Sweets R Us Pty Ltd. is a large confectionary company that manufactures a range of standard sweet products and some specialty products for the Australian market. Most of the company’s production is in standard chocolate goods and they offer personalised packaging for promotional or fundraising purposes. They also provide uniquely moulded and decorated chocolate items for special events such as grand finals. You have been allocated the role of assessing the controls in the Purchases, Accounts Payable and Payments system, and have obtained the following details:

Raw material ordering process

1. To maintain and control product quality a limited number of trusted suppliers are used.
2. The production manager oversees raw material inventory. Orders are placed based on current production orders and quantities of raw material currently on hand with next day delivery where possible.
3. No formal purchase order system is used.

Raw material warehousing procedures

1. The warehouse personnel are trusted, long-term employees.
2. One of the warehousing staff ensures that all goods received, primarily raw materials, are in good order and signs the couriers’ delivery dockets in acknowledgment of materials received.
3. Movement of in and out of the warehouse is not recorded, but the production manager monitors stock levels and movements daily.

Note: Finished goods are warehoused in a separate secured area that only the production manager and his assistant have access to.

1. Identifies and explains t (5) control weaknesses associated with the purchases and accounts payable outlined above.
2. Identifies and explains the account balance assertions for raw material inventory and accounts payable that are most impacted by control weaknesses.
3. Recommends and justifies a control improvement for each of the weaknesses identified in requirement one.

1.

Vertical Analysis of Income Statement

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

b. The vertical analysis indicates that the cost of goods sold as a percent of sales __________ by 5 percentage points, while selling expenses ____________ by 2 percentage points, and administrative expenses ___________ by 1 percentage points. Thus, net income as a percent of sales ________ by 2 percentage points.

2.

Vertical Analysis of Balance Sheet

Balance sheet data for Alvarez Company on December 31, the end of two recent fiscal years, follows:

Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place.

2.

Horizontal Analysis of the Income Statement

Income statement data for Winthrop Company for two recent years ended December 31, are as follows:

a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place.

b. The net income for Winthrop Company increased between years. This increase was the combined result of an ______ in sales and _____ percentage _____ in cost of goods sold. The cost of goods sold increased at a ______ rate than the increase in sales, thus causing the percentage increase in gross profit to be ______ than the percentage increase in sales.

Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended September 30, 2019.

Using the information presented below, complete Part 1 of Form 941, rounding to the nearest cent.

• # of employees for pay period that included September 12-14 employees
• Wages paid third quarter-$79,750.17
• Federal income tax withheld in the third quarter-$9,570.00
• Taxable social security and Medicare wages-$79,750.17
• Total tax deposits for the quarter-$21,771.83

Hint: Line 7 instructions. Fill in Form 941 through line 6, then fill in Part 2, line 16. Take that information and fill in line 13. Lines 12 and 13 must equal. If the amounts are not the same, correct by entering amount to make equal on line 7. Line 7 differences are caused by how calculations are made on Form 941 and the amounts withheld from employee's earning plus the employer's payroll tax amounts each pay.

Flow of Costs and Income Statement

Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company began production of a leather cover for tablet computers, called the iLeather. The cover is made of stitched leather with a velvet interior and fits snugly around most tablet computers. In January, $762,000 was spent on developing marketing and advertising materials. For the first six months of 20Y3, the company spent an additional $1,405,000 promoting the iLeather. The product was ready for manufacture on January 21, 20Y3.

Technology Accessories Inc. uses a job order cost system to accumulate costs for the iLeather. Direct materials unit costs for the iLeather are as follows:

Leather$10.00

Velvet5.00

Packaging0.40

Total$15.40

The actual production process for the iLeather is fairly straightforward. First, leather is brought to a cutting and stitching machine. The machine cuts the leather and stitches an exterior edge into the product. The machine requires one hour per 130 iLeathers.

After the iLeather is cut and stitched, it is brought to assembly, where assembly personnel affix the velvet interior and pack the iLeather for shipping. The direct labor cost for this work is $0.50 per unit.

The completed packages are then sold to retail outlets through a sales force. The sales force is compensated by a 20% commission on the wholesale price for all sales.

Total completed production was 500,000 units during the year. Other information is as follows:

Number of iLeather units sold in 20Y3460,000

Wholesale price per unit$40

Factory overhead cost is applied to jobs at the rate of $1,300 per machine hour. There were an additional 20,000 cut and stitched iLeathers waiting to be assembled on December 31, 20Y3.

In your computations, if required, round interim per unit costs to two decimal places and final answers to the nearest whole dollar.

Required:

1. Prepare an annual income statement for the iLeather product.

Technology Accessories Inc.

Income Statement

For the Year Ended December 31, 20Y3

Sales $

Cost of Goods Sold

Gross Profit $

Selling Expenses:

Salespersons Commissions $

Advertising Design

Advertising Expenses

Total Selling Expenses

Operating income $

Feedback

1.

a. Calculate the sales revenue.

b. Calculate the manufacturing cost per unit (direct and indirect costs).

c. Assign all the manufacturing costs per unit to the number of units sold.

2. Determine the balances in the finished goods and work in process inventories for the iLeather product on December 31, 20Y3.

Finished Goods$

Work in Process$

In Ontario, the HST rate is 13 percent, in Alberta there is only GST of 5 percent. For which of the following transactions will the rate charged be 5 percent? Question 6 options:

A. An Ontario registrant ships a product to a recipient in Alberta.

B. An Ontario registrant sells a product to a resident of Alberta who is visiting Ontario.

C. An Alberta registrant ships a product to a recipient in Ontario.

D. A writer located in Alberta produces a book for a publisher located in Ontario and receives payment from the Ontario office.

The term "supply" as used in the Excise Tax Act would include all of the following except: Question 7 options:

A. The sale of a car by a car dealership.

B. The provision of engineering services by an engineering firm.

C. A trade of hairdressing services provided in exchange for tax advice.

D. The provision of employment services by an employee to their employer.

question 3: John’s Rooms is a new business which started on January 1, 2016. Its sales during its first four quarters of operation were as follows: Quarter Sales 1 - $13,000 2 - 18,000 3 - 24,000 4 - 27,000 On what date will John’s Rooms have to begin collecting GST? Question 3 options A. The date in the second quarter on which cumulative sales total $30,000. B. July 1, 2016. C. August 1, 2016. D. September 1, 2016.

Question 4: How does the Canadian government compensate for the regressive nature of the GST? Question 4 options: A. By allowing an exemption from the tax for lower income individuals. B. By ensuring that items purchased more frequently by lower income individuals are not subject to the tax. C. By providing lower income individuals with GST refunds. D. By providing a refundable GST tax credit that is available to lower income individuals.

Question 5: Kevin Knight, a lawyer, is a sole practitioner in the province of Ontario. The HST rate in Ontario is 13 percent. Kevin has requested that you advise him on what his HST remittance should be for the October to December quarter. Details of transactions, excluding HST, between October and December are: Revenues $30,000 Expenses: Salaries $ 7,000 Proprietor’s drawings 11,000 Office supplies 500 Rent 3,000 The HST that is to be remitted for the October to December quarter is: Question 5 options: A. $1,105. B. $2,535. C. $3,445. D. $3,835. E. None of the above.

1. A cylindrical tube that is 2.20 m long and has a radius of 150 mm is filled with water. It is oriented with its long central axis vertical, and it is open to the air at the upper end. A hole 80.0 mm in radius is drilled in the bottom, and the water is allowed to drain out. When the water level is half the height of the tube, (a) what is the speed of the water exiting through the hole, (b) at what rate (in meters cubed per second) is the water leaving the tube, and (c) how fast is the top of the water column falling?

1. What is the index of refraction of a material for which the wavelength of light is 0.83 times its value in a vacuum?

2. A diffraction grating has 2400 lines per centimeter. At what angle in degrees will the third-order maximum be for 636 nm wavelength light?

3. What is m for the highest-order maximum for 462 nm light falling on double slits separated by 19.5 μm? Remember, m can only be an integer.

Plz answer all, don't have money for more questions. will give thumbs up in appreciation :)

ASSIGNMENT 2

1. Use the business cycle model to explain the difference between a recession and an economic boom. Explain in detail how businesses are affected by a recession and an economic boom.                                                                                               [25 marks]

2. When the economy is in recession, the output will be falling, unemployment will be rising, and business confidence will be fading. What policies must the government take to reduce the adverse effects of the recession? Use examples of policies that were used by Namibia and other countries on the globe during the 2006-2009 global recession to support your answer.                                                                                                              [25 MARKS]

The heights of 1000 students are approximately
normally distributed with a mean of 174.5 centimeters
and standard deviation is unknown. Suppose
200 random samples of size 25 are drawn from this population
and the means recorded to the nearest tenth of
a centimeter.

with n=6 and assume the true σ is unknown and S=7.5 centimeters instead

Determine
(a) the mean and standard deviation of the sampling
distribution of ¯X ;
(b) the number of sample means that fall between 172.5
and 175.8 centimeters inclusive;
(c) the number of sample means falling below 172.0
centimeters.