Accounting Answers

Which statement about transferring funds between 2 assets accounts is true?
A. Debit the account that's increasing & credit the account that's decreasing.
B. Credit the account that's increasing & credit the account that's decreasing.
C. Credit both the account that's increasing & credit the account that's decreasing.

Which statement about deleted & voided transactions is true?
A. Both are recorded & become part of the overall records.
B. Both are removed from the overall records.
C. Voided transactions are removed; deleted transactions are recorded & become part of the overall records.

Which of these accounts has its own register?
Sales, rent expense, or opening balance equity

Andrew Joel is a market trader, he opened a business named Joel Co. The company’s Trial balance as at 1 December 20X8, appears below:
Inventory 5,000
Equipment 3,700
Payables 500

Receivables 300
Cash at Bank 1,200
Capital ?
During December, Andrew Joel:
1. Transferred $300 of his savings into a business bank account
2. Received loan from D.Watson, $100 cheque, repayable in 5 years
3. Bought goods for resale on time, $320 from S.Holmes
4. Bought a motor van by cheque, $500
5. Goods returned to S.Holmes, $20
6. Sold goods to AB Ltd valued $1,000, customer paid by cheque $400
7. A Joel took goods from inventory for his own use, cost $220
8. Sold motor van no longer required for $500 on credit to K.Lamb
9. Purchased goods from C.Swiff $500, less 10% trade discount, pays by cheque
10. Paid $120 to hire a van for December, using debit card
11. Paid staff wages for December, $210 cheque

Requires: Prepare a Balance Sheet as at 31 December 20X8. (10 points)

Jamie has a full time job earning £400 a week. He has booked a holiday costing £1 400 and he will have to pay for it in full by the end of the month. He does not have enough money to do this at the moment. Usually after paying his bills he has around £100 for personal spending. He is unsure whether to apply for an overdraft or a personal loan to make this payment for his holiday.
5 Assess whether an overdraft or a personal loan would be better for Jamie

Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November 2014, IC sold services on account for $116,000 and estimated that ½ of one percent of those sales would be uncollectable. At its December 31 year-end, total Accounts Receivable is $107,000, aged as follows: (1) 1 to 30 days old, $84,000; (2) 31 to 90 days old, $16,300; and (3) more than 90 days old, $6,700. Experience has shown that for each age group, the average rate of uncollectability is (1) 1 percent, (2) 15 percent, and (3) 40 percent, respectively. Before the end-of-year adjusting entry is made, the Allowance for Doubtful Accounts has a $2,680 credit balance at December 31, 2014.
1. Prepare the November 2014 adjusting entry for bad debts.
2. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts.
3. Prepare the December 31, 2014, adjusting entry.

Lendlease is an international property and infrastructure Company. It is currently the
fifth largest in Australia.
The 2019 integrated annual report for the Company is provided on the subject Moodle shell.
Using the 2019 Report, compare the financial results of the Company between 2018 and
2019. You should use any financial information provided in the 2019 reports (including
ratios, and narratives) to conclude on the improvements or not in financial position and
profitability. You discussion should focus on reasons for this.
What other information would you need to make an assessment of Lendlease?

James, Keller, and Rivers have the following capital balances; P48,000, P70,000 and P90,000 respectively. Because of a cash shortage James invests an additional P12,000 on June 1st. Each partner withdraws P1,000 per month. James, Keller, and Rivers receive a salary of P13,000, P15,000 and P20,000, respectively, for work done during the year. Each partner receives interest of 8% on their weighted average capital balance without regard to normal drawings. Any remaining profits are split 20%, 30%, and 50% respectively. The net income for the year is P30,000.

explain detail transaction processing risks with example

How is the interest for notes receivable calculated? if tropical breeze inc. receives a 2000$ , 90 day, 10% promissory from paradise sand on december 1,2018. Calculate 30 days of interest received by tropical breeze inc

Que 1. Sameer Electronics is producing a large range of electrical goods. It has under construction two projects ‘X’ and ‘Y’ each costing Rs. 120 lakhs.
The projects are mutually exclusive and the company is considering the question of selecting one of the two. Cash flows have been worked out for both the projects and details are given below. X has a life of 8 years and Y has a life of 6 years. Both will have zero salvage value at the end of their operational lives. The company is already making profits and its tax rate is 50%. The cost of capital of the company is 15%.
Net cash inflow (Rs. in lakhs)
Year 1 2 3 4 5 6 7 8
Project X 25 35 45 65 65 55 35 15
Project Y 40 60 80 50 30 20 - -
PV @ 15% 0.870 0.756 0.685 0.572 0.497 0.432 0.376 0.327
The company follows straight line method of depreciation. Advise the company regarding the selection of the project.

For most investment decisions that a firm faces, npv is either a superior decision criterion or atleast it is considered a good technique to decide for the investment. "what is your considerations? Do you think other techniques can also provide better results while taking investment decisions? If yes, please elaborate