Accounting Answers

The cash and the accounts receivable columns in the cash receipts journal were mistakenly over added $4,000 at the end of the month.
a)Will the customer's ledger agree with the accounts receivable control account?
b)Assuming no other errors, will the trial balance totals be equal?

using a 365-day calendar year, what is the interest due at closing for $54,750 mortgage loan at 8% interest for 23 days?

Global-link Ltd issued a prospectus inviting application for $270 000 ordinary shares of $3.00 each and $270 000 worth of 7% debentures of $90 each.
The ordinary shares were offered at premium at $4.50 each. The debentures were offered at par, payable $90 on application.
Applications were received for 290 000 ordinary shares and 3 100 debentures. All ordinary shares and debentures offered were allotted and excess money was refunded

1. Record the above issue in a journal and General Ledger respectively.

Assume that a company intends to sale product in the market, at a selling price of sh.9 per
unit. The V C is shs.5 per unit and the T F C is sh.2000
Required:
i. Compute the B E P in units and in shs.
ii. Assume that the company intends to make a profit before tax of 20% of sales,
determine the number of units that must be sold.
iii. Assume that the corporate tax rate is 30% and the company has a target profit
of 1640 after tax. Compute the number of units that must be sold to earn this
target profit.
If the company expects to sale 600 units, compute the marginal of safety.10mks

Take a sample of thirty households from two counties A and B and collect data on their incomes for the past month. The information obtained (in thousands of dollars) and their corresponding frequencies is given below:
A's Income Frequency B's Income Frequency
35 4 23 2
49 7 15 4
21 3 12 6
39 5 11 7
15 6 32 5
28 3 18 2
25 2 22 4
i)Calculate the median income of A
ii) Calculate the mode income of B
iii) Based on arithmetic mean income which county has lower average monthly incomes?
iv) Calculate standard deviation of the income distribution of each county.
v) Based on the coefficient of variation which of the counties has least variability in income distribution?

Assume that a certain process has an 80% learning curve effect and the first unit took
2000hrs to produce.
Required:
a) Compute the number of hours required to produce the first 32 units
b) Compute the number of hours required to produce 32nd unit.
c) Assume that the wage rate is Kshs.100 per hour, compute the Labor cost of
producing the last 16 units

Assume that a company intends to sale product in the market, at a selling price of sh.9 per
unit. The V C is shs.5 per unit and the T F C is sh.2000
Required:
i. Compute the B E P in units and in shs.
ii. Assume that the company intends to make a profit before tax of 20% of sales,
determine the number of units that must be sold.
iii. Assume that the corporate tax rate is 30% and the company has a target profit
of 1640 after tax. Compute the number of units that must be sold to earn this
target profit.
If the company expects to sale 600 units, compute the marginal of safety.

A Wendy’s fast-food restaurant sells hamburgers and chicken sandwiches. On a typical weekday, the demand for hamburgers is normally distributed with a mean of 450 and standard deviation of 80 and the demand for chicken sandwiches is normally distributed with a mean of 120 and standard deviation of 30.

How many chicken sandwiches must the restaurant stock to be 99% sure of not running out on a given day? Place you answer, rounded to the nearest whole number in the blank. For example, 345 would be a legitimate entry.

what should be seen in an organized budget

A company is planning to expand. Briefly explain why they might be running low on funds.