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Accounting
From the following data of ABC Enterprises, prepare statement of cash flows and balance sheet and income statement through cash basis of accounting and accrual basis of accounting and discuss the result
- Invested $ 700 Equity
- Purchased plain T-Shirts for $ 5 each
- Fixed Screen cost $ 100
- Variable Print cost $ 0.75 per T-Shirt
- Sold 25 T-Shirts at $ 10 each on cash
- Sold 25 T-Shirts at $ 10 each on credit
- Invested $ 700 Equity
- Purchased plain T-Shirts for $ 5 each
- Fixed Screen cost $ 100
- Variable Print cost $ 0.75 per T-Shirt
- Sold 25 T-Shirts at $ 10 each on cash
- Sold 25 T-Shirts at $ 10 each on credit
Accounting
In 2015, Giant Store made the decision to close a loss-making department in 2016. The company proposed to make a provision for the future costs of termination in the 2015 profit or loss. Its argument was that a liability existed in 2015 which should be recognised in 2015. The auditor objected to recognising a liability, but agreed to recognition if it could be shown that the management decision was irrevocable.
Discuss whether a liability exists and should be recognised in the 2015 statement of financial position.
Discuss whether a liability exists and should be recognised in the 2015 statement of financial position.
Accounting
Conduct online research on MYOB accounting software and present necessary information as following:
1. Features of the system.
2. Efficiency of the software with the outcome of accurate result.
3. Flexibility of the system, compatibility with constant changes, flexibility to upgrade.
4. Cost benefit with the example of suitable scenario.
5. Compatibly with relevant legislation, reporting.
1. Features of the system.
2. Efficiency of the software with the outcome of accurate result.
3. Flexibility of the system, compatibility with constant changes, flexibility to upgrade.
4. Cost benefit with the example of suitable scenario.
5. Compatibly with relevant legislation, reporting.
Accounting
1. Flexibility of the system, compatibility with constant changes, flexibility to upgrade of MYOB
2. Cost benefit with the example of suitable scenario and compatibly with relevant legislations reporting of MYOB
2. Cost benefit with the example of suitable scenario and compatibly with relevant legislations reporting of MYOB
Accounting
amount of total assets for TNH LTD COMPARATIVE BALANCE SHEET
Accounting
Morton Forms is a proprietorship owned by Viola Morton. Ms. Morton's daughter, Linda, who works in the business, has calculated the net income for the business at $193,200. This was calculated using GAAP.
Included in the calculation of net income was a fee of $4,000 that was paid to Linda's 16 year old son for creating and maintaining a website for the company. In pricing the work, Viola found that it would cost at least $8,000 to obtain equivalent services from an outside consultant.
What effect would this have if any on calculating the minimum net income for Viola Morton's tax return for the year? (Essentially is this handled differently for tax purposes vs. accounting? Should it be deducted, added, or does it have no effect on net income for tax purposes?)
Included in the calculation of net income was a fee of $4,000 that was paid to Linda's 16 year old son for creating and maintaining a website for the company. In pricing the work, Viola found that it would cost at least $8,000 to obtain equivalent services from an outside consultant.
What effect would this have if any on calculating the minimum net income for Viola Morton's tax return for the year? (Essentially is this handled differently for tax purposes vs. accounting? Should it be deducted, added, or does it have no effect on net income for tax purposes?)
Accounting
For the current year, a firm reported net income from operations of $20,000 on its income statement and an increase of $30,000 in cash from operations on the statement of cash flows. Explain some likely reasons for the greater increase in cash from operations than net income from operations
Accounting
Star inc has 500,000 $1 par common shares outstanding, currently valued at $25. if the company issues a 15% stock dividend, what will be the effect of the equity section of the balance sheet? What about a 40% stock dividend?
Accounting
Use the following data
a) Profit after tax 45,000
b) Depreciation 75,000
c) Tax Paid 25,000
d) Interest paid 5,000
e) Dividend paid 10,000
f) Cash Received from sale of Building 40,000
g) Sale of Preferrence Share 35,000
h) Repurchase of Ordinary Shares 30,000
i) Purchase of Machinery 20,000
j) Issuance of Bond 50,000
k) Debt Retired through issuance of ordinary shares 45,000
l) Paid off long term bank borrowings 15,000
l) Profit on sale of building 20,000
Requirements:
1. Calculate Cash Flow from operating activities
2. Calculate Cash Flow from Investing activities
3. Calculate Cash Flow from financing activities
a) Profit after tax 45,000
b) Depreciation 75,000
c) Tax Paid 25,000
d) Interest paid 5,000
e) Dividend paid 10,000
f) Cash Received from sale of Building 40,000
g) Sale of Preferrence Share 35,000
h) Repurchase of Ordinary Shares 30,000
i) Purchase of Machinery 20,000
j) Issuance of Bond 50,000
k) Debt Retired through issuance of ordinary shares 45,000
l) Paid off long term bank borrowings 15,000
l) Profit on sale of building 20,000
Requirements:
1. Calculate Cash Flow from operating activities
2. Calculate Cash Flow from Investing activities
3. Calculate Cash Flow from financing activities
Accounting
Balance sheet and PL account of JB sons company Ltd as on December 31, 20x3
and 20x4 are as follows. Prepare a statement of sources and uses of funds.
[10 marks]
Balance Sheet as on 31 December
Liabilities 20x3 20x4 Assets 20x3 20x4
Accounts Payable
Cash Credit
Outstanding
Expenses
Long term Loan
Capital
Surpluxs
15,000
13,000
2,000
30,000
30,000
10,000
25,000
10,000
3,000
20,000
30,000
12,000
Cash balance
Accounts
Receivable
Loan and advance
Inventories
Fixed assets (net)
5,000
10,000
5,000
20,000
60,000
2,000
8,000
------
25,000
65,000
1,00,000 1,00,000 1,00,000 1,00,000
Profit and Loss Account for the year 20x4 (Rs.)
Sales
Less: Cost of goods sold (including depreciation of Rs.10,000)
Gross Profit
Less: Ollier Expenses
Income before tax
Less: Income – tax Provision
Income aftie tax
2,00,000
1,70,000
30,000
20,000
10,000
5,000
5,000
and 20x4 are as follows. Prepare a statement of sources and uses of funds.
[10 marks]
Balance Sheet as on 31 December
Liabilities 20x3 20x4 Assets 20x3 20x4
Accounts Payable
Cash Credit
Outstanding
Expenses
Long term Loan
Capital
Surpluxs
15,000
13,000
2,000
30,000
30,000
10,000
25,000
10,000
3,000
20,000
30,000
12,000
Cash balance
Accounts
Receivable
Loan and advance
Inventories
Fixed assets (net)
5,000
10,000
5,000
20,000
60,000
2,000
8,000
------
25,000
65,000
1,00,000 1,00,000 1,00,000 1,00,000
Profit and Loss Account for the year 20x4 (Rs.)
Sales
Less: Cost of goods sold (including depreciation of Rs.10,000)
Gross Profit
Less: Ollier Expenses
Income before tax
Less: Income – tax Provision
Income aftie tax
2,00,000
1,70,000
30,000
20,000
10,000
5,000
5,000
