Homework Help for Accounting

Accounting

Q.1) Solve the following integral:

 

Calculate the dimensions and maximum volume of a prism that has a surface area of 81cm^?

Explain in detail source of uncertainty in engineering economics

The bank has collected $6095 on a note for collection. the face value of the note is $5750. How do I enter this a bank reconciliation?

Journalize the following transactions related to merchandising operations that occurred in August while paying attention to the credit terms:

Aug 1 - Purchased merchandise on account from ABC $1,500, FOB shipping point, terms n/30. The party paying the freight paid it in cash.
Aug 3 - Received credit of $200 from ABC for merchandise with flaws that you decided to keep.
Aug 5 - Sold merchandise on account to customers $500, terms 1/10,n/30. Cost of the items sold $250.
Aug 9 - Paid ABC.
Aug 25 - Granted credit of $200 to customers for merchandise returned with cost $100.
Aug 26 - Received payments on account from customers $200.

Galicano Del Mundo hired a lawyer to help him start Del Mundo Repair Service. On March 1, Del Mundo deposited P143,750 in the bank account in the name of the entity. When the entity paid the lawyer's bill of P8,750, the lawyer advised the entity to hire an accountant to keep its records. Del Mundo was so busy that it was already March 31 when he hired you to straighten out his records. Your first task is to develop a trial balance based on the March transaction, which are described in the next two paragraphs.

After the business began and the enitity had paid the lawyer's bill, the entity borrowed P62,500 from the bank. It later paid P3,250, including interest of P750, on this loan. It

also required a second hand service vehicle in the entity's name, paying P31,250, down and financing P92,500. The first payment on the vehicle is due April 15. The entity then leased

an office and paid two months rent, P11,250, in advance. Credit acquisitions of office rquipment of P10,000 and repair tools of P6,250 must be paid by April 10.

In March, Del Mundo Repair Service completed repairs of P16,250, of which P5,000 were cash transaction. Of the credit transactions, P3,750 were collected during March, and P7,500 remained uncollected at the end of March. The entity paid salries of P5,620 to its employees. On March 31, the entity received a P930 bill for the March utilities expense and a P620

check from a customer for work to be completed in April. A customer requested a repair on March 31 to be done the following week and agreed to pay P2,500 for it. The entity is considering recording this agreement as revenue in March to make the business look better.

Assignment 1

Carson Company is a large manufacturing firm in California that was created 20 years ago by the Carson family. It was initially financed with an equity investment by the Carson family and ten other individuals. Over time, Carson Company has obtained substantial loans from finance companies and commercial banks. The interest rate on the loans is tied to market interest rates, and is adjusted every six months. Thus, Carson’s cost of obtaining funds is sensitive to interest rate movements. It has a credit line with a bank in case it suddenly needs to obtain funds for a temporary period. It has purchased Treasury securities that it could sell if it experiences any liquidity problems. Carson Company has assets valued at about $50 million and generates sales of about $100 million per year. Some of its growth is attributed to its acquisitions of other firms. Because of its expectations of a strong U.S. economy, Carson plans to grow in the future by expanding its business and through acquisitions. It expects that it will need substantial long-term financing, and plans to borrow additional funds either through loans or by issuing bonds. It is also considering the issuance of stock to raise funds in the next year. Carson closely monitors conditions in financial markets that could affect its cash inflows and cash outflows and thereby affect its value. On the basis of the concepts learned answer the following questions;

1. In what way is Carson a surplus unit?
2. In what way is Carson a deficit unit?
3. How might finance companies facilitate Carson’s expansion?
4. How might commercial banks facilitate Carson’s expansion?
5. Why might Carson have limited access to additional debt financing during its growth phase?
6. How might Carson use the primary market to facilitate its expansion?
7. How might it use the secondary market?
8. If financial markets were perfect, how might this have allowed Carson to avoid financial institutions?
9. The loans that Carson has obtained from commercial banks stipulate that Carson must receive the banks’ approval before pursuing any large projects. What is the purpose of this condition? Does this condition benefit the owners of the company?
10.  

You are the Audit Manager of AB & Co. You are planning the audit of Ant Financials Limited(Ant). This client specializes in the provision of loans and financial advice to individuals and corporate bodies. AB & Co has audited Ant for many years and you have been on this team for the past five years. The directors of Ant are planning to list the company on a stock exchange within the next few months and have asked if the audit engagement partner can attend he meetings with potential investors. In addition, AB & Co has been asked to prepare the financial statements for the current year for an extra fee. This is because the finance director of Ant is likely to be busy with the listing arrangements. During the year, the assistant finance director of Ant left his job and joined AB & Co as a partner. It has been suggested that due to his familiarity with Ant’s financial operations, he should be appointed to provide an independent partner review for the audit. Once Ant obtains its stock exchange listing it will require several assignments to be undertaken, for example, obtaining advice about corporate governance best practice. AB & Co is very keen to be appointed to these engagements. However, Ant has requested that in order to gain this work, AB & Co needs to complete the external audit quickly and with minimal questioning. The finance director has informed you that once the stock exchange listing has been completed, he would like both the audit and finance team members to attend a ‘weekend away’ at a luxurious hotel to say ‘thank you’ for all the hard work done. Additionally, the finance director has offered one of the senior members of the engagement team a short-term loan facility at a significantly-reduced interest rate. This offer is not available to other customers of Ant. Ant is aware that subsequent to the stock exchange listing it will need to establish an audit committee and has asked for some advice in relation to this.
Required:
(i)Explain SIX ethical threats which may affect the independence of AB & Co’ s audit of Ant Financials Co; and          (3 marks)
(ii)For each of the threats identified above, explain how they might be reduced to an acceptable level.            (3 marks)
(iii)Explain the benefits to Ant for establishing an audit committee. 

what are the internal controls on Notes Receivable? 

You are the Audit Manager of AB & Co. You are planning the audit of Ant Financials Limited (Ant). This client specialises in the provision of loans and financial advice to individuals and corporate bodies. AB & Co has audited Ant for many years and you have been on this team for the past five years.

The directors of Ant are planning to list the company on a stock exchange within the next few months and have asked if the audit engagement partner can attend the meetings with potential investors. In addition, AB & Co has been asked to prepare the financial statements for the current year for an extra fee. This is because the finance director of Ant is likely to be busy with the listing arrangements.

During the year, the assistant finance director of Ant left his job and joined AB & Co as a partner. It has been suggested that due to his familiarity with Ant's financial operations, he should be appointed to provide an independent partner review for the audit.

Once Ant obtains its stock exchange listing it will require several assignments to be undertaken, for example, obtaining advice about corporate governance best practice. AB & Co is very keen to be appointed to these engagements. However, Ant has requested that in order to gain this work, AB & Co needs to complete the extemal audit quickly and with minimal questioning

The finance director has informed you that once the stock exchange listing has been completed, he would like both the audit and finance team members to attend a weekend away' at a luxurious hotel to say thank you for all the hard work done,

Additionally, the finance director has ofered one of the senior members of the engagement team a short-term loan facility at a significantly-reduced interest rate. This offer is not available to other customers of Ant.

Ant is aware that subsequent to the stock exchange listing it will need to establish an audit committee and hins asked for some advice in relation to this.

Required:

0 Explain SIX ethical threats which may affect the independence of AB & Co's audit of Ant Financials Co; and (3 marks) (i) For each of the threats identified above, explain how they might be reduced to an acceptable level. (3 marks) (ii) Explain the benelits to Ant for establishing an audit committee. (4 marks)

CHAPTER 3 QUIZ
Prepare adjusting journal entries (in proper format on proper accounting paper) for the following
independent situations:
1) A business pays weekly salaries of $25,000 on Friday for a five-day work week ending
on that day. 10/31 falls on Wednesday.
2) The balance in the Prepaid Insurance account before adjustment is $16,500 (assume
normal balance). As of 10/31 the amount of insurance that has expired is $6,500.
3) The balance in the Unearned Revenue account before adjustment is $4,800 (assume
normal balance). As of 10/31, one quarter of the revenue has been earned.
4) The balance in the Supplies account before adjustment is $6,700 (assume normal
balance). On 10/31, a count reveals that only $1,300 of supplies remain on hand.
5) The company purchased a delivery van on 10/1. The van is being depreciated at a rate of
$350 per month. Prepare the adjusting entry as of 10/31.

Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure.

The following transactions relate to Kwaabota Enterprise for the month of March 2021.
March:
1 commenced business with GHc 18,000 at the bank
2 purchased office computers GHc 3,000
3 bought goods worth GHc 8,000
4 cash sales GHc 12,000
5 cash deposited at bank GHc 7,000
6 paid commission for salesmen GHc 500
7 sold goods to Asare on credit GHc 1,500
8 bought goods on credit from Adwoa Ayongo GHc 20,000
9 received GHc 800 from Asare
10 paid for utilities GHc 200
11 paid by cheque an amount of GHc16,000 to Adwoa Ayongo
12 cash sales immediately deposited at bank Ghc 4,000
13 paid salaries by cheque Ghc 1,100
14 injected additional Ghc22,000 into the business
15 withdrew Ghc1,500 from the bank for office use.
Required:
a) Makethejournalentriesfortheabovetransactions b) Post the journal entries to their respective ledgers c) Prepare the trial balance