How high is the annual surplus under commercial law at t1 and how high is the sustainable annual output at t1? Present your calculations in an understandable way Why does it make sense to determine a sustainable annual result?
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1. block 2 2018
In relation to the reference period t1, Schmalisch GmbH shows an operating result of +88 T€, a financial result of -19 T€ and a tax result of -31 T€. All results were determined based on commercial law regulations.
In addition, you can see from the information in the appendix that at t1 the operating result was charged with an accidental uninsured cargo of €18k. Let us assume that the internal
How high is the annual surplus under commercial law at t1 and how high is the sustainable annual output at t1? Present your calculations in an understandable way Why does it make sense to determine a sustainable annual result?
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- 13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000 14. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000 Rent Receivable 1,500 Office Supplies 13,750 Prepaid Insurance 2,750 Office Equipment 15,000 Accumulated Depreciation – Office Equipment 12,500 Accounts Payable 15,750 Wages Payable 2,250 Unearned Revenue 15,000 Notes Payable, Long-term 25,000 Capital 80,000 Drawings 27,500 Service Revenue 40,250 Rent Revenue 5,500 Wages Expense 38,250 Insurance Expense 6,250…11. On June 30, 2021, Line Company incurred a P100,000 net loss from disposal of a business segment. Also, on June 30, 2021, the entity paid P40,000 for property taxes assessed for 2021. What amount should be included in the determination of net income or loss for the six-month interim period ended June 30, 2021? CHOICES: P140,000 P120,000 P100,000 P90,000A. XYZ Ltd has a system of depreciating its assets at a higher rate than required. The value of assets are much higher valued than its position as shown in the Balance sheet. What is the purpose achieved by XYZ Ltd in devaluing its Assets? State with reasons. B. As on 31st March, 2021 the company has receivables account of its exports in terms of US Dollars. The rate of US Dollar on 20th May, 2021 has reduced by 20%, causing a substantial loss to the company. What are the matters to be stated in this regard in the Annual Report for 2020-21 ?
- 10. SSD, Inc. is preparing its financial statements for the year ended December 31, 2023. Accounts payable amounted to P560,000 before any necessary year-end adjustment related to the following: On December 31, 2023, SSD has a P80,000 debit balance in its accounts payable to Ross, a supplier, resulting from a P100,000 payment for goods to be manufactured to SSD’s specifications. SSD has an existing obligation to Ross which amounted to P20,000. Such an amount represents the value of goods just acquired by SSD from Ross. Previous experiences of SSD reveal that it pays all its trade obligations with an available discount on the last day of the discount period. A check with control number 189 in the amount of P100,000 was written to a vendor and recorded on December 25, 2023. The checks were mailed following the day it was written. However, when the bank statement arrived on January 2, 2024, it was found out by SSD that such a check has not yet been presented for encashment. SSD performs…Question 1 The F & G products (Pty) Ltd, which supplies goods to mining industry and which was registered for value added tax (VAT), for the tax period ended 25 April 2020 are as follows. Please note that all the amounts exclude VAT where relevant: Notes BWP Income: Sales 1 472 972 Profit on sale of single cab bakkie 26 387 Commission received 2 48 206 Impaired trade receivable recovered 3 17 573 Technical fees received 4 20 000…For each of the following situation, discuss with reason whether the company has to make provision in accordance to MFRS 137: Provisions, contingent liabilities and contingent assets. i. Entity A operated in the palm oil manufacturing business. Under a new legislation, the entity is required to fit smoke filters to its palm oil mills by 30 June 2016. As at 31 December 2015, Entity A has not fitted the smoke filters. The costs to fit the smoke filters are estimated at RM 4 million. As at 31 December 2016, Entity A still has not fitted the smoke filters and therefore faces a probable fine or penalty by law. ii. A company operates profitably from a factory that it has leased under an operating lease. Annual lease rentals totaled RM 120000. During the year ended 31 December 2015, the company relocates its operations to a new factory. The lease on the old factory continues for the next four years which is up to 31 December…
- 2019 1. A company must prepare an HGB financial statement as of December 31, t1. The company is legally obliged to clean up contaminated sites caused by 2.3.t1.This contaminated site remediation is to be carried out by a third-party company on 6.7.t2; You have received a cost estimate from the third-party company for this in the gross amount of EUR 357,000.a) Go into detail about the creation of provisions in the present case as of December 31, t1, and, if necessary, also state the posting. Assume that no provision was recognized for the facts stated in the balance sheet as of 12/31/t0! b) Why is a provision and not a liability to be recognized under a)?c) On 6.7.t2 the third-party company will carry out the remediation of contaminated sites. The bill is presented on the same day in the amount of 357 T€ gross and you pay it immediately in cash. How to book?#36 On March 1, 2020, SWANSEA Company acquired P1,500,000 of merchandise, terms 2/10, 1/15, n/45. The shipping costs amounted to P25,000, terms FOB shipping point, freight prepaid. On March 5, the Company returned merchandise worth P200,000. What is the total amount paid by the Company assuming it paid all its obligations to its supplier on March 12, 2020?A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the amount for accounting profit before tax, after depreciation provision for the year ended 31 May 19.2.
- A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the current tax for the year ended 31 May 19.2. Select one: a. R180 000 b. R20 000 c. R100 000 d. R120 000The following transaction relate to Tool Company’s contingencies. The financial statements are dated December 31, 2023 and were issued on March 31, 2024. a. Tool’s products carry one –year warranty against manufacturer defects. Based on past experience, warranty costs are expected to be 4% of sales. Sales for 2023 were P2,000,000 and actual warranty cost incurred was P30,000. b. In December 2023, an NGO filed suit against Tool seeking penalties for violation of clean air laws. Tool’s counsel advised that is probable that the entity will lose the case and that the amount of penalty is P2,000,000. Appropriately, the entity recorded the liability. On January 15, 2024, Tools reached a settlement to pay P1,500,000 in penalty. c. Tools is the plaintiff in a P4,000,000 suit filed against a supplier. The attorney advised that it is probable that the entity will win the case and that the award is P2,500,000. On March 15, 2024, the court ruled in favor of Tools and received P2,000,000.…On January 1, 2021, Janelle Co. sold equipment to James Inc. in exchange for a zero-interest bearing note with a face value of $110,000, with payment due in 12 months. The fair value of the equipment on the date of the sale was $100,000. Janelle paid $55,000 for the cost of equipment. A. Record the journal entries for January 1, 2021 B. What is the amount of revenue to be recognized on this transaction at December 31, 2021?
