Imagine you are constructing a writing project of your own. What…

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Question Answered step-by-step Imagine you are constructing a writing project of your own. What… Imagine you are constructing a writing project of your own. What will it look like? How will it be assembled?  write an actual story. Decide what genre your project will be. Choose a setting, including the environment and relationship to the main character. Plan a story arc: Arts & Humanities Writing ACADEMIC 100 Share QuestionEmailCopy link Comments (0)

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Description Contents: Three Question attachedQuestion1 ……………………….…………………………………………………………………………Question 2 ...………………………………………………………………………………………………Question 3 …………………………………………………………………………………………………. 5 attachmentsSlide 1 of 5attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3attachment_4attachment_4attachment_5attachment_5.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Question 1 A- Tracy Underhill operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2017. Trial balance for Tracy Underhill as at 31 December 2017 Sales revenue Inventory (as at 1 January 2017) Purchases Non-current assets at cost: Equipment Motor vehicle Accumulated depreciation: Equipment Motor vehicle Insurance Rent Heating and lighting Salaries and wages Motor expenses Miscellaneous expenses Receivables Allowance for receivables Payables Cash Bank loan Capital Total Debit £ _. 105,800 625,200 Credit £ 695,000 100,000 80,000 10,000 10,000 14,700 30,000 10,000 40,000 15,300 28,500 110,000 14,000 101,500 71,000 1,230,500 100,000 300,000 1,230,500 Additional information is provided for use in preparing the company’s adjustments: 1 The value of closing inventory is £102,500. 2 Interest is payable on the bank loan at eight per cent per annum. The annual amount due as at 31 December 2017 had not yet been paid. 3 Tracy has paid her rent until 31 March 2018. Her annual rent is £24,000. 4 Office equipment has a useful life of ten years and a residual value of £0. It is to be depreciated on a straight-line basis. 5 The motor vehicle with a useful life of ten years and an estimated residual value of £30,000 is to be depreciated on a straight-line basis at a rate of 10%. 6 Tracy finds that receivables of £10,000 need to be written off as irrecoverable. 7 The allowance for receivables is to be set at ten per cent of the remaining outstanding receivables as at 31 December 2017. 8 The heating bill will arrive on 5 January and about £1,000 is expected to relate to the period until 31 December. Required: 1) Make the end-of-period adjustments entries 2) Prepare Tracy’s income statement for the year ended December 31, 2017. 3) Prepare Tracy’s balance sheet as at December 31, 2017. B- What will be the effect on financial statements if an accrued expense is not recorded at the end of the year? C- On June 30 of the current calendar year, Apricot Co. paid $9,500 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to expense accounts at the time of cash payment. Required: 1- Prepare the adjusting entry on December 31 for Apricot Co. 2- Show the effect of the adjusting entry on Income statement and balance sheet at the end of the Current calendar year Question 2 A- Keys Company accumulates the following data concerning a mixed cost, using miles as the activity level. January February March April Miles Driven 10,000 8,000 9,000 7,500 Total Cost $15,000 13,500 14,400 12,500 Required: 1. Compute the variable and fixed cost elements using the high-low method 2. If it is estimated that 12,000 miles will be drive in May, what is the expected total cost for May? B- XYZ Company sells its only product for $40 per unit. Its total fixed costs are $180,000 per annum. Its CM ratio is 20%. XYZ plans to sell 16,000 units this year. Required: 1. Calculate CM per unit and the variable cost per unit. 2. Calculate break-even point in unit sales and in dollar sales? 3. Calculate the unit sales and dollar sales required to achieve a target profit of $60,000 per year? 4. Assume that the company is able to reduce its variable costs by $4 per unit and accordingly the sales price per unit will also be reduced by 5%. a) Calculate the company’s new break-even point in unit sales and in dollar sales? b) Calculate dollar sales required to achieve a target profit of $60,000? 5. In your opinion, did you think the company would be better off with the assumed reductions in (4)? Why? C-Management of Farah Corporation has asked your help as an intern in preparing some key reports for April. Direct labor cost was $25,000, Total manufacturing costs during April were $176,000. Direct labor cost was 20% of prime cost. Required: Calculate direct material cost and the manufacturing overhead cost. D- Sun Company and Moon Company are identical in all respects except that most of Sun company costs are variable, and most of Moon company costs are fixed. In case sales increase (for both companies), which of the two companies will tend to realize the greatest increase in its net income? Why? Question 3 A- ABC company has two divisions--Women and Men. The divisions have the following revenues and expenses: Sales Variable costs Traceable fixed costs Allocated common corporate costs Net income (loss) Women $ 500,000 200,000 150,000 135,000 $ 15,000 Men $ 550,000 275,000 180,000 170,000 $ (75,000) The management of ABC is considering the elimination of the Men Division. If the Men Division were eliminated, its traceable fixed costs could be avoided. Total common corporate costs would be unaffected by this decision. Required: Should the Company drop Men division? Explain. Support you answer with the necessary calculations. B- XYZ Company manufactures and sell wooden product. It wants to prepare cash budget for the second quarter of the year. The company’s sales budget for the second quarter given below: Budgeted Credit Sales April May June Total $470,000 $670,000 $230,000 $1,370,000 - Credit sales are collected as follows: 25% in the same month of sale, 65% in the month following sale, and 10% in the second month following sale - February sales totaled $400,000, and March sales totaled $430,000. Required: 1. Prepare the cash collection schedule for the second quarter. 2. What is the accounts receivable balance on June 30th? C- ABC Corporation has estimated the following information for first quarter of 2020 for one of its products: Units to be produced Desired ending inventory of finished goods January 128,000 30,000 February 140,000 36,000 March 152,000 38,000 The ending inventory at December 2019 was 28,000 units. Required: Prepare the Production Budget and the Sales Budget for the first quarter of 2020, assuming selling price per unit is $20. D- The following information has been take from a manufacturing company for the year 2019: Sales revenues 36,000 – opening inventory of materials 10,000 – closing inventory of materials 8,000 – opening inventory of finished goods 6,000 – closing inventory of finished goods 4,000 – cost of goods produced 26,000 Required: Calculate cost of goods sold and gross profit for the year ended December 31, 2019. Purchase answer to see full attachment Tags: business and finance Financial Management accounting Income Statement Interest Payable User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
GHS Economics Worksheet
CHOOSE THE CORRECT ANSWER 1.What is good customer service? Select...