FNSACC601 Quiz 19 - review
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ABC Ltd is registered for GST and carries on a business of property
development. During the income year it sold property for $500,000
which it had purchased 14 years earlier for $130,000. It had incurred
$90,000 (GST inclusive) expenditure on improvements and other
services to the property. Professional market valuation of the
property as at 1 July this year was $300,000. Using the
consideration method, calculate the margin on the sale from the
above transaction:
Select one:
a. $370,000
b. $410,000
c. $140,000
d. None of the answers are correct
e. $280,000
Question 2
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Question 3
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Question 4
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1.00
Calculate the GST applicable to the above transaction.
Select one:
a. $33,636
b. $37,273
c. None of the answers are correct
d. $12,727
e. $25,455
Calculate the gross profit from the above transaction.
Select one:
a. $254,546
b. $220,000
c. $200,000
d. None of the answers are correct
e. $234,545
Using the valuation method, calculate the margin on the sale from
the above transaction.
Select one:
a. $370,000
b. None of the answers are correct
c. $110,000
d. $200,000
e. $290,000
Question 5
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1.00
Question 6
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Question 7
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The current threshold allows an entity to account for GST on a cash
basis if its annual turnover:
Select one:
a. None of the answers are correct
b. is equal to or above $5 million
c. is equal to or below $1 million
d. is equal to or below $10 million
e. is equal to or below $2 million
Any entity can choose to account for GST on a cash basis.
Select one:
True
False
The current threshold requires that an entity has to account for GST
on accruals basis if its annual turnover is greater than $10 million.
Select one:
True
False
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Quick ratio
Adieu Company reported the following current assets and current liabilities for two recent years:
Dec. 31, 20Y4 Dec. 31, 20Y3
Cash
$830
$1,090
Temporary investments
1,200
1,500
Accounts receivable
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2,500
Accounts payable
1,900
2,500
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20Υ4
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Quick Ratio
b. Is the quick ratio improving or declining?
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Adjustments to Net Income-Indirect Method
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Reconcile a net income of $286,900 to net cash flow from operating activities.
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Assignment 6.1: Session 6 Comprehensive Problem (Chapter 8)
Instructions
In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference.
Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid.
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Question # 22
Revisit
Choose the best option
Suppose that an entity has paid one of its liabilities twice during the year, in error The effects of this
O Assets, liabilities, and equity are understated.
mistake would be
O Assets, net income, and equity are unaffected.
O Assets and liabilities are understated.
O Assets and net profit and equity are understated, and liabilities are overstated.
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Impaired Goodwill and Amortization of Patent
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that
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Dec. 31
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You must evaluate the purchase of a proposed spectrometer for the R&D department. The purchase price of the spectrometer including modifications is
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Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4]
Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the
distance between two adjacent pins. The loss due to a defective chip has been estimated as $20.
Required:
1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)².
2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows:
Measurement
Frequency
3
0.1996
0.1997
5
0.1998
15
0.1999
14
0.2000
35
0.2001
14
0.2002
6
0.2003
5
0.2004
3
a. & b. Use the appropriate Taguchi quality loss function, L(x), to calculate the estimated quality loss for each of the observed
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Question # 20
G Revisit
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A company purchased 50,000 worth of office supplies on January 1st and had 15.000 of office
supplies still on hand at year-end. If the initial purchase of supplies entry on January 1st was to debit
office supplies expense and to credit cash for 50,000. The adjusting entry on December 31 will be
O A
O B
A Office supplies 15,000
B Office supplies expense 15,000
C Office supplies 35,000 Office supplies expense 35,000
Office supplies expense 15,000
Office supplies 15,000
O D
D Office supplies expense 95,000
Office supplies 35,000
PrecQueston
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Remember: This is a NOF Level 6 qualification requiring comprehensive, in depth evidence that clearly
shows your ability to analyse and evaluate, if there are any sections where you do not have workplace
evidence, simulate the activities through role play
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2
b. Journalize Spectrum Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
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The last department in a production process shows the following information at the end of the period:
rences
borations
Units
Beginning Work in Process 25000
Started into Production
PLUS
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263000
Ending Work in Process
49200
Central
How many units have been transferred out to finished goods during the period?
288000.
O 263000.
O312200.
O 238000.
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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Return on Total Assets
A company reports the following income statement and balance sheet information for the current year:
Net income
$224,540
Interest expense
39,620
Average total assets
Determine the return on total assets. If required, round the answer to one decimal place.
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Divide the sum of net income and interest expense by average total assets.
Previa
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Adjustments to Net Income-Indirect Method
Ripley Corporation's accumulated depreciation-equipment account increased by $15,325 while $3,800 of patent amortization was recognized between
balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain
of $22,420 from the sale of investments.
Reconcile a net income of $286,900 to net cash flow from operating activities.
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Capital and Revenue Expenditures
On August 5, GTS Co. paid $3,280 to repair the transmission on one of its delivery vans. In addition, GTS paid $57 to install a GPS system in its van.
Journalize the entries for the transmission. If an amount box does not require an entry, leave it blank.
August 5
Journalize the entry for GPS system expenditures. If an amount box does not require an entry, leave it blank.
August 5
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Double-Declining-Balance Depreciation
A building acquired at the beginning of the year at a cost of $1,193,000 has an estimated residual value of $220,000 and an estimated useful life of 40 years.
Determine the following.
a. The double-declining-balance rate
%
b. The double-declining-balance depreciation for the first year
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Problem 5-13 (Algo) Comprehensive Problem; Second Production Department-Weighted-Average
Method [LO5-2, LO5-3, LO5-4, LO5-5]
Old Country Links, Incorporated, produces sausages In three production departments-Mixing, Casing and Curing, and Packaging. In
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chambers. In the Packaging Department, the cured sausages are sorted, packed, and labeled. The company uses the welghted-
average method In Its process costing system. Data for September for the Casing and Curing Department follow:
Percent Completed
Mixing
Units
Materials Conversion
Work in…
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Revision of Depreciation
Equipment with a cost of $304,000 has an estimated residual value of $41,600, has an estimated useful life of 16 years, and is depreciated by the straight-line method.
a. Determine the amount of the annual depreciation.
b. Determine the book value at the end of the tenth year of use.
C. Assuming that at the start of the eleventh year the remaining life is estimated to be eight years and the residual value is estimated to be $16,800, determine the
depréciation expense for each of the remaining eight years.
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Question 26
Performance Appraisal Score
Pay Quartile
Еxcellent
Very Good
Good
Needs Improvement
Poor
$13.01 - 15.00
5%
4%
3%
0%
0%
$11.01 - 13.00
6%
5%
4%
3%
0%
$ 9.01 - 11.00
7%
6%
5%
4%
0%
$ 7.00 - 9.00
8%
7%
6%
5%
0%
Fred is currently making S12.00/hour and received an Excellent on his performance appraisal.
Wilma is currently making $11.50:hour and rececived a Very Good on her performance appraisal.
Dottie is currently making $10.00/hour and received a Good on her performance appraisal.
Barney is currently making SI1.50/hour and received a Needs Improvement on his performance appraisal.
Based on her current pay and her performance appraisal score, Wilma can receive what percentage merit pay increase?
a. 4%
b. 5%
C. 6%
d. 7%
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Compute each project:
i. Payback Period
ii. Net Present NPV
iii. Profitability Index
iv. Using the information calculated and the information given about the projects;
explain which project should be selected
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Perez Company reported the following operating results for two consecutive years:
Required
Compute each income statement component for each of the two years as a percentage of sales
due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be e
PEREZ COMPANY
Vertical Analysis of Income Statements
Percentage of
Sales
Percentage of
Sales
Year 4
Year 3
Sales
1,077,500
00S'000'L
Cost of goods sold
550,275
000 Z09
Gross margin on sales
450,225
475,500
Operating expenses
130,500
149,800
319.725
325,700
Income before taxes
79.700
81,800
Income taxes
240.025
243.900
%
Net income
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Question # 11
Revisit
Choose the best option
Net profit is calculated as:
Sales minus cost of sales.
O Sales plus overheads.
O Gross profit minus overheadş.
O Gross profit minus cost of sales.
Prec Queston
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E 4 Quarter 3 SY 2021- 2022
B. A good decision is based on knowledge and not on numbers
of your answer on the space provided before each item.
WRITTEN WORK No. 4
1.On finding good strategies A. "Never discourage anyone who continually makes progress, no
Directions: Read each item carefully and identify what is asked or described. Write the letter
in Business Ethics 12, MODULE
Complete Name:
Year-Section:
Score:
Contact Number:
Messenger Account:
I. Matching Type :
Column A
Column B
matter how slow
2. On motivating a team
3.On ignoring the haters
C. Good actions give strength to ourselves and inspire good actions to
others"
4.On facing your fears
D. People are like dirt. They can either nourish and help you grow as a
person or they can stunt your growth and make you wilt and die."
E. Better a little which is done well than a great deal that is done
imperfectly.
F. As there are misanthropists or haters of men, so also are there
misologists or han ters of ideas
G. Courage is knowing what…
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C Home - my.centennialcollege.ca X DEL Chapter 4 Lab Assignment - 23W X
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X
Assignment (001 22F)
Question 5 of 7
(a1)
$2,120
49,100
21,300
34.490
Notes payable (long-term)
62,200
Cash
Accounts receivable
Accumulated depreciation-equipment
4,030 D. Pharoah, drawings
Depreciation expense
8,800 D. Pharoah, capital (beginning of the year)
NWP Assessment Builder
Q Search
J
$1,720
13,000
9,700
6,050
2,980
3,950
Prepare an income statement for the year. (Enter negative amounts using either a negative sign preceding
parentheses e.g. (45).)
49,600
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=
POTUTORIAL QUESTION 4.pdf
C
2
of 3 Q
5
X PDF Topic 4 Employee Benefits.pdf x | +
Ⓒ File | C:/Users/acer/Documents/UNIVERSITI%20MALAYSIA%20SABAH/SEMESTER%204%20COURSE/BP22603%20FAR%20111/CHAP... Q
[E
+ Q **
| CD Page view | A Read aloud | Add textDraw
Highlight
Erase 5
Required:
Calculate the amount recognised as expenses and amount disclosed as equity.
QUESTION 4
At 1.1.2017, KAZA Bhd grants 80,000 share appreciation rights to employee, with service
condition that the employee will still be employed in KAZA for three years. grant date,
KAZA's share price is RM3.00. The rights grants have a life of five years. At 31.12.2019,
employee will be received cash by KAZA based on the value of the rights on that date. At the
end of years 2020 and 2021, KAZA will pay the further cash to the employee if the rights have
appreciated in value. Fair value of the share appreciation rights for the five-years are as
follows:
Year
Share price RM
Dividend yield
%
Value of rights
RM
0
3.00
1
0.81
2017…
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Instructions
Work Place Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 25,000 shares of preferred 2% stock
$100 par and 500,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations:
July
Issued 220,000 shares of common stock at par for cash.
1.
Issued 700 shares of common stock at par to an attorney in payment of legal fees for organizing the
1.
corporation.
Issued 68,700 shares of common stock in exchange for land, buildings, and equipment with fair
Aug.
7.
market prices of $153,800, $458,110 and $164,400 respectively.
Issued 18,200 shares of preferred stock at $115 for cash.
Sept.
20.
Journalize the transactions. Refer to the Chart of Accounts for…
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X
Sts
9 of 30
□ □
BEPS & DEPS
ELE MHPSDP
x
BEPS & DEPS
X
a
T
Self-Assessment Task 3.6
Score
Items
- You can keep on answering this seatwork and use it as a reviewer for quizzes and exams, but the recorded score will be based on your
first 1st attempt.
- You can view the solutions to the problem after the due date.
R & S Company had 20,000 ordinary shares outstanding on January 1, 2021. On May 1, 2021, the entity issued 10,500 ordinary shares.
Outstanding all year were 10,000 non-cumulative preference shares on which the annual dividend of P40 per share was paid in December
2021. Net income was P967,000. What amount should be reported as basic earnings per share?
18.60
21.00
28.40
35.80
x Unit 4 - Project Manage...
x
To Do List
Oo
O
68%
dar
FM5628_final
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Classwork
eBook
Cost of Materials Issuances
Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:
a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.
Received
Receiving
Report
Number
Received
Quantity
Received
Unit Price
Issued
Materials
Requisition
Number
Issued
Quantity
Issued
Balance
Amount
Date
Balance
Quantity
Balance
Amount
Balance
Unit Price
309
200
$7.00
July 1
July 5
125
$750
$ 6.00
125 V
750 V
6.00
7401
240
July 10
422
400
$8.00
July 201
7639
325
July 26
b. Determine the balance of wire cable at the end of July,
1,280
c. Determine the total amount of materials transferred to Work in Process for July.
4.070
Check My Work
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144
0
P…
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