Accounting Answers

1. Dominique Taus is a resident Filipino cetizen. She is employed in a multi-national company and a 3-month business trip in Singapore during the taxable year. Aside from her basic salary, she received additional pay while on trip. How will you classify Taus as a taxpayer? How shall she be taxed?

In your own words, explain how you will use the Core Adjacency framework to identify the growth strategy for a business. Choose any business and identify 3 growth strategies for it using the core adjacency framework.

Suppose you are the CEO of an online apartment rental platform. While the industry is extremely competitive, you have managed to attract a lot of customers, and have been successful in helping more than 5 thousand tenants find and book an apartment.

You have been able to this by targeting students as a market segment, and by making the platform absolutely free. There is no cost for tenants or landlord to use the platform. 

However, the company’s investors now need to see the company generating revenues and profits.

How will you transition the company from its current business model of providing the platform for free, to making revenues? 

Write up the asset, capital and liability accounts in the books of D Gough to record the following transactions:

20X9

June 1

• == 2
• == 5
• == 8
• == 12
• == 15
• == 19
• == 21
• == 25
• == 30

Started business with £16,000 in the bank.

Bought van paying by cheque £6,400.

Bought office fixtures £900 on credit from Old Ltd. Bought van on credit from Carton Cars Ltd £7,100. Took £180 out of the bank and put it into the cash till. Bought office fixtures paying by cash £120.

Paid Carton Cars Ltd a cheque for £7,100.

A loan of £500 cash is received from B Berry.

Paid £400 of the cash in hand into the bank account. Bought more office fixtures paying by cheque £480.

On March 31,2021,M. Belottipurchased the right to remove gravelfrom an old rock quarry.The gravelIs to be sold as roadbed for highway construction. The cost of the quarry rights was $331,200,with estimated salable rock of 36,000 tons.During 2021,Belotli loaded and sold 5,000 tons of rock and estimated that 31,000 tons remained at December 31,2021. At January 1,2022,Belotti estimated that 15,000 tons still remained. During 2022,Belotli loaded and sold 10,000 tons. Belotti uses the units-of-production method.

Indicate whether there are weaknesses in the organization’s internal control system. If there’s any, discuss the weaknesses identified and suggest ways to address these.

1. The proprietor’s brother serves as an accountant and a cashier at the same time.

2. Operating expenses are paid primarily through checks, except for small amount payments.

3. Cash receipts are not deposited to banks until the next morning because the cashier is too busy.

4. Each and every payment must be approved according to the company’s line of authority.

 A machine with a cost of 200000$ will soon need to be replaced a similar machine that will cost 300000$,

A. What amount should the machine presently owned be reported on the balance sheet?

B. What amount should management use in planning for the cash required replacing machine?

if dividend is agreed to be made the allowance of interest at the rate of 8% and original investments, salary allowance of 30000$ and 24000$ respectively, and the remainder divided equally; determine the partnership in net income

As at 1.6.2012 a customer owed R18,400 for goods sold ten days earlier. Sales made on 7th June was invoiced at R60,000 (excl of VAT), with an offer of 5% cash discount if paid for within a week. R22,325 was received on 11th June. The amount receivable from the customer would be:

R59,050

R49,075

R57,875

R65,075

Debit Construction Expense

Credit Construction in Progress

• What does this journal entry mean?

Thank you