10 What would the company’s profit become after the correction of the above errors?
A $634,760
B $624,760
C $624,440
D $625,240
The following information is relevant for questions 9 and 10A company’s draft financial statements for 2005 showed a profit of $630,000. However, the trial balance did not agree,and a suspense account appeared in the company’s draft balance sheet.Subsequent checking revealed the following errors:(1) The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.Depreciation at the rate of 10% per year ($480) had been charged.(2) Bank charges of $440 appeared in the bank statement in December 2005 but had not been entered in thecompany’s records.(3) One of the directors of the company paid $800 due to a supplier in the company’s payables ledger by a personalcheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entryfor the transaction. (The company does not maintain a payables ledger control account).(4) The payments side of the cash book had been understated by $10,000.9 Which of the above items would require an entry to the suspense account in correcting them?A All four itemsB 3 and 4 onlyC 2 and 3 onlyD 1, 2 and 4 only
点击查看答案
2 The draft financial statements of Rampion, a limited liability company, for the year ended 31 December 2005included the following figures:$Profit 684,000Closing inventory 116,800Trade receivables 248,000Allowance for receivables 10,000No adjustments have yet been made for the following matters:(1) The company’s inventory count was carried out on 3 January 2006 leading to the figure shown above. Salesbetween the close of business on 31 December 2005 and the inventory count totalled $36,000. There were nodeliveries from suppliers in that period. The company fixes selling prices to produce a 40% gross profit on sales.The $36,000 sales were included in the sales records in January 2006.(2) $10,000 of goods supplied on sale or return terms in December 2005 have been included as sales andreceivables. They had cost $6,000. On 10 January 2006 the customer returned the goods in good condition.(3) Goods included in inventory at cost $18,000 were sold in January 2006 for $13,500. Selling expenses were$500.(4) $8,000 of trade receivables are to be written off.(5) The allowance for receivables is to be adjusted to the equivalent of 5% of the trade receivables after allowing forthe above matters, based on past experience.Required:(a) Prepare a statement showing the effect of the adjustments on the company’s net profit for the year ended31 December 2005. (5 marks)
What would happen if women's wages were raised?A. The imput of labor would be increased.B. The unemployment rate would go up.C. Those who have jobs would all become better off.D. Women as a group would earn more than before.
Swim Co offers training courses to athletes and has prepared the following breakeven chart:Required:(a) State the breakeven sales revenue for Swim Co and estimate, to the nearest $10,000, the company’s profit if 500 athletes attend a training course. (2 marks)(b) Using the chart above, explain the cost and revenue structure of the company. (8 marks)
If the bandwidth of an OSPF interface is 64, what would be the calculated cost of the link?()A. 1B. 10C. 1562D. 64000E. 128000F. None of the above
What is the teacher doing in terms of error correction? T: Does any of you have a pet at home? S: 1 have dog at home. T: Oh, I see you have a dog at home. Is your dog big or small? A．Helping students do self-correction. B．Indirect correction. C．Tolerating correction. D．Encouraging students to do peer correction.
What is the teacher doing in terms of error correction? T: Does any of you have a pet at home? S: I have dog at home. T: Oh, I see you have a dog at home. Is your dog big or small?A.Helping self-correction. B.Issuing indirect correction. C.Tolerating correction. D.Peer correction.
