Accounting Answers

The coronavirus disease has led to many deaths globally. In Gauteng, the number of deaths per week increases by 9.2% every week. Suppose this trend does not change and 82 deaths have been recorded this week. Determine the number of deaths that were recorded 4weeks ago

Balances at 31 January 2009:

Debtors control account.............................$32,400

Creditors control account...........................$25,200

Inventory...................................................$30,000

Balances at 28 February 2009:

Debtors control account.............................$24,000

Creditors control account...........................$29,160

Inventory...................................................$36,000

Extract from cash payments journal at 28 February 2009:

Payments to creditors.................................$41,040

Additional Information:

a) Gross profit mark-up is 20% on cost

b) Inventory is kept on the perpetual system

c) All purchases and 80% of sales are on credit

Required:

a) Calculate purchases.

b) If purchases during February were $39,000 what is the Cost of Goods Sold for February?

Scenario #1: Stewart Company signed one of its biggest clients in history, the company was able to tie the client to a two year contract, at $2,000,000 for year 1, with a 50% increase in year 2. The terms of payment is quarterly with first payment due upon completion of implementation. Additionally $200,000 implementation fee that is set to be completed on Jan 31, 2022. Please provide journal entries to be booked as it relates to the terms of this contract for ME (month-end) close for the periods of Jan 2022, Feb 2022 , May 2022, Aug 2022, Dec, 2022, and Feb 2023. 

Additional information as at 31 December 2021:

1. Closing inventories is RM12,500.
2. Wages and salaries accrued amount to RM700.
3. Rent prepaid amounts to RM300.
4. Bank loan interest of 10 per cent per annum is outstanding.
5. Provision for doubtful debt for account receivables of 2 per cent is to be made.
6. Depreciation is to be charged at 2 per cent of cost on the premises and 10 per cent of cost on the plant.

You are required to prepare the following for G-Mart Sdn. Bhd.:

1. The journals for adjusting entries of additional information ii, iii, iv and v. (8 marks)
2. Statement of Comprehensive Income for the year ended 31 December 2021. (10 marks)
3. Statement of Financial Position as at 31 December 2021. (12 marks)

Woodworking Inc. is a private company. The custom build furniture. On June 1, 2021 Jill Wong signs a contract for Woodworking Inc. to build her a custom dining room set. She has to pay 15% on signed of the contract and will pay the balance on deliver on August 1, 2021. The selling price was $10,000 and the cost to build the furniture was $2,800.

Calculate gross profit as a percentage of cost on sales (last year 40%)

On January 4,2021, Tamara Bakery paid ₱30 million for 1 million shares of jade Company ordinary shares. The investment represents a 20% interest in the net assets of jade and gave Tamara the ability to exercise significant influence over Jade’s operations. Tamara received dividends of ₱1.00 per share on December 15,2021 and jade reported net income of ₱8 million for the year ended December 31,2021. The market value of Jade’s ordinary shares at December 31,2021 was ₱32 per share, on the purchase date, the book value of Jade’s net assets was ₱120 million and the fair market value of Jade’s depreciable assets with an average remaining useful life of six years exceeded their book value by ₱6 million. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

What amount of investment revenue should Tamara report on its income statement for the year ended December 31, 2016, under the fair value method?

Kalahari CC Statement of Financial Position as at 31 December 2020 2020 N$ 2019 N$ ASSETS 220 000 220 000 Non-current assets 123 000 77 000 Current assets 352 000 297 000 CAPITAL AND LIABILITIES Members’ contributions: 180 000 180 000 Beo(50%) 70 000 70 000 Reo(35%) 50 000 50 000 Teo(15%) 60 000 60 000 Retained earnings 90 000 65 000 Non-current liabilities 45 000 45 000 Current liabilities 37 000 7 000 352 000 297 000 You are required to: 1. Calculate the new membership interest and show the statement of changes in net membership investment and membership interest in each of the following instances separately. a) Beo decides to tell 1/5 of his current interest to Reo. The interest is valued at N$ 25 000 of which N$ 15 000 has been deposited into the bank account of the CC as a loan from Beo. The balance of the amount has been paid to Beo as his own funds. (17 marks). b) The CC buy back the interest of Teo for N$ 50 000

2020 2019

ASSETS 220 000 220 000

Non-current assets 123 000 77 000

352 000 297 000

2020& 2019

Members’ contributions: 180 000

Beo(50%) 70 000

Reo(35%) 50 000

Teo(15%) 60 000

Retained earnings 90 000 65 000

2020 2019

Non-current liabilities 45 000 45 000

Current liabilities 37 000 7 000

352 000 297 000

You have the following information for MrVuong’s store for fiscal year 20X0:

1^stSigned a 6-months rental contract for the store ($500 per month and pay full in advance) and bought $500 of supplies (cash paid). 3^rdPurchaseda vehicle at cost of $8,000 on credit.

5^th Purchasedgoods at cost of $5,000 on credit.

6^th Sold goods $11,000 and received cash (the mount of good originally costs $6,000).

8^th Borrowed $9,000 cash from bank.

16^thPaid for the vehicle by cash ($5,000).

17^th Invested more $5,000 in cash to the business.

 26^thPurchased goods at cost of $4,000 by cash.

27^stSold goods (which originally cost $3,000) @$1,500 on credit.

31^st Vehicle’s depreciation was estimated $80.

Additional information:Beginning balances of the month were:

Cash $10.000; Inventory $3.000; Trade Payable $3.000; Bank Loan Payable $4.000; Vuong’s Equity $6.000

The amount of supplies still on hand at the end of the month was valued $200

Requirement:Journalise the transactions in January