Reference no: EM133018970
Question - The following events occurred during the year ended 30 June 2020 for Electrical Limited.
a) On 1 June 2020, Electrical Ltd. signed a three-month 12% per annum note payable to purchase a new equipment costing $48,000. Interest and principal are paid at maturity.
b) On 29 June 2020, Electrical Ltd. received deposit in advance of $12,000 from a construction company for completing the electrical work for a new project during the next 6 months.
c) Electricity charges of $40,000 from 24 April to 23 June are payable on 10 July.
d) Electrical's main product is backed by warranty. Sales of this product for the year totalled $445,000. The opening balance of provision for warranty claims was $10,600. During the year, Electrical's warranty expense was $31,700 and claims paid to customers totalled $25,200.
e) June sales totalled $212,000. Electrical Ltd. collected GST of 10% on this amount. This is due to be paid to the tax office by the seventh day of the following collection.
f) On 30 June 2020, Electrical Ltd. took out a loan for $110,000 from AUZ Bank. Repayments of principal are scheduled evenly over a five-year period. Interest on the loan is paid in the year it is incurred.
Required - For each item, indicate the account name and the amount to be included as a current liability on Electrical's balance sheet prepared at 30 June 2020. (show your working for your calculation for each amount).
What the weighted average shares outstanding for the year
: XYZ Company had 300,000 ordinary shares outstanding on January 1, issued 63,000 shares on May 1, What the weighted average shares outstanding for the year
|
Provide a list of possible audit procedures
: Provide a list of possible audit procedures that could be used by the audit team to test the controls in the client's sales software application
|
Calculate forward premium - discount rate
: He has sold some goods in Japan and is expecting to receive JPY (Japan Yen) 100,000.00 after 3 months. Calculate forward premium - discount rate
|
What price was paid for the stock
: Question - A common stock is held for five years, during which time it receives an annual dividend of $7. What price was paid for the stock
|
For each item indicate the account name and the amount
: For each item, indicate the account name and the amount to be included as a current liability on Electrical's balance sheet prepared at 30 June 2020
|
Calculate the figure that would be disclosed as earnings
: Calculate the figure (correct to one decimal place) that would be disclosed as earnings per share for the year ended 31 December 20X2
|
Calculate depreciation expense using straight-line method
: On July 1, 2020 Sweet Acacia's Greenhouse purchased a new delivery truck for $90,000. Calculate depreciation expense using straight-line method
|
Pass the necessary consolidation journal entries
: Pass the necessary consolidation journal entries and the journal entries to record the non-controlling interest
|
What is its weighted average cost of capital
: The expected return on the market portfolio is 8%. If Clifford Chance's beta is estimated at 1.4, what is its weighted average cost of capital
|