Accounting Answers

1.Kamau completed a job in 45 hours for which 60 hours were allowed. His wage rate per hour is shs 16.

Calculate kamau’s total wage according to :-

a) Halsey scheme                   (2 marks)

b) Halsey-Weir scheme         ( 2 marks)

c) Rowan scheme                   ( 2 marks)

an amount of $25000 was ommitted from the books for fees however $15000 was collected in cash and recoreded how is the journal entr recorded

R has a ten-year loan of $95685 at 6% interest. What payment will R make in the seventh year?

A 7% p.a. 10-year ordinary annuity with monthly compounding and a future value of $346 180 makes annual payments of

When Y was born, a bank account was started in Y’s name with $20.05 The account has earned an average annual rate of return of 4%. Today, the account is valued at $500.00. How old is Y?

Why is accounting considered an information system?

On March 1, 2002, Tahir Muktar, a famous businessman in Addis, opened a business named “Universal Garage” which is organized as a sole proprietorship.

Cash....................................... Br, 8,300

Supplies .................................   2,000

Office Equipment...................  10,000

2 Borrowed Br 5,000 from Dashen Bank 

 3 Paid Br 1,800 for rent on a building leased for business purposes

3 Purchased welding and other repair machinery for Br 3,600 cash 

4 Paid Br 200 for a radio advertisement 

8 Sold for Br 200 cash an old office equipment with a recorded cost of Br 200 

 13 Paid weekly salary Br 1,200    

23 Received Br 5,000 additional cash investment from its owner 

24 Repaid Br 1,000 bank loan and paid Br 100 interest on bank loan 

31 Paid Br 500 for electricity and other utilities consumed during the month

31 Paid Tahir Br 1,800 for personal uses 

SCI Question 5

SOLVE FOR THE VALUE OF COMPREHENSIVE INCOME

OCI = 0

Operating Profit = 5,000,000

Income Tax Expense = 25% of Operating Profit

SCI Question 4

SOLVE FOR THE VALUE OF NET INCOME

Gross Sales = 9,000,000 pesos

COGS= 120% of Distribution Expenses  

Distribution Expense= 20% of OCI  

Administrative Expense = 5% of Gross Sales  

Income Tax Expense= 25% of Operating Profit

Other Comprehensive Income= 2,000,000 pesos