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Can you explain to me what is the difference between restating the prior periods and retrospective application?
T. Taylor, who owed us R5 800, is declared insolvent His estate paid us a dividend or 40 cents in the rand. The bookkeeper had only recorded the entry for the receipt you are required to record the irrecoverable amount
A competitor has used a linear programming model and formulated the following objective function:
C = 4X + 2Y
The optimal solution has determined that 400 X and 600 Y should be produced. An extra litre of material would however change this to 400.5 X and 599.5 Y. Materials cost £9 per litre.
An economy is producing two goods: Computer and Potato. The following table gives several points on this economy's production possibility frontier. Potato Computers (1000's (1000's/year) kgs/ year) 0. 60 2 50 30 A) Suppose the economy is currently producing 6000 Computers and zero kg of potato. What is the opportunity cost of producing additional 30,000 Kgs of Potato?
A company issues 12000 ordinary shares of $100 each credited as fully paid, such share capital being valued at $1,500,000 and bakance payable is to be discharged by issue of 12% debentures of $100 each. Ordinary shares and debentures give the purchase consideration. What is the purchase consideration
A company having a net working capital of Rs 2.8 Lakhs as on 30-6-2018 indicates thefollowing financial ratios and performances figures:Current ratio 2.4Liquidity ratio 1.6Inventory turnover (on cost of sales) 8Gross profit on sales 20%Credit allowed (months) 1.5The company's fixed assets is equivalent to 90% of its net-worth (share capital plus reserve)while reserves amounted to 40% of share capital.Prepare the balance sheet of the company as on 30-6-2018 showing step by step calculations.
LGM Ltd has 200 items of a product Zeros in inventory at 31 March 2021. The items were found to be damaged. The items can be repaired and repackaged for a cost of £1.00 per item. Once repackaged, the items can be sold at the normal price of £3.00 each. The original cost of the items was £1.90 each. The replacement cost at 31 March 2021 is £2.25 each.
What value should LGM put in inventory of Zeros in its statement of financial position at 31 March 2021?
Bank reconciliation
The following data were gathered to use in reconciling the bank account of Crystal Company:
Balance per bank $28,240
Balance per company records 10,280
Bank service charges 60
Deposit in transit 6,500
Note collected by bank with $530 interest 11,170
Outstanding checks 13,350
a.What is the adjusted balance on the bank reconciliation
a. Journalize any necessary entries for Crystal Company based on the bank reconciliation.
The Zuni Co. has the following accounts in its ledger: Cash; Accounts Receivable;
Supplies; Office Equipment; Accounts Payable; Gayle McCall, Capital; Gayle McCall,
Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Journalize the following selected transactions for August 2005 in a two-column
journal. Journal entry explanations may be omitted.
August 1. Paid rent for the month, $1,500.
2. Paid advertising expense, $700.
4. Paid cash for supplies, $1,050.
6. Purchased office equipment on account, $7,500.
8. Received cash from customers on account, $3,600.
12. Paid creditor on account, $1,150.
20. Withdrew cash for personal use, $1,000.
25. Paid cash for repairs to office equipment, $500.
30. Paid telephone bill for the month, $195.
31. Fees earned and billed to customers for the month, $10,150.
31. Paid electricity bill for the month, $380
Income of Someone increase by 25%, how this increase in income will affect purchases of new cell phone and second hand bicycle?
