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0 / 5. 0 Category: Coursework

Subcategory: Accounting

Level: College

Pages: 1

Words: 275

Name
Instructor
Course
Date
PART A
Question 1
Details Amount
1-Oct Opening Balance \$1,200.50
6-Oct Deposit \$300.00
12-Oct Paid Phenom -\$382.65
16-Oct Deposit \$400.00
28-Oct Paid Opus -\$185.99
31-Oct Paid Penton, Inc. -\$88.92
Closing balance \$1,242.94

Question 2
(100%- 18%) * (100%-2%)
=0.82 * 0.98
=0.8036
1 -0.8036 = 0.1964 or19.64%
discount = \$1400* 0.1964 = \$ 274.96
net cost price – discount
= \$ 1400 – \$274.96
= \$1125.04
Single EQ rate is 18 %
=\$1400 -18%
= \$1148.
Amount of trade discount is
=\$1400 – \$1125.04
=\$275.96
Total price – trade discount = net price
= \$1400 -\$275.96
= \$1125.04
Question 3
Year 1: \$25000*0.2=\$ 5000
Year 2: \$ 20000*0.2=\$ 4000
Total depreciation expense= \$5000+4000
=\$ 9,000
Book value= 25000-9,000
=\$16,000
PART B
Question 1
Increase by 1/3
1/3 of 144,600
Increase =48,200
Sales for new year= 144,600+48200
= \$192,800
Question 2
If the beds produced in shift 1 is x
then beds produced in shift 2 will be 5*x which is 5x
x+5x = 240
=>6x =240
x=40
bed produced in shift one =40
bed produced in shift 2 = 200
Question 3
Income before taxes=\$ 60,000
Taxes=45%
45%*60,000= 27,000
60,000-27000
= \$33,000
Question 4
=\$85.00*(100-45%)
=\$46.75
Question 5
=9,000*110.5%
=\$9,945
Question 6
Note days = 120
Due Date = May 12 + 120 days
= 09-Sep
Gap between due date & Discount date
= [09-Sep] – [8-Jul]
= 63 days
Discount rate for 63 days
= Interest rate per annum * 63/ 365
= 9% * 63/365…