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HI5001 Accounting For Business Decisions

Question

Answered

Questions:

Q1. The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).

Additional information

a. Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded.
 
b. A physical count showed office supplies totalling $340 were still on hand at 30 June.
 
c. Depreciation for 1 year on the hire cars is $12,400. 
 
d. Prepaid advertising has a balance of $600 at the end of the month.
 
e. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire services completed in June.
 
Q2. Below is information about Adam Ltd’s cash position for the month of May 2020.
 
1.The general ledger Cash at Bank account had a balance of $42,400 on 30 April.
 
2.The cash receipts journal showed total cash receipts of $585,408 for May.
 
3.The cash payments journal showed total cash payments of $530,148 for May.
 
4.The June bank statement reported a bank balance of $82,368 on 30 May.
 
5.Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820.
 
6.Cash receipts of $20,180 for 31 May were not included in the May bank statement.
 
7.A dishonoured cheque written by a client Jim Ltd, $272
 
8.A credit for an electronic transfer from a customer of $1,288 
 
9.Interest earned, $88
 
10.Account and transaction fees, $240.

Required:

a)Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May.
 
b)Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. (1 mark)
 
c)Prepare a bank reconciliation statement at 31 May. (4 marks)
 
Q3. On 1 June 2020, Mason Ltd. had Accounts Receivable $424,778 and Allowance for Doubtful Debts accounts $6,050. Ignore GST.
 
During June, the following transactions occurred:
 
1.Revenue earned on credit, $597,500.
 
2.Sales returns, $12,050.
 
3.Accounts receivable collected, $700,000.
 
4.Accounts written off as uncollectable, $5,926.
 
Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $6,750 on the balance sheet as at 30 June 2020. Ignore GST.

Required:

a)Prepare general journal entries to record the four transactions.
 
b)Prepare journal entries to adjust the bad debts expense and allowance for doubtful debts account.
 
c)Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June 2020.
 
d)On 10 July 2020, Kent Ltd, whose $1,300 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection.
 
Q4 The following information relates to the inventory of Margaret’s Megamart Ltd during December. Ignore GST.
Margaret’s Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand.

Required:

a)Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method. (3 marks)
 
b)Determine the Ending inventory and Cost of Sales for the month of December, using the weighted average costing method. (3 marks)
 
c)Which cost flow method(s) resulted in higher gross profit on sales? a higher ending inventory? Explain your results. (2 marks)
 
Q5 Nevertire Ltd purchased a delivery van costing $52,000. It is expected to have a residual value of $12,000 at the end of its useful life of 4 years or 200,000 kilometres. Ignore GST.

Required:

a)Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the second year using each of the following depreciation methods (6 marks)
 
Straight-line
 
Diminishing balance (depreciation rate has been calculated as 31%)
 
Units of production (assume the van was driven 50,000 kilometers in the first year and 78,000 kilometres during the second financial year).
 
b)Record the adjusting entries for the depreciation at the end of the second financial year using straight-line method. (1 mark)
 
c)Show how the van would appear in the balance sheet prepared at the end of year 2 using Straight-line method. (2 marks)

Q6 The following information is related to Sunglow Solar Ltd:
 
Sales for the year ended 30 June 2019 was $1,200,000
 
Provision for warranties before adjustment was $36,000
 
At 30 June 2019, Sunglow Solar Ltd. adjusted its Provision for Warranties so that it would be equal to 4% of sales for the year ended on that date.
 
On 16 September 2019, a successful claim for warranty on faulty goods to the cost of $700 was made on Sunglow Solar Ltd.

Required:

a)Prepare the general journal entry at 30 June 2019 to adjust the Provision for Warranties to the required level. (3 marks)
 
b)Record the payment of the warranty claim on 16 September 2019 in general journal format. (2 marks)

HI5001 Accounting For Business Decisions

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More hi5001 HI5001 Accounting For Business Decisions: Questions & Answers

Q

Financial or Accounting

Using the data in the Option 1 Spreadsheet (linked at the bottom of the page), perform the accounting required for the acquisition of Little, Inc. by Big, Inc. This is an 80% acquisition, where the book value of the assets acquired equals the acquisition price. Within the worksheet, you are to:1.&nb ...

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Q
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Competitive Strategy Plan

1 1-1 Welcome to Capstone Monday 8.30 –11:30 Monday 14:45 –17:45 UBSS Sydney CBD CampusLevel 10 & 11 233 Castlereagh Street Sydney NSW 2000 1-2 Capstone BAC 61 Strategy and the BSG Lecturer: Igor Bosma S e s s i o n 3 1-3 The Business Strategy Game Lec ture 3 Overview ...

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Assessment Solutions of Financial Statement

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ACCG3050 Financial Statement Analysis

Task This is a group assignment of three or four students. You are required to evaluate and report on the most recent (FY2020) annual report of an Australian company listed on ASX, Adairs Limited (ADH), as if you were investment analysts making a recommendation on whether your clients should inve ...

View Answer

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