HI5001 MID TERM
\nACCOUNTING FOR BUSINESS DECISIONS
\nFINAL ASSESSMENT
\nTRIMESTER 2, 2022
\nTIME ALLOWED: 24 hours
\nAssessment Weight: 50 total marks
\nInstructions:
\n\u2022 All questions must be answered by using the answer boxes provided in this paper.
\n\u2022 Completed answers must be submitted to Blackboard by the published due date and time.
\nPlease ensure you follow the submission instructions at the end of this paper.
\nPurpose:
\nThis assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topic (sample nursing essay examples by the best nursing assignment writing service)s covered in this unit.
\nQuestion 1 (11 marks)
\nPaul Consulting is trying to prepare its bank reconciliation statement. For this purpose, the following data is available:
\n1. The balances as per two books as at 30 September 2022 are as follows:
\nBank Statement Balance $28 507 (Credit)
\nCash at Bank Account Balance $27 271 (Debit)
\n2. The receipts of $1 092 have not been deposited.
\n3. The given data reveals that the cheques of $2 081 were issued but not presented.
\n4. A deposit from another customer for $450 was incorrectly credited into the bank account of Paul Consulting.
\n5. A cheque for the amount of $188 was returned marked \u201cdishonoured\u201d.
\n6. Bank charges of $15 appeared in the bank statement.
\nRequired: Prepare a bank reconciliation for Paul Consulting at 30 September 2022.
\nANSWER: ** Answer box will enlarge as you type
\nQuestion 2 (11 marks)
\nThe following information relates to the business of David & Sons Company. The financial year of the company ends at 30 June 2022.
\nOpening balance of Account Receivables $22 200
\nOpening balance of the Allowances for Doubtful Debts 2 820
\nClosing Balance of Account Receivables 28 860
\nNet credit sales during the year 78 000
\nDuring the year, $2 160 of account receivables were written off as bad debts. David & Sons Company uses the net credit sales method to estimate doubtful debts. It is estimated that three per cent of the net credit sales will become uncollectable. Ignore GST.
\nRequired:
\na) Prepare the following accounts (T-account) at the end of 2022 (7 marks)
\na. Account Receivables
\nb. Allowances for Doubtful Debts
\nANSWER a):
\nb) Show how the above information appears in the Income Statement and the Balance Sheet of the company at the end of the financial year (4 marks)
\nANSWER b):
\nQuestion 3 (9 marks)
\nCCL Company uses a periodic inventory system to manage their inventory. The opening inventory purchases and closing inventory of CLL Company are given in Table 2 below.
\nTable 2. Purchases and Inventories of CLL Company
\nDate Detail Units Cost per unit
\n1 September 2022 Inventory 4,000 $9
\n3 September 2022 Purchase 3,500 $10
\n15 September 2022 Purchase 6,000 $10
\n20 September 2022 Purchase 7,500 $11
\n30 September 2022 Inventory 9,000
\nRequired:
\nBased on the above data, calculate each of the following:
\na) Cost of Sales under the cost flow assumption of FIFO (3 marks)
\nANSWER a):
\nb) Cost of Closing Inventory under the cost flow assumption of FIFO (2 marks)
\nANSWER b):
\nc) Cost of Sales under the cost flow assumption of Weighted Average (2 marks)
\nANSWER c):
\nd) Cost of Closing Inventory under the cost flow assumption of Weighted Average (2 marks)
\nANSWER d):
\nQuestion 4 (7 marks)
\nThe table below presents the data related to the purchase of a machine by Burleigh Waters Limited.
\nTable 3. Purchase of Machine by Burleigh Waters Limited
\n$
\nThe invoice price of the machine 285 714
\nFreight cost 4 857
\nInstallation charges 6 571
\ncost of transit insurance 3 714
\nTesting of machinery before use 1 429
\nNote. This machine was purchased on 1 July 2011. The year ends on 30 June.
\nThe company decided to use the straight-line method of depreciation since it is expected that the pattern of economic benefits flow towards the entity remains constant during this machine’s useful life of ten years. Further, it is expected that the residual value of this machine will be This machine was purchased on July 1, 2011. The year comes to an end on June 30th.
\nThe company chose the straight-line method of depreciation because it is expected that the pattern of economic benefits flowing to the entity will remain constant over the ten-year useful life of this machine. Furthermore, the residual value of this machine is expected to be
\n$2 857. Ignore GST.
\nRequired:
\na) What is the accounting treatment of the cost of transit insurance? Determine the cost of the machine (3 marks)
\nANSWER a):
\nb) Calculate annual depreciation (2 marks)
\nANSWER b):
\nc) Calculate the balance of accumulated depreciation at the end of the seventh year.
\n(2 marks)
\nANSWER c):
\nQuestion 5 (7 marks)
\nThe table below presents the current year’s selected accounts from ZZZ Limited at 30 June 2022.
\nTable 1. Selected Accounts from ZZZ Limited
\nDebit Credit
\nOffice Equipment 24 000
\nSupplies 2 200
\nPrepaid Insurance 4 800
\nSalaries Expense 119 200
\nRental Fees Revenue 52 800
\nUnearned Rental Fees 16 800
\nNote. This table is prepared before any adjusting entries are made.
\nThe additional information is given below:
\ni. The Office supplies of $800 were available for use on 30 June 2022 (1 Mark)
\nii. ZZZ Limited collected four months’ rent in advance from several tenants on 1 June 2022.
\n(1 Mark)
\niii. The accrued salaries of $14 000 were not recorded as at 30 June 2022. 1 Mark].
\niv. The above-mentioned prepaid insurance represents the premium paid on 1 June 2022 for one year. (2 Marks)
\nv. The office equipment was purchased on 1 April, and it is expected that this office equipment will last for five years. (2 Marks)
\nRequired: Record necessary adjusting entries in the general journal on 30 June 2022.
\nANSWER:
\nQuestion 6 (5 marks)
\nSeveral processes are involved in the fulfilment (order to cash) process. You have performed these processes in the SAP ERP Assessment 2. Briefly explain these processes. Is there any theoretical linkage between the fulfilment process and the procurement process? Finally, what challenges did you face in completing SAP ERP Assessment 2?
\nMaximum words: 300
\nANSWER:
\nEND OF FINAL ASSESSMENT
\nSubmission instructions:
\nBefore you submit your assessment, please check all of the following:
\n\u2022 You have named your file with your Student Number and Unit Code e.g. MTR1245 HI5001
\nIt is critical you follow this file name instruction to ensure the file belongs to you.
\n\u2022 You have saved your file in MICROSOFT WORD format only. No other format is accepted.
\n\u2022 You have checked you are submitting the correct document as special consideration is not granted if you make a mistake.
\nOnce you have checked the above:
\nUpload your file to the appropriate link on Blackboard.
\nYou have two attempts to submit your assessment with only the final submission being marked.
\n** Note: All submissions are automatically passed through SafeAssign to assess academic integrity.<\/p>\n","protected":false},"excerpt":{"rendered":"
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