In Australia, permanent employees get given 20 days holiday pay (they get paid at their normal rate while on holiday) and ten days sick pay (they get paid at their normal rate while sick) in each year that they are employed.  This means that they get paid even though they are away from work.  Superannuation is calculated as a percentage of the Gross pay and taxed at 15%.  Overtime is calculated at time and a half.   The task 2 starting workbook consists of two worksheets, named Employee Information and Payroll Calculator.   Task 1 Format the two worksheets to create professional looking work sheets for each of these two worksheets. At this stage, none of the data in the two…

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Financial Information for Lotus Limited and its 100% owned subsidiary, Troy Limited, for the period ended 31 December 2018 is shown in the table below:   Lotus Limited Troy Limited $ $ Sales Revenue 50000 47200 Dividend Revenue 2000 0 Gain On Sale of Property, Plant and Equipment 2000 4000 Other Income 2000 4000 Total Income 56000 55200 Cost of Sales 42000 36000 Other Expenses 6000 2000 Total Expenses 48000 38000 Profit Before Income Tax 8000 17200 Income Tax Expense 2700 3900 Profit for the Period 5300 13300 Retained earnings ( 1 January 2018) 12000 6000 17300 19300 Interim Dividend Paid 5000 2000 Retained earnings (31 December 2018) 12300 17300 ADDITIONAL INFORMATION:   Lotus Limited acquired the shares in Troy Limited…

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Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2016. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight-line depreciation method for office furniture and computers and the reducing balance method for motor vehicles. The company employs two people who are rostered over a seven-day working week. The employees are paid fortnightly up to and including the day of payment. There are no penalty wages. The company has one…

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Q1.        Small Ltd bought a 30% interest in a joint venture, Fry Ltd, for $50 000, on 1 July 2017. The equity of Fry Ltd at the acquisition date was: Share Capital $ 30,000 Retained Earnings $ 120,000   All the identifiable assets and liabilities of Fry Ltd were recorded at amounts equal to their fair values. Profits and dividends for the years ended 30 June 2018 to 2020 were as follows: Profit before tax Income tax expense Dividends Paid 2018 $80,000 $30,000 $80,000 2019 $70,000 $25,000 $15,000 2020 $60,000 $20,000 $10,000 REQUIRED (a)Prepare journal entries in the records of Small Ltd for each of the years ended 30 June 2018 to 2020 in relation to its investment in Fry…

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Question 1: Process costing (20 marks in total) Lake Surf Company uses an automated process to clean and polish its merchandise items. Normal spoilage is 5% of the goods units and is detected at the end of the process.   For March 2017, the company conducted the following activities:   Units     Beginning work in process inventory: 3,000 Items       [Direct material - 100%]   [Conversion costs - 25%]     Units placed in production 12,000 units   Unites Completed 9,000 units    Ending work in process inventory: 5,000 units     [Direct material - 100%]     [Conversion costs - 60%]   Costs     Cost of beginning work in process:     Direct materials $ 2,100…

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This case study is designed to introduce you to using double entry computer accounting software for a small business. It covers many of the common transactions of everyday business, including GST. It is not meant to be a data entry exercise, but you are required to carefully record each transaction, understand how the software records these transactions in both the general and subsidiary ledgers and create reports. The Athlete’s Store The Athlete’s Store is a sports store located within the grounds of the Bundoora Sports & Aquatic Centre. The centre boasts an 8 lane Olympic size lap pool, an international standards athletic track as well as 6 Plexicushion tennis courts (official surface of the Australian Open). The centre also encompasses a…

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QUESTION 1: General Journal, General Ledger, Trial Balance Part A Hal Apeenyo is the sole proprietor of "Cocina De La Madre", a restaurant specialising in quality, authentic Mexican cuisine. Required: Below is a list of transactions that took place during the month of June 2018. Record each of the following transactions (where required), using the blank General Journal provided on the following pages. Journals must be correctly formatted and include a narration (explanation) for each entry. June 1                Cocina De La Madre paid the June water bill of $475 in cash. June 3                  Cocina De La Madre purchased 20 hand-painted dinner settings at a cost of $375 each. The purchase was paid in cash. June 4                 Cocina De La Madre catered a…

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On 1 July 2018, Ghostbusters Ltd acquired all the shares of Bat Ltd for $330 000 on an ex-div. basis. On this date, the equity and liabilities of Bat Ltd included the following balances:   Share capital $ 200 000 General reserve 25 000 Retained earnings 45 000 Dividend payable 10 000 Provisions 169 500   At acquisition date, all the identifiable assets and liabilities of Bat Ltd were recorded at amounts equal to fair value except for:   Carrying amount Fair value Plant and equipment (cost $300 000) $186 000 $190 000 Trademark 100 000 110 000 Inventories 70 000 80 000 Land 50 000 70 000 Goodwill 25 000 55 000 Machinery (cost $18 000) 15 000 16 000…

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CAPITAL BUDGETING Myer Inc. would like to set up a new plant. Currently, Myer has an option to buy an exsiting building at a cost of $24,000. Necessary equipment for the plant will cost $16,000, including installation costs. Depreciation of the equipment and of the building is as follows: Year 1=$3512, Year 2= $5744, Year 3=$3664, and Year 4= $2544. The project would require an initial investment of $12,000 of net working capital and will be made at the time of the purchase of the building and equipment. The working capital will be fully recovered at end of year 4. The project’s estimated economic life is four years. At the end of that time, the building is expected to have a…

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