Accounting Answers

abebe furniture is a furniture mfg firm that uses job order costing.the company's inventory balance on Jan 1,the beginning of its fiscal year as follows

raw material br40000

work in process 30000

finished goods 60000

a.raw materials were purchased on account for br 800000

b.raw materials were transferred in to production br 764000

c.the following cost were incurred for employee services DL br 150000

indirect labor 220000

d. factory utility cost were incurred in the factory br 86000

e.MOH was applied to production 960000

f.goods costing br 1800000 were completed and transferred to warehouse 

g.goods were sold on account to customers during the year at selling price of br 3000000.the goods cost br 1748000 to manufacture according to there job cost sheets .

instructions:-prepare journal entry to record preceding transaction

During the 2009/2010 fiscal year, SAB generated sales revenue of R33 billion. SAB decided to invest R330 000 in fixed account that earns 10% interest. How much the fixed account be worth in five years' time?

1. R531 465
2. 337 669
3. 483 153
4. 830 258

A bond is a type of investment where the investor (bond holder) lends money to the borrower (the issuer). An issuer sells bonds to raise funds and agrees to pay the bond holder an agreed interest rate at fixed intervals throughout the life of the bond. Interest payments for the bond are referred to as coupons. Bond terms normally range from 2 years to 30 years. At the end of the term, the issuer pays the full amount invested back to the bondholder. In addition, the issuer appoints an agent or a registrar of bonds to handle the issuing of bonds on their behalf. (RBF, 2020) With reference to what bonds are discuss the foll Required: a. Financial institutions such as insurance companies and pension funds commonly purchase bonds. Explain the flow of funds that runs through these financial institutions and ultimately reaches corporations that issue bonds.

Collected fees $10 000 in August which includes $1 500 fees earned in July. 2. Earned $2 000 fees in August to be received in September. 3. Beginning supplies on hand in was $500 and further purchase of supplies in August amounted to $1,000. All supplies were bought on credit and supplies worth $600 still remains unused at the end. 4. Paid suppliers $800 cash in August which includes $200 for supplies bought in July. 5. Paid wages amounting to $2 000 which includes $300 earned in July. Another payment of $500 earned in August will be paid in September. 6. Bought office equipment worth $2 400 and paid $1 200 cash. The remaining balance will be paid in September. Equipment is estimated to have a useful life of 2 years after which it will become obsolete. REQUIRED: (i) Prepare an income statement for the month of August using the accrual basis.(ii) Prepare an income statement for the month of August using the modified cash basis.

You have recently opened a software consultancy firm. Below is a list of transactions for the month of August. Earned $2 000 fees in August to be received in September. 3. Beginning supplies on hand in was $500 and further purchase of supplies in August amounted to $1,000. All supplies were bought on credit and supplies worth $600 still remains unused at the end.

4. Paid suppliers $800 cash in August which includes $200 for supplies bought in July.

5. Paid wages amounting to $2 000 which includes $300 earned in July.

Another payment of $500 earned in August will be paid in September.

6. Bought office equipment worth $2 400 and paid $1 200 cash.

The remaining balance will be paid in September. Equipment is estimated to have a useful life of 2 years after which it will become obsolete. REQUIRED:

Prepare an income statement for the month of August using the accrual basis.

Prepare an income statement for the month of August using the modified cash basis.

If the amount owing on a clients’ business account exceeds the amount available on the clients’ trust creditors account, then the amount to be transferred from trust account to the business account is limited to the amount available on the trust creditors account. True or False?

1.the following costs were incurred by odd a mfg cost

DM =105200

DL = 221400

MOH = 98600

based on the above data

a.determine prime cost

b.conversion cost

c.mfg cost

1.the following data are taken from alem corporation for the current year

material inventory beginning of year 22000 end of year 26000

WIP inventory beginning of year 36000 end of year 30000

F/G inventory beginning of year 18000 end of year 23000

putchase of R/M end of year 75000

direct labor 82000

indirect labor 15000

factory ins (OMOH) 9000

Dep on factory (OMOH) 11000

repair maintenance factory 4000

marketing expense 63000

general and admin expense 29000

income tax expense 30000

1.compute cost of goods mfg

2.prepare income statement assuming that 27000 units are sold at a price of $14 during current year

1.Ligba furniture is a furniture mfg firm that uses job order costing.the company's inventory balance on Jan 1,the beginning of its fiscal year as follows

raw material br40000

work in process 30000

finished goods 60000

a.raw materials were purchased on account for br 800000

b.raw materials were transferred in to production br 764000

c.the following cost were incurred for employee services DL br 150000

indirect labor 220000

d. factory utility cost were incurred in the factory br 86000

e.MOH was applied to production 960000

f.goods costing br 1800000 were completed and transferred to warehouse

g.goods were sold on account to customers during the year at selling price of br 3000000.the goods cost br 1748000 to manufacture according to there job cost sheets .

instructions:-prepare journal entry to record preceding transaction