MCR004A - Accounting Systems And Processes Assignment

Assignment Task

Section A

This section consists of 3 questions.  Answer ALL questions.  

Question 1

Compare and contrast the financial considerations for three difference types of business.

Question 2 

Explain the followings terms and provide an example to support your understanding.

1. Accrual Accounting
2. Debt Finance 

Question 3

The accounts below appear in the chart of accounts of Hepburn Car Service.  Show whether the normal balance is a debit or a credit.  Indicate whether the account would appear in the balance sheet (Statement of Financial Position) or in the income statement (Statement of Financial Performance), and under what classification, e.g., Income, Expenses, Asset, Liability and Equity.

1. Capital 
2. Rent Payable 
3. Revenue received in advanced 
4. Hepburn personal drawings 
5. Commission received

Note: follow the following format:

 Section B

This section consists of Six questions.  Answer ALL questions.  

Question 4

Identify the effect(s) of each of the following independent events on the accounting equation (assets = Liabilities + equity).

• A customer paid $200000 cash to the business as an advance payment for a fence that the business will provide to the customer in the next accounting period. 
• Goods which had been purchased for $10000 were sold on credit to a customer for an agreed price of $30000. 
• Wages of $8000 are owing to employees for work already performed. 
• Equipment costing $40000 was purchased. An amount of $10000 was paid in cash, with the balance to be paid to the supplier within 90days.  

Question 5 

Brisbane Ltd purchased a new machine on 1 July 2018, at a cost of $13000. The company estimated that the machine will have a residual value of $1000.  The machine is expected to be used for 100000 in kilometers during its 5-year life.

Required:

Calculate the depreciation expense under the following methods

• Straight-line for reporting period ended 30 June 2018.
• Unit of the production for reporting period 30 June 2018

Question 6 

Modelmania Ltd (ML)sells model cars. At the beginning of the March, ML had in beginning inventory 90 model cars with a unit cost of $35. During March ML made the following purchases of model cars.

 During the March, 810 units were sold. Modelmania uses a Periodic Inventory System.

Required:

• Calculate ending inventory under inventory recording method FIFO (First in First Out). 
• Calculate ending inventory under inventory recording method LIFO (Last in First Out)
• Which method results in the highest ending inventory? 

Question 7

The financial statements of Muller Pty Ltd include the following items:

 Required:

Calculate the following ratios for the current year:

1. Current ratio 
2. Acid test ratio
3. Inventory turnover 
4. Days in inventory
5. Goss profit margin 

Question 8 

The trial balance of Moe Manufacturing Company at 30 June 2017 and the data needed for the month-end adjustments follow:

Moe Manufacturing Company Limited

Adjusted Trial Balance

as at 30 June 2017

 Prepare the Statement of Financial Position (Balance Sheet) as at 30 June 2017. 

Question 9 

Prepare balance day adjusting entries for George Ltd as at 30 June for the following situations:

1. The Supplies account shows a balance of $1000, but a physical count shows only $400 if supplies. 
2. The company purchased a 1-year insurance policy for $6000 on 1 May, debiting Prepaid Insurance.
3. On 1 June, the company received $12000 from another entity which is renting a small building from George Ltd for 6 months. George Ltd credited Rent Revenue Received in Advance.
4. George Ltd.’s accountant discovered that the company had performed services for a client totalling $9000 but has not yet invoiced the client or recorded the transaction.  

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