Accounting Answers

The engineering team just signed a lease contract for equipment for a period of 5 years and the equipment has a useful life of 6 years. The monthly lease payment is $100 each month, the value of the equipment is $7,000 new with $0 salvage value. At the end of the first month, what journal entries should be recorded to account for this under ASPE?

Explain in a paragraph the economic meaning of the HR business cycle based on the give-to-get economic duality?

Explain in a paragraph that many organizations use HR data analytics to hire potential employees to avoid hiring unqualified employees. What is your opinion that HR data analytics is an excellent approach to improve hiring efficiency in a paragraph?

Using the reconciliation of the hatch total to avoid payroll errors. Would you explain in a paragraph what is hatch total and how this approach works?

What kinds of potential threats can impact the implementation of the ERP system in the manufacturing process. How to avoid these risks with necessary internal controls and business actions.

That Activity-Based-Costing system can act as an important function to improve the usefulness and accuracy of the costing information system. Write a paragraph to explain why?

Dai Hing Bookshop Ltd. has a beginning cash balance of $44,000 on November 1. The firm has projected sales of $61,000 in October, $68,000 in November, and $74,000 in December.

The cost of goods sold is equal to 60 percent of sales.

Goods are purchased one month prior to the month of sale and there is no ending inventory requirement.

The accounts payable period is 30 days and the accounts receivable period is 15 days.

The firm has monthly cash expenses of $16,000.

What is the projected ending cash balance at the end of November and December? Assume every month has 30 days.

5) Define Mudarabah and explain its contribution to the Islamic financing and to the Islamic deposits.

Record the following transactions using the accounting equation and T accounts.

1.     Owner contributed $50,000 in cash for company stock.

2.     Purchased building for $120,000, making a $20,000 down payment and signing a promissory note for the balance.

3.     Sold products to customers for $15,000 cash.

4.     Paid utilities expense of $2,000.

5.     Reduced note payable with an $8,000 cash payment (ignore interest costs).

6.     Incurred expense of $3,000, to be paid in the future (accounts payable).

Collected $4,000 on an outstanding account receivable

Following information has been extracted from costing record of Abdul Engineering works in respect of Job No. 101.

Material Rs.5,800

Wages:

Department A 100 hours @ Rs. 5 per hour

Department B 200 hours @ Rs. 3 per hour

Overhead for the two department are estimated as follows:

Variable Overhead

Department A Rs.10,000 for 5,000 direct labour hours

Department B Rs.30,000 for 10,000 direct labour hours

Fixed Overheads: Estimated at Rs.50,000 for 50,000 normal working hours.

Required:

Calculate the cost of Job No. 101 and calculate the price to be charged so as to given a profit of 20% on selling price.

Peace Ltd, a chair manufacturing company, uses the allowance method of accounting for uncollectible accounts receivable. Transactions during the year:

(1)                      5^th Jan              Sold goods @$2,000 on credit to Mr A (originally cost $1,400)

(2)                      8^th Jan              Accepted a 60-day, 10% note for $2,000 from Mr A on account

(3)                      20^th Jan   wrote off a $1,250 account from Open Co as bad debt

(4)                      5^th Feb               Received from Mr A the amount due on his note of 8^th Jan

(5)                      14^th Feb            Reinstated the account of Open Co and recovered $1,000 in cash

(6)                      24^th Feb            Sold goods @$10,000 on credit to Mr B (originally cost $7,700)

(7)                      28^th Feb            It is estimated that 15% of the credit sales on 24^th Feb will be uncollectible

Journalise the transactions given that the accounting period is set at monthly