Accounting Answers

Assume that ABC contractor begins an agreement to construct to small bridge for $50000.in January ,ABC begins construction incurs cost of $35000 on credit and by the end of January delivers finished bridge to the owner. In the February ABC collects $50000 cash from the customer. in march ABC pays the $35000 due to the creditor.

Required:-show the net income of each month under cash basis and accrual basis of accounting.

assume that during the year of 2020, XYZ co. collected $400000from its customer and paid $180000 for operating expense, resulting in cash basis net income of $220000. The other information are as follows 

.Accrued liability on January 1,2020 is $6000 and Dec 31,2020 is 9500.

.Account receivable on January 1,2020 is 16000 and Dec 31,2020 is 13000.

.Prepaid expense on January 1,2020 is 2800 and Dec 31,2020 is 6700.

.un earned service revenue on January 1,2020 is 400 and Dec 31,2020 is 8000.

Required :- based on the above information 

A. Compute revenue on accrual basis 

B. Compute expense on accrual basis 

C. Show the conversion from cash basis to accrual basis

Assume that ABC contractor begins an agreement to construct to small bridge for $50000.in January ,ABC begins construction incurs cost of $35000 on credit and by the end of January delivers finished bridge to the owner. In the February ABC collects $50000 cash from the customer. in march ABC pays the $35000 due to the creditor.

Required:-show the net income of each month under cash basis and accrual basis of accounting.

Review the Apple Inc. 2020 Annual Report (Form 10-K) ,financial statements begin on page 34 of the PDF) and respond answer each question below. 

1. On Apple's Balance Sheet (page 36 of the PDF), they report common stock and additional paid-in capital (APIC) together in one row on the Apple's balance sheet (p.36)

 What is the likely reason that they did that? 

2.What is the term of Apple's stock repurchase program ?

3. Related to evaluating Liquidity, compute and interpret (1) current ratio, (2)quick ratio, (3)average collection period, (4)inventory turnover ratio for Apple for the most recent fiscal year. 

4. Related to evaluating Profitability, compute and interpret the (1)profit margin ratio, (2)asset turnover ratio, (3)return on (common) stockholders' equity (ROE) ratio,(4) payout ratio for Apple for the most recent fiscal year. 

Apple annual report link below 

https://annualreport.stocklight.com/NASDAQ/AAPL/201273977.pdf

Calculate VAT

goods are sold at R3690 calculate VAT

Directions: fill in the blanks with the answer based on your most thorough understanding.

the la casa de Papel company is engaged in reselling appliances for merchandising purposes. Its sales are primarily aimed on the revenues earned for the sale of appliances and the ______________ are those for ordinary gains not aimed towards the sale of appliances per se. _________________ is the difference of its net sales and the cost of goods sold (COGS) and it shows that it fluctuated from year 2019-2020. for the year 2020 of report, the marketing expenses doubled because of the many discount sales on the endeavor, producing an aftermath of double effect on the total ___________ expenses. its office equipment doubles its depreciation because of unusual events so as to increase its total ___________ expenses. after finding the net income after taxes, it adds up the ________ to find the overall comprehensive income for the period.

The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 27 March 2020, the partners approved the sponsorship of the tuition fees of a newly registered legal student from a rural area. An amount of R6 900 for the first semester tuition fees was paid to SA University via an EFT. The account(s) debited and the account(s) credited in the general ledger will be: 

Consider the demand for a good. At price Rs 4, the demand for the good is 25 units.

Suppose price of the good increases to Rs 5, and as a result, the demand for the good

falls to 20 units. Calculate the price elasticity?