QUESTION 2 (14 marks)(17 minutes) FUAC03G Commence this question on a.pdf
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QUESTION 2 (14 marks)(17 minutes) FUAC03G Commence this question on a new (separate) page. October 2022 The following information pertains to CycleLife Club: 1. Selected balances: <. Adaitional information: 2.1 During the 2022 financial year, the club had 46 members and the membership fees amounted to R2 000 per member per year. 2.2 The treasurer confirmed that she banked the following amounts received as membership fees during the 2022 financial year: Membership fees for the 2021 financial year Membership fees for the 2022 financial year R 6000 80000 10000 Membership fees for the 2023 financial year..... 2.3 The outstanding membership fees for the 2021 financial year must be written off. 2.4 On 28 February 2022 the membership fees of 4 members were still outstanding. REQUIRED: Prepare the membership fees account of CycleLife Club, properly balanced at 28 February 2022. Each entry must disclose the correct contra ledger account. [14] NB: Show all calculations..
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![QUESTION 2 (14 marks)(17 minutes) FUAC03G Commence this question on a new (separate)
page. October 2022 The following information pertains to CycleLife Club: 1. Selected balances:
<. Adaitional information: 2.1 During the 2022 financial year, the club had 46 members and the
membership fees amounted to R2 000 per member per year. 2.2 The treasurer confirmed that she
banked the following amounts received as membership fees during the 2022 financial year:
Membership fees for the 2021 financial year Membership fees for the 2022 financial year R 6000
80000 10000 Membership fees for the 2023 financial year..... 2.3 The outstanding membership
fees for the 2021 financial year must be written off. 2.4 On 28 February 2022 the membership
fees of 4 members were still outstanding. REQUIRED: Prepare the membership fees account of
CycleLife Club, properly balanced at 28 February 2022. Each entry must disclose the correct
contra ledger account. [14] NB: Show all calculations.](https://image.slidesharecdn.com/question214marks17minutesfuac03gcommencethisquestionona-231004071425-7a479ca6/85/QUESTION-2-14-marks-17-minutes-FUAC03G-Commence-this-question-on-a-pdf-1-320.jpg)
Recommended
PART C 1- Petra Corporation paid $500-000 for 80- of the outstanding.pdf
PART C
1- Petra Corporation paid $500,000 for 80% of the outstanding voting common stock of Sizable
Corporation on January 2, 2022 when the book value of Sizable's net assets was $460,000. The
fair values of Sizable's identifiable net assets were equal to their book values except as indicated
below.
Book Fair
Value Value
Inventories (sold in 2022) $80,000 $112,000
Buildings-net (15-year life) 200,000 170,000
Note Payable (paid in 2022) 20,000 21,250
Sizable reported net income of $75,000 during 2022; dividends of $35,000 were declared and
paid during the year. (10 Marks)
Required:
1. Prepare a schedule to allocate the fair value/book value differential to the specific identifiable
assets and liabilities.
2. Determine Petra's income from Sizable for 2022.
3. Determine the correct balance in the Investment in Sizable account as of December 31, 2022.
2- On December 31, 2021, Paladium International purchased 70% of the outstanding common
stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair
value of all recorded Sennex assets and liabilities approximated their book values, with the
exception of a customer list that was not recorded and had a fair value of $10,000, and an
expected remaining useful life of 5 years. At the time of purchase, Sennex had stockholders'
equity consisting of capital stock amounting to $20,000 and retained earnings amounting to
$80,000. Any remaining excess fair value was attributed to goodwill. The separate financial
statements at December 31, 2022 appear in the first two columns of the consolidation
workpapers shown below. (10 Marks)
Required:
Complete the consolidation working papers for Paladium and Sennex for the year 2022.
Paladium
Sennex
Eliminations
Consolidated
Debit
Credit
INCOME STATEMENT Sales
331,900
48,000
Income of Sennex
9,100
Cost of Sales
(148,000)
(25,000)
Other Expenses
(72,000)
( 8,000)
Noncontrolling Interest Share
Net income
121,000
15,000
Retained Earnings 1/1
846,000
80,000
Add:Net income
121,000
15,000
Less: Dividends
(9,000)
(4,000)
Retained Earnings 12/31
958,000
91,000
BALANCE SHEET
Cash
135,000
64,000
Accounts Receivable-net
227,000
160,000
Inventories
316,000
86,000
Land
80,000
40,000
Equipment and Buildings-net
469,000
230,000
Investment in Sennex
146,300
Customer List
Goodwill
TOTAL ASSETS
1,373,300
580,000
LIAB. & EQUITY Accounts payable
305,300
469,000
Capital
Stock
110,000
20,000
Retained Earnings
958,000
91,000
1/1 Noncontrol.
Interest
12/31 Noncontrol. Int.
TOTAL LIAB. & EQUITY
1,373,300
580,000
Eliminations C onsolidated
Paladium S ennex
Debit Credit
INCOME STATEMENT Sales 331,900 48,000
Income of Sennex 9,100
Cost of Sales (148,000) ( 25,000)
Other Expenses (72,000) ( 8,000)
Noncontrolling Interest Share
Net income 121,000 15,000
Retained Earnings 1/1 846,000 80,000
Add:Net income 121,000 15,000
Less: Dividends (9,000) (4,000)
Retained Earnings 12/31 958,000 91,000
BALANCE SHEET
135,000 64,000
Cash
Accounts Receivable-net 227,000 160,000
Invento.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
The following are extracts of the financial data of Wenalton Ltd for.pdf
The following are extracts of the financial data of Wenalton Ltd for the financial years 2021 and
2022: Statement of Profit or Loss for the years ended 31 December 2021 and 2022 2021 2022
million million Sales revenue 12.2 18.3 Cost of sales 7.0 11.7 Gross profit 5.2 6.6 Operating
expenses 3.2 3.8 Profit 2.0 2.8 Extracts of the Statement of Financial Position as at 31 December
2021 and 2022 2021 2022 million million Non- current assets 3.3 7.1 Other current assets 2.4
2.1 Inventory 2.3 2.5 Non- current liabilities 1.7 2.1 Current liabilities 1.8 2.4 Equity 4.5 7.2
Required: (a) Prepare the common-size statement of the statement of profit or loss. (20 marks)
(b) Calculate the following financial ratios (rounded to one decimal place): i) Current ratio ii)
Quick (Acid Test) ratio iii) Capital gearing ratio iv) Return on capital employed v) Asset
turnover (30 marks) (c) Comment on the companys profitability, gearing, efficiency and liquidity
over the two years 2021-2022). Use your answers in (a) and (b)..
Financial accounting questions
These are financial accounting questions for students to revise and get homework answers to
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
PRINCIPLES OF ACCOUNTING CMA December 2020
CMA DECEMBER, 2020 EXAMINATION
FOUNDATION LEVEL
SUBJECT: 001. PRINCIPLES OF ACCOUNTING
Recommended
PART C 1- Petra Corporation paid $500-000 for 80- of the outstanding.pdf
PART C
1- Petra Corporation paid $500,000 for 80% of the outstanding voting common stock of Sizable
Corporation on January 2, 2022 when the book value of Sizable's net assets was $460,000. The
fair values of Sizable's identifiable net assets were equal to their book values except as indicated
below.
Book Fair
Value Value
Inventories (sold in 2022) $80,000 $112,000
Buildings-net (15-year life) 200,000 170,000
Note Payable (paid in 2022) 20,000 21,250
Sizable reported net income of $75,000 during 2022; dividends of $35,000 were declared and
paid during the year. (10 Marks)
Required:
1. Prepare a schedule to allocate the fair value/book value differential to the specific identifiable
assets and liabilities.
2. Determine Petra's income from Sizable for 2022.
3. Determine the correct balance in the Investment in Sizable account as of December 31, 2022.
2- On December 31, 2021, Paladium International purchased 70% of the outstanding common
stock of Sennex Chemical. Paladium paid $140,000 for the shares and determined that the fair
value of all recorded Sennex assets and liabilities approximated their book values, with the
exception of a customer list that was not recorded and had a fair value of $10,000, and an
expected remaining useful life of 5 years. At the time of purchase, Sennex had stockholders'
equity consisting of capital stock amounting to $20,000 and retained earnings amounting to
$80,000. Any remaining excess fair value was attributed to goodwill. The separate financial
statements at December 31, 2022 appear in the first two columns of the consolidation
workpapers shown below. (10 Marks)
Required:
Complete the consolidation working papers for Paladium and Sennex for the year 2022.
Paladium
Sennex
Eliminations
Consolidated
Debit
Credit
INCOME STATEMENT Sales
331,900
48,000
Income of Sennex
9,100
Cost of Sales
(148,000)
(25,000)
Other Expenses
(72,000)
( 8,000)
Noncontrolling Interest Share
Net income
121,000
15,000
Retained Earnings 1/1
846,000
80,000
Add:Net income
121,000
15,000
Less: Dividends
(9,000)
(4,000)
Retained Earnings 12/31
958,000
91,000
BALANCE SHEET
Cash
135,000
64,000
Accounts Receivable-net
227,000
160,000
Inventories
316,000
86,000
Land
80,000
40,000
Equipment and Buildings-net
469,000
230,000
Investment in Sennex
146,300
Customer List
Goodwill
TOTAL ASSETS
1,373,300
580,000
LIAB. & EQUITY Accounts payable
305,300
469,000
Capital
Stock
110,000
20,000
Retained Earnings
958,000
91,000
1/1 Noncontrol.
Interest
12/31 Noncontrol. Int.
TOTAL LIAB. & EQUITY
1,373,300
580,000
Eliminations C onsolidated
Paladium S ennex
Debit Credit
INCOME STATEMENT Sales 331,900 48,000
Income of Sennex 9,100
Cost of Sales (148,000) ( 25,000)
Other Expenses (72,000) ( 8,000)
Noncontrolling Interest Share
Net income 121,000 15,000
Retained Earnings 1/1 846,000 80,000
Add:Net income 121,000 15,000
Less: Dividends (9,000) (4,000)
Retained Earnings 12/31 958,000 91,000
BALANCE SHEET
135,000 64,000
Cash
Accounts Receivable-net 227,000 160,000
Invento.
The post-closing trial balance of Wildhorse Corporation at December 3.pdf
The post-closing trial balance of Wildhorse Corporation at December 31,2022 , contains the
following stockholders' equity accounts. A review of the accounting records reveals the
following. 1. No errors have been made in recording 2022 transactions or in preparing the
closing entry for net income. 2. Preferred stock is $50 par, 6%, and cumulative, 15,800 shares
have been outstanding since January 1,2021. 3. Authorized stock is 20,800 shares of preferred,
520,000 shares of common with a $10 par value. 4. The January 1 balance in Retained Earnings
was $1,190,000. 5. On July 1,19,400 shares of common stock were issued for cash at $18 per
share. 6. On September 1, the company discovered an understatement error of $92,400 in
computing salaries and wages expense in 2021 . The net of tax effect of $64,680 was properly
debited directly to Retained Earnings. 7. A cash dividend of $260,000 was dectared and properly
allocated to preferred and common stock on October 1. No dividends were paid to preferred
stockholders in 2021. 8. On December 31 , a 10% common stock dividend was declared out of
retained eamings on common stock when the market price per share was $18. 9. Net income for
the year was $595,000. 10. On December 31,2022 , the directors authorized disclosure of a
$208,000 restriction of retained earnings for plant
Compute the allocation of the cash dividend to preferred and common stock. Allocation of the
cash dividend to preferred stock Allocation of the cash dividend to common stock
(a) Reproduce the Retained Earnings account for 2022. (Uist items in order presented in the
problem.)
Prepare a stockholders' equity section at December 31, 2022. (Enter account name only and do
not provide descriptive information) WILDHORSE CORPORATION Partial Balance Sheet $$.
The following are extracts of the financial data of Wenalton Ltd for.pdf
The following are extracts of the financial data of Wenalton Ltd for the financial years 2021 and
2022: Statement of Profit or Loss for the years ended 31 December 2021 and 2022 2021 2022
million million Sales revenue 12.2 18.3 Cost of sales 7.0 11.7 Gross profit 5.2 6.6 Operating
expenses 3.2 3.8 Profit 2.0 2.8 Extracts of the Statement of Financial Position as at 31 December
2021 and 2022 2021 2022 million million Non- current assets 3.3 7.1 Other current assets 2.4
2.1 Inventory 2.3 2.5 Non- current liabilities 1.7 2.1 Current liabilities 1.8 2.4 Equity 4.5 7.2
Required: (a) Prepare the common-size statement of the statement of profit or loss. (20 marks)
(b) Calculate the following financial ratios (rounded to one decimal place): i) Current ratio ii)
Quick (Acid Test) ratio iii) Capital gearing ratio iv) Return on capital employed v) Asset
turnover (30 marks) (c) Comment on the companys profitability, gearing, efficiency and liquidity
over the two years 2021-2022). Use your answers in (a) and (b)..
Financial accounting questions
These are financial accounting questions for students to revise and get homework answers to
Part A In late 2020 the Nicklaus Corporation was formed Th.pdf
Part A In late 2020, the Nicklaus Corporation was formed. The corporate charter authorizes the
issuance of 6,000,000 shares of common. stock carrying a $1 par value, and 2,000,000 shares of
$5 par value, noncumulative, nonparticipating preferred stock. On January 2 , 2021,4,000,000
shares of the common stock are issued in exchange for cash at an average price of $12 per share.
Also on January 2. ail 2,000,000 shares of preferred stock are issued at $25 per share. Required:
1. Prepare journal entries to record these transactions. 2. Prepare the shareholders' equity section
of the Nicklaus bolance sheet as of March 31, 2021. (Assume net income for the first. quarter
2021 was $1,650,000. Part B During 2021, the Nickdaus Corporation partiopated in three treasury
stock transactions: a. On June 30,2021 b. On July 31, 2021, 15, 0ution reacquires 230,000 shares
for the treasury at a price of $14 per share. c. On September 30,2021,15,000 treasury shares are
reissued ot $12 per share. Required: 1. Prepare journal entries to record these transactions. 2.
Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance
sheet prepared at September 30. 2021. (Assume net income for the second and third quarter was
$3,150,000 ) Part C On October 1, 2021, Nicklaus Corporation receives permission to replace its
$1 par value common stock (6,000,000 shares authorized, 4,000,000 shares issued, and 3,800,
000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new
par value is one-haif the amount of the old, this represents a 2.for-1 stock split. That is, the
shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1
par stock they own. The $1 por stock will be collected and destroyed by the issuing corporation.
On November 1, 2021, the Nicklaus Corporation declares a $0.16 per share cash dividend on
common stock and a $0.33 per share cash dividend on preferred stock. Payment is scheduled for
December 1, 2021, to shareholders of record on November 15, 2021. On December 2, 2021, the
Nicklaus Corporation declares a ts stock dividend payable on December 28, 2021, to sharehoiders
of record on December 14. At the date of deciaration, the common stock was seling in the open
market at $12 per share. The dividend will resuit in 76,000(0.017,600,000) additional shares being
issued to shareholders. Required: 1. Prepare journat entries to record the deciaration and
payment of these stock and cash dividends. 2. Prepare the December 31, 2021, shareholders'
equity section of the balance sheet for the Nicklaus Corporation. (Assume net income for the
fourth quarter was $2,650,000j 3. Prepare a statement of shareholders' equity for Nicilaus
Corporation for 2021.On December 2, 2021, the Nicklaus Corporation declares a 1% stock
dividend payable on December 28, 2021, to shareholders of record on December 14. At the date
of declaration, the common stock was selling in the open market a.
PRINCIPLES OF ACCOUNTING CMA December 2020
CMA DECEMBER, 2020 EXAMINATION
FOUNDATION LEVEL
SUBJECT: 001. PRINCIPLES OF ACCOUNTING
Fountain Corporation is a service company- Fountain has the following.pdf
Fountain Corporation is a service company. Fountain has the following balances at the start of
January 2020 : - Share Capital \$ 42,000 - Retained Earnings \$ 20,000 - Accounts Receivable
$14 , 000 - Accounts Payable S 8,000 - Cash $16 , 000 - Equipment $40 , 000 The following
transactions took place during 2020: 10 January: Provided services on account $50 , 000 . 20
January: Borrowed loan from a Bank $20 , 000 . 25 February: Collected $4 , 000 cash from the
Accounts Receivable. 31 July: Paid $2 , 000 cash interest on the loan. 20 August: Paid $3 , 000
cash to the accounts payable. 25 September: Paid $28 , 000 for Salaries. 10 November: Provided
services cash $50 , 000 . 31 December: Collected $9 , 000 cash in advance for services to be
performed over the 3 years 2021, 2022 and 2023. 31 December: Paid \$ 19,000 cash in advance
for an insurance policy for 2 years 2021 and 2022. 31 December: Paid \$46,990 cash Dividends
to the shareholders. Required: Prepare the Balance Sheet for Fountain Corporation on 31
December 2020 SHOW ALL YOUR CALCUALTIONS.
MGT101 - Financial Accounting- Lecture 42
Virtual University
Course MGT101 - Financial Accounting
Lecture No 42
Instructor's Name: Mr. Mujahid Eshai
Course Email: mgt101@vu.edu.pk
Question 2 58 marks Anamaria Tial Balance The following b.pdf
Question 2 (58 marks) Ana-maria Tial Balance The following balances were extracted from the
accounting records of Ana-maria Plc The following additional information as of 31 December 2022
should be taken into account: (i) Inventory was valued at 150,000 (ii) Audit fees of 1000 were
outstanding (iii) Prepaid debenture interest is to be accounted for (iv) Depreciation is to charge on
buildings at 10% on the straight-line basis and on fixtures and fittings at 20% on the reducing
balance basis (v) The directors decided to transfer 70,000 to the general reserve account
Required: Prepare for Ana - Maria Plc: (a) the statement of profit or loss for the year ended 31
December 2022 (b) the statement of changes in equity for the year ended 31 December 2022 (c)
the statement of financial position for the year ended 31 December 2022.
FY 2022 Tourist Development Council Budget Workshop
Here is the FY2022 Visit St. Pete/Clearwater budget. Flip through the complete budget book or download a PDF version with hyperlinked content.
BUS M02C – Managerial Accounting SLO Assessment project .docx
BUS M02C – Managerial Accounting
SLO Assessment project
Randy’s Kayaks, Inc. manufactures and sells one-person fiberglass kayaks. Randy’s balance sheet at the end
of 2011 was as follows:
RANDY’S KAYAKS, INC.
Balance Sheet
December 31, 2011
ASSETS LIABILITIES
Cash $ 52,000 Accounts payable $ 131,000
Accounts receivable 1,200,000
Raw materials inventory* 120,000 STOCKHOLDERS’EQUITY
Finished goods inventory** 287,500 Common Stock 1,600,000
Plant assets, net of accumulated Retained Earnings 2,063,500
Depreciation 2,135,000
Total Assets $ 3,794,500 Total Liabilities & SE $ 3,794,500
*40,000 pounds
**1,000 kayaks
The following additional data is available for use in preparing the budget for 2012:
Cash collections (all sales are on account):
Collected in the quarter of sale 40%
Collected in the quarter after sale 60%
(Bad debts are negligible and can be ignored)
Cash disbursements for raw materials (all purchases are on account):
Cash paid in the quarter of purchase 70%
Cash paid in the quarter after purchase 30%
Desired quarterly ending Raw materials inventory 40% of next quarter’s production needs
Desired quarterly ending Finished goods inventory 10% of next quarter’s sales
Budgeted sales:
1
st
quarter 2012 10,000 kayaks
2
nd
quarter 2012 15,000 kayaks
3
rd
quarter 2012 16,000 kayaks
4
th
quarter 2012 14,000 kayaks
1
st
quarter 2013 10,000 kayaks
2
nd
quarter 2013 12,000 kayaks
Anticipated equipment purchases:
1
st
quarter 2012 $30,000
2
nd
quarter 2012 $0
3
rd
quarter 2012 $0
4
th
quarter 2012 $150,000
Quarterly dividends to be paid each quarter in 2012 $4,000
Expected sales price per unit $400
Standard cost data:
Direct materials 10 pounds per kayak @ $3 per pound
Direct labor 10 hours per kayak @ $20 per hour
Variable manufacturing overhead $5 per direct labor hour
Fixed manufacturing overhead (includes $9,000 depreciation) $103,125 per quarter
Variable selling expenses $25 per kayak
Fixed selling and administrative expenses:
Insurance $45,000 per quarter
Sales salaries $30,000 per quarter
Depreciation $6,000 per quarter
Income tax rate 30%
Estimated income tax payments planned in 2012:
1
st
quarter $0
2
nd
quarter $50,000
3
rd
quarter $400,000
4
th
quarter $500,000
Randy’s desires to have a minimum cash balance at the end of each quarter of $50,000. In order to maintain
this minimum balance, Randy’s may borrow from its bank in $10,000 increments with an interest rate of 6%.
Money is borrowed at the beginning of the quarter in which a shortage is expected. Repayments of all or a
portion of the principle (plus accrued interest on the amount being repaid) are made at the end of any quarter
in which the cash balance exceeds the required minimum.
Requirements:
1. Use the above information to prepare the following components of th ...
Qusstion Read the passage and answer the questiots that follow A ran.pdf
Qusstion Read the passage and answer the questiots that follow: A ranomeare pang calling itself
"Snatch" - affer the iconic Guy Ritchic film relensed in 2000 - has daimed responsibility for
exfilarating 200 icrabytes of data from the South African Department of Defence (DOD). The
group has apparcently posted enly a fraction of the data it stole onliee, releasing a 4996B
compressed archive that it says catracts to anouse coefirmed that the leak appeared legitimate.
They said the data came froe the DOD, not an affiliated company like Armscor or Denet. In
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government officiab online - including phone numbers it says belong so Cyril Ramaphosa.
Checking the lise of eight cellphone numbers against Truecaller's database revealed that two
could belone to South Africa's sieting president. According to sybernecurity compary Sophos,
Snatch wass an antack medel network throogh haman-directed action. Their malware reboots
Windosas machines into Safe Mode before enerypting the data they wish to hold ransom. The
attackens may be using this technique to circurnent endpoint protestion, which often won't ran in
Safe Mode," Sopbos. said. When it discovered this attack vtctor in 2019 . Sophos quickly raiked
the alarm as the severity of rasooemware that runs in Safe Mode was a significam threat. In
adsition to the novel modus eperandi. Sophos also found froms recruitenent past that Snasch eely
accegicd Rusian speakers inte the gang. lnserestingly, the Russian-language gang chose the weck
ef the BRICS Summit, which is being hosted in South Africa, to release the data it exfiliraled
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Defence Snahch sad in specifically cheoe the weck of Ee BRICS mummir to reflease the data. It
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a telativily poos prase of geopolitics and Soust Africa's donsestic polities. Ramaphosa's
government has keen routinely criticied for its unaligned stance on Russia's invasion of Ukraine,
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Bank presickem David Malpass warned Sondh Africa was playing with fire by trying to play
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Question 1 It was the worst fire in the history of Welland. At 1:00 a.m. on August 1, 2023, a fire
started at a Home Depot lumberyard located at 1 Main Street. The fire eventually spread to
Welland's commercial district. By the time it was extinguished on August 3,2023 , the entire
commercial district of 38 buildings was destroyed. Andrea owned the building and operated a
coffee shop at 52 Main Street, approximately 1,200 metres from where the fire started. She
estimates that her losses total $1,500,000 consisting of the building value of $1,000,000 and
book inventory of a retail value of $500,000. The fire inspector has determined: 1. The fire
originated at an unfenced, unlocked, and unused shed of the Home Depot lumberyard at 1 Main
Street. Further, it was determined that the fire started either: (i) by the spontaneous combustion
of the paint/solvent products stored in the shed, or (ii) by careless smoking or intentional action
which ignited the solvents. 2. Bill, the owner of the Home Depot lumberyard at 1 Main Street
knew that the shed was frequented by an employee, Drew, during his break, and at times saw
Drew smoking. Bill knew that the shed was also frequented by teenagers and transients. Bill had
stopped locking the shed since there was nothing of value stored there and it had been broken
into numerous times. 3. The fire started at approximately 1:00 a.m. and spread to the lumberyard
by 1:20 a.m. It had spread to the adjoining building at 3 Main Street by 1:30 a.m. Patrons of a bar
across the street noticed the smoke and called 9-1-1 at 1:15 a.m. 4. Main Street recently was
converted from a one-way street to two-way traffic. The 9-1-1 dispatcher was not aware of the
change and directed the fire trucks on an alternate route, resulting in a delayed response.
Firefighters arrived at 1:45 a.m.
5. The City inspected the Home Deport lumberyard at 1 Main Street on June 1, 2023, discovered
that there was no alarm or sprinkler system and ordered Bill to clean up the property and to
install the systems by June 7,2023 , or be prosecuted under the City's bylaws. No work had been
done and the City had not reinspected or commenced prosecution. 6. The firefighters initially
attempted to extinguish the fire in the buildings located at 1 and 3 Main Street rather than
attempt to prevent the fire from spreading to the adjoining buildings. Fire Departments from
adjacent cities were not called for assistance until the fire had spread to both sides of Main
Street. 7. Andrea was aware of the fire on August 1, 2023 (as was the rest of the City), but
assumed that it would be confined to the vicinity of the lumberyard at 1 Main Street. She took no
steps to protect her premises or remove any inventory. Following the incident, Andrea developed
a severe phobia of sirens given their connections to the fire that destroyed her business. She does
not leave her house due to the fear that she may hear sirens out in public, which causes her
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Q3b (5 points) Sue operates a food truck on Florida beaches, where she sells paninis and drinks,
which she can sell for $8.00 and $4.00, respectively. Sue uses all of the money she makes to
purchase theme park tickets, which cost $96.00, and her only other income comes from dividend
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drinks, t represents tickets, and d represents dividend income. Write Sue's budget. [2 marks] (ii)
Two of Sue's friends are coming to town, and Sue wants to take them to a theme park. If she
buys three tickets, draw the graph to show the possible combinations of paninis and drinks that
will allow her to afford three tickets. Show your work. [3 marks].
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Property, Plant, and Equipment: Land Buildings Less: Accumulated depreciation Equipment
Less: Accumulated depreciation Total property, plant, and equipment Intangibles: Patents (net)
Trademarks Total intangibles Total Assets Liabilities Current Liabilities: Accounts payable
Wages payable Current taxes payable Total current liabilities Long-Term Liabilities: Bonds
payable Add: Treasury stock (at cost) x$
Erroneous Balance Sheet Cutler Corporation prepared the following balance sheet:
Determine the errors and prepare a corrected, properly classified balance sheet.
Total Liabilities Shareholders' Equity Contributed Capital: Preferred stock, \$50 par Common
stock, \$2 par Additional paid-in capital on preferred stock Total contributed capital Total
contributed capital, retained earnings, and accumulated other comprehensive income Total
Shareholders' Equity Total Liabilities and Shareholders' Equity.
Please mark all correct statements A Demand for rubber is more elasti.pdf
Please mark all correct statements A Demand for rubber is more elastic then steel given their
physical properties B Diamond is luxury and has elastic demand, bread doesn't C) Demand for
housing is more elastic since it is a major part of expenditures D) Demand over gasoline cars is
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E MeDonalds having Burgerking substitute is bound to have more elastic demand.
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PA 7-6 (Algo) JCL Incorporated is a major chip manufacturing... JCL Incorporated is a major
chip manufacturing firm that sells its products to computer manufacturers like Dell, Gateway,
and others. In simplified terms, chip making at JCL Incorporated involves three basic operations:
depositing, patterning, and etching. - Depositing: Using chemical vapor deposition (CVD)
technology, an insulating material is deposited on the wafer surface, forming a thin layer of solid
material on the chip. - Patterning: Photolithography projects a microscopic circuit pattern on the
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repeated many times as each layer of the chip is built. - Etching: Etching removes selected
material from the chip surface to create the device structures. The table below lists the required
processing times and setup times at each of the steps. There is unlimited space for buffer
inventory between these steps. Assume that the unit of production is a wafer, from which
individual chips are cut at a later stage. a. What is the process capacity in units per hour with a
batch size of 150 wafers? Note: Do not round intermediate calculations. Round your answer to 2
decimal places. b. What is the utilization of depositing if the batch size is 150 wafers? Note: Do
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On January 1, 20Y1, Marlow Corporation had the following shareholders.pdf
On January 1, 20Y1, Marlow Corporation had the following shareholders' equity account
balances: During 20Y1, the following events occurred in the order listed and were properly
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company earned net income of $126,300. 3. The company paid a $1.20 per share dividend on its
common stock. What is the ending balance on the statement of changes in shareholders' equity
for 20V1..
On January 1,2025 , Sheffield Corporation redeemed $430,000 of bond.pdf
On January 1,2025 , Sheffield Corporation redeemed $430,000 of bonds at 99 . At the time of
redemption, the unamortized premium was $12,900. Prepare the corporation's journal entry to
record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts. Credit account titles are automatically indented when the
amount is entered. Do not indent manually. List all debit entries before credit entries.).
Recording Transactions, Preparing Journal Entries, Posting to T-Accou.pdf
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing a
Statement of Financial Position, and Evaluating the Current Ratio (P2-5) BCE Inc., Canadn's
largest communications company, provides a comprehensive and innovative suite of broadband
communications and content services to consumer, residential, business, and governme
customers in Canada. The following is BCE's (simplified) statement of financial position from a
recent year:
Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021
(ended on December 31, 2021): a. Issued additional shares for $200 in cash. b. Borrowed $6,300
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cash; one-fifth were long-term and the rest were short-term. 1200 d. Purchased property, plant,
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$200 for $200 cash. Required: 1. Prepare a journal entry for each transaction. 2. Create a T-
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ending balances at December 31, 2021. 5. Compute BCE's current ratio for fiscal year 2021.
What does this suggest about the company?.
Rainey Enterprises loaned $50,000 to Smali Company on June 1, Year 1,.pdf
Rainey Enterprises loaned $50,000 to Smali Company on June 1, Year 1, for one year at 9
percent interest. Required Show the effects of the following Iransactions in a horizontal
statements modet In the Statement of Cash Fiows column. indicate whether the itern is an
operating activity (OA), an irvesting activity (IA) or a financing activity (FA) Note: Enter any
decreases to account balances and cash outflows with a minus slgn. Leave cells blenk if no input
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The Roman Empire A Historical Colossus.pdf
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
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The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Embracing GenAI - A Strategic Imperative
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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Randy’s Kayaks, Inc. manufactures and sells one-person fiberglass kayaks. Randy’s balance sheet at the end
of 2011 was as follows:
RANDY’S KAYAKS, INC.
Balance Sheet
December 31, 2011
ASSETS LIABILITIES
Cash $ 52,000 Accounts payable $ 131,000
Accounts receivable 1,200,000
Raw materials inventory* 120,000 STOCKHOLDERS’EQUITY
Finished goods inventory** 287,500 Common Stock 1,600,000
Plant assets, net of accumulated Retained Earnings 2,063,500
Depreciation 2,135,000
Total Assets $ 3,794,500 Total Liabilities & SE $ 3,794,500
*40,000 pounds
**1,000 kayaks
The following additional data is available for use in preparing the budget for 2012:
Cash collections (all sales are on account):
Collected in the quarter of sale 40%
Collected in the quarter after sale 60%
(Bad debts are negligible and can be ignored)
Cash disbursements for raw materials (all purchases are on account):
Cash paid in the quarter of purchase 70%
Cash paid in the quarter after purchase 30%
Desired quarterly ending Raw materials inventory 40% of next quarter’s production needs
Desired quarterly ending Finished goods inventory 10% of next quarter’s sales
Budgeted sales:
1
st
quarter 2012 10,000 kayaks
2
nd
quarter 2012 15,000 kayaks
3
rd
quarter 2012 16,000 kayaks
4
th
quarter 2012 14,000 kayaks
1
st
quarter 2013 10,000 kayaks
2
nd
quarter 2013 12,000 kayaks
Anticipated equipment purchases:
1
st
quarter 2012 $30,000
2
nd
quarter 2012 $0
3
rd
quarter 2012 $0
4
th
quarter 2012 $150,000
Quarterly dividends to be paid each quarter in 2012 $4,000
Expected sales price per unit $400
Standard cost data:
Direct materials 10 pounds per kayak @ $3 per pound
Direct labor 10 hours per kayak @ $20 per hour
Variable manufacturing overhead $5 per direct labor hour
Fixed manufacturing overhead (includes $9,000 depreciation) $103,125 per quarter
Variable selling expenses $25 per kayak
Fixed selling and administrative expenses:
Insurance $45,000 per quarter
Sales salaries $30,000 per quarter
Depreciation $6,000 per quarter
Income tax rate 30%
Estimated income tax payments planned in 2012:
1
st
quarter $0
2
nd
quarter $50,000
3
rd
quarter $400,000
4
th
quarter $500,000
Randy’s desires to have a minimum cash balance at the end of each quarter of $50,000. In order to maintain
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portion of the principle (plus accrued interest on the amount being repaid) are made at the end of any quarter
in which the cash balance exceeds the required minimum.
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redemption, the unamortized premium was $12,900. Prepare the corporation's journal entry to
record the reacquisition of the bonds. (If no entry is required, select "No Entry" for the account
titles and enter 0 for the amounts. Credit account titles are automatically indented when the
amount is entered. Do not indent manually. List all debit entries before credit entries.).
Recording Transactions, Preparing Journal Entries, Posting to T-Accou.pdf
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing a
Statement of Financial Position, and Evaluating the Current Ratio (P2-5) BCE Inc., Canadn's
largest communications company, provides a comprehensive and innovative suite of broadband
communications and content services to consumer, residential, business, and governme
customers in Canada. The following is BCE's (simplified) statement of financial position from a
recent year:
Assume that the following transactions (in millions of dollars) occurred in fiscal year 2021
(ended on December 31, 2021): a. Issued additional shares for $200 in cash. b. Borrowed $6,300
from creditors; due in 10 years. Long Term 300 c. Purchased additional investments for $1,500
cash; one-fifth were long-term and the rest were short-term. 1200 d. Purchased property, plant,
and equipment; paid $4,650 in cash and $850 with additional long-term bank loans. e. Lent $250
to associated companies that signed a six-month note. f. Sold short-term investments costing
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account for each item on the statement of financial position and include the December 31 , 2020
balances. Post each journal entry to the appropriate T-account. 3. Prepare a trial balance as at
December 31, 2021. 4. Prepare a statement of financial position for BCE based on the T-account
ending balances at December 31, 2021. 5. Compute BCE's current ratio for fiscal year 2021.
What does this suggest about the company?.
Rainey Enterprises loaned $50,000 to Smali Company on June 1, Year 1,.pdf
Rainey Enterprises loaned $50,000 to Smali Company on June 1, Year 1, for one year at 9
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statements modet In the Statement of Cash Fiows column. indicate whether the itern is an
operating activity (OA), an irvesting activity (IA) or a financing activity (FA) Note: Enter any
decreases to account balances and cash outflows with a minus slgn. Leave cells blenk if no input
is needed. (1) The ioan to Small Company (2) The adjusting entry at December 31. Yeat 1 (3)
The adjusting entry and collection of the note on June 1, Year 2.
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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
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