a range of budgets for the 2019 year.  The following information has been gathered: Sales One-piece swimsuits Board short Towel Beach Umbrellas January 2019 1,800 1,600 400 200 February 2019 1,400 1,100 300 180 March 2019 1,300 1,160 260 160 April 2019 1,000 1,000 140 120 May 2019 400 600 80 60 June 2019 400…

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