QUESTION 1
Which of the following statements is/are correct? The balance on
the financial account of R105 668m in 2009 indicates…
(a) the value of the stock of the assets and liabilities.
(b) the net change in South Africa’s foreign assets and
liabilities.
(c) that the flows of inward investment by foreigners exceeded the
flows of outward investment by south African residents
QUESTION 2
Which of the following statements is/are correct?
(a) The value of net gold exports was higher in 2009 than in
2002.
(b) There is a declining trend in the relative contribution of gold
exports to the balance of trade.
(c) In 1998 gold exports comprised nearly half of all merchandise
exports
In: Economics
Analysis of Revenue Growth & Sustainability
In: Accounting
1/Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the cost recovery method to recognize revenue on these installment sales. In 2017, Lake began operations and sold jet skis with a total price of $780,000 that cost Lake $390,000. Lake collected $260,000 in 2017, $260,000 in 2018, and $260,000 in 2019 associated with those sales. In 2018, Lake sold jet skis with a total price of $1,380,000 that cost Lake $828,000. Lake collected $460,000 in 2018, $368,000 in 2019, and $368,000 in 2020 associated with those sales. In 2020, Lake also repossessed $184,000 of jet skis that were sold in 2018. Those jet skis had a fair value of $69,000 at the time they were repossessed.
In 2019, Lake would recognize realized gross profit of:
Multiple Choice
$260,000.
$0.
$420,000.
$628,000.
2/ Johnson sells $112,000 of product to Robbins, and also purchases $12,400 of advertising services from Robbins. The advertising services have a fair value of $9,200. Johnson should record revenue on its sale of product to Robbins of:
Multiple Choice
$99,600
$102,800
$108,800
$112,000
3/ Video Planet (“VP”) sells a big screen TV package consisting
of a 60-inch plasma TV, a universal remote, and on-site
installation by VP staff. The installation includes programming the
remote to have the TV interface with other parts of the customer’s
home entertainment system. VP concludes that the TV, remote, and
installation service are separate performance obligations. VP sells
the 60-inch TV separately for $1,280, sells the remote separately
for $80, and offers the installation service separately for $240.
The entire package sells for $1,500.
Required:
How much revenue would be allocated to the TV, the remote, and the
installation service?
| Item Description | Allocated Revenue |
| TV | |
| Remote | |
| Installation | |
| Total revenue | $0 |
4/ Present and future value tables of $1 at 9% are presented below.
| PV of $1 | FV of $1 | PVA of $1 | FVAD of $1 | FVA of $1 | |
| 1 | 0.91743 | 1.09000 | 0.91743 | 1.0900 | 1.0000 |
| 2 | 0.84168 | 1.18810 | 1.75911 | 2.2781 | 2.0900 |
| 3 | 0.77218 | 1.29503 | 2.53129 | 3.5731 | 3.2781 |
| 4 | 0.70843 | 1.41158 | 3.23972 | 4.9847 | 4.5731 |
| 5 | 0.64993 | 1.53862 | 3.88965 | 6.5233 | 5.9847 |
| 6 | 0.59627 | 1.67710 | 4.48592 | 8.2004 | 7.5233 |
Ajax Company purchased a one-year certificate of deposit for its
building fund in the amount of $190,000. How much should the
certificate of deposit be worth at the end of one years if interest
is compounded at an annual rate of 9%?
Multiple Choice
$205,841.
$173,053.
$207,100.
$174,312.
In: Accounting
One of the most popular tourist destinations in the US is Las Vegas. Unlike many other destinations in the US, price discrimination is common in Las Vegas, with many businesses regularly offering discounts to local residents for food and drink, entertainment and even hotel rooms. Why do you suppose these local’s discounts are common in Las Vegas but not other US cities? How is this pricing policy similar to the one described for the Buddhist temple in Laos?
In: Economics
In April, employment in leisure and hospitality plummeted by 7.7 million, or 47 percent. Almost three-quarters of the decrease occurred in food services and drinking places (-5.5 million). Employment also fell in the arts, entertainment, and recreation industry (-1.3 million) and in the accommodation industry (-839,000). [Employment Situation, Bureau of Labor Statistics]
Draw a demand and supply diagram for the leisure and hospitality that illustrates the above information. Explain your diagram and any changes you draw.
In: Economics
| Individual | Television | Radio |
| 1 | 22 | 25 |
| 2 | 8 | 10 |
| 3 | 22 | 21 |
| 4 | 22 | 18 |
| 5 | 25 | 29 |
| 6 | 13 | 10 |
| 7 | 29 | 10 |
| 8 | 26 | 25 |
| 9 | 33 | 21 |
| 10 | 16 | 15 |
| 11 | 10 | 33 |
| 12 | 30 | 12 |
| 13 | 40 | 33 |
| 14 | 16 | 38 |
| 15 | 41 | 30 |
| In recent years, a growing array of entertainment options competes for consumer time. By 2004, cable television and radio surpassed broadcast television, recorded music, and the daily newspaper to become the two entertainment media with the greatest usage (The Wall Street Journal, January 26, 2004). Researchers used a sample of 15 individuals and collected data on the hours per week spent watching cable television and hours per week spent listening to the radio. |
| a. Use a .05 level of significance and test for a difference between the population mean usage for cable television and radio. What is the p-value? |
| b. What is the sample mean number of hours per week spent watching cable television? What is the sample mean number of hours per week spent listening to radio? Which medium has the greater usage? |
In: Statistics and Probability
Hi, I need to determine what costs are fixed vs what costs are variable. Listed below are the expenses.
| American Express Merchant Fees | ||
| Amortization Expense | ||
| Answering Service | ||
| Bank Service Charges | ||
| Bookkeeping Fee | ||
| Brownie Points Rewards | ||
| Customer service Salary | ||
| Cellular Phone | ||
| Computer Equipment | ||
| Constant Contact | ||
| Fax Expenses | ||
| Google AdWords | ||
| Authorize.net Process Fee | ||
| Meals and Entertainment | ||
| Visa Mastiercard Merchant Fees | ||
| Office Supplies | ||
| Parking Expense | ||
| Postage and Delivery | ||
| Printing and Reproduction | ||
| Accounting and legal Fees | ||
| SalesForce.com | ||
| Telemarketing | ||
| Telephone Expense | ||
| Sales Person Commission | ||
| Travel Expense | ||
| Website Development Costs | ||
| Web Hosting | ||
| American Express Merchant Fees | ||
| Amortization Expense | ||
| Answering Service | ||
| Bank Service Charges | ||
| Bookkeeping Fee | ||
| Brownie Points Rewards | ||
| Customer service Salary | ||
| Cellular Phone | ||
| Computer Equipment | ||
| Constant Contact | ||
| Fax Expenses | ||
| Google AdWords | ||
| Authorize.net Process Fee | ||
| Meals and Entertainment | ||
| Visa Mastiercard Merchant Fees | ||
| Office Supplies | ||
| Parking Expense | ||
| Postage and Delivery | ||
| Printing and Reproduction | ||
| Accounting and legal Fees | ||
| SalesForce.com | ||
| Telemarketing | ||
| Telephone Expense | ||
| Sales Person Commission | ||
| Travel Expense | ||
| Website Development Costs | ||
| Web Hosting |
In: Accounting
Question 2: Preparation and Presentation of the Income Statement
SHOW YOUR WORKING FOR EACH OF THE NUMBERED QUESTIONS
In your new position as chief financial officer for Gulf Barges Limited, the first task you have been assigned to complete is to prepare the income statement for the 12-month period ended June 30, 2022.
On your desk on your first day, the previous chief financial officer has left you valuable information to complete the task.
SHOW YOUR WORKING FOR EACH OF THE NUMBERED QUESTIONS
1 -Total revenue recorded by Gulf Barges Limited during the accounting period was $185,852,000. Included in the total revenue figure is Other Revenue totalling $21,050,000 and Interest Income totalling $2,453,000.
Following is a list of expenses incurred by the company.
|
Expense Account |
Total Incurred |
|
Advertising and Marketing Costs |
$2,512,000.00 |
|
Assigned Overhead |
$15,483,000.00 |
|
Direct Labour |
$47,894,000.00 |
|
Direct Material |
$12,560,000.00 |
|
Entertainment |
$561,000.00 |
|
Insurance and Utilities |
$1,690,000.00 |
|
Office Supplies |
$590,000.00 |
|
Repairs and Maintenance |
$1,457,000.00 |
|
Salaries to Administrative Staff |
$6,801,000.00 |
|
Sales Commissions |
$21,036,000.00 |
|
Travel Costs |
$1,260,000.00 |
2 -On January 1, 2022, the company sold a block of land held for investment and recognized a gain on the sale of $12,861,000.
3 -On April 1, 2022, the company sold equipment that resulted in a loss of $4,891,000.
4 -The company incurred finance interest charges during the accounting period of $14,890,000.
5 -The company is involved in joint venture operations. As a result of poor financial conditions, the company recorded a net loss of $15,069,000 from its share of the joint venture operations.
6 -From the operations of its associate firms, the company recorded a net gain of $4,287,000 for the financial period ended June 30, 2022.
7 -If the company reports a profit during the year, the effective corporate tax rate is 25%. If a loss is reported the effective tax rate is zero.
Required:
Using the information supplied, prepare an income statement for Gulf Barges Limited for the accounting period that conforms with IFRS IAS 1 requirements and recommendation. (Hint: Expenses should be classified by function (e.g., cost of goods sold) not nature. SHOW YOUR WORKING FOR EACH OF THE NUMBERED QUESTIONS
In: Finance
ABC Hotel is a 390-room economy hotel in downtown St. Louis. After taking physical inventory of the laundry chemicals on May 31st, the assistant controller found that:
In the Main Storeroom
In the Laundry Room
The beginning inventory for laundry supplies on May 1st was $6,051.75. Purchase of laundry chemicals on May 9th totaled $890.15. The hotel sold 9,067 rooms for the month at an average daily rate of $65.10. Please calculate the laundry chemical cost percentage for the month. Please round all answers to two decimal places.
First please calculate total ending inventory $___
2. Please use the information in Question 1 to calculate the cost of laundry supplies used. Round all answers to two decimal places.
Cost of laundry supplies used $___
3.Please use the information in Question 1 to calculate the monthly rooms revenue. Round all answers to two decimal places.
Monthly rooms revenue $___
4. Please use the information in Question 1 to calculate the laundry cost percentage. Round all answers to two decimal places.
Laundry cost percentage ___%
5. Calculate the net food cost percentage for the Food department of a hotel for the month of May. The total food sales revenue for May was $191,118. The following information has been gathered:
To earn full credit, please calculate these amounts. Except as indicated below, answers are whole numbers. Be sure to include a minus sign (-) for any negative amounts:
First calculate gross cost of food sales $___
In: Accounting