Teresa Greene owns and manages a craft and material shop called All Sewn Up. Most of the revenue of All Sewn Up is from the sale of craft materials, although some revenue is made by giving craft lessons to groups of six customers at a time. As Teresa’s shop relies on many suppliers of small amounts of different craft materials, she has difficulty keeping track of all her accounts payable. Teresa is not very well organised and so struggles to send out accounts to her customers or collect money from them. Teresa is considering implementing a computerised accounting system as she has been doing a computer course at a local TAFE and feels that it could help her to be more organised.

Required:

1. Discuss what source documents would be required in a manual accounting system in order to record the sales to customers and receipt of cash, and to ensure correct payment of money to suppliers? You should also discuss where the transactions should be recorded and the best way to manage the credit sales.

Marks: 8

2. In her computer course Teresa learnt that the focus in accounting should not be on bookkeeping but on the use of the information ‘inside the computer’ to make better decisions and to better manage the business. In what ways could a computerised accounting package such as Xero help Teresa make better decisions and manage her business better?

Marks: 12

Teresa Greene owns and manages a craft and material shop called All Sewn Up. Most of the revenue of All Sewn Up is from the sale of craft materials, although some revenue is made by giving craft lessons to groups of six customers at a time. As Teresa’s shop relies on many suppliers of small amounts of different craft materials, she has difficulty keeping track of all her accounts payable. Teresa is not very well organised and so struggles to send out accounts to her customers or collect money from them. Teresa is considering implementing a computerised accounting system as she has been doing a computer course at a local TAFE and feels that it could help her to be more organised.

Required: (a) Discuss what source documents would be required in a manual accounting system in order to record the sales to customers and receipt of cash, and to ensure correct payment of money to suppliers? You should also discuss where the transactions should be recorded and the best way to manage the credit sales. Marks: 8

(b) In her computer course Teresa learnt that the focus in accounting should not be on bookkeeping but on the use of the information ‘inside the computer’ to make better decisions and to better manage the business. In what ways could a computerised accounting package such as Xero help Teresa make better decisions and manage her business better?

Thanos Merchandising Company was established on January 1, 2019. As of December 31, 2019, the following additional information is available:

1. $5.000 of Office Supplies has been used.

2. Accrued interest revenue is $10.000.

3. $15.000 of prepaid rent has expired as of December 31, 2019.

4. As of December 31, 2017, $20.000 of the Unearned Service Revenue is earned.

Required:

a. Find the Marketing Expense for the year of 2019 (Hint: Write all the accounts to debit or credit sides while considering their nature. The total of debit and credit sides should be equal.) (10 points)

b. Prepare and journalize the adjusting entries. (20 points)

c. Prepare the adjusted trial balance. (20 points)

d. Journalize the closing entries. (20 points)

e. Prepare Income Statement and Statement of Financial Position (Balance Sheet) of Thanos Service Company in proper form. (30 points

6 step hypothesis tests using ANOVA: Levene Test and ANOVA: single factor

Info: Concerned about Friday absences, management examined the number of persons absent for each of the past three Fridays. Does this sample provide sufficient evidence to conclude there is a significant difference in the average number of absences? Use alpha = .05.

Above is a CSV file from the file do the following:

(a) Subset the data to include only those from 1947 to 1964.

(b) Fit a linear regression model, M1, to model population as a function of the year using this data from 1947 to 1964.
(c) Predict the population for the missing years 1955 and 1960.
(d) Plot the population versus Year including the predicted values for 1955 and 1960 in the range 1947 to 1964. The predicted values must be annotated (marke

You receive a year-end statement from your broker that details your stock ownership over the years, and the total gain or loss over the holding period for each. You want to devise a method to make a meaningful comparison of the returns in order to determine which stock performed the best and which performed the worst. The problem is, the holding periods all have different starting and ending dates and are different lengths.

Stock returns
Stock   Buy date   Buy price (P0)   Sell date   Sell price (P1)   Total return
((P1-P0)/P0)
A   1/1/2002   16.00   1/1/2016   25.00   56.3%
B   1/1/2014   87.00   1/1/2015   80.00   -8.0%
C   1/1/2008   26.00   1/1/2014   28.00   7.7%
D   1/1/2001   17.50   1/1/2008   23.50   34.3%
E   1/1/2004   76.00   1/1/2007   68.00   -10.5%
F   1/1/2006   12.00   1/1/2016   13.00   8.3%


What is the best way to compare the returns of these stocks?
   Use the return over the entire holding period for each stock to compare
   Using the total return over the holding period for each stock, take the geometric mean to get the one year average return, and compare
   Find the dollar change of each stock (Sell price minus Buy price) and compare
   Using the total return over the holding period for each stock, take the straight average to get the one year average return, and compare

Answer the following question using R:

(a) Use linear regression to estimate the GDP of the missing years 1955 and 1960. Use the Population estimate for the missing years found using M1.

(b) Create a new data frame showing Population and GDP from 1947 to 1964 including the values for 1955 and 1960 predicted by regression models M1 and M2.

(c) Use this data frame (b) to plot the GDP and Population in a scatter plot for the years 1947 -1964, clearly marking the missing years in the original data

On December 31, 20x5, the Patricia Corporation exchanged an office building for a shopping plaza with another company. No cash exchange took place. Details of the transaction are as follows:

Office Building -
Original cost $1,800,000

Accumulated depreciation 1,300,000

Fair value 800,000

Fair value of shopping plaza 850,000

Patricia is a publicly accountable corporation.

Required-

a.Does this transaction have commercial substance? Explain.

b.Assuming the transaction has commercial substance, write the journal entry to

record this transaction.

c. Assuming the transaction does not have commercial substance, write the journal

entry to record this transaction.

For the following situation, state whether the CPA has violated the CHARTERED PROFESSIONAL ACCOUNTANTS OF ONTARIO Professional Rules of Conduct and/or Independence Standard, and explain your reasoning.

1. Martha, CPA, has a practice with two departments. One department performs assurance services and the other performs bookkeeping services. One of her publicly accountable audit clients lost its controller and the bookkeeping department provided controllership services for 30 days while the company searched for a new controller. As this was an emergency, it was necessary for Martha’s firm to provide the service because it has an intimate knowledge of the client’s system.