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2 years ago

On 1 January 2010 The Happy Haddock Angling Club had the following assets:

1 answer:

3 0

The preparation of an income and expenditure account for the year ended December 31, 2010, for The Happy Haddock Angling Club is as follows:

The Happy Haddock Angling Club

<h3>Income and Expenditure Account</h3>

For the year ended December 31, 2010

Snack bar income Rm 6,000

Cost of snacks 3,650

Gross profit from bar 2,350

Snack bar expense 600

Snack bar operating income 1,750

Other expenses:

Rent and rates Rm1,500

Secretarial expenses 240

Interest on loan 260 2,000

Net loss Rm 250

<h3>What is an income and expenditure account?</h3>

An income and expenditure account is the income statement prepared by non-trading entities to determine the surplus or deficit of income over expenditures for a period.

<h3>Data and Calculations:</h3>

Cash at bank Rm 200

Snack bar inventory 800

Clubhouse buildings 12,500

Equity = Rm 13,500 (Rm 200 + 800 + 12,500)

<h3>Cash Account:</h3>

Receipts: Payments:

Subscriptions 2010 Rm3,500 Rent and rates Rm1,500

Subscriptions 2011 380 Extension to dub house 8,000

Snack bar income 6,000 Snack bar purchases 3,750

Visitors' fees 650 Secretarial expenses 240

Loan from bank 5,500 Interest on loan 260

Competition fees 820 Snack bar expense 600

Games equipment 2,000

Balance c/d 500

16,850 16,850

Notes:

The snack bar inventory on 31 December 2010 was RM900

The Games equipment should be depreciated by 20%.

<h3>Cost of Snacks Bar Sales:</h3>

Snack bar inventory 800

Snack bar purchases 3,750

Total snack bar available = Rm 4,550

Snack bar ending inventory Rm 900

Cost of snacks sold = Rm3,650

Games Equipment Depreciation = Rm 400 ( Rm 2,000 x 20%)

Rent and rates Rm1,500

Secretarial expenses 240

Interest on loan 260

Snack bar expense 600

Snack bar income 6,000

Subscriptions 2010 Rm3,500

Visitors' fees 650

Competition fees 820

Learn more about preparing an income and expenditure account at brainly.com/question/24498019

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Atlanta, Inc., planned and actually manufactured 180,000 units of its single product in 2017, its first year of operation. Va

steposvetlana [31]

Answer:

Net operating income= 1,080,000

Explanation:

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating ocsts= 120,000*10= (1,200,000)

Fixed operating costs= (360,000)

Giving the following information:

Units produced= 180,000

Variable manufacturing cost was $ 17 per unit produced.

The variable operating (nonmanufacturing) cost was $ 10 per unit sold.

Planned and actual fixed manufacturing costs were $ 900,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $ 360,000.

Atlanta sold 120, 000 units of a product at $ 44 per unit.

Unitary fixed overhead= 900,000/180,000= $5

Unitary production cost= 17 + 5= 22

Sales= 120,000*44= 5,280,000

COGS= 22*120,000= (2,640,000)

Gross profit= 2,640,000

The variable operating ocsts= 120,000*10= (1,200,000)

Fixed operating costs= (360,000)

Net operating income= 1,080,000

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2 years ago

If the the United States imports $100 million of goods and exports $150 million, what does the United States have?

Alik [6]

B) A trade surplus.

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3 years ago

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Suppose the Fed carries out an open market sale of $100m and simultaneously decreases the minimum required reserve ratio from 10

andrey2020 [161]

Answer:

loanable amount after Fed operation = $950 M

Securities after fed operation = $50 M

attached below is the T-account table

Explanation:

Given data:

For assets : securities = $100 M , Loans = $800 M

For Liabilities : Constant demand deposit = $1000 M

difference between the assets and liability = $100 M and this makes the Banking system unbalanced hence the Banking system needs the intervention of the Fed. and the reduction in the required reserve ratio from 10% to 5% is the right action

How with the reserve ratio reduced to: 0.05

hence required Minimum required securities after operation = 0.05 * 1000 M = 50 M

Note : Total demand deposits = securities + loanable amount

therefore loanable amount after Fed operation = $1000 M - $50 M = $950

Attached below is the T-table

When both tables are compared it can be seen that there is a significant increase in the loanable amount after the Fed's operations and increase in Loanable amount transcends to increase in Monetary base

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3 years ago

Schwering Corporation uses activity-based costing to assign overhead costs to products. Overhead costs have already been allocat

Vesnalui [34]

Answer:

Instructions are below.

Explanation:

Order Filling, $136,040

Orders (Order Filling)

Product D7 3,040

Product U1 760

<u>To calculate the predetermined overhead rate, we need to use the following formula:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Order Filling= 136,040/3,800

Order Filling= $35.8 per order

Overhead costs:

Machining, $81,600

Order Filling, $161,500

Activity data appear below:

MHs (Machining) Orders (Order Filling)

Product D7 13,200 4,000

Product U1 26,800 1,000

<u>First, we need to calculate the activity rate for each activity:</u>

Machining= 81,600/40,000= $2.04 per machine hour

Order Filling= 161,500/5,000= $32.3 per order

<u>Now, we can allocate overhead to product U1:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Product U1= 2.04*26,800 + 32.3*1,000= $86,972

Wall Mirrors Specialty Windows

Total expected units produced 7,700 1,450

Expected direct labor-hours per unit 14 7

The total materials handling cost for the year is expected to be $17,153.10.

<u>Total direct labor hours, and predetermined overhead rate:</u>

Total direct labor hours= 14*7,700 + 7*1,450= 117,950

Material Handling activity rate= 17,153.1/117,950= $0.145 per direct labor hour

<u>Now, we allocate overhead:</u>

Wall Mirrors= 0.15*107,800= $16,170

6 0

3 years ago

Converse Florists & Co. reported assets of $ 1 comma 200 and equity of $ 350. What is its debt ratio? (Round your percenta

Bas_tet [7]

Answer:

70.83%

Explanation:

Given that,

Company's assets = $1,200

Equity = $350

Dept = Reported assets - Company's equity

= $1,200 - $350

= $850

Dept ratio = (Debt ÷ Total assets) × 100

= ($850 ÷ $1,200) × 100

= 0.7083 × 100

= 70.83%

Therefore, the Dept ratio of Converse Florists & Co. is 70.83%.

7 0

2 years ago