can you give the answer and its explanation
Homework Answers
as per policy, only four parts of a question is allowed to answer at a time, but first 8 parts are solved for your here:
| 5) answer: D. Increases the recorded amount of the interest expense. |
| when we issue bonds on discount, we create |
| Debit account of "Discounts on bond payable" and when |
| amortise the same we credit the account, thus the interest expense |
| figure gets inflated. |
| 6) answer: B. RM15500 |
| depreciation = (18000-3000)*20000/120000 = 2500 |
| book value = 18000 - 2500 = 15500 |
| 7) answer: A. Intangible assets are typically combined with tangible assets and shown collectively |
| in PPE section of the statement of financial position. |
| This is because the fixed assets and the intangible assets, both are long term assets and depreciates |
| the same manner. |
| 8) answer : D. RM23000 |
| cost of goods sold = (1500*14.40 + 100*14) = 23000 |
| 9) answer: D. RM317500 |
| total dividend declare = pref. arrears + ordinary current dividend |
| (2500*25)*2%*4 + (125000*2.5)=317500 |
| 10) answer: D. Financiing Activities |
| This is because obtaining cash means financing and the act to finance is called |
| Financing activities. |
| 11) answer : A. Assets, profit for the year and equity are all overstated. |
| This is because depreciation is not recorded means expenses are not |
| charged to revenues and higher profits are shown in Income statement. |
| Acc. Dep. On assets not recorded so book value of assets not reduced and |
| assets are shown on overstated figure. Higher profits are taken to equity |
| making equity also overstated. |
| 12) answer: C. RM8370 |
| Net realisable value of AR = closing AR - (opening allowance + Bad debt exp.) |
| 10000 - (600+1030) = 8370 |
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can you give the answer and its explanation
5. Amortizing the discounts on bond payable: Reduces...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset)...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
Hi there, can you please answer questions 13-18. they are all very short questions :) Also,...
Hi there, can you please answer questions 13-18. they are all
very short questions :) Also, the circled answer may or may not be
correct and please disregard the blue scribble marks
Use the following information to answer questions 13 - 15 inclusive. The income statement of Delaney Company for the year 2018 included the following items: Interest revenue Salaries expense Insurance expense $40,500 73,200 4,400 The following balances have been taken from Delaney Company's balance sheet: Dec. 31/2018 $10,400...
QUESTION 3 (25 MARKS) Sejengkal Berhad is a publicly listed company. The following are the Statement...
QUESTION 3 (25 MARKS) Sejengkal Berhad is a publicly listed company. The following are the Statement of Profit or Loss and the Statement of Financial Position for the company: Statement of Profit or Loss for the year ended 31 December 2018 RM'000 25,500 (14,800 10,700 Revenue Cost of sales Gross profit 2017 RM'000 17,250 (10,350) 6,900 Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year (2,700) (2,100) (650) 5,250 (2,250) 3.000 (1,850) (1,450)...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
This is BBM206/05 Business Accounting II subject Question 2 Kopi Sdn Bhd's statement of profit or...
This is BBM206/05 Business Accounting
II subject
Question 2 Kopi Sdn Bhd's statement of profit or loss for the year ended 31 December 2018 and statements of financial position at 31 December 2017 and 31 December 2018 were as following: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018 RM'000 RM'000 Revenue 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 Interest payable (28) Profit before tax Taxation (124)...
please don't answer in handwritten * Question 5 The records of Blossom Company show the following amounts in its Decembe...
please don't answer in handwritten
* Question 5 The records of Blossom Company show the following amounts in its December 31 financial statements: Total assets Owner's equity Cost of goods sold Profit 2017 $975,000 780,000 550,000 92,000 2016 $950,000 730,000 550,000 80,000 2015 $850,000 650,000 515,000 72,000 Blossom Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2015, included $22,000 of goods held on consignment for Sunland Company. 2. The...
(25 MARKS) QUESTION 3 Sime Garby Berhad is a publicly listed company. The following is the...
(25 MARKS) QUESTION 3 Sime Garby Berhad is a publicly listed company. The following is the Statement of Profit and Loss and the Statements of Financial Position for the company for the year 2017: Statement of Profit or Loss for the year ended 31 December 2017 2017 2016 RM000 BM'000 25.500 17.250 Revenue Cost of sales (14,800) (10.350) Gross profit 10,700 6.900 Distribution costs (2,700) (1.850) Administrative expenses (2,100) (1.450) Finance costs (650) (100) Profit before tax 5,250 3,500 Income...
as soon as possible thx 0.058 Dupont Ltd uses a periodic inventory system has the following...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
Assume you mistakenly treated the cost of production labor as a period cost (operating expense) and...
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In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated C. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated d. 2018 profit is understated, the balance of equity...
In preparing its 2018 adjusting entries, the Billabong Company neglected to adjust the Office Supplies (asset) account for the amount of supplies used up during the year. As a result of this error: Select one: O a. Liabilities are understated b. 2018 profit is overstated, the balance of equity is overstated, and assets are correctly stated O c. 2018 profit is overstated, the balance of equity is overstated, and assets are overstated O d. 2018 profit is understated, the balance...
Hi there, can you please answer questions 13-18. they are all
very short questions :) Also, the circled answer may or may not be
correct and please disregard the blue scribble marks
Use the following information to answer questions 13 - 15 inclusive. The income statement of Delaney Company for the year 2018 included the following items: Interest revenue Salaries expense Insurance expense $40,500 73,200 4,400 The following balances have been taken from Delaney Company's balance sheet: Dec. 31/2018 $10,400...
QUESTION 3 (25 MARKS) Sejengkal Berhad is a publicly listed company. The following are the Statement of Profit or Loss and the Statement of Financial Position for the company: Statement of Profit or Loss for the year ended 31 December 2018 RM'000 25,500 (14,800 10,700 Revenue Cost of sales Gross profit 2017 RM'000 17,250 (10,350) 6,900 Distribution costs Administrative expenses Finance costs Profit before tax Income tax expense Profit for the year (2,700) (2,100) (650) 5,250 (2,250) 3.000 (1,850) (1,450)...
Questions 6-9. DIRECTIONS: Answer Questions 6 through 9 based on the information below. ng December 31 Assume that you are assigned to prepare an Audit Report Summary on the L Com The L Company uses the accrual method and has an accounting year ending Decembe The bookkeeper of the company has made the following errors: 1. A $1,500 collection from a customer was received on December 29, 2017, but recorded until the date of its deposit in the bank, January...
This is BBM206/05 Business Accounting
II subject
Question 2 Kopi Sdn Bhd's statement of profit or loss for the year ended 31 December 2018 and statements of financial position at 31 December 2017 and 31 December 2018 were as following: STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER 2018 RM'000 RM'000 Revenue 720 Raw materials consumed 70 Staff costs 94 Depreciation 118 Loss on disposal of non-current asset 18 Interest payable (28) Profit before tax Taxation (124)...
please don't answer in handwritten
* Question 5 The records of Blossom Company show the following amounts in its December 31 financial statements: Total assets Owner's equity Cost of goods sold Profit 2017 $975,000 780,000 550,000 92,000 2016 $950,000 730,000 550,000 80,000 2015 $850,000 650,000 515,000 72,000 Blossom Company made the following errors in determining its ending inventory: 1. The ending inventory account balance at December 31, 2015, included $22,000 of goods held on consignment for Sunland Company. 2. The...
(25 MARKS) QUESTION 3 Sime Garby Berhad is a publicly listed company. The following is the Statement of Profit and Loss and the Statements of Financial Position for the company for the year 2017: Statement of Profit or Loss for the year ended 31 December 2017 2017 2016 RM000 BM'000 25.500 17.250 Revenue Cost of sales (14,800) (10.350) Gross profit 10,700 6.900 Distribution costs (2,700) (1.850) Administrative expenses (2,100) (1.450) Finance costs (650) (100) Profit before tax 5,250 3,500 Income...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
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