Assignment #6 Instructions F23
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ACCT69
–
Basic Bookkeeping
Assignment #6
Mark ____/20 Value 5%
As usual, this is not a group activity, this exercise must be completed on your own, and your own file
submitted to D2L. Working with others or accepting help from others on this assignment may result in
academic penalties under the College's Academic Integrity Policy, which may prevent you from successfully
completing this course.
Question #1
.
Using the PDF file provided; OPEN IN ADOBE and enter the following information, complete a GST/HST return
for the Wildstone Outdoor Company. Business No 123456789 for the reporting period January 1
st
to March
31
st
, 2023.
1.
The fiscal year end is December 31
st.
2.
Sales per the General Ledger as of March 31
st
is $36,225.45.
3.
The HST Payable account as of March 31
st
is $4,709.31.
4.
Balance in the HST-ITC account as of March 31
st
is $1,490.18.
Question #2
Pundit Company is located in Ontario and makes money off its services only in Ontario. The annual revenue
excluding HST is $200,000 and its annual expenses are $50,000 for salaries and $12,000 for other expenses.
Should Pundit Company use the Regular method to calculate HST or the Quick Method?
Using
the Excel file provided
figure out the following.
You can choose to either create formulas, or show
your math for this exercise, but you do have to show me how you came up with the totals to get the marks.
Regular Method of remittance by form:
A.
What value would appear on line 103 of your remittance?
B.
What value would appear on line 106 of your remittance?
C.
Using these two numbers figure out what value would appear on line 115.
Quick Method:
D.
Enter a value for Revenue + HST.
E.
FIRST: look up what % you would use to calculate remittance on table shown below.
Fill % into the
yellow cell in Excel.
Then using formulas or by showing work figure out the corresponding dollar value.
F.
Does a credit deduction apply?
If so, for what amount? (Slide 26 of presentation)
G.
Using the values above, calculate the amount of remittance.
H.
Make a final statement in sentence structure to make a recommendation on which method to use.
See Slide 25 for more information on the image above.
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The correct answer is: OMR 35,200
Question
10
Company XYZ is currently producing AND selling 10,000 units of product A. At this level, the total product cost was $60,000.
This included $10,000 direct materials, $20,000 direct labor and $30,000 manufacturing overhead cost, which included 20%
variable manufacturing overhead cost. The selling and administrative expenses were $100,000, which included $60,000
variable selling and administrative costs. Assume that the selling price per unit $20, how much was the total contribution
margin?
Theorrect
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2.00
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question
a. $134,000
b. None of the given answers
C. $40,000
d. $104,000
e. $194,000
The correct answer is: $104,000
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Accounts Receivable Analysis
A company reports the following:
Sales
$1,460,000
Average accounts receivable (net)
100,000
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and
final answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
14.6 V
b. Number of days' sales in receivables
x days
Feedback
Check My Work
a. Divide sales by average accounts receivable.
b. Divide average accounts receivable by average daily sales. Average daily sales are sales divided by 365 days.
a
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Question 2 - Chapter 12 Home x
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Chapter 12 Homework a
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comp
Zachary Services Company has 61 employees, 36 of whom are assigned to Division A and 25 to Division B. Zachary incurred $364,170
of fringe benefits cost during year 2.
20
points
Required
Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.
O Answer is complete but not entirely correct.
Allocated
Cost
Division
A
s 160,420 O
B
$ 172,760
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Unearned Sales Revenue
Cory's Carpet Cleaning normally charges $99 to clean one room of carpeting. During the holiday season, Cory offers a promotion to clean the customer's carpet 15 times
at a discounted rate if the customer pays $720 in advance.
Required:
1. Make the journal entry to record the customer's prepayment of $720. If an amount box does not require an entry, leave it blank.
Cash
Unearned Sales Revenue
(Record sale)
Feedback
2. Make the journal entry to record Cory's cleaning of the carpet one time. If an amount box does not require an entry, leave it blank.
88
Unearned Sales Revenue
Sales Revenue
(Record recognition of sales revenue)
Feedback
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с
Tab
How many performance obligations are in this contract?
Number of performance obligations
$
Window Help
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X
4
Barrick Gold Corporation is a mining company that produces gold and copper with 16 operating sites in 13 countries. It is
headquartered in Toronto, Ontario, Canada. On March 1, 2024, Barrick Gold receives $150,000 from Citizen Bank and promises to
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Purchase-Related Transactions
Stylon Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the
net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo.
a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank.
88
b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank.
88
c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it
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Assignment Content
APPLICATION 5 - Internal Controls for Fraud Prevention (Webinar)
1. Watch the video below (approx. ~1hr) then answer the questions below
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Item Description
TV
Remote
Installation
Total revenue
Required:
Please answer: how much revenue would be allocated to the TV, the remote, and the installation service by Best Buy?
Note: Do not round intermediate calculations.
3
$
$
4
Allocated
Revenue
New Tab
2
Best Buy Co. Inc. is an American multinational consumer electronics retailer headquartered in Richfield, Minnesota sells a big screen
TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by Best Buy staff. The installation includes
programming the remote to have the TV interface with other parts of the customer's home entertainment system. Best Buy concludes
that the TV, remote, and installation service are separate performance obligations. Best Buy sells the…
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how am i suppose to what account is which for all of them?
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Break-Even Sales Under Present and Proposed Conditions
Darby Company, operating at full capacity, sold 154,100 units at a price of $51 per unit during the current year. Its income statement is as follows:
Sales
$7,859,100
Cost of goods sold
2,788,000
Gross profit
$5,071,100
Expenses:
Selling expenses
$1,394,000
Administrative expenses
833,000
Total expenses
2,227,000
Income from operations
$2,844,100
The division of costs between variable and fixed is as follows:
>
Variable
Fixed
Cost of goods sold
60%
40%
Selling expenses
50%
50%
Administrative
30%
70%
expenses
Management is considering a plant expansion program for the following year that will permit an increase of $714,000 in yearly sales. The expansion…
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6 Al's Car Wash has two departments, Prepping and Washing. Once a car has been washed, the customer pays by cash or credit card and leaves.
The following selected transactions occurred during July of 2018.
a. Al purchased Raw Materials of $53,000
b. Raw Materials of $46,000 were requisitioned to the Prepping Department
c. $44,000 of costs were transferred to the Washing Department
d. $42,000 of fully washed cars were awaiting customer pickup
e. Customers picked up all cars that were waiting and Al collected $72,000 for the Prepping and Washing Services
Required:
Journalize the above transactions
Test
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Warranties
Lee Electronics, a franchise of electronics stores located in small towns throughout the United States, sold 850 32-inch televisions for $740 each. The televisions carry an
attached 3-year warranty for repairs. Lee Electronics estimates that repair costs will average 3.5% of the total selling price.
Required:
1. How much is recorded in the Warranty Liability account as a result of selling the televisions during the year, assuming no warranty service has yet been performed?
estimated warranty liability
Feedback
2. Provide the necessary adjusting entry at December 31. If an amount box does not require an entry, leave it blank.
Dec. 31 Warranty Expense
Warranty Liability
(Record warranty expense)
Feedback
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Assignment Problem
Anand Kalaimani Al Harthi SAOG located in Muscat Sultanate of Oman involved in manufacturing of
Drugs and Pharmaceutical Industry from 1981 to till now. The SAOG Company has provided the
following information for the months of September, October, November and December 2023.
Month
Sales
Material
Wages
Postage
Electrical
Other
September
Expense
Expense
10,000
6,000
350
1,200
1,000
5,000
October
12,500
7,500
550
2,400
2,000
6,000
November
13,600
8,200
850
3,600
3,000
5,500
December
19,400
9,000
950
4,800
4,000
3,200
Additional information:
a) Cash Balance on 1/10/2023 is RO X000000
b) Sales 25 per cent is for Cash in the same month. 50 per…
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You were asked to answer the following question:
Consider a small photography studio with 8 workers and 5 printers. The total cost of labor and capital is $3,300. In order to reduce total operating costs, the
owner leases 5 additional printers and fires 5 workers. After these changes, the salary of each worker increases by $30, the cost of using each of the printers (both
new and old) remains constant, and the total cost of labor and capital decreases to $2,950. What is the cost of using one printer?
The following answer is correct:
First, calculate the new total quantities of workers and printers after the changes were made.
New quantity of workers= 8-5= 3 workers
New quantity of printers = 5 + 5 = 10 printers
Assume that C,…
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Accounting Excel Practice Problem - I attached a picture of the instructions and I attached a picture of the excel spreadsheet. Anywhere it says "formula" on the excel spreadsheet, needs the formula figured out.
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Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations
09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
• How large is your plant?
per month
• How many workers do you need?
The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
• Cost per machine $15,000
Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
I Group Project.xlsx
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