Given the information below, perform the following required tasks for Carolina Coffee, Inc.: Prepare a monthly master budget for Carolina Coffee, Inc. for the year ended December 31, 2021, including the following schedules: Sales Budget & Schedule of Cash Receipts, Production Budget, Direct Materials Budget & Schedule of Cash Disbursements, Direct Labor Budget, Manufacturing Overhead Budget, Ending Finished Goods Inventory Budget, Selling and Administrative Expense Budget, and Cash Budget. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended December 31, 2021, using absorption costing. Prepare a budgeted balance sheet as of December 31, 2021. Prepare a budgeted income statement for the year ended December 31, 2021, using variable costing. Master Budget:   Carolina Coffee, Inc.…

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Financial information for Thomas Ltd and its 100% owned subsidiary, Gordon Ltd, for the period ended 30 June 2025 is provided below.   Thomas Ltd ($) Gordon Ltd ($) Sales revenue 52500 49560 Dividend revenue 2080 0 Gain on sale of PPE 2060 4120 Other income 2040 4080 Total income 58680 57760 Cost of Sales 43260 37080 Other expenses 6240 2080 Total expenses 49500 39160 Profit before income tax 9180 18600 Income tax expense 2835 4095 Profit for the period 6345 14505 Retained earnings (1 July 2024) 12840 6420 19185 20925 Interim dividend paid 5200 2080 Retained earnings (30 June 2025) 13985 18845   Thomas Ltd acquired its shares in Gordon Ltd at 1 July 2024 for $40800 on a cum div.…

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Bellroy Company makes protective cases for iPhone 11 Pro Max. The company has three product lines - Polycarbonate (PC) cases, Silicone (S) cases and Thermoplastic Polyurethane (TPU) case. The following table presents the sales and cost data of the business.     PC case   S case   TPU Case Selling Price per unit 50 65   90   Variable Cost Per unit 45 61   87   Company’s total fixed cost 35,100           After analysing the market trend, the management accountant of Bellroy Company expects that the company will be able to sell 17,500 cases in next month consisting, 2,500 units of PC case, 10,000 units of S case and 5,000 units of TPU case.  …

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Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June:   Production Data (in unit)   Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) 70,000 Started in June 460,000 Completed and transferred out 450,000 Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 80,000     Cost Data (in…

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Computer Horizons Ltd. manufactures computers. The company has two corporate support departments (legal and personnel) in supporting each other and two manufacturing departments, the Laptop department and the Workstation department.   The overhead costs of support departments are allocated to the manufacturing departments. Legal hours are used to allocate the cost of legal department, and personnel hours are used to allocate the cost of personnel department. The budgeted overhead costs and cost allocation bases are given below:   Support Departments Manufacturing Departments Legal Personnel Laptop Workstation Overhead Costs before any inter department cost allocations $9,055 $4,000 $240,000 $200,000 Support Work provided by Legal Department Legal hours 2 3 37 20 Support work provided by Personnel Department Personnel hours 40 30 200…

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Money Ltd acquired equipment on 1 July 2021 at $105,000. The equipment is depreciated using straight-line method and subsequently measured using the revaluation model. Money Ltd expects the equipment to have 7 years useful life and a zero residual value. The information below is available regarding the equipment in the following periods.   Date Fair Value Cost to Sell Value in Use 30 June 2023            $ 85,000 $ 2,000 $90,000 30 June 2025            $ 45,000 $ 3,000 $40,000   Required  Assuming indications of impairment exist on the dates above, please prepare the general journal entries (as per template below) to account for the equipment on the following dates: 30 June 2023 30 June 2025 General Journal Date Accounts Debit…

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Glenelg Bay Ltd has a Cash-Generating Unit (CGU) comprised of assets as follows: Asset Carrying Amount Inventory 15,000 Goodwill 30,000 Plant 80,000 Motor Vehicles 40,000   On 30 June 2020, Glenelg Bay performed an impairment test for this CGU and determined that the recoverable amount is $120,000. Required   Calculate the impairment loss as at 30 June 2020. Prepare a table as provided below to allocate the above impairment loss: ASSETS Carrying amount Proportion Loss allocated Adjusted carrying amount Totals   (c) Prepare a general journal (as per template below) to record the above impairment loss for the year ended 30 June 2020. Include a narration.   General Journal Date Accounts Debit Credit

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On 1 August 2020, Candy Ltd issued a disclosure document inviting applications for 10,000 of $80 debentures at par, payable in full on application. The debentures carry an 8% annual interest charge and will be redeemed at nominal value in 5 years. The interest payment is made semi-annually on 31 December and 30 June each year. By 30 September 2020, Candy Ltd received application money for 11,000 debentures. On 1 October 2020, Courtney Ltd issued 10,000 debentures and refunded monies to 1,000 unsuccessful applicants. Required: Prepare a general journal template as per example below based on the information above, for Candy Ltd for the year ended 30 June 2021. Include a narration. General Journal Date Accounts Debit Credit      …

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A manufacturing company HES Inc. has two product lines. Traditional product has unit price of $340 and Classic has a unit price of $480. Firm’s manufacturing overhead costs are applied as $420 per direct labor hour.   HES Inc                  Budgeted statement of gross margin 2020                                                                                                                                     Products                                                                                                         Traditional         Classic                  Total Sales in units                                                   10000                   8000                    18000 Beginning finished goods                             $480,000.00        $500,000.00       $980,000.00 Direct material                                                $2,000,000.00   $3,400,000.00   $5,400,000.00 Direct labor                                                     $370,370.00        $185,186.00       $555,556.00 Ending finished goods                                  $480,000.00 …

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