BUDGETED FINANCIAL STATEMENTS – Sachin Reddy operates a gift store at Brightwater Mall called Lucky Star

Sachin Reddy operates a gift store at Brightwater Mall called Lucky Star. Sachin’s estimate of sales are given in the table below. Sales tend to reduce in the winter.   Projected Sales   Month $ April 56,000 May 55,000 June 45,000 July 40,000   As a general rule 70% of sales are for cash with the remainder on credit. Of the credit sales, 90% will be received in the month after sale and the balance two months after. Purchases and Inventories Sachin sources most of the gifts from wholesalers in the Nelson region. Goods are purchased in anticipation of the next month’s sales. The purchases cost is 65% of the selling price. The wholesalers give a month’s credit with payment due…

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ACC515 – You wish to go on an overseas family holiday

Question 1 (a) You wish to go on an overseas family holiday in 15 months’ time which will cost $20,000. If your financial institution is offering you 6% pa (compounded monthly), how much do you need to deposit in your account each month in order to save the required amount before you go on holidays? (b) You have been offered the opportunity to purchase a mining business investment which is priced at $16,000,000. The investment involves some start-up costs in the first years and some mine re-mediation costs after the project is completed in 10 years. The expected cash flows for the project are below and you have an expected rate of return of 15% pa. End of year Cash flow…

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ACST101 Finance 1A – Excel Assignment, Session 1 2019

ACST101 Finance 1A – Excel Assignment, Session 1 2019 General Instructions All students must submit an Excel assignment of their individual own work. Rewording something that someone else prepares constitutes cheating. No soliciting answers from others. No providing answers for others. Download the Excel Assignment Template from iLearn and save it with the name of “studentfamilyname” “IDnumber” S1 2019.xlsx, e.g., Smith 45678901 S1 2019.xlsx. Use Microsoft Excel for Windows or Mac. The version can be no older than Microsoft Office 2013. If in doubt, use a computer lab at the University. Don’t just switch to use another computer unless you know it uses the correct version. A penalty of 5 marks applies if the sheets are found to be unprotected, which…

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Rishi Preetam Thiruthani Ltd is an established retail business

Rishi Preetam Thiruthani Ltd is an established retail business. Data from the 2018 financial statements has been extracted and entered for all of the opening balances with the exception of Retained earnings. You are required to calculate and enter the opening balance for Retained earnings. Additional information Other current assets relate to prepaid selling & marketing expenses. Other current liabilities are accrued expenses relating to administrative expenses. The item Investments comprises a combination of long-term cash deposits and/or shares held in other entities. The following is a summary of transactions and events for the financial year ending on 30 June 2019 Event 1. Paid occupancy expenses of $555. Event 2. Credit purchases of inventory were $3,553. There were no cash purchases.…

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ACCT305 Accounting Information Systems Excel – Adjusted Trial Balance of John Brown Home Services

John Brown is the owner of John Brown Home Services. This Company provides service such as cleaning, car details, lawn and gardening to customers in Melbourne. The adjusted trial balance columns of the worksheet for John Brown Home Services are as shown in Table 1 below.   Table 1. Adjusted Trial Balance of John Brown Home Services John Brown Home Services Worksheet for the month ended 31 August 2019 Account Adjusted trial balance Income statement Balance Sheet Debit Credit       Debit   Credit   Debit   Credit   Cash at Bank $45,000           Accounts Receivable      19,500           Prepaid Rent        7,500           Equipment   37,500      …

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MAA262 – Management Accounting – The table below has the amounts spent on quality costs

Question 2 The table below has the amounts spent on quality costs: Activity Year 1 Year 2 Year 3 Systems development $0 $150 $0 Technical support to suppliers of components $0 $175 $175 Technical support to suppliers of raw material $0 $160 $150 Field testing at customers’ sites $0 $275 $275 Inspection on assembling line $0 $500 $500 Rework on assembling line $450 $45 $20 Warranty repairs of delivered products $700 $500 $400 Warranty replacements for products $1,750 $1,300 $1,000 Total quality costs $2,900 $3,105 $2,520   Required Considering the activities listed in the table above, classify these 8 activities among the four types of quality costs. Provide an example of an appraisal cost, different from the activities listed on the…

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FIN201 – Corporate Finance – If you deposit $100 in one year

Question 1: If you deposit $100 in one year, $200 in two years, and $300 in three years, how much will you have in three years? How much of this is interest? How much will you have in five years if you do not add additional amounts? Assume a 7% interest rate throughout. Bond has a face value of $100 with coupon rate of 14% paid semi-annually; the bond has 7 years to maturity and the yield to maturity is 16%. What is the bond price? What is the effective annual yield on this bond? What is the expected return on this portfolio? What is the beta of this portfolio? Does the portfolio have more or less systematic risk than an average asset?…

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ACC203 – Foxwood Company is a metal and woodcutting manufacturer

ACC203 Assignment    Question 2 Foxwood Company is a metal and woodcutting manufacturer, selling products to the home construction market. Consider the following data for 2018:   Sandpaper $2,000 Materials-handling costs 70,000 Lubricants and coolants 5,000 Miscellaneous indirect manufacturing labour 40,000 Direct manufacturing labour 300,000 Direct materials inventory 1 Jan 2018 40,000 Direct materials inventory 31 Dec 2018 50,000 Finished goods inventory 1 Jan 2018 100,000 Finished goods inventory 31 Dec 2018 150,000 Work in process inventory 1 Jan 2018 10,000 Work in process inventory 31 Dec 2018 14,000 Plant leasing costs 54,000 Depreciation – plant equipment 36,000 Insurance on plant equipment 3,000 Direct material purchased 460,000 Sales revenues 1,360,000 Marketing promotions 60,000 Marketing salaries 100,000 Distribution costs 70,000 Customer service…

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Preparation of accounting records – using spreadsheets – Flash Cleaning Services

Preparation of accounting records – using spreadsheets Flash Cleaning Services commenced operations on 1 July 2018. The company opened a cleaning business – providing cleaning services to local schools, preschools and childcare centres. During its first month of operations, the following transactions occurred: Date Transaction details   1 July 2018 Sally Flash invested $30,000 into the business, and the money was deposited into the bank account. Sally Flash operates the business as a sole-trader.   1 July 2018 Flash Cleaning Services borrowed $20,000 from the bank. The loan is interest-only, and interest is charged at 12% p.a.   1 July 2018 Flash Cleaning Services purchased a motor vehicle – a van that will be used for the cleaning business. The motor…

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PACC6004 – On 1 August 2016, NBS Ltd was incorporated and a prospectus was issued

Question (Part 1): On 1 August 2016, NBS Ltd was incorporated and a prospectus was issued inviting applications for 250 000 ordinary shares to the public at an issue price of $12, payable as follows:   $4 on application (due by closing date of 1 October) $5 on allotment (due 1 November) $3 on final call/calls (to be determined by the directors)   By 1 October, applications had been received for 350 000 ordinary shares of which applicants for 50 000 shares forwarded the full $12 per share, applicants for 100 000 shares forwarded $9 per share and the remainder forwarded only the application money. At to directors’ meeting on 7 October, it was decided to allot shares in full to…

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Danial Delivery Service completed the following transactions during its first month

Task 1 (20 marks) Danial Delivery Service completed the following transactions during its first month of operations for January 2019: Danial started his own business by investing $50,000 cash and giving a truck valued at $100,000. Insurance of $6,000,paid Performed delivery services for a customer and received $7,000 cash. Completed a large delivery job, billed the customer $20,000, and received a promise to collect the $20,000 within one week. Received $9,000 cash for performing delivery services. Collected $5,000 in cash for delivery service to be performed later. Collected $20,000 cash from a customer on account. Purchased fuel for the truck, paying $1,000 in cash. Performed delivery services on account, $8,000. Danial withdrew $19,000 cash for his own personal use. Requirements Record…

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Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019.

Part A (2019)   Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. The partnership’s trial balance is shown on the “2019 Tr. Bal.” page (see tab below). ‘Salary expenses’ listed on the trial balance are each partners’ withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are:   A $100,000   B $100,000   C $160,000   Opening capital balances are:   A $70,000   B $60,000   C $70,000   Interest rate is: 5% The fixed ratio is:   A 2   B 3…

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