Quiz Finance and Accounts Hatchell Question 1. Marvelous Millie's (MM) MM is a boutique based in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Quiz Finance and Accounts Hatchell Question 1. Marvelous Millie's (MM) MM is a boutique based in NYC. The boutique is famous for its vintage style bags and clothes. Table 1: Select financial information for MM for 2016 and 2017. All figures in $. 2016 2017 Cash 3100 3700 Cost of goods sold 415,285 417,376 Creditors 108,970 109,000 Expenses 181,086 192,471 Fixed Assets 92,051 94,200 Gross Profits X 224,376 Net Profit Before interest and tax 42,429 Y Sales Revenue 638,800 641,752 Total Current Assets 192,954 194,232 Total Current Liabilities 161,431 163,300 (a) (i) Calculate the values of X and Y in Table 1 (2Marks) (b) Construct a Profit and Loss for 2016 and 2017 (ending with Net profit before interest and tax) = 638,800-415, 285 9-641,752-417,376 M 223515 2016 Statement for Profit & Loss for Sales Revenue Cost of Sales Gross Profit Expenses Profit befor Interest Tax Interest Profit before Tax Tax Profit for period Dividends Retained Profit 2017 question 2. Millennial Event Management Company (MEMC) Millennial Event Management Company (MEMC) is an events management company specializing in graduation ceremonies and milestone birthdays for millennials. The company is based in Dubai. Table 1: Selected financial data for Millennial Event Management Company (MEMC) for the 31st March 2016. All figures in AED. Gross Profit Retained Profit Opening Bank Balance Expenses Net Profit Before Interest and Tax Sales Revenue Fixed Assets Cost of Goods Sold Net Cash Flow Net Profit after Interest and Tax Interest Dividends Tax A E 90,000 117,500 B 414,700 120,000 290,000 5,600 D 1,000 0 12,617 (a) Calculate the values of A, B, C, D and E in Table 1 (no working required) [5 marks] (b) Construct a fully labelled profit and loss account for MEMC. (5 Marks) Table 1 - Selected financial data for The Smart Watch Company for year ended 30th April 2016 Accumulated retained earning Y Cash 16 Cost of goods sold 350 Trade Creditors 39 Net fixed assets X Buildings 112 Expenses 175 Debtors 26 Interest 20 Long-term liabilities 156 Intangible assets 78 Share capital 85 Sales revenue 700 Overdraft 20 Short-term loan 0 Production equipment 80 Stock 44 Tax 42 Net profit after interest and tax 113 (a) Calculate the net fixed assets X for The Smart Watch Company (no working required). [1] (b) Calculate the gross profit Y for The Smart Watch Company (no working required). [1] (c) Calculate Z and hence, calculate the net profit margin for The Smart Watch Company (no working required). [1] (d) Using relevant information from table 1, construct a fully labelled balance sheet for The Smart Watch Company. Table 1: Selected financial data for the year ended as of 31 December 2017. Accumulated retained profit 39,646 Cash 18,700 Cost of goods sold 15,900 Creditors 1,924 Expenses 12,500 Debtors 30,000 Interest 80 Long-term liabilities 22,000 Net fixed assets 50,000 Share capital 35,896 Sales revenue 65,800 Overdraft 4,000 Short-term loan 5,000 Stock 9,766 Tax 7400 Net assets X a) Calculate the gross profit X for The Party Bus (no working required). [1] (b) Calculate Y and hence, calculate the net profit margin for (no working required). [1] (c) Using relevant information from table 1, construct a fully labelled balance sheet for The Party Bus. Quiz Finance and Accounts Hatchell Question 1. Marvelous Millie's (MM) MM is a boutique based in NYC. The boutique is famous for its vintage style bags and clothes. Table 1: Select financial information for MM for 2016 and 2017. All figures in $. 2016 2017 Cash 3100 3700 Cost of goods sold 415,285 417,376 Creditors 108,970 109,000 Expenses 181,086 192,471 Fixed Assets 92,051 94,200 Gross Profits X 224,376 Net Profit Before interest and tax 42,429 Y Sales Revenue 638,800 641,752 Total Current Assets 192,954 194,232 Total Current Liabilities 161,431 163,300 (a) (i) Calculate the values of X and Y in Table 1 (2Marks) (b) Construct a Profit and Loss for 2016 and 2017 (ending with Net profit before interest and tax) = 638,800-415, 285 9-641,752-417,376 M 223515 2016 Statement for Profit & Loss for Sales Revenue Cost of Sales Gross Profit Expenses Profit befor Interest Tax Interest Profit before Tax Tax Profit for period Dividends Retained Profit 2017 question 2. Millennial Event Management Company (MEMC) Millennial Event Management Company (MEMC) is an events management company specializing in graduation ceremonies and milestone birthdays for millennials. The company is based in Dubai. Table 1: Selected financial data for Millennial Event Management Company (MEMC) for the 31st March 2016. All figures in AED. Gross Profit Retained Profit Opening Bank Balance Expenses Net Profit Before Interest and Tax Sales Revenue Fixed Assets Cost of Goods Sold Net Cash Flow Net Profit after Interest and Tax Interest Dividends Tax A E 90,000 117,500 B 414,700 120,000 290,000 5,600 D 1,000 0 12,617 (a) Calculate the values of A, B, C, D and E in Table 1 (no working required) [5 marks] (b) Construct a fully labelled profit and loss account for MEMC. (5 Marks) Table 1 - Selected financial data for The Smart Watch Company for year ended 30th April 2016 Accumulated retained earning Y Cash 16 Cost of goods sold 350 Trade Creditors 39 Net fixed assets X Buildings 112 Expenses 175 Debtors 26 Interest 20 Long-term liabilities 156 Intangible assets 78 Share capital 85 Sales revenue 700 Overdraft 20 Short-term loan 0 Production equipment 80 Stock 44 Tax 42 Net profit after interest and tax 113 (a) Calculate the net fixed assets X for The Smart Watch Company (no working required). [1] (b) Calculate the gross profit Y for The Smart Watch Company (no working required). [1] (c) Calculate Z and hence, calculate the net profit margin for The Smart Watch Company (no working required). [1] (d) Using relevant information from table 1, construct a fully labelled balance sheet for The Smart Watch Company. Table 1: Selected financial data for the year ended as of 31 December 2017. Accumulated retained profit 39,646 Cash 18,700 Cost of goods sold 15,900 Creditors 1,924 Expenses 12,500 Debtors 30,000 Interest 80 Long-term liabilities 22,000 Net fixed assets 50,000 Share capital 35,896 Sales revenue 65,800 Overdraft 4,000 Short-term loan 5,000 Stock 9,766 Tax 7400 Net assets X a) Calculate the gross profit X for The Party Bus (no working required). [1] (b) Calculate Y and hence, calculate the net profit margin for (no working required). [1] (c) Using relevant information from table 1, construct a fully labelled balance sheet for The Party Bus.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
The unclassified statement of financial position accounts for Sorkin Corporation, which is a public company using IFRS, for the year ended December 31, 2016 and its statement of comprehensive income...
-
A. What is Alpha One's NOPAT? Why does NOPAT differ from the earnings after taxes? B. Estimate the effective before-tax cost of the long-term debt. c. Estimate the effective after-tax cost of the...
-
Janet is considering transferring assets valued at $9 million to an irrevocable trust (yet to be created) for the benefit of her son, Gordon, age 15, with Farmers Bank as trustee. Her attorney has...
-
Francis Equipment Co. closes its books regularly on December 31, but at the end of 2020 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash...
-
Mr. Jenkins, this is typical question: Do you feel that I have treated you fairly in this interview?
-
Cepeda Corporation has the following cost records for June 2014. Instructions (a) Prepare a cost of goods manufactured schedule for June 2014. (b) Prepare an income statement through gross profit for...
-
What are some ways to determine which database management system will work best for a given project? What are some best practices or industry-accepted criteria for matching a given database...
-
The cost of direct materials transferred into the Bottling Department of Mountain Springs Water Company is $733,600. The conversion cost for the period in the Bottling Department is $440,000. The...
-
Suppose we needed to calculate the second derivative of f(x) = log(x) at x=0.5. Use a forward difference scheme to find an O(h) approximation with a step size Ax=0.22. The log used in this problem is...
-
Convex Mechanical Supplies produces a product with the following costs as of July 1, 20x1: Material Labor Overhead $6 4 3 $13 Beginning inventory at these costs on July 1 was 8,500 units. From July 1...
-
5 . 2 ( x + 1 . 5 x ) = y 6 . 2 ( x + 1 . 5 x ) = 1 . 4 y find x
-
As the Chief Risk Officer of Digital Assets Inc., you need to determine the weighted probability of returns of the firm's $10 million allocation to Dogecoin. Below is a probability table of potential...
-
Use the following data for the next four (4) questions: The following data were taken from Juan (single), holding managerial position for 2021 taxable year: Gross salaries @ P50,000 per month SSS...
-
7a: An electron has an instantaneous velocity of (106+2 x 102) m/s. It is in a region of the Earth's magnetic field where the magnetic field is approximately constant. Assume that B 1x 10- T....
-
A copper sphere of 10-mm diameter, initially at a prescribed elevated temperature T;, is quenched in a saturated (1 atm) water bath. Using the lumped capacitance method, estimate the time for the...
-
Lending Hand Financial Corporation is a subsidiary of Gracey Enterprises. Its main business is processing loan applications. Last year, Bettina Brent, the manager of the corporations loan department,...
-
Managers and accountants often encounter transactions with which they are unfamiliar. Use your analytical skills to analyze and record in journal form the following transactions, which have not yet...
-
Zelolo Corp. has the following capital investment requests pending from its three divisions: Request 1, $60,000, 11 percent projected return; Request 2, $110,000, 14 percent projected return; Request...
-
Haydn is a postgraduate MSc Management and Entrepreneurship student and as part of his studies he needs to complete a research project. Haydn has set his sights on studying a concept called 'entre-...
-
You have decided to undertake a project and have defined the main research question as What are the opinions of consumers on a 10 per cent reduction in weight, with the price remaining the same, of...
-
What are the characteristics of access and why is it important to differentiate between them?
Study smarter with the SolutionInn App