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Question 3 (8 marks) Do both Part A & Part B Part A The following are...
A) Interpret the Question 3 marks) Part A (8 marks) You are provided with the following...
A) Interpret the Question 3 marks) Part A (8 marks) You are provided with the following information for Precedent Ltd Service revenue Profit Total assets Total liabilities Current ratio 2017 S620 000 52 500 540 000 300 000 0.60 : 1 2016 $575 000 56 100 555 000 330 000 0.71:1 Required: 1) A loan agreement entered into by the entity in 2017 requires the entity to maintain a minimum return on assets ratio of 10.50%. 1) Calculate the return...
question 2 (8 marks) Assume the following data for Wangara Ltd for the month of May...
question 2 (8 marks) Assume the following data for Wangara Ltd for the month of May 2020: Total cost $1,200 2,250 Date 1 May 2020 5 May 2020 8 May 2020 10 May 2020 15 May 2020 30 May 2020 Description Beginning balance Purchase Sales @S.P. -$14 Purchase Sales @ S.P. =$14 Purchase Units /unit cost 300 units @$4 450 units@$5 240 units 100 units @ $6 220 200 units @ $6.50 600 1,300 S.P.: Selling price Required: Round up...
(b) On 1 July 2020 Octavio Ltd acquired some corporate bonds issued by Garnish Ltd. These...
(b) On 1 July 2020 Octavio Ltd acquired some corporate bonds issued by Garnish Ltd. These bonds cost $11,682,000. They had a face value of $10 million and offered a coupon rate of 10 per cent paid annually ($1 000 000 per year, paid on 30 June). The bonds would repay the principal of $10 million on 30 June 2025. At the time the market only required a rate of return on 6 per cent on such bonds. We will...
Answer BOTH parts to this question. Each part is independent. Part A: (10 marks) Newco Inc. began business on June...
Answer BOTH parts to this question. Each part is independent. Part A: (10 marks) Newco Inc. began business on June 1. 2019. Newco is a small business that uses a periodic inventory control system. The bookkeeper recently received a report from an independent outside firm stating that the ending inventory balance on June 30 was $1.4.6.60. However, according to the bookkeeper's records, the inventory balance at month end was $1,517.50. The bookkeeper has rechecked her records several times and still...
Impairment of assets (i need PART B answer , PLEASE) Aero Ltd has determined that its...
Impairment of assets (i need PART B answer , PLEASE) Aero Ltd has determined that its aviation division is a cash–generating unit (CGU). Information as at 30th June 2020 is as follows: $ Buildings – At cost 600,000 Equipment – At cost 500,000 Inventory 25,000 Land 250,000 Receivables 150,000 Goodwill 90,000 Total 1,615,000 Additional information: Buildings - Accumulated depreciation as at 30 June 2020: $100,000 Equipment - Accumulated depreciation as at 30 June 2020: $200,000 Aero Ltd calculated the value...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C,...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C, D, and E). All parts must be attempted. The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%. Required: Prepare the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30...
Question 3 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and...
Question 3 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during June 2020 were as below: Jun 01: Beginning inventory, 55 units @ $35 per unit. Jun 17: Inventory purchased, 80 units @ $28 per unit. Jun 25: Inventory purchased, 65 units @ $32 per unit. Brilliant company sold 120 units during the month of June 2020. Required: a. Calculate the cost of goods sold and ending inventory for June...
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company’s beginning inventory and...
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company’s beginning inventory and later purchases of inventory during June 2020 were as below: Jun 01: Beginning inventory, 30 units @ $22 per unit. Jun 17: Inventory purchased, 95 units @ $25 per unit. Jun 25: Inventory purchased, 50 units @ $28 per unit. Brilliant company sold 110 units during the month of June 2020. Required: Calculate the cost of goods sold and ending inventory for June 2020...
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and...
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during June 2020 were as below: Jun 01: Beginning inventory, 40 units @ $24 per unit. Jun 17: Inventory purchased, 85 units @ $30 per unit. Jun 25: inventory purchased, 60 units @ $35 per unit. Brilliant company sold 120 units during the month of June 2020. Required: a Calculate the cost of goods sold and ending inventory for June...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B)....
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
A) Interpret the Question 3 marks) Part A (8 marks) You are provided with the following information for Precedent Ltd Service revenue Profit Total assets Total liabilities Current ratio 2017 S620 000 52 500 540 000 300 000 0.60 : 1 2016 $575 000 56 100 555 000 330 000 0.71:1 Required: 1) A loan agreement entered into by the entity in 2017 requires the entity to maintain a minimum return on assets ratio of 10.50%. 1) Calculate the return...
question 2 (8 marks) Assume the following data for Wangara Ltd for the month of May 2020: Total cost $1,200 2,250 Date 1 May 2020 5 May 2020 8 May 2020 10 May 2020 15 May 2020 30 May 2020 Description Beginning balance Purchase Sales @S.P. -$14 Purchase Sales @ S.P. =$14 Purchase Units /unit cost 300 units @$4 450 units@$5 240 units 100 units @ $6 220 200 units @ $6.50 600 1,300 S.P.: Selling price Required: Round up...
(b) On 1 July 2020 Octavio Ltd acquired some corporate bonds issued by Garnish Ltd. These bonds cost $11,682,000. They had a face value of $10 million and offered a coupon rate of 10 per cent paid annually ($1 000 000 per year, paid on 30 June). The bonds would repay the principal of $10 million on 30 June 2025. At the time the market only required a rate of return on 6 per cent on such bonds. We will...
Answer BOTH parts to this question. Each part is independent. Part A: (10 marks) Newco Inc. began business on June 1. 2019. Newco is a small business that uses a periodic inventory control system. The bookkeeper recently received a report from an independent outside firm stating that the ending inventory balance on June 30 was $1.4.6.60. However, according to the bookkeeper's records, the inventory balance at month end was $1,517.50. The bookkeeper has rechecked her records several times and still...
QUESTION 3: Total of 13 marks This question consists of 5 parts (Parts A, B, C, D, and E). All parts must be attempted. The following transactions occurred between Fauci Ltd and its wholly owned subsidiary, Gupta Ltd. All transactions occurred during the year ended 30 June 2020 unless specifically stated otherwise. The company tax rate is 30%. Required: Prepare the adjustment journal entries required to eliminate the intra-group transactions in the consolidation worksheet of Fauci Ltd Group at 30...
Question 3 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during June 2020 were as below: Jun 01: Beginning inventory, 55 units @ $35 per unit. Jun 17: Inventory purchased, 80 units @ $28 per unit. Jun 25: Inventory purchased, 65 units @ $32 per unit. Brilliant company sold 120 units during the month of June 2020. Required: a. Calculate the cost of goods sold and ending inventory for June...
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during June 2020 were as below: Jun 01: Beginning inventory, 40 units @ $24 per unit. Jun 17: Inventory purchased, 85 units @ $30 per unit. Jun 25: inventory purchased, 60 units @ $35 per unit. Brilliant company sold 120 units during the month of June 2020. Required: a Calculate the cost of goods sold and ending inventory for June...
QUESTION 4: Total of 18 marks This question consists of 2 parts (Parts A and B). All parts must be attempted. Alice Ltd acquired all the assets, except cash, and assumed all the liabilities of Medicure Ltd on 1 July 2020. Alice Ltd agreed to provide the following consideration on 1 July 2020: (1) Cash payment of $100,000, half of which is paid on the acquisition date, the remaining half of which is to be paid one year after the...
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