|
Employees |
Vacation weeks earned but not taken |
|
30 |
- |
|
25 |
1 |
|
45 |
2 |
|
100 |
During 2019, the average salary for employees is $5,000 per week.
Required:
Classify the nature of the employee benefit(s) above and explain the accounting treatment (provide journal entries if necessary)
In: Accounting
Explain what is meant by product/ service standards and best practice models. (200–250 words)
In: Accounting
Would a PROCESS COSTING SYSTEM be ideal for a clothing
line business? With regard to process costing, discuss some of the
accounting issues that will need to addressed --again, with regard
to process costing. How would one determine the unit cost of the
product -- what are the components of the unit cost? What are some
examples of the overhead costs? How would one calculate the
predetermined overhead rate?
In: Accounting
If you identified a need for changes/ improvements to customer service strategies, to whom would you report this and in what format might the report be made? (30–50 words)
In: Accounting
To whom should customer feedback be disseminated and why? (120–150 words)
In: Accounting
Is it possible for an organisation to provide excellent customer service without every employee having a job they feel makes a real contribution? Explain your answer. (50–100 words)
In: Accounting
We should encourage our customers to complain! In a paragraph of at least 250 words, explain what this statement means, how it should be applied, why it should be applied and why a policy of encouraging customer complaints would benefit your organisation, or indeed, any other organisation.
In: Accounting
Sunny Ltd., a hand sanitizer manufacturer, has prepared its financial statements for the year ended at December 31, 2019. On February 28, 2020, the board of directors authorized to issue the financial statements to shareholders. The following events have occurred:
Required:
For each of the above event, state the correct accounting treatments in accordance with Hong Kong Accounting Standards for the year ended at December 31, 2019. If it is an event after the reporting period, identify whether it is an adjusting or non-adjusting event. Give reasons for your answer.
In: Accounting
You have been asked by senior management to report on changing customer needs and to compare changes in customer satisfaction. Explain how you would go about doing this, how you would access the necessary data and the reporting procedures you should follow. (300–350 words)
In: Accounting
On January 1, 2017, the Kane Kite Company leased a new fabric-cutting machine from Stewart Standard, Inc. Under the terms of the lease, Kane Kite must pay $ 200,000 at the beginning of each year, beginning on January 1, 2017, over a nine- year term. The lease terms do not contain a transfer of ownership and there is no bargain purchase option. There is also no residual value specified in the contract. The cutting machine has a useful life of nine years and Kane Kite depreciates similar equipment owned using the straight- line method. Kane Kite’s incremental borrowing rate is 9% and the 8% implicit rate in the lease is known to Kane Kite. The machine cost Stewart Standard $ 1,300,000 to manufacture and it has a selling price of $ 1,349,328. Stewart has no uncertainties as to future costs to be incurred and collection of the annual lease payment. Kane is required to pay $ 5,600 at the end of each year for maintenance and taxes, which it records as general and administrative expenses.
Required a. What type of lease is this for both the lessee and lessor? b. Prepare the lease amortization table for the lease term. c. Prepare the journal entries necessary for Stewart Standard on January 1, 2017, and on December 31, 2017. d. Prepare the journal entries necessary for Kane Kite Company on January 1, 2017, and on December 31, 2017.
In: Accounting
1- Suppose receipts of $20,000 are moved from March to April. (March receipts are now planned at $94,999 while April receipts are planned at $110,210.)
- What change would this have on the total season’s receipt plan?
- What change would this have on the total season’s average stock and turnover?
In: Accounting
Discuss the extent to which decision making is relevant in an organisation. ( 15 marks)
ANSWER THE QUESTION IN NEARLY 1000 WORDS.
In: Accounting
Shadee Corp. expects to sell 550 sun visors in May and 320 in June. Each visor sells for $21. Shadee’s beginning and ending finished goods inventories for May are 60 and 45 units, respectively. Ending finished goods inventory for June will be 60 units.
Each visor requires a total of $3.50 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $2.00 each. Shadee wants to have 27 closures on hand on May 1, 21 closures on May 31, and 22 closures on June 30 and variable manufacturing overhead is $1.75 per unit produced. Suppose that each visor takes 0.70 direct labor hours to produce and Shadee pays its workers $7 per hour. Additional information: Selling costs are expected to be 12 percent of sales. Fixed administrative expenses per month total $1,600.
1. Required: Complete Shadee's budgeted income statement for the months of May and June. (Note: Assume that fixed overhead per unit is $3.00.)
In: Accounting
Question 3 10 marks
Barton Company requested a large loan from First National Bank (FNB) to acquire a large piece of land for future expansion. Bart reported current assets of R1,900 ,000 (R430 000 in cash) and current liabilities of R1,075,000. FNB denied the request for a number of reasons. When the Company received the news, the financial controller immediately paid R420 000 that was owed to several trade creditors. He then asked the bank to reconsider the loan application. Based on the abbreviated facts would you advise FNB to advance the loan? Why? Are the actions of the financial controller ethical?
1) What could be the reasons for the denial of the request for a loan? (2)
2) After the actions of the controller what would be your advice for FNB and why (7)
3) Are the actions of the financial controller ethical? (1)
NB: limit your answer for all 3 sub-questions to 500 words or less
In: Accounting
1)You are likely using various forms of social media (e.g., Twitter, Facebook). Please explore the idea of how would this non-financial information external to the company be of use? What other nonfinancial information would be useful? Could you think of financial information that is external to the organization that might be useful to management as well?
2)Why is it important for an accountant to understand their business and industry as well as managements informational needs in addition to knowing how to generate financial statements? Please present your own examples.
Please help me out!
In: Accounting