Question 1                                                                                                           (48 marks) The following information relates to Gem’s Jewels Ltd: Gem’s Jewels Ltd Statement of Financial Position As at 30 June 2015 2016 $ $ $ $ Current Assets Cash at bank 20,000 39,500 Inventory 80,000 150,000 Accounts Receivable 120,000 309,500 Non-current Assets Buildings 330,000 430,000 Acc. Depreciation – buildings (80,000) 250,000 (110,000) 320,000 Office Equipment 110,000 75,000 Acc. Depreciation – office equipment (30,000) (20,000) Total assets 507,000 684,500 Current liabilities Accounts Payable 60,000 120,000 Current tax liability 7,500 17,000 Wages payable 20,000 87,500 Non-current liabilities NAB Loan Payable - 80,000 Total liabilities 87,500 247,000 Equity Share capital 400,000 420,000 Retained earnings Total liabilities plus equity 507,000 684,500     Gem’s Jewels Ltd Income Statement For the…

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Sun Worship Leisure Wear manufactures swimwear and accessories for men and women.  They operate out of rented premises in Burleigh Heads where the factory is split into a manufacturing and storage area and a retail space. The business produces 4 products: Bikinis for women Board shorts for men Beach Towels Beach Bags   You, as the management accountant for the firm, prepared the budgets for the 2018 year based on the following information that had been gathered:   Sales Bikini Board short Towel Beach Bag January 2018 1,600 1,200 200 400 February 2018 1,400 1,100 180 300 March 2018 1,300 1,160 160 260 April 2018 1,000 1,000 120 140 May 2018 400 600 60 80 June 2018 500 700 40 40…

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Financial statement presentation   Appliances Ltd, a manufacturing company, commenced operations on 1 July 2017. The draft trial balance for the year ended 30 June 2018 has been prepared as follows:   Appliances Ltd Draft trial balance as at 30 June 2018 DATA DR ($) CR ($) Sales of goods 12,230,000 Interest income 7,000 Cost of sales 4,685,000 Marketing expense 623,000 Salaries and wages 2,740,000 Administration expenses 143,000 Annual leave expense 210,000 Doubtful debts expense 62,000 Depreciation expense 0 Interest expense 64,000 Other borrowing expenses 6,000 Other expenses 95,000 Warranty expense 64,000 Income tax expense 0 Cash on hand 41,000 Cash management account 193,000 Trade debtors 3,276,000 Allowance for doubtful debts 219,000 Raw material inventory 624,000 Finished goods inventory 1,250,000 Land…

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Generally students have to enter one month long transactions in order to complete the MYOB Perdisco assignment. Students should pay special attention for accuracy, when they enter the date, invoice number and amount while completing the MYOB Perdisco assignment. Some of the difficult portions of the MYOB Perdisco assignment are purchase return entry, sales return entry, payroll processing, and perfect bank reconciliation. A high precision and accuracy is required while entering a transaction in MYOB, as if some mistake has occurred, you have to recheck all the entries. MYOB Perdisco assignments are assigned to students in shape of MYOB practice sets, MYOB exercises or it can come up as MYOB PERDISCO online assignments and MYOB PERDISCO practice set. It is good…

Question 2: Manufacturing Statement and Income Statement (20 marks in total)   Lake Ltd.’s accounting department provided following financial information: Depreciation Expense - Factory Equipment $       90,000 Direct Labour $  1,284,000 Raw Material Inventory (1st July, 2016) $     183,000 Raw Material Inventory (30th June, 2017) $     186,000 Factory Rent $     152,820 Finished Goods (1st July, 2016) $     264,000 Finished Goods (30th June, 2017) $     345,000 Indirect Labour $       75,000 Indirect Materials $       52,500 Sales Revenue $  6,751,500 Administration Expenses $     600,000 Selling & Distribution Expenses $  1,200,000 Purchase of Raw Material $  1,200,360 Freight In $       90,000 Work in Process (1st July, 2016) $       60,600 Work in Process (30th…

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Assignment Part 2 Questions Assume you were the accountant of ChiHerbal Ltd, address the requirements of the following independent scenarios for the company.   Scenario 1 Financing Company Operations   On 1 July 2017, ChiHerbal Ltd was registered and offered 500,000 ordinary shares to the public at an issue price of $8, payable as follows. As per the company’s constitution, all surplus money from application would be transferred to allotment and/or calls accounts.   $3 on application (due by 1 August 2017) $2.5 on allotment (due by 30 August 2017) $1.5 on Call 1 (due by 15 June 2018) $1 on Call 2 (due by 30 July 2018)   Application has been closed and by 1 August 2017, 600,000 shares have…

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Question 1: The expected costs and operating data for two manufacturers are presented below.   Aloe Ltd Basil Ltd. Units Produced 104 000 83 960 Factory overhead costs $499 200 $888 160 Direct labor hours 151 600 164 000 Direct labor costs $996 000 $803 600   Aloe Ltd applies factory overhead on the basis of units of production, whereas Basil Ltd uses direct labour hours. During the last financial year, Aloe Ltd produced 109 600 units and incurred factory overhead costs of $528 000, and Basil Ltd’s overhead costs were $860 000, using 174 000 direct labour hours.   Required Calculate the predetermined factory overhead rate for each company. Indicate whether factory overhead was overapplied or underapplied for each company,…

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ASSIGNMENT ACC202: CORPORATE ACCOUNTING: SEMESTER 1, 2018   Answer all questions   Question 1 [15 marks] Accounting for income tax ABC Ltd commenced business on 1 July 2015, with share capital of $300,000. On 30 June 2016, the company presents its first Statement of Profit or Loss and Other Comprehensive Income, and first Statement of Financial Position. The statements are prepared before considering taxation. The following information is available:   Extract from statement of profit or loss and other comprehensive income for the year ended 30 June 2016     $ $ Revenue   751,000 Government grant (exempt from income tax)   30,000 Expenses:     Cost of sales 325,000   Annual leave 13,000   Depreciation - equipment 40,000   Depreciation…

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QUESTION 1 Job costing (20 marks)   A. Create a handwritten/manual solution AND a spreadsheet solution to the following problem. Follow the template provided. Play the Job Cost podcasts from Interact Resources and work through the example problem in those podcasts. The example problem in the podcasts is similar to the Obese problem. Create a spreadsheet solution showing the row and column headings and the formula view. Your report section should be completely formula driven. Scan or use your phone to copy and paste an image of your handwritten attempt into your assignment. If using a smart phone, consider using a free scanning app such as Camscanner, Office Lens or Google Drive or search for an app. Let us know which…

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