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- C) Alex Ltd is a manufacturing company located in Accra. The company is preparing its financial statements for the year to 31st December 2017. The company has incurred the following expenditure: A brand name for a special fruit juice purchased for GH¢250,000. By the year end the brand specialist had valued this at GH¢350,000. Alex spent GH¢800,000 developing a new line of nonalcoholic wine. GH¢250,000 was spent researching the product before management gave approval to fully fund the project. Training costs for the staff to use the new manufacturing process. The total training costs amounted to GH¢180,000 and the staff have agreed to work for a minimum of five years for the company. Required: Discuss how to account for the above transaction in accordance with IAS 38: intangible assets.On January 2, 2016, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2017. Expenditures for the construction were as follows:January 2, 2016 P200,000September 1, 2016 600,000December 31, 2016 600,000March 31, 2017 600,000September 30, 2017 400,000Indian River Groves borrowed P1,100,000 on a construction loan at 12% interest on January 2, 2016. This loan was outstanding during the construction period. The company also had P4,000,000 in 9% bonds outstanding in 2016 and 2017.The interest capitalized for 2017 was: Select one: a. P118,305 b. P124,740 c. P99,000 d. P25,740The following are the expenditure incurred for plant and machineries by Perniagaan Cinta Sdn. Bhd. in Johor Bharu owned by Puan Riana. The business closes its account on 30 June each year 1. Machinery cost RM86,000 (bought in 2013) was brought into Malaysia from the branch in Singapore. On the day it was transferred to Johor (during year of assessment 2018), the market value of the machine was RM58,000 and the net book value was RM62,000. Another RM2,500 was incurred for the installation of the machine. For plant and machinery in items (1),determine the Qualifying Plant Expenditure (QPE).
- On 1-October-2011, Unique Garments Company Ltd. purchased a Stitching Unit on cash $850,000. Theuseful life of Stitching Unit is 5 years and residual value is $50,000. During its life the Stitching Unitproduces 5 million shirts. Following table shows number of units of shirts produced by in each year.Year Shirts Produced1 1,700,0002 1,300,0003 950,0004 700,0005 350,000Total 5,000,000Prepare Depreciation Schedule for Stitching Unit for 5 years under each of the following methodsa) Straight Line Depreciation Methodb) Declining Balance Methodc) Unit-of-Output MethodExtracts from Annual Accounts of Jennifer Limited $Inventories: Raw materials 108 000Work in progress 75 600Finished goods 86 400Purchases of raw materials 518 400Cost of production 675 000Cost of goods sold 756 000Sales 864 000Accounts receivables 172 800Accounts payables 86 400 Calculate the length of the working capital cycle or net operating cycle (assume 365 daysin the year).Maju Bhd constructed a factory at a cost of RM2,800,000 of which RM1,200,000 was for the cost of the land. The building was completed on 1 November 2015 and one eleventh (1/11) of the building was used as an office. On 1 February 2020, the building was sold to Indera Bhd for RM3,750,000 (including RM1,400,000 for the land). Indera Bhd uses the whole building as a factory. An extension to the building costing RM140,000 was constructed by Indera Bhd and completed on 2 May 2020. It was used as a warehouse for the storage of raw materials for its manufacturing business. Both companies close their accounts on 31 March annually required : Compute the industrial building allowances and balancing charges (if any) for both companies for all the relevant years of assessment up to the year of assessment 2021
- The Chivas Regal owns the Royal Crown in Quezon City and a branch in Davao City. During 2016, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: January 1, 2016, P90,000; December 31,2016, P108,000. On December 31, 2016 the home office holds inventories of P160,500 which includes P10,500 held on consignment and excludes 5000 inventories out on consignment. How much is the inventories in a combined statement of financial position as of December 31, 2016?ConEct is a retailer of mobile phones. All of its revenue comes from a percentage of the sales value of Very Berry mobile phones which it delivers to customers' homes and workplaces. At the end of the financial year, 31 January 2012, the following balances were presented. NOTE: The business calculates annual depreciation expense at a rate of 20% on the reducing balance basis. Capital 88000 Delivery van at cost 60000 Provision for Depreciation: Delivery Val 12000 Bank 121400 Sales Commission Received 115000 Sales Commission Outstanding 14100 Rent 13300 Rent Owing 3000 Insurance 7100 Prepaid Insurance 1800 Delivery Expense 11500 Salesmen’s wages 46700 5-year bank loan 50000 Loan Interest 5000 Using the information provided, prepare for ConEct: Prepare an Income Statement for the year ended 31 January 2012 Prepare a classified Balance Sheet as at 31 January 2012Thorne Co. values, advertises and sells residential property on behalf of its customers. Thecompany has been in business for only a short time and is preparing a cash budget for the first four months of 2013. Expected sales of residential properties are as follows.2012 2013 2013 2013 2013Month December January February March AprilUnits sold 10 10 15 25 30The average price of each property is £180 000 and Thorne Co. charges a fee of 3 per cent of the value of each property sold. Thorne Co. receives 1 per cent in the month of sale and the remaining 2 per cent in the month after sale. The company has nine employees who are paid on a monthly basis. The average salary per employee is£35 000 per year. If more than 20 properties are sold in a given month, each employee is paid in that month a bonus of £140 foreach additional property sold.Variable expenses are incurred at the rate of 0.5 per cent of the value of each property sold and these expenses are paid in the month of sale. Fixed…
- On 1-March-2010, Alpha Pharmaceuticals Ltd. purchased 10 machines for manufacturing tablets. The price of each machine is $150,000. The transportation and installation cost is 1% and 2.5% of the price respectively for each machine. The company also had to bear the cost of test runs for each machine, which were $1,500. The approximate repair and maintenance expense for each machine is $4,000 per year. The company paid 25% of price in cash and signed a 6 month, Notes Payable (N/P) for the remaining balance. The N/P bears interest expense for the company at 5% per annum. Each machine is useful for 5 years and experts estimate that each machine can be sold at the end of its useful life for 10% of its purchase price.During its useful life, the machine will produce 7,500,000 tablets. Following table shows number of tablets produced in each year. Please note that the company’s fiscal year ends on 30th June. year unit produced 1 2,500,000 2 1,700,000 3 1,400,000 4 1,200,000 5…MS Agricultural supplies is VAT-registered business and had the following sales during the last 12-month period:Sales of fertilizers and corn seeds Php 1,200,000Sales of seedlings 400,000Farm equipment 700,00How much is the Vatable Sales?Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of £600,000 on sales of £3,000,000.The company’s average operating assets for the year were £2,800,000 and its minimum required rate ofreturn was 18%. (The currency used in England is the pound, denoted by £.)Required:Compute the company’s residual income for the year