Reference no: EM131303819
PRINCIPLES OF ACCOUNTING QUESTIONS -
Please provide correct and clear explanation.
Question 1 -
A company bought a machine on 1 January 2013 for S$15,500. The company use double decline balance method and the useful life was 4 years. On 31 March 2016, the machine was sold for S$5,900 cash. The financial year ends on 31 December.
Required:
a) Show the relevant entries for the disposal of machine.
b) Determine the gain or loss on disposal by showing the disposal account.
Question 2 -
The cash book of Carrier Ltd was a debit balance of $3,220 as 30 November 2016. But the bank statement on the same date showed $2,275 (Cr) balance.
The following discrepancies were detected:
a) Cheques paid to T.K Oh of $720 and Omar of $880 has not been presented to the bank for payment.
b) Credit transfer of $910 to Carrier Ltd was not recorded in the company books but on the bank statement.
c) Payments for insurance of $1,120 and to DB Trading of $800 were deducted in the bank statement but not in the cash book.
d) A cheque of $1440 that was deposited on end of the month was not credited into the bank statement.
e) The bank statement showed a bank charges of $95.
Required:
a) Determine the adjusted cash account;
b) Bank reconciliation statement as 30 November 2016.
Question 3 -
Prepare a comprehensive income and statement of financial position.
|
Capital
|
17,000
|
|
Fees revenue
|
12,300
|
|
Accounts payable
|
4,100
|
|
Salaries expense
|
2,900
|
|
Notes payable
|
1,200
|
|
Supplies expense
|
6,900
|
|
Accounts receivable
|
7,440
|
|
Bank Loan
|
5,500
|
|
Equipment
|
12,700
|
|
Depreciation expense
|
1000
|
|
Cash
|
9,160
|
|
What were the main findings
: What were the main findings? Do results support the hypothesis?-Explain why you think you got the results you did?-Are there sources of error that may have altered your results? How can they be improved?What future directions can be taken, based ..
|
|
What is the market price of this stock if the market rate
: The Extreme Reaches Corp. last paid a $1.50 per share annual dividend. The company is planning on paying $3.00, $5.00, $7.50, and $10.00 a share over the next four years, respectively. After that the dividend will be a constant $2.50 per share per ye..
|
|
What happened to longrun aggregate supply
: In an AD-AS graph, using the actual values for real GDP and the GDP implicit price deflator from the Economic Report of the President, show equilibrium for 1960 and for 2007. Assume that the economy was at equilibrium at potential GDP in both year..
|
|
Determine the complete state of strains and stresses
: Determine the complete state of strains and stresses (all six components) at that point. Assume that E = 70 GPa, and ν = 0.3.
|
|
Show the relevant entries for the disposal of machine
: A company bought a machine on 1 January 2013 for S$15,500. The company use double decline balance method and the useful life was 4 years. Show the relevant entries for the disposal of machine
|
|
Calculate all stress and strain components
: A rectangular plastic specimen of size 100 X 100 X 10 mm3 is placed in a rectangular metal cavity.- Calculate all stress and strain components and the force exerted by the punch.
|
|
Show how economy will adjust back to long-run equilibrium
: Now suppose that the Fed decides to intervene with monetary policy. If the Fed's policy is successful, show how the economy adjusts back to long-run equilibrium.
|
|
What is the firms break-even point in sales dollars
: FIN200 - Principles of Finance - What is meant by intrinsic value, time value, in-the-money, at-the-money and out-of-the-money and Draw a graph showing the buyer's profit and loss at the same share price range.
|
|
Discuss three effects of chinas one child rule
: Consider three problems out of control population growth will create in regards to the environment. Next discuss three effects of China's one child rule.
|