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FNSACC303 Perform Financial Calculations

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Question:

Bob bought a car priced at $12,995. He paid $3,500 cash and borrowed the balance. This loan was to run for six years with simple interest at 12 % pa. What is the total cost of the car including interest?

  1. (a) A book shop buys statistics texts from the publisher for $137 and adds 33 1/3 % to the publisher’s price as a mark-up. To this new total a further 20% retail tax is added. What is the final retail price of the book to customers?

     (b)   If the retail tax is reduced to $14 by what amount will the retail price fall?

  1. (a) A retired teacher invests $22,000 at 16% per annum (simple interest rate). How much will he need to deposit in another account paying 12.5% per annum (simple interest rate), to receive total interest per annum of $5,300? (b)   How much should be invested now, at 8% per annum, compounded quarterly, to return an amount of $10,000 in four years time?
  2. A computer sales representative earns a salary of $30,000 per annum. She is offered the choice of changing to working for commission at the following rates;
  • A flat payment of $10,000, plus
  • 75% of the first $100,000sales per annum, plus
  • 5% of the next $200,000 sales per annum, plus
  • 0% of any sales over $300,000 per annum

What amount of sales would the representative have to make to earn the same amount of commission as her present day salary?

A company depreciates the following assets using the reducing balance method. Determine the written down value to the nearest dollar for;

  1. A local craftsperson makes wooden toys which he sells at a market each month. His fixed costs are $800 plus a variable cost of $1.80 per toy. He sells the toys for $6.50 each. Calculate the following.
  1. Tim is attempting to calculate the break-even point of the business. He has calculated the estimated income and expenses as follows.

Average Sales value of a Photo Album $35.50 Average purchase value of each Album $18.50 His estimates annual expenses have been calculated as follows.

Rent                 $20,000

Telephone       $4,000

Staff wages     $50,000

Superannuation$4,750

Printing           $4,800.

You are required to calculate the Break-even point and provide a proof statement for the business for a 12 month period. You also need to show your calculations for Contribution margin, Total annual fixed costs, Break even pint and then finish with the Proof statement.

  1. You are employed as an assistant accountant for a hotel group and that you have been asked by a company executive for the following report.  Reports may take the form of an office memo with attachments. Reports are to be in a structured format that is easily followed and enables ready analysis by the company executives. Phillipe Du Pont is the Food And Beverage manager at the hotel.

            Phillipe has been advised by the Managing Director that his profit margins on wine sold in the formal dining room need to be increased.  Phillipe believes one way of increasing margins is to take advantage of discounts offered by wholesale wine merchants to reduce the cost price of wine sold, thereby increasing wine profit margins.The hotel’s current wine merchant (Bartons) has offered the following discounts: 

In order to make a decision regarding which wine merchant to use, Phillipe has asked for an analysis showing the discounted price of wine using multiple discounting:               

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