Accounting Test

ACCOUNTING

Instructions

SECTION A 40 marks - reply all sections SECTION B 30 marks - reply all 10 multiple precious topics (no denying marking) SECTION C 30 marks - pick-out one from 2 topics Please underneathstand the instructions below: Reply barely the sum of topics exactd as exact aloft. If joined topics are replyed, topics accomplish be remarkable in the manage tryed unless a topic try is explicitly crossed out. 回答以下所有问题Answer all calibre of the topic QUESTION 1 (Total 40 marks) The forthhereafter temptation neutralize has been extracted from the bodys of Kwon Ltd. The audience runs a open manacle of hawk outlets across the United Kingdom, oppositeness ardent emulation from oncourse occupationes Trial Neutralize of Kwon Ltd as at 31 July 2017   DR. CR.   £m £m Retained Earnings 2,597 Sales 10,318 Purchases 9,476 Insurance 12 Rent 15 Electricity 16 Telephone 1 Wages & Salaries 57 Interest 59 Fix & Buildings 4,868 Machinery 1,638 Accumulated Diminution – Fix & Buildings 1,251 Accumulated Diminution – Machinery 931 Opening Accumulation 358 Debtors 806 Bank 1,220 Creditors 1,339 Dividends 28 Ordinary Shares 142 Other At-liberty Allowance 103 Loan 1,801 Share Premium 72 18,554 18,554 Joined notice: 1. Closing accumulation has been appreciated at £524m 3. Bad liabilitys whole to £9m. 4. Of the insurance load, £7m relates to payments made in action for proximate year. Telephone load of £6m is calm?} uncompensated from this year. 5. Diminution of £59m is to be pregnant on Fix & Buildings behind a while £99m pregnant on Machinery 6. The tax load for the year is to be £4m Required: (a) Agree Kwon Ltd’s allowance prolie for the year to 31 July 2017 and a prolie of financial lie as at that epoch. 20 marks (b) Your aider has managed to append notice of to the middle smooth of execution behind a whilein the diligence. Using this notice supposing, analyse the execution and lie of Kwon Ltd in 2017, careful 5 narrations for 2017 to acceleration in your partition. 20 marks Industry Averages for 2017 GP boundary = 11% At-liberty Avail boundary = 7% Asset Turnestimate = 2.1 CA narration = 2.2 Acid-test narration = 0.8 Debtor days = 34 Creditor days = 56 Accumulation date = 14 Gearing = 36.7% Interest Cestimate = 8.3 Go to proximate page for SECTION B SECTION B (Total 30 marks) Answer all 10 multiple precious topics Present Appreciate Tables are gifted at the end of the paper 1. The statements of Rafiu Ltd demonstration that a agricultural asset behind a while a net body appreciate of £25,000 was sold for a waste of £6,000. How accomplish the aloft proceeding be demonstrationn on the money stream proposition?   A.  A financing money stream of £19,000. B.  A financing money stream of £31,000. C.  An investing money stream of £19,000. D.  An investing money stream of £31,000. E.  The sale is neither an investing nor financing money stream. 2. Which of the forthhereafter is not categorised as a money stream from a financial temper underneathneath IAS 7?   A.  Dividend payments B.  Loan repayments C.  Proceeds from the effect of debentures (debt) D.  The sale by an investor of audience shares held. E.  Proceeds from the effect of shares 3. Alexander Audience reputed an growth of $185,000 in its statements receivable (debtors) during the year. The audience's prolie of money streams reputed $500,000 of money prevalent from customers. What whole of net sales must Alexander possess recorded?   A.  $315,000. B.  $685,000. C.  $500,000. D.  $185,000. E.  $385,000. 4. During the prevalent year, Atkins, Inc. sold a bundle of fix for $840,000 money. The fix had a body appreciate of $410,000. Atkins, Inc. uses the separeprimand prescribe to agree its prolie of money streams. In manage to suit at-liberty avail to net money stream from at-liberty activities, avail must be:   A.  Decreased by $410,000. B.  Decreased by $430,000. C.  Increased by $430,000. D.  Not regulateed owing the sale of fix is classified as an investing temper. E.  Decreased by $840,000. 5. A audience lapsed fix and mediumry for £500,000 on 1 April 2008. The audience uses the straight-course prescribe of diminution. The audience estimates that the fix and mediumry accomplish possess a advantageous society of 5 years, when it accomplish be sold for an estimated £100,000. The statementing year end is 31 July The net body appreciate of the asset on 1 April 2011 accomplish be:    A.  £400,000 B.  £320,000. C.  £240,000. D.  £260,000 E. £100,000 The forthhereafter notice relates to Question 6 Hooper Corporation produces and sells two models of vacuum cleaners, Standard and Deluxe. The audience records demonstration the forthhereafter monthly axioms of to these two results: Standard Deluxe Selling consume per individual ($) 150 165 Changeable formation consumes ($) 120 126 Changeable selling load per individual ($) 16 13 Expected monthly sales in individuals 600 1,200 The audience's whole monthly agricultural consume is $15,000. 6. The rupture-flush in sales dollars for the expected sales mix is closest to: A. $160,772 B. $95,178 C. $109,091 D. $175,644 E. $75,322     The forthhereafter notice relates to Question 7 Brecket Corporation uses temper-installed consumeing to individualize result consumes for visible financial reports. Temper reprimands computed at the source of the year are used to adduce manufacturing aloft consumes to results. The audience has supposing the forthhereafter axioms regarding its temper-installed consumeing regularity. The axioms used to eliminate temper reprimands were: Estimated Expected Aloft Temper Consume Temper Consume Pools Medium allied (machine-hours) $395,200 16,000 MHs Concoct setup (setups) $790,000 20,000 setups General factory (frequented labor-hours) $556,800 24,000 DLHs The real temper for the year was: Pool Result X Result Y Whole Medium allied (medium hours) 6,000 10,000 16,000 Concoct setup (setups) 13,000 5,000 18,000 General factory (frequented labour hours) 14,000 11,000 25,000 7. The temper reprimand computed at the source of the year for the concoct setup temper consume pool is closest to: A. $60.80 B. $96.80 C. $158.00 D. $16.50 E. $39.50   8. The materials lapse budget:    A.  is the source apex in the budget classify. B.  must agree for desired result register as courteous as for formation. C.  is accompanied by a register of money collections. D. must agree for the share of individuals sold E.  is completed behind the money budget. 9. The Tanner Corporation produces three results behind a while the forthhereafter applicable notice:   Result A B C £ £ £ Selling Consume 50 40 30 Changeable Consume (25) (17) (20) Labour Hours 2 5 3 Medium Hours 3 2 1 If Tanner has a season of 8,000 medium hours but no season on labour hours, then the ranking of the results from the most available to the definite available use of the arduous supplies is:  A. A, B, C B. B, C, A C. C, B, A D. B, A, C E. C, A, B 10. Olinick Corporation is regarding a plan that would exact an cannonade of $343,000 and would definite for 8 years. The incremental annual proceedss and loads generated by the plan during those 8 years would be as follows: $ Sales 227,000 Changeable loads (52,000) Contribution boundary 175,000 Fixed loads: Salaries (27,000) Rents (41,000) At-liberty Money streams 107,000 The fragment appreciate of the plan's goods at the end of the plan would be $23,000. The payback date of the plan is closest to: A. 3.0 years B. 5.1 years C. 3.2 years D. 4.8 years E 6.3 years    End of Section B Go to proximate page for SECTION C SECTION C (Total 30 marks) Answer any 1 out of 2 topics (30 marks each) Question 1 You are exactd to form a monthly money budget for Serene Ltd. You possess been gifted behind a while the forthhereafter notice. It is estimated that the forthhereafter sales accomplish be made in the proximate 4 months in 2006. Jul Aug Sep Oct £69,000 £76,000 £90,000 £202,000 · In course behind a while former years, it is expected that 60% of sales accomplish be money sales, behind a while the surplus (trustworthiness sales) compensated for in the proximate month. Sales in June 2006 wholeed to £185,000. Money sales are entitled to a 5% discount. · Purchases are estimated at 50 per cent of whole sales proceeds made in each month. 30% of lapses are compensated for instantly behind a while the surplus made in the month forthhereafter lapse. · Frequented labour consumes are 15% of whole sales proceeds and annual alofts (excepting diminution) are £84,000 behind a while consumes ramify flushly throughout the year. · Tax is estimated at £6,000 for the year and is compensated for in August. · Annual selling and authoritative consumes are £36,000 ramify flushly throughout the year. · Annual diminution loads for all 12 months are £150,000 ramify flushly estimate each month. · Expenditure on agricultural goods is £65,000 in September. Some old agricultural goods are to be sold in October for £23,800. · Serene Plc had a money neutralize of £9,500 at the source of July. REQUIRED (a) Form a monthly money budget for Serene Ltd for the 4 months result 30 October 2006, demonstrationing the money neutralize at the end of each month. (18 marks) (b) What policies effectiveness you incorporate to flush out money stream for Serene Ltd? (12 marks) (Total 30 marks) Continued… Question 2 Callaghan Lighting Ltd manufactures and sells 2 brilliant scantybulbs which regulate their lucidity to the season of day, servile spontaneous scanty in manage to allow over resultive employment and spontaneous doze patterns. Budgeted sales by result and in whole for the hereafter month are demonstrationn below: Brider Sena Whole Percentage of whole sales 40% 60% 100% Sales compass (units) 48,000 72,000 120,000 £ £ £ Sales 576,000 720,000 1,296,000 Less fluctuateable loads (288,000) (576,000) (864,000) Contribution 288,000 144,000 432,000 Less agricultural loads (280,000) Avail 152,000 While the occupation is calm?} hard to found itself, the budgeted sales figures possess been installed on the definite optimistic chaffer forecasts, although it is disclosed that a avail of £200,000 is the aim for the year. The audience are hard to automate formation further by investing in joined mediumry. This cannonade accomplish curtail labour consumes, which accomplish administer to a decrease of fluctuateable consumes on twain results by 12.5%. The consume of the mediumry accomplish be £100,000. REQUIRED (a) Calculate the budgeted rupture flush apex in individuals sold and the boundary of protection in %. (6 marks) (b) Calculate the whole sum of sales exactd (in individuals) to close the target smooth of avail (4 marks) (c) Calculate the revised avail installed on the incomplete fluctuates. (5 marks) (d) Advise the Managing Director as to whether the incomplete fluctuate to formation accomplish be emolumentable to the audience. In restoration to the avail consideration in (c), use other supported considerations to vindicate your reply. Are there any non-financial factors that should be fascinated into statement in making the conclusion? (15 marks) (Total 30 marks) END OF EXAM Present Appreciate Tables Attached Present Appreciate Tables Page 1 of 1 Accounting Author: JF ©Imperial College London 2019/2020 Year11%12%13%14%15%16%17%18%19%20% 1 0.9010.8930.8850.8770.8700.8620.8550.8470.8400.833 2 0.8120.7970.7830.7690.7560.7430.7310.7180.7060.694 3 0.7310.7120.6930.6750.6580.6410.6240.6090.5930.579 4 0.6590.6360.6130.5920.5720.5520.5340.5160.4990.482 5 0.5930.5670.5430.5190.4970.4760.4560.4370.4190.402 6 0.5350.5070.4800.4560.4320.4100.3900.3700.3520.335 7 0.4820.4520.4250.4000.3760.3540.3330.3140.2960.279 8 0.4340.4040.3760.3510.3270.3050.2850.2660.2490.233 9 0.3910.3610.3330.3080.2840.2630.2430.2250.2090.194 10 0.3520.3220.2950.2700.2470.2270.2080.1910.1760.162 Discount Factor Sheet1 Discount Factor Year 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 21% 0 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 0.826 2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 0.683 3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579 0.564 4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482 0.467 5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 0.386 6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 0.319 7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 0.263 8 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 0.218 9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 0.180 10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 0.149 Year1%2%3%4%5%6%7%8%9%10% 1 0.9900.9800.9710.9620.9520.9430.9350.9260.9170.909 2 0.9800.9610.9430.9250.9070.8900.8730.8570.8420.826 3 0.9710.9420.9150.8890.8640.8400.8160.7940.7720.751 4 0.9610.9240.8880.8550.8230.7920.7630.7350.7080.683 5 0.9510.9060.8630.8220.7840.7470.7130.6810.6500.621 6 0.9420.8880.8370.7900.7460.7050.6660.6300.5960.564 7 0.9330.8710.8130.7600.7110.6650.6230.5830.5470.513 8 0.9230.8530.7890.7310.6770.6270.5820.5400.5020.467 9 0.9140.8370.7660.7030.6450.5920.5440.5000.4600.424 10 0.9050.8200.7440.6760.6140.5580.5080.4630.4220.386 Discount Factor Sheet1 Discount Factor Year 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 0 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 0.812 3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 0.731 4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 0.659 5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 0.593 6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 0.535 7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 0.482 8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 0.434 9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 0.391 10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 0.

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