An Archive of Impeccable Accounting Answers : Page - 4

Statement of Financial Position and Income Statement Dr Cr £ £ 8% Debenture loan: repayable in 2026 2,000,000 Prepayment on building insurance 80,000 Bank account 267,000 Retained profits at 1 January 2020 2,058,000 Freehold land 2,000,000 Buildings: cost 8,000,000 Buil...

Task: Answer any FOUR questions from Section A. Question 1 Pudding Ltd has two group companies, Cream Ltd and Custard Ltd. The income statements for Pudding Ltd, Cream Ltd and Custard Ltd for the year ended 31 December 2019 are given as follows: Required:Prepare the consolidated income statement for Pudding Ltd for the year ended 31 December 2019, showing retained earnings brought forward, dividend expense and retained earnings carried forwa...

TaskDan and Deanna Strickland were vacationing in Brazil when they received a call from their daughter, Natasha Strickland, one of the owners of Metta Rest Spa (Metta), a flotation spa in Vancouver, British Columbia, Canada. The Stricklands had already invested almost CA$1.2 million in Natasha’s business when it opened in September 2014, and Natasha was in need of another $60,000 to keep the business afloat. The Stricklands sat down to...

Part 1 Description This assignment is about creating a poster to illustrate a supply chain for a specific product. This assignment has 3 components, and you need to work in groups Up to 3 members per group may work on an assignment. You may first discuss, and use WhatApp (if you like), plan and then do the assignment. The assignment has 3 components: Component A Look at the definition of a supply chain is in your reading, lecture slides ...

Course Code   :  ACC201

Course Title   :  Financial Accounting

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Best Buy (BBY) Cost of Goods SoldDetermining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year:Beginning inventory 22 units at $41Sale 19 units at $57First purchase 3...

Course Code   :  C1393

Course Title   :  business management

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The Importance of Budgeting in Planning FunctionTask  250 words – 125 words per student Return to the discussion forum and read the answers of your classmates. Select two classmates and reply to their posts (on both their perspectives about budgeting as part of the planning function and the budgeting process). Responses should be short (between 50 and 100 words each) and constructive even if you do not agree. Consider asking a c...

Course Code   :  ACCT618

Course Title   :  managerial accounting

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Scenario AnalysisIn the introduction, paraphrase the below scenario using APA format and describe what steps you would take to analyze and evaluate the advertising director’s proposal using break-even analysis. You are the plant accountant for a company that makes a popular brand of basketball shoes. Currently, your company sells 1,000 pairs of shoes each month for $100 apiece. The variable costs are 40% of sales, and the fixed costs are ...

Adjustments made to calculate Net Cash Provided by Operating Activities1) Hertz makes five adjustments (ignoring ‘Other adjustments’) to net income before including the changes in operating assets and liabilities. List each of these five items and briefly explain why each of these items is added (subtracted) from net income to calculate Net CashProvided by Operating Activities. 2) Did receivables increase o...

Task 1 (50 marks)LO 3 Analyze business internal accounting information to evaluate working capital management performance of a business Jason Co is an online computer trader which made annual sales of $15,000,000 last year. The most recent financial statement indicates the company owns $2,466,000 trade receivables, $2,220,000 trade payables and $3,000,000 of overdraft. The customers pay within 60 days on average. In order to boost sales, J...

Tactical Decisions (Learning Outcome 4) (25 Marks)Tactical decisions do not require significant or permanent resource commitments and can be changed or reversed relatively quickly if better opportunities arise. The impact of such decisions is short term and the financial impact of alternatives is usually analysed by considering theincremental revenue and costs of each alternative (Langfield-Smith, Thorne & Hilton, 2009). You are expecte...

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BackgroundThere is a total word limit of 3500 words(excluding appendices) for the entire assessment. You are advised to spend about 2750 words on case A and 750 words on case B The scenario is intended to be realistic and the date is Jan 31 2020. (see note below) You have recently joined Puma in a management position. Your CEO regards competitor analysis as very important and consequently the company regularly produces internal reports on...

Task: Question 1 The following trial balance was extracted from the books of Simon’s Business, a sole Trader, on 31st December 2020, the end of the financial year. Additional information as at 31st December 2020a. Inventory as at the close of business was valued at SCR460,000b. Outstanding (accrued) repairs and maintenance expenses SCR9,000c. Other operating expenses are prepaid by SCR5,000d. The allowance for receivables is to be adju...

1. Who developed Generally Accepted Accounting Principles?1. Which of the following has primary responsibility to develop Generally Accepted Accounting Principles?a. Financial Accounting Standards Board.b. Company Executives.c. Securities and Exchange Commission.d. Public Company Accounting Oversight Board. 2. Which of the following has the legal authority to determine financial reporting in the United States?a. Financial Accounting Standards...

Problem IdentificationUse the case approach and write a memo to the Vice President, Finance. Your memo should include Address to Controller, Introduction, Root Issues, Analysis and recommendation supported by all calculations. For more clarity, you are required to allocate the costs to products and calculate the profit by products. The purpose of this report is to inspect and evaluate the existing costing system in order to ensure that the ...

Lesson 1 Financial accounting: an overview and first thoughts1.    This topic includes:2.    the business cycle3.    profit versus cash4.    the three core financial statements: the Cash Flow Statement, Income Statement and the Statement of Financial Position5.    the accounting equation6.    financial frameworks. Lesson 1  Financial accounting: an overview and first thoughts ...