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65) Annika Company uses activity-based costing. The company has two products: A and B. The
annual production and sales of Product A is 4,000 units and of Product B is 1,000 units. There
are three activity cost pools, with total cost and activity as follows:
Total Activity
Activity Cost Pool Total Cost Product A Product B Total
Activity 1 $ 18,000 700 300 1,000
Activity 2 $ 24,000 500 100 600
Activity 3 $ 60,000 800 400 1,200
The activity-based costing cost per unit of Product A is closest to:
A) $20.40
B) $10.00
C) $18.15
D) $17.00
Prepare the Statement of Comprehensive Income as at: 28 February 2021. Embassy Traders Pre-adjustment Trial Balance as at: 28 February 2021
Debit Lease Receivable
Debit Loss
Credit Fixed Assets
- What does this journal entry mean?
Debit ROU Asset
Credit Lease Liability
- What does this journal entry mean?
Debit Interest Expense
Debit Lease Liability
Credit Cash/Lease Payable
- What does this journal entry mean?
Debit Amortization Expense
Credit Accumulated Amortization – ROU asset
- What does this journal entry mean?
Debit Lease Receivable
Credit Fixed Asset
Credit Gain
- What does this journal entry mean?
Debit Lease Receivable
Debit Residual Asset
Credit Fixed Asset
- What does this journal entry mean?
Debit Cash (lease payment)
Credit Interest Income
Credit Lease Receivable
- What does this journal entry mean?
Debit Cash
Credit Rental Income
- What does this journal entry mean?
Thank you.
The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales.
Can you please provide me an answer for each of the questions individually, not together. I really need a good and simple explanation for each. Thank you.
What does it mean when you Understate your Cost of Goods Sold?
What does it mean when you Overstate your Cost of Goods Sold?
What does it mean when you Understate your Ending Inventory?
What does it mean when you Overstate your Ending Inventory?
What does it mean when you Overstate your Expenses?
What does it mean when you Understate your Expenses?
What does it mean when you Overstate your Current Assets?
What does it mean when you Understate your Current Assets?
What does it mean when you Overstate your Profit?
What does it mean when you Understate your Profit?
What does it mean when you Overstate your Assets?
What does it mean when you Understate your Assets?
Sell2All, Inc. accounts for its revenues under the installment sales method. In year 1, Sell2All sold inventory with a cost of $300,000 for $400,000 and collected $100,000. In year 2, Sell2All sold inventory with a cost of $500,000 for $750,000 and collected $400,000, including $100,000 related to the year 1 sales and $300,000 related to the year 2 sales. What amount of earned gross profit should Sell2All report on its December 31, year 2 balance sheet?
A.$400,000
B.$100,000
C.$125,000
D.$133,200
What type of account is Other Financing Sources? Do you normally debit or credit it?
What type of account is Other Financing Uses? Do you normally debit or credit it?
01 February 2018 Rustenburg Ruiters Ltd had 10 000 000 authorised and 8 000 000 issued ordinary shares. Ordinary shares have a par value of N$ 2.95 each. On this date the share premium and retained earnings had a balance of nil and N$ 1 200 000 respectively. 2. On 28 February 2018 Rustenburg Ruiters Ltd decided to issue all the remaining authorized shares. Lavender Brokers Ltd underwrote the shares issue in return for a 3% underwriting commission. Rustenburg Ruiters Ltd notified shareholders that it would issue ordinary shares for N$ 3 each. 3. By 31 March 2018, the closing date of the application, Rustenburg Ruiters Ltd had received N$ 4 500 000 from applicants. The maximum number of shares was duly issued on 31 March 2019 and Lavender Brokers Ltd was paid. . 4. Rustenburg Ruiters Ltd issued 300 00, N$ 2, 14% preference shares on 30 April 2018 at a 5% premium. Required; STATEMENT OF CHANGES IN EQUITY
The following abridged statement of financial position of Ark cc as at 31 December 2019 2019 2018 ASSETS Non-current assets 220 000 220 000 Current assets 132 000 77 000 352 000 297 000 CAPITAL AND LIABILITIES Members contribution: 180 000 180 000 Sally 70 000 70 000 Anne 50 000 50 000 Nick 60 000 60 000 Retained earnings 90 000 65 000 Non-current liabilities 45 000 45 000 Current liabilities 37 000 7 000 352 000 297 000 Additional information: One of the members, Sally took a decision to sell 1/5 of her interest to at a value of N$ 25 000, of which N$ 15 000 was paid into the bank account of the CC as a loan to the credit of Sally. Anne paid the balance of the selling price to Sally from private funds. You are required to: 1. Calculate member’s interest. (6 marks) 2. Prepare a statement of financial position for the CC after the change in membership’s interest. (11 marks). (No comparison figures or notes are required).
