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- Question # 4 Fancie Cosmetics offers its customers a travellers gift set as a premium in exchange for $ 20 if the customer purchases one of the top brand cosmetic makeup kits. The company purchased for cash 2,000 gift sets at $ 25 each. It estimates that 60% of customers will participate in the promotion and that 10% of the amount received from customers relates to the awarded premiums. In 2020, the company sold 3,000 makeup kits at a sales price of $ 80 resulting in sales revenue of $ 240,000. By the end of the year, 1,500 customers took advantage of the promotion. Instructions Prepare the appropriate journal entries assuming that Facie follows ASPE and uses the expense approach. Prepare the appropriate journal entries assuming that Fancie follows IFRS and uses the revenue approach. For this part of the question, assume the selling price includes the offer for the premium.Q1) Ali wants to rent cars for her travel agency. On January 2021, Ali makes an “Ijarah Muntahia Bittamleek” contract with Modern Islamic Bank (MIB) for 8 years. MIB purchases ten (10) cars. Cost of each car is 9,200 and maintenance expenses for each car is 150 per year. Ali will pay 100 per car for each month as rental revenue. At the end of contract, MIB agrees to give cars as a gift at the end of contract period. Calculate profit/loss of SIB for this contract. Q2) Majed is interested in purchasing a factory building worth 90,000. Majed did Agreement with Modern Islamic bank to purchase the property and puts down 30% of the price as a down payment. The Bank provides the other 70% of the price. Both parties determined the rental value for the building as 300 per month as the rental value. Based on the rental value and the financing period, the bank determined fixed monthly payments as 1,500, which Majed would have to make to own the house. Required: Prepare 3rd and 4th payments for…Question 4: Jerry's Concrete allows his customers to create six-month promissory notes on any stamped concrete driveway project with interest at 8.9%. Three months after completing a $17,300 job on February 2, 2022, Jerry had some liquidity problems and sold the promissory note to a financial institution at a simple interest rate of 10.35%. Calculate Jerry's proceeds on the sale
- QUESTION 1 Indera Bhd sold a freezer to Tasty Bhd under hire purchase scheme on 1 November 2018. The selling price and cost of goods sold for the freezer are RM12,000 and RM7,000 respectively. Indera Bhd required Tasty Bhd to pay a deposit of RM6,000. The hire purchase period is 18 months which due at the end of each month starting from 30 November 2018. The interest rate for the hire purchase agreement is 8% per annum. Indera Bhd recognized interest using the sum of years’ digit at the end of accounting period which is on 31 December every year. Sales method is applied to record the hire purchase transaction and the gross profit is recognized based on collection. REQUIRED: (Round all numbers to the nearest RM) Calculate the hire purchase price and amount of installment per month. Calculate gross profit realised for the year 2018. Prepare all relevant journal entries for Tasty Bhd on 31 December 2018. Prepare an extract…Q3. An entity sells 100 products for $100 each. Sales are made for cash, rather than on credit terms. The entity’s customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $60. To determine the transaction price, the entity decides that the approach that is most predictive of the amount of consideration to which the entity will be entitled is the most likely amount. Using the most likely amount, the entity estimates that three products will be returned. The entity’s experience is predictive of the amount of consideration to which the entity will be entitled. The entity estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit.REQUIREDProvide the accounting entries to record the sale, and the subsequent return of the assets, assuming that the returns occur in accordance with expectations.Q14 An entity acquired specialized computer software for use in its manufacturing process on 1 February 2016. The cost price from the software vendor is R120 000 which will be paid as follows: R40 000 cash upfront which was paid on 1 February 2016 R80 000 will be paid 31 October 2016. The entity can borrow loans at market interest rate 10% p.a. currently from banks. Normal credit payment period for goods purchased on credit for the entity is three months. At what cost should the specialized computer software be recognized in the books of the entity? Select one: a. R40 000 b. R112 727 c. R113 629 d. R120 000
- 23 Mr Hamed having furniture manufacturing business in Ibri. Always he purchases wood (Raw materials) from Al Buraimi wood suppliers.On 1st May 2021 Mr Hamed purchased wood for OMR3000 on credit and paid OMR 1000 immediately. For the remaining amount Mr Hamed gave written promise to the supplier to pay that amount on 31st December 2021. The written promise given by Mr Hamed to the supplier is known as: a. Short-term notes receivables b. Invoice c. Receipt d. Short term notes payablesI Want The Answer For Question 3 & 7 Only, Please!!!! First transaction: DRD and Grammary On 1 January 2020, DRD entered a contract with Grammary Bhd, for a 2-year rental of 3 printers, a cutting system, and a copy machine. The machines will be returned to Grammary Bhd at the end of the 2 years contract. The economic life of all the machines is 5 years. DRD will pay monthly payments of RM5,000 for the following services: RM / Per month Rental of all machines 4,700 Maintenance of all machines 200 Reimburse Grammary Bhd's administration costs associated with the contract 100 Based on reviews of market information, DRD could have bought one printer for RM60,000, a cutting system for RM40,000 and a copy machine for RM45,000 if they were purchased on a cash basis. A third-party company provides…A 4. A borrower purchases a property for $200,000 and pays 20% of tye sale price as a down payment. The owner provides a purchase money mortgage at 6% per annum, interest-only monthly payments with a ballon payment in 60 months. In the 40th month, the borrower is approached to sell the property for $240,000. How much equity does the borrower have and what will his sale proceeds be (without any other closing costs?
- Question 3a) A man bought a car for 2.5m cedis in 2020. He paid 40% of the cost and paid the rest in equal monthly instalments. He took 8 years to make full payments for the car. Interest was charged at 18% simple interest. Calculate the monthly instalment. b) What is the present value of the annuities GH¢280 a year for 7 years discounted back to the present at c) The population of a town in 2002 was 48,560 and there were 790 recorded deaths in the period. By 2005, the town population had increased by 512 %. Calculate the number of expected deaths in 2005.Question 36 A company has daily purchases of $10,000 from its supplier. The supplier offers trade credit under the following terms: 3/20, net 50 days. The company finally chooses to pay on time (pay in the 50th day) but not to take the discount. We assume 365 days per year. What is the average level of the company’s free trade credit? ______ $30,000 $170,000 $200,000 $300,000 Question 37 Based on the information from Question 36, what is the average level of the company’s total trade credit? $170,000 $200,000 $300,000 $500,000 38 . Based on the information from Question 36, what is the average level of the company’s costly trade credit? $170,000 $200,000 $300,000 $500,000 Question 39 Based on the information from Question 36, what is the nominal annual cost of the firm’s costly trade credit? 28.6% 29.3% 33.5%…Greenwell Farm Equipment sells a tractor to Farmer for $90,000 on January 1, 2025. The tractor is delivered that day. Greenwell agrees that the Farmer may delay the payment for 2 years. The market rate of interest is 8%. Refer to Greenwell Farms. How much sales revenue will Greenwell report on January 1, 2025? Use the formula approach.