Question 10: Sund Corporation bases its budgets on the activity measure “customers served.” During April, the company plans to serve 38,000 customers. The company has provided the following data concerning the formulas it uses in its budgeting: Fixed Element per Month Variable Element per Month Revenue — $2.10 Wages and salaries $25,000 $0.50 Supplies $0 $0.30 Insurance $6,200 $0.00 Miscellaneous expenses $2,500 $0.40 Required: Prepare the company’s planning budget for April. What is the net operating income?
Cash and Cash equivalentsCash balance The books of Caring Co. show the following balances at December 31, 2019: Cash on
Cash and Cash equivalentsCash balance The books of Caring Co. show the following balances at December 31, 2019: Cash on hand ₱ 400,000 Cash in Bank – current account 1,200,000 Cash in Bank – peso savings deposit 5,000,000 Cash in Bank – dollar deposit (unrestricted) $ 100,000 Cash in Bank – dollar deposit (restricted) 250,000 Cash in 3-month money-market account ₱ 500,000 3-month unrestricted time deposit $ 20,000 Treasury bill, purchased 11/1/2019, maturing 2/14/2020 ₱1,600,000 Treasury bond, purchased 3/1/2019, maturing 2/28/2020 1,000,000 Treasury note, purchased 12/1/2019, maturing 2/28/2020 400,000 Unused Credit Line 4,000,000 Redeemable preference shares, purchased 12/1/2019, due on 3/1/2020 740,000 Treasury shares, purchased 12/1/2019, to be reissued on 1/5/2020 200,000Sinking fund 400,000 Additional information:· Cash on hand includes a ₱40,000 check payable to Caring Co. dated December 29, 2019.· During December 2018, check amounting to ₱30,000 was drawn against the Cash in bank – current account in payment of accounts payable. The check remains outstanding as of December 31, 2019.· The Cash in Bank – peso savings deposit includes ₱800,000 security bond on a pending labor litigation, in favor of a previous employee. The establishment of the bond is mandated by a court of law.· The Cash in Bank – peso savings deposit also includes a compensating balance amounting to ₱500,000 which is not legally restricted.· The Cash in Bank – dollar deposit (unrestricted) account includes interest of $4,000, net of tax, directly credited to Caring Co.’s account. The exchange rate at year-end is $1 is to ₱45. REQUIRED: 1. The total amount of Cash to be reported in the 2019 financial statements.2. The total amount of Cash Equivalent to be reported in the 2019 financial statements.3. The total amount of Current Assets aside from Cash and Cash Equivalent to be reported in the 2019 financial statements?
Problem for Bank Reconciliation The Cash account of The New Normal Corporation for the fiscal year ending July 31, 2019
Problem for Bank Reconciliation The Cash account of The New Normal Corporation for the fiscal year ending July 31, 2019 has the following information. General Ledger Bank Statement Beginning Balance ———————— P 140,330 P 172,590Deposits ————————————- 751,680Cash Receipts Journal——————- 763,680Checks Cleared in the Bank ———— (708,450)Cash Disbursements Journal ———- (654,330)July Bank service Charge ————– (2,610)Note Paid by the Bank —————— (183,000)NSF Check ——————————— (9,330)Ending Balance ————————– P 249,680 P 20,880 a. Bank Reconciliation in June included the following Information: Bank Statement Balance,P 172,590; Deposit in Transit, P 18,000; Outstanding Checks, P 52,260; and balance per general ledger, P 140,330.b. Checks Clearing in the bank in July included the following: Checks Outstanding by the end of June P 50,760 Checks recorded in July Cash Disbursements book 614,010 Check unrecorded and drawn by the company as payment of liability 31,800 A check drawn by New Rural Corporation 11,880 c. Deposits included P 18,000 from June and P 733,680 from July.d. The bank charged New Normal Corp.’s account for NSF totaling P 9,330. The check was turned over to a collecting agency.e. A note of P 174,000, plus interest, was paid directly by bank under an agreement signed four months ago. The note was recorded in the books of New Normal at P 174,000.REQUIRED:1. Compute the total Outstanding Checks as of July 31..2. Compute the total Deposit in transit as of July 31.3. Compute the correct Cash in Bank balance as of July 31.4. Compute the Cash in Bank Shortage, if any, as of June 30.
Hi I need answers in the form of the complete set of financial statements which include State of financial position,
Hi I need answers in the form of the complete set of financial statements which include State of financial position, Statement of comprehensive income and statement of changes in equity, supporting notes in accordance with Generally accepted accounting practise (New Zealand). I am attaching the question in the form of images and please get me the answer as soon as possible.
ABC Pty Ltd produces turbines used in the production of hydro-electric generating equipment. The turbines are sold to various engineering
Accounting Assignment Writing ServiceABC Pty Ltd produces turbines used in the production of hydro-electric generating equipment. The turbines are sold to various engineering companies that produce hydro-powered generators in Australia. Details of the operations for the coming four months are provided in the attached excel spread sheet. Other information: • The company plans to purchase land for future expansion • Sales are on credit. Amounts not received in the month following the sale are written off as bad debt immediately. • The payment for labour and purchases of materials and other costs are for cash and paid for in the month of acquisition. • If the firm develops a cash shortage by the end of the month, sufficient cash is borrowed to cover the shortage (including any interest payments due ). Any cash borrowed is repaid one month later, as is the interest due. During the process of preparing the organisation’s budget, the Sales Manager is discussing the possible outcome of the forthcoming election with the Production Manager. She noted that if one of the major political parties wins the election and forms the government, there is a strong possibility that alternative sources of energy such as hydro-powered electricity may no longer be as actively supported by the new government as is the case under the current government. The sales manager’s primary concern is that market for alternative power generation is already volatile and subject to significant uncertainty. The production manager is also concerned about his plans to build the new automated manufacturing facility on the land to be purchased in May. This new manufacturing facility will enable him to manufacture, in-house, the major two parts he is now purchasing and to significantly automate the assembly process that is currently somewhat labour intensive. His projection for the new facility indicates a reduction in direct material
Accounting for LaborProblem 1:The following employee changes in BSA Mfg. Inc. for 2019 are as follows: Employees at the beginning
Accounting for LaborProblem 1:The following employee changes in BSA Mfg. Inc. for 2019 are as follows: Employees at the beginning of 2019 1,050Employees recruited (of which 50 of them replaced those leavers discharged by the management of BSA, while the remainder are due to expansion plans to be made by BSA for future years) 150Employees left during the year (including the abovementioned employees replaced) 250Employees at the end of 2019 950 Assume that there is no other information as to the changes in employees, determine the labor turnover based on the following methods (round off your answers to two decimal places expressed in percent):1. Separation method2. Replacement method3. Flux method Problem 2:BSA Factory provides for an incentive scheme for its factory workers which features a combined minimum guaranteed wage and a piece rate. Each worker is paid P11.25 per piece with a minimum guaranteed wage of P875 per week. Production report for the week show: Employee Units ProducedKrista 67Jose 78Sophiya 80Crisia 82Maye 72Angelo 75 Determine the amount of the following:1. Direct labor2. Factory overhead Problem 3:Cedy is an employee of NPP Incorporated. He is earning a salary (gross) of P50,000 a month. The following deductions and contributions pertaining to him and his employer are as follows: Employee EmployerWithholding tax on compensation P6,304 -SSS contributions P800 P1,600PhilHealth contributions P550 P550HDMF contributions P100 P100EC contribution – P30Assume that Cedy is a mechanical engineer who operates the machine used in production, prepare journal entries for the following:1. Distribution of payroll (no need to set up payroll fund, assume paid)2. Accruals of employer’s contribution Problem 4:The following information of a manufacturing company as regards to additional compensation to its 48 employees are as follows: Number of working weeks 48Vacation weeks 4Holidays 10 Annual bonus (for all 48 employees) P592,560Daily salary per employee P600 The company is entitling all employees with bonus, vacation and holiday pays. Assume that the regular working days per week are 5 days, calculate the following (on a weekly basis):1. Vacation pay2. Bonus pay3. Holiday pay Problem 5:BSA Homes produces a variety of household products. The ﬁrm operates 24 hours per day with three daily work shifts. The ﬁrst-shift workers receive “regular pay.” The second shift receives an 8 percent pay premium, and the third shift receives a 12 percent pay premium. In addition, when production is scheduled on weekends, the ﬁrm pays an overtime premium of 50 percent (based on the pay rate for ﬁrst-shift employees). Labor premiums are included in overhead. The October 2019 factory payroll is as follows: Total wages for October for 32,000 hours P435,600Normal hourly wage for first-shift employees P12Total regular hours worked, split evenly among the three shifts 27,000 Answer the following:1. How much of the total labor cost should be charged to direct labor?2. How much of the total labor cost should be charged to overhead?3. Calculate the breakdown of overhead cost as to: a. Second shift premiumsb. Third shift premiumsc. Overtime premiums
The latest versions of Australian accounting standards issued by the AASB are available on the AASB website: http://www.aasb.gov.au/Pronouncements/Current-standards.aspx. Required (a)
The latest versions of Australian accounting standards issued by the AASB are available on the AASB website: http://www.aasb.gov.au/Pronouncements/Current-standards.aspx. Required (a) Review the current accounting standards on the AASB website and select one accounting standard that is not examined in this unit (ACCT19061 Advanced Financial Accounting) or in ACCT19062 Intermediate Financial Accounting and which you consider might be important for you to have some knowledge about in your future role as a professional accountant.(b) Use an internet search engine (for example, Google) to find two documents that you consider to be useful in gaining an understanding of the accounting standard. You do not need to include the documents with your answer, but you do need to include: name of document, author, date, and the link to the document. You should not include the accounting standard itself. (c) Explain why these two documents would be useful to you in gaining an understanding of the accounting standard.
7: Calder Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations:
Question 7: Calder Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations: Variable cost per unit: Direct materials $92 Fixed costs per year: Direct labor $720,000 Fixed manufacturing overhead $3,264,000 Fixed selling and administrative $1,935,000 The company doesn’t have any variable manufacturing overhead costs or variable selling and administrative costs. During its first year of operations, the company produced 48,000 units and sold 45,000 units. The company’s only product sells for $258 per unit. Required: What is the net operating income?
9: The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget
Question 9: The manufacturing overhead budget of Paparella Corporation is based on budgeted direct labor-hours. The November direct labor budget indicates that 6,000 direct labor-hours will be required in that month. The variable overhead rate is $2.00 per direct labor-hour. The company’s budgeted fixed manufacturing overhead is $79,200 per month, which includes depreciation of $21,000. All other fixed manufacturing overhead costs represent current cash flows. Required: A. Determine the cash disbursements for manufacturing overhead for November. B. Determine the predetermined overhead rate for November.
A firm needs two component parts X and Y, which can be manufactured or purchased. In producing the parts, factory
A firm needs two component parts X and Y, which can be manufactured or purchased. In producing the parts, factory overhead is applied at P1.00 per standard machine hour. The fixed capacity costs, which will remain unchanged, whether the parts will be produced or purchased represent 50% of the applied overhead. Standard costs and other information for the two component parts used by the firm are presented below: Part X Part YDirect material P 0.50 P 12.00Direct labor 1.50 7.00Factory overhead 6.00 3.00Unit standard costs P 8.00 P 22.00Units needed per year 9,000 12,000Machine hours per unit 6 3Total hours available 45,000Unit cost if purchased P 7.40 P 22.50The relevant unit production costs that should be considered in the decision to schedule the 45,000 hours available machine time in order to realize the maximum potential cost savings are: a. b. c. d.X P 8.00 P 7.40 P 5.00 P 1.50Y P22.00 P22.50 P20.50 P19.00
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