1 QUESTION ONE [22] Lineos Limited, a South African vehicle brake pad making company,bought 5 industrial machines to use in the manufacture of their new brake pad range for thetaxi industry. The machines were imported from a supplier in America at a cost of $22 000each and were ordered on a FOB basis. Details of the order are as follows: - Ordered fromthe supplier on the 25th of May 2021 Shipped on the 16th of July 2021 - Arrived in SouthAfrica on the 30th July 2021 Due to the technical and complex nature of the new machines,further costs were paid on the 31st of July 2021 to bring them into operation. Thebreakdown of the further costs was as follows:- The mixers had to be professionallyinstalled: the installation was completed by a local specialist at a cost of R25 000 - Themachines were extremely complex, and staff had to be retrained. Costs for training staff onhow to use use the new machinery costed R25 000 - Costs to dispose of the brake padsthat failed the safety tests during the testing phase, R1 000. The machines were available that failed the safety tests during the testing phase, R1 000. The machines were availablefor use on the 1st of September 2021 and were first brought into use on the 1st of October2016. The machines have a residual value of R10 000 and a useful life of 10 years.Depreciation is to be provided on the straight line method. Lineos Limited paid the supplieron the 31st of August 2021. Exchange rates: Date Spot Rate SA Rand US Dollar 25th May2021 15.00 1 16th July 2021 15.25 1 30th July 2021 15.60 1 31st August 2021 15.90 1 1stSeptember 2021 15.91 1 31st December 2021 15.99 1 2 Required Show all the requiredjournals in the books of Lineos Limited for the year ended 31st of December 2021. Pleaseinclude dates and narrations. Ignore tax.

Journal entry refers to the procedure of recording the business transactions in financial books. It…

Answered: Africa on the 30th July 2021 Due to the…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

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Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter10: Decentralization: Responsibility Accounting, Performance Evaluation, And Transfer Pricing

Section: Chapter Questions

Problem 6CE

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O Question 1 40 GBI wishes to purchase Elbow Pads from Olympic Protective Gear, Data needed in various steps in the process are provided below: Qty to be purchased: 15 Delivery Date: 11/12/21 Plant: Miami Storage Location: Trading Goods Net Price: $35.00 each Vendors Invoice Amt[1] $525 Tax Code: Input Tax (XI) Your task Execute the procurement process, from requisition to payment to facilitate the above scenario. Record the resulting document numbers below: Requisition #: Purchase Order : Goods Receipt #: Invoice : Payment #: You will need to use other organizational data as needed. Hint If SAP gives a message before you save your PO showing. "the net price adopted from the last document", you can either accept the price by clicking enter or you can change it to $35 (if it is different). In either case, check the "Net value" of your PO because the PO amount should match your invoice amount and the amount you pay (and it is ok to have a different PO value than $525 but in that case,…
17 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000
17 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168 000 120 01 ABROAD BUYER 168000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168 000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000D) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXCEPTIONAL GO. LOSS 168000 120 01 ABROAD BUYER 168000
22 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000
I cant seem to get the journal entries right for this question. the image is attached
Question 3 Bell Equipment Namibia (BEN) is building an extension to a local factory. The agreed contract price is $600 000. The contract commenced on 1 January 2019 and is scheduled for completion on 30 November 2021. BEN’s financial year ends on 31 December. The following details are available concerning the factory contract as at 31 December 2020. Materials sent to site from central stores $25 000 Materials delivered to site direct from suppliers $120 000 Plant delivered to site (net book value) $80 000 Direct wages paid $85 000 Direct site expenses paid $38 00 Head office charges $22 000 Material returned from site to central stores $10 000 Net book value of plant on site, 31 December 2012 $52 000 Materials on site, 31 December 2012 $2 000 Cash received…
Bizara (Pty) Ltd manufactures two products. The following information is available for the financial year ended 31 December 2022: Product South Africa Malawi Product A 6000 5000 Product B 9000 6000 The selling prices per unit are R150 and R100 for Product A and Product B respectively. All goods are sold for cash. Materials quantity requirements and unit costs: Material Tap Tap Product A 3Kg 1Kg Product B 2Kg 1Kg Material cost per kg R14 R2,50 Labour requirements and hourly rates: Department A Department B Product A 2 hours 0,5 hours Product B 1,75 hours 0,5 hours Hourly rate R10,00 R9,00 Inventories of materials: Tap Kap Opening inventory (01 January 2020) 10000 kg 2000 kg Closing inventory (31 December 2020 12000 kg 2500 kg Inventories of finished goods: Opening Inventory Closing Inventory Units Unit Price Units…
Problem 16-11 (Algo) One of your Taiwanese suppliers has bid on a new line of molded plastic parts that is currently being assembled at your plant. The supplier has bid $0.10 per part, given a forecast you provided of 200,000 parts in year 1; 400,000 in year 2; and 700,000 in year 3. Shipping and handling of parts from the supplier's factory is estimated at $0.02 per unit. Additional inventory handling charges should amount to $0.004 per unit. Finally, administrative costs are estimated at $10 per month. Although your plant is able to continue producing the part, the plant would need to invest in another molding machine, which would cost $10,000. Direct materials can be purchased for $0.05 per unit. Direct labor is estimated at $0.04 per unit for wages plus a 50 percent surcharge for benefits and, indirect labor is estimated at $0.009 per unit plus 50 percent benefits. Up-front engineering and design costs will amount to $30,000. Finally, management has insisted that overhead be…
Problem 16-11 (Algo) One of your Taiwanese suppliers has bid on a new line of molded plastic parts that is currently being assembled at your plant. The supplier has bid $0.10 per part, given a forecast you provided of 200,000 parts in year 1; 400,000 in year 2; and 700,000 in year 3. Shipping and handling of parts from the supplier's factory is estimated at $0.02 per unit. Additional Inventory handling charges should amount to $0.004 per unit. Finally, administrative costs are estimated at $10 per month. Although your plant is able to continue producing the part, the plant would need to invest in another molding machine, which would cost $10,000. Direct materials can be purchased for $0.05 per unit. Direct labor is estimated at $0.04 per unit for wages plus a 50 percent surcharge for benefits and, Indirect labor is estimated at $0.009 per unit plus 50 percent benefits. Up-front engineering and design costs will amount to $30,000. Finally, management has insisted that overhead be…
ht PR e 8 Activity No. 9 Jaber is the owner of Toyota Qatar Corporation. He pays a QR 75,000 for each Toyota Camry 2013 from Japan. Freight costs of QR 10,850 and import duties of QR 6,910 are also paid. He pays the manufacturer an additional QR 9,500 to have their engineer install the car inside the Toyota showroom. He pays R 2,750 per annum for electricity costs, QR 7200 for license administrative fees, QR 15,430 for salespersons salaries and it will have a salvage value of $6,000. Find the accumulated depreciation for the asset. Original Cost Freight Import Duties Item Installation costs (Engineer) Installation costs (Construction) Salvage value years tripist QAR Value beau ed so tramqiupe Accumulated depreciation 008 oldstoniwollot prt stelqmo) 1205 loliqpo lonipho sulov Ipubias . 2109 to o ) aripinna) noitsiaqebunnA

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