The following information was obtained from the financial records of Roger Ltd for the year ended 30 June 2020. Prepare the statement of profit or loss for the year ended 30 June 2020.
|Retained earnings 1 July 2019||$90 000|
|Sales revenue from continuing operations for the year||$600 000|
|Finance costs||$20 000|
|Estimated income tax expense for the year ended 30 June 2020||$112 500|
|Interim dividends paid (ordinary shares)||$100 000|
|Write off research and development costs||$5 000|
|Share capital (1 million $2 shares)||$2 000 000|
|Expenses from ordinary activities (excluding finance costs)||$200 000|
- Prepare the statement of profit or loss for the year ended 30 June 2020.
- Prepare statement of changes in equity for the year ended 30 June 2020.
Selected information for two companies competing in the catering industry have been presented below.
|Account||A Ltd||B Ltd|
- Calculate the following ratios for A Ltd and B Ltd:
- Current ratio.
- Return on Assets (ROA).
- Return on Equity (ROE).
- From your calculations in part A, explain which entity is in a more favourable position.
Everest Sports owned by Dean Jones sells sports equipment to schools and sporting clubs in Victoria. The following balances were reported in the Balance Sheet as at 30 June 2020.
|Account Name||Balance ($)|
|Cash at bank||19 700|
|Accounts receivable||1 400|
|Capital – Tim Lane||20 500|
Transactions for July 2020 were as follows:
|July 2||Received $1400 from accounts receivable|
|3||Paid $500 of accounts payable|
|4||Paid rent for July $700|
|5||Sent invoice to customer $5600|
|7||Purchased office equipment for cash $2000|
|9||Recorded cash sales $800|
|10||Recorded credit sales $1500|
|14||Purchased office supplies for cash $330|
|23||Recorded cash sales $2000|
|31||Cash drawing by Dean Jones $800|
Prepare worksheet entries for the business transactions for the month ended 31 July 2020.
The Toowoomba Produce Suppliers packages and distributes three grades of animal feed. The material cost per tonne and estimated annual sales for each of the products are:
|Product||Material cost||Estimated sales|
|Super Premium||$16||1000 tonnes|
The indirect cost of operating the machinery used to package all three products is $20 000 per year. In the past, prices have been set by allocating the indirect costs to products on the basis of estimated sales in tonnes. The resulting total costs (material costs plus allocated fixed overhead) are then marked up by 100 per cent.
- Allocate total indirect cost to each product.
- Determine the total cost for each product.
- Calculate the selling price per unit for each product, using the method described for setting prices.
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