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business
accounting for business
Questions and Answers of
Accounting for Business
Fine Leather Ltd has provided the following production and sales information for each pair of its dress shoes.The fixed costs for the period are \($1\) 125 000.Required(a) Calculate the
The unadjusted trial balance of Innovative Computers Pty Ltd on 30 June 2025 is presented below.The following additional information is available.1. The inventories as of 30 June 2025 were as
Financial balances for Ho Ming Wee, IT Consultancy, on 30 June 2024 are given below in a table in accounting equation form similar to the chapter illustrations.During the early part of July, the
You are newly employed by Silver and Gold Ltd to promote their environmental approach to mining for minerals. In their annual report and promotional material, Silver and Gold Ltd states that
Jo, John and Jack are three generations of the one family involved for nearly 50 years in providing legal services. The firm is preparing its fees budget for the year ending 30 June 2025. It budgets
Fly Fast Ltd operates a small charter plane operation in South West Queensland. The airline provides a fly-in fly-out service to mining operations in this area. Currently Fly Fast operates one plane
Magic Aqua Ltd, which runs competitive swimming schools for children aged 8–16, has budgeted revenue for the first 6 months of 2025 as follows.All revenue is provided on account and Magic Aqua Ltd
The following expenses budget has been prepared for Zuri Health Ltd for the year ending 30 June 2025.Required Prepare a schedule of estimated cash payments for expenses for Zuri Health Ltd for the
Cloud Tech Ltd produces four types of drones, which are sold to local retail stores. The marketing department expects the following sales performance for the next year.Required Prepare a monthly
Moda Market sells high-end fashion accessories for smart phones imported directly from Italy. Moda currently sells products to fit four popular devices: iPhone 16X, iPhone 16 Pro, Galaxy S33 and
Chris Zarb, the marketing manager for Maltese Treasures Ltd, is preparing a sales budget for the year ended 30 June 2025. In reviewing the actual sales data for the previous year, the sales and
Superchef World Class Kitchens supplies two varieties of kitchen benchtops, Solid Surface and Laminate. The projected operating data for the month of September are as follows.Required Prepare a
Moove Motors Ltd produces two models of electronic scooters . The projected financial data for the month of January are as follows.Required Prepare a production budget for January. Small Large
The purchasing officer for Cellar Cork Ltd has prepared a purchases budget for the financial year ending 31 March 2025, based on the following data.Required (a) Calculate the amount of purchases
Eastern Engines Ltd has a policy of maintaining a finished goods inventory balance at the end of a month equal to 25% of the sales requirements of the following month. The ending inventory balance on
Terrific Tiles Ltd has a policy of maintaining a finished goods inventory balance at the end of a month equal to 50% of the sales requirements of the following month. The ending inventory balance on
Greyt Dog Beds Ltd manufactures dog beds specifically designed for greyhounds and whippets. The company purchases all the required materials from external suppliers and designs and assembles the
Kool Kitchens specialises in cutting and preparing granite panels for customised kitchen cabinetry. This requires highly specialised laser cutting and polishing equipment. Consequently, Kool Kitchens
Ozarch Ltd is in the process of preparing direct labour and factory overhead budgets for the year ending 30 June 2025. Relevant data are set out below.Required (a) Prepare the direct labour budget by
The budgeted monthly service revenues for Cotsiopoulos Ltd for January to June are presented below. The entity’s experience is that 70% of monthly invoicing for services is on a credit basis. All
The budgeted monthly service revenues for Shumin Services Ltd for January to June are as follows.All of the firm’s invoicing for services is on a credit basis. All payments received from clients on
Real Potential Training has used the following budgeted amounts for its controllable costs during 2025.Required (a) Prepare a budget performance report for 2025 by preparing a budget for each cost
Siam Resort has prepared the following budgeted amounts for its costs for 2025. Siam Resort has 32 luxury rooms available in the resort. It operates 365 days of the year.Required (a) Prepare a fixed
Shades of Sand Spa Resort has 100 residential villas to accommodate guests. The accountant for the resort has asked you, the marketing manager, to prepare a budget for expected relaxation treatment
Capital Cables Ltd manufactures digital fibre optic cables designed for telecommunications use. The company markets this product to commercial contractors engaged in government projects. Capital
Alfresco Ltd manufactures air-conditioning units designed for apartment use. The company markets this line in two geographic areas, one with a humid climate and the other with a dry climate.
Collect All Ltd is preparing a quarterly budget covering the 3 months ending 30 September 2025. The information available for the budget is as follows.1. Cash sales represent 80% of all monthly
All Aboard Ltd is preparing a quarterly budget covering the 3 months ending 30 June 2025. The information available for the budget is as follows.1. Cash sales represent 40% of all monthly sales; 60%
Sheds Ahead Ltd produces outdoor sheds for domestic use. The manager in charge of production has been asked to prepare a production budget, a direct materials budget and a direct labour budget for
Warmup Ltd produces outdoor gas fires for domestic use. The following information has been gathered so that a production budget, a direct materials budget and a direct labour budget for part of 2025
Global Quality Ltd produces two types of embossing machines, a standard model and a deluxe model. The budgeted factory overhead costs for the production operation during 2025 are as
AAprint Ltd provides high-volume offset colour and black and white printing for newspapers. It applies factory overhead to jobs on the basis of machine hours. The budgeted fixed overhead consists of
Selenelion Ltd is a small manufacturing business. For the year ending 30 June 2024, the company achieved sales of $2 772 000 and a gross profit margin of 30%. Although satisfied with this result,
The following actual statement of financial position was prepared for Aero Supplies Ltd as at 31 March 2025.At 31 March you are also provided with the following information.1. Sales forecasts
Fab and Fast Ltd buys and sells motor vehicle accessories. The firm’s estimated sales and expenses for the first 4 months of 2025 are shown below.Actual sales for December 2024 were $900 000
Shadow Begone purchases and installs sky lights. The entity’s estimated sales and expenses for the first 4 months of 2025 are below.Required (a) Prepare a monthly schedule of expected cash receipts
Just Law Ltd is preparing a budget for the quarter year ended 31 December 2025. The information available for the budget is as follows.1. The firm's senior lawyers hourly charge-out rate for the year
Clickety Ltd is preparing a master budget for the first quarter of the financial year ending 31 March 2025, and has compiled the following data.1. The firm sells a single product at a price of $26
The following actual statement of financial position was prepared for Martin’s Musical Supplies Ltd as at 30 September 2025.1. Sales forecasts available: October $39 000, November $44 000,
Perfect Manufacturing is preparing a master budget for the quarter ending 30 September 2025, and has compiled the data shown below.1. The firm sells a single product at a price of $70 per unit. The
‘Although determining gross profit for departments in a department store has some merit, the idea of trying to determine departmental profit is questionable because of all the indirect costs
The manager of a newly established department store asked the accountant to make recommendations regarding reports which should be produced for management use. The accountant was adamant that a
When preparing departmental contribution statements of financial performance, all direct expenses are controllable by department managers. Discuss, giving examples.
Tania is the production manager for Manikato Winery. Tania has responsibility for all aspects of white wine production by Manikato. Red wines are produced at a different geographical locations and
Following is a performance report for Electric Hero.Required (a) Calculate the variances, stating whether they are favourable or unfavourable, and suggest possible reasons for variances that you
Metal Matters operates two departments — aluminium and copper. During the year ended 30 June 2025, the company had the following financial results.In addition, indirect expenses that were not
Factory Express Ltd operates two departments — Truck and Trailer. During the year ended 30 June 2025, the store had the following financial results.Required Prepare departmental statements of
Tabletop Snow Zone is a ski field on the outskirts of Perth. It offers ski packages for the both experienced and novice skiers and also operates a café and gear shop on the mountain. Tabletop Snow
Ruby Pharmacy allocates indirect expenses to its three departments on the basis of sales. For the year ended 30 June 2024, the following allocations were made.Required (a) Determine the allocation of
Matilda Products is a manufacturer of leather goods and for management and control purposes is divided into three departments. For the year ended 30 June the following information has been collected
Fresh Fit Ltd operates four gymnasiums in regional areas. The Lincoln club has recently reported an operating loss of $55 000. Total revenue for this club was recorded at $255 000. If this club
One of Gold Empire Ltd’s four departments has reported a loss of $80 000 after deducting $204 000 of expenses. Assume that only $130 000 of the expenses can be eliminated if the department is
Eccentric Electric Ltd operates three selling departments — mountain bike, road bike, and hybrid. Certain indirect expenses are allocated to the selling departments as follows.Required Prepare a
All Media Ltd operates three selling departments. Certain indirect expenses are allocated to the selling departments as follows.Required (a)Prepare a schedule allocating the indirect expenses to the
Long Steps Ltd operates three departments, including a department that has consistently shown losses. For the year just ended, the hiking supplies department showed the following
Cosmo Magika operates with three departments. The owner–manager wants to close Department B because it continually shows a loss. During the past year ending 30 June 2025, the departmental
Stringline Ltd uses flexible budgets in order to control selling expenses.Monthly sales range from $200 000 to $300 000. Budgeted fixed monthly expenses for the Sales Department are $63 000 for
ABS Plumbing Ltd wants to prepare flexible budget cost estimates for the following items within a range of 33 000 to 41 000 chargeable hours.Required (a)Prepare a flexible overhead budget for
Southern Services is preparing flexible budget cost estimates for the following items within a range of 16 000 to 24 000 chargeable hours.Required (a)Prepare a flexible overhead budget for
Platinum Status Ltd uses an annual flexible budget based on standard direct machine hours for the following factory overhead items.Required (a) Why is a flexible budget performance report a better
You are provided with the profit centre responsibility accounting reports for Volanta’s Department Stores.Required (a) Explain the relationship between the three profit responsibility reports for
Blissful Ltd specialises in bridal wear. The store operates two departments — gowns and shoes. The following information was obtained from the store’s accounting records for the year ended 30
Regal Rooms Ltd is a rug and drapery retailer. Regal Rooms specialises in selling floor rugs and window dressings. The following information was derived from the shop’s accounting records for the
Happy Company operates four departments — kitchen, bathroom, office and laundry. When preparing a departmental statement of financial performance, the store’s accountant allocates indirect
Royal Auto Ltd operates a car sales business with two departments — new cars and second‐hand cars. The company’s accountant has prepared a statement of financial performance for the year ending
Magic Machines sells two products — domestic and commercial. The store’s statement of financial performance for the year ending 30 June 2025 has been prepared from the accounting records.Required
Better Beds Ltd operates three departments. The decor department has not been performing very well and has shown a loss for the past 3 years according to the company’s statement of financial
Milo's Market operates four departments. Management is concerned about the financial results of the dried goods department, which has shown a loss for the past 3 years according to the company’s
Earth Trilogy Ltd has prepared the following fixed budget performance report.Required (a) Prepare a flexible budget performance report for the actual level of activity.(b) Comment on the significant
Process Manufacturing Ltd has prepared the following fixed budget performance report for the production department’s financial results during the year ended 30 June 2025. Units of production
The fixed budget performance report for the year ended 30 June 2025 for Motueka Mint is as follows.Required (a) Convert the fixed budget performance report prepared by Motueka Mint to a flexible
Coola Vents Ltd has prepared a fixed budget performance report for the year ended 30 June 2025 as follows.Required (a) Convert the fixed budget performance report prepared by Coola Vents Ltd to a
Universal Solar Ltd operates three departments — a lighting department, a water heating department, and an equipment department. The store’s accountant has prepared a statement of financial
Wagons and Wheels Ltd is a farm machinery dealership. In recent years, the company has experienced unsatisfactory profit results because of declining sales in the area. At the suggestion of the
Jasper Gates, sales manager of Circuit Computers Ltd, was given the following budget performance report for selling expenses in the marketing software department for the month of April 2025.The
This text indicates that one of the roles of managers is to make decisions about organising resources. How can a human resource manager use differential analysis in deciding the appropriate number
On presenting your manager with the differential analysis of two possible uses for a piece of land that cost the company $1.5 million your manager believes you have made a major error as you omitted
Monroe Marketing is considering employing another marketing consultant to help with managing its clients. The human resources manager of the firm is weighing up whether to employ a marketing graduate
Brooke Young runs Young Yachting Pty Ltd. Brooke is a graduate of a tourism and hospitality degree and offers a luxury fully catered yachting holiday experience that includes scuba diving, swimming
Maestro Music Ltd manufactures hand-held game players at a per-unit cost of the following.The company sells each player for \($240\) and is presently operating at 80% of its capacity of 200 000 units
Banjo Ltd manufactures hard disk recorders for television and makes all parts for the machines, including the outside casing. The cost per unit of the casings at a production level of 150 000 units
Ruiz Restaurant provides French cuisine dining at a popular tourist destination on the north coast of New South Wales. The business has been doing well lately and the number of tourists dining in
Gondola Ltd produces four joint products — A, B, C and D — at a total cost of \($325\) 000. The company can sell the products immediately at the split-off point for \($100\) 000, \($40\) 000,
Trevor Ltd manufactures and sells four products — A, B, C and D. The selling prices, variable costs, and number of machine hours required to produce each product are as follows.Each of the four
Mcfadzean Ltd operates a business that manufactures products for the pet industry with four departments, and the relevant data for each is as follows.Required (a) Rank the four departments based on
Phone Screens and Computer Screens are two divisions operated as investment centres of Malta Ltd. Management wants to know which of the two earned the highest return on investment for the year ended
Malta Ltd, from exercise 25.9, requires a minimum return on investment of 16%.Required(a) Calculate the residual profit for the Phone Screen and the Computer Screen divisions of Malta Ltd using the
Hassink Housewares Ltd produces furniture and is evaluating the purchase of a new machine that will cost \($1\) 138 200 and have no residual value. Annual net cash inflows (including tax payments)
Qin Ltd wants to determine its cost of capital to use in future capital budgeting decisions. The company’s capital structure is as follows.Required (a) Calculate the company’s cost of capital
Home whitegoods manufacturer, Fresh Ltd, is evaluating the purchase of a new machine that will cost \($580\) 000 and be paid for in cash. The machine will be depreciated over 10 years with a resale
Costopoulos Company Ltd is considering the purchase of equipment that will produce net after-tax cash savings over the useful life of the equipment of 5 years as follows.Required (a) What is the
Bradshaw Bakeries Ltd is evaluating investment alternatives for three machines and has compiled the following relevant information.The company requires a 10% minimum return on new
The screens for mobile phones are currently purchased from an outside supplier at a cost of $80 each by Futuristic Phones Ltd. The company is concerned about the quality of the screens it is buying
Howse Houseboats Ltd produces houseboats for people to cruise on major rivers. The motors for the houseboats are currently purchased from an outside supplier at a cost of \($7700\) each. Some factory
Dudley Ltd produces two products, X and Y, at a joint cost of \($480\) 000. The company can sell 620 000 units of product X for \($30\) per unit, or the units can be processed further at a cost of
Kellaway Ltd is considering installing a computer controlled production line to significantly reduce its manufacturing costs. The annual after-tax cost savings are expected to be \($230\) 000, and
Carter Naumann is the owner of a Champion Chips Pty Ltd, which produces communication chips for mobile phones. The company has two production lines, one for a standard communication chip that is also
Flash Ltd manufactures eReaders and is considering expanding production. A distributor has asked the company to produce a special order of 6000 eReaders. The eReaders will be sold using a different
Retelsdorf Ltd manufactures tablet screens. Recently, the company has been producing slightly below 75% of capacity and management is considering how to use currently unused plant capacity. One
Green Gnome Ltd produces garden fertilisers. The fertilisers are made into pellets which are sold in 5-kilogram packets. The fertilisers are based on a basic mix of minerals and nutrients that make
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