Glass PLC is a manufacturing company and engaged in the business of wholesale and retail business. The following information has been provided for the quarter ended 31st October 2019. 1. Sales to Wholesale shops : Rs. 7,500,000 2. Sales to end customers : Rs. 6,000,000 3. NBT paid on imported raw materials : Rs. 35,000 4. NBT paid on services : Rs. 50,000 Compute the NBT payable for the quarter ended 31st October 2019

B. Explain the different between exempt suppliers and Zero- rated supplies with reference to Value Added Tax (VAT

C. Roshan is a resident individual and tax payer. He has failed to comply with the statutory requirement to submit an income tax return on or before the due dates. State the applicable penalties for non- compliance with reference to Inland revenue Act No. 24 of 2017.

D. Explain five withholding taxes applicable in Sri Lanka for the year of assessment 2018/19.

Cane Company manufactures two products called Alpha and Beta that sell for $180 and $145, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the capacity to annually produce 118,000 units of each product. Its unit costs for each product at this level of activity are given below:

The company considers its traceable fixed manufacturing overhead to be avoidable, whereas its common fixed expenses are deemed unavoidable and have been allocated to products based on sales dollars.

3. Assume that Cane expects to produce and sell 92,000 Alphas during the current year. One of Cane's sales representatives has found a new customer that is willing to buy 22,000 additional Alphas for a price of $128 per unit. If Cane accepts the customer’s offer, how much will its profits increase or decrease?

5. Assume that Cane expects to produce and sell 107,000 Alphas during the current year. One of Cane's sales representatives has found a new customer that is willing to buy 22,000 additional Alphas for a price of $128 per unit. If Cane accepts the customer’s offer, it will decrease Alpha sales to regular customers by 11,000 units.

a. Calculate the incremental net operating income if the order is accepted? (Loss amount should be indicated with a minus sign.)

b. Based on your calculations above should the special order be accepted?

6. Assume that Cane normally produces and sells 102,000 Betas per year. If Cane discontinues the Beta product line, how much will profits increase or decrease?

7. Assume that Cane normally produces and sells 52,000 Betas per year. If Cane discontinues the Beta product line, how much will profits increase or decrease?

8. Assume that Cane normally produces and sells 72,000 Betas and 92,000 Alphas per year. If Cane discontinues the Beta product line, its sales representatives could increase sales of Alpha by 12,000 units. If Cane discontinues the Beta product line, how much would profits increase or decrease?

On December 1st a company pays $1,380 to a catering company for the company Christmas party scheduled for mid December 2015. In recording this transaction the December 31st financial statements would reflect:

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Question 21 pts

Which of the following is a current asset?

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Question 31 pts

The net income from the bottom of the statement of income is connected to the statement of financial position (balance sheet) through which of the following accounts?

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Question 41 pts

Which of the following is an operating activity for a department store?

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Question 51 pts

If a company is at the end of its first year of operations, which of the following is/are true?

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Question 61 pts

A public company issues a share to Investor A in exchange for cash of $10. One year later the company's shares are trading on the stock exchange at a market price of $15 per share. Which of the following statements is true?

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Question 71 pts

The two primary sources of funds to finance a company's expansion are:

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Question 81 pts

A company collects cash from a customer that had purchased goods on account three months earlier. In recording the cash collection there would be

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Question 91 pts

Which of the following best describes an asset?

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Question 101 pts

Material information is information that would impact the decision of a financial statement user. Materiality is most closely related to:

3.3) A small market orders copies of a certain magazine for its magazine rack each week. Let X = demand for the magazine, with the following pmf.

Suppose the store owner actually pays $2.00 for each copy of the magazine and the price to customers is $4.00. If magazines left at the end of the week have no salvage value, is it better to order three or four copies of the magazine? [Hint: For both three and four copies ordered, express net revenue as a function of demand X, and then compute the expected revenue.]

*What is the expected profit if three magazines are ordered? (Round your answer to two decimal places.)

*What is the expected profit if four magazines are ordered? (Round your answer to two decimal places.)

*How many magazines should the store owner order?

-3 magazines

-4 magazines

Step 1 - Information

A new client, OC Ranger, comes to you and asks you to record the business accounting transactions and prepare financial statements for a business as of December 31, 2019. The company, which uses the calendar year as its annual reporting period, began business on December 1, 2019. The name of the company is OC Ranger’s College Consulting Company.

1. Analyze the following transactions, calculate the amount of each entry, and use the debit and credit rules to prepare a journal entry for each transaction.
2. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
3. Calculate each account balance and list the accounts with their balances on a trial balance. Use the Accounting Worksheet to prepare the trial balance.
4. Verify that the total debits in the trial balance equal the total credits.

Accounting Transactions:

12/1/2019            OC Ranger invested $25,000 cash into a new business, OC Ranger’s College Consulting Company.

12/1/2019            $600 cash was paid for one month’s rent expense.

12/1/2019            $1,500 cash was paid to purchase a computer system.

12/1/2019            $7,000 of office equipment was purchased. $1,000 cash was paid as a down payment on the equipment and a note payable of $6,000 was signed for the remainder owed on the equipment.

12/1/2019            $3,000 of office supplies were purchased. $1,000 cash was paid and $2,000 was charged as an accounts payable.

12/1/2019            $2,400 cash was paid to purchase a 12-month prepaid insurance policy.

12/1/2019            $400 cash was paid to purchase advertising for the month of December.

12/15/2019         $2,100 cash was received from customers for consulting services revenue paid in cash.

12/15/2019         Customers were billed $3,600 for consulting services revenue earned on credit, which are recorded as accounts receivable.

12/20/2019         $900 cash was paid to a part-time employee for wages earned December 1 through December 15.

12/20/2019         $1,900 cash was received from customers for consulting services revenue paid in cash.

12/21/2019         $1,800 cash was collected from customers’ accounts receivable.

12/22/2019         $1,000 cash was received as a deposit from a customer for a special-order project the customer requested. The $1,000 is to be recorded in unearned revenue.

12/31/2019         Customers were billed $2,500 for consulting services revenue earned on credit, which are recorded as accounts receivable.

12/31/2019         $190 cash was paid for the office telephone bill.

12/31/2019         OC Ranger withdrew $3,000 cash from the business.

Chart of Accounts to be used for this client

Step 2 - Information

The following information relates to your new client’s accounts. The company initially records prepaid and unearned items in balance sheet accounts (assets and liabilities, respectively).

1. Prepare all necessary adjusting entries on December 31, 2019. Use the debit and credit rules to prepare a journal entry for each transaction.
2. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
3. Calculate each adjusted account balance and list the adjusted balances on an adjusted trial balance. Use the Accounting Worksheet to prepare the adjusted trial balance.
4. Verify that the total debits in the adjusted trial balance equal the total credits.

Adjusting Entries

1. Record one month of depreciation for the computer of $25
2. Record one month of depreciation for the office equipment of $150
3. Record one month of insurance used as of December 31, 2019 of $200.
4. A physical count of the office supplies on December 31, 2019 shows that $1,100 of supplies are still in the storage cabinet.
5. Half of the $1,000 deposit received from the customer requesting a special-order project (originally recorded as unearned revenue) has been earned as of December 31, 2019.
6. Record $900 of wages payable as of December 31, 2019.
7. Record one month of interest payable on the equipment of $50.
8. Record the cell phone bill payable, but not paid, of $200.

Step 3 - Information

1. Prepare your client’s financial statements for the year ended December 31, 2019.
2. Complete the Income Statement and Balance Sheet columns of the Accounting Worksheet.
3. Prepare the December 31, 2019, Financial Statements, including the Income Statement, Statement of OC Ranger’s Capital, and the Balance Sheet.

Step 4 - Information

Prepare closing entries for your client.

1. Prepare all necessary closing entries on December 31, 2019. Use the debit and credit rules to prepare a journal entry for each transaction, post the journal entries to the Adjusting and Closing Journal.
2. Close revenue and expense accounts to the Income Summary account in the general ledger.
3. Post each debit and credit from the journal entries to their general ledger accounts (using T-Accounts) and cross-reference each account in the posting reference (PR) columns of the journal and ledger.
4. Calculate each general ledger account balance after the closing entries have been posted.
5. Enter the closing entries and list the post-closing balances on the Accounting Worksheet.
6. Verify that the total debits in the post-closing trial balance on the worksheet equal the total credits.

Q. What is the relationship between Computer Attitudes scores and Computer Self Efficacy scores of students? (50 pts.)

a) Hypothesis testing (15pts.)

b) Evaluate the Scatterplot (15pts.)

c) Results and Interpretation (20pts.)

Q. what is the difference between Black-litterman and Stutzer’s 2004 optimisation approach ?

Assets such as receivables, inventory, and property, plant, and equipment are the key resources used to help an organization generate revenue. Select a specific asset within these three types and discuss how a company can use this to generate revenue.

further explanation

select one of the asset accounts in the discussion topic. Provide an illustration/example of a transaction that would occur from the organization generating revenue. Clearly describe an example and reflect both the debit and credit entries one would record. Then, explain how those entries (both the debit and the credit) affect the income statement and the balance sheet. Then describe how the transaction generates revenue for the company.

First, provide a description of each of the accounts noted in the topic and explain what each one represents. Second, provide the illustration/example, and third, explain how it represents the generation of revenue. 2-3 paragraphs, minimum of 2 citations