Business Finance Homework Help
SEU Metal Product Manufacturing Company Question
Q1. ABC Ltd. is a metal product manufacturing company. The following are the purchases and issues during the month of July, 2019:(1.5 Marks)
|
Date |
||
|
July 1 |
Beginning Inventory |
400 units @ $120 |
|
July 6 |
Purchase |
250 units @ $150 |
|
July 11 |
Purchase |
200 units @ $100 |
|
July 17 |
Sales |
600 units @ $300 |
|
July 19 |
Purchase |
150 units @ $120 |
|
July 21 |
Purchase |
350 units @ $160 |
|
July 31 |
Sales |
500 units @ $350 |
Required:
Using FIFO and Average Cost Method-
- Find out the value of Ending Inventory after each transaction.
- Find out the value of cost of goods sold after each sales.
Note: You can round off the values for the calculations under average cost method.
Answer:
Q2. What formats are used to prepare Statement of Financial Position? Prepare a Statement of Financial Position of MNT Company for the year ended 31st December, 2015 in a proper format from the following list of accounts:(2 Marks)
|
List of Accounts |
Amount ($) |
|
Long Term Investments |
51,000 |
|
Land |
68,500 |
|
Buildings |
165,000 |
|
Equipment |
170,000 |
|
Goodwill |
15,000 |
|
Patents |
5,500 |
|
Inventories |
270,000 |
|
Account Receivable |
90,500 |
|
Prepaid Expenses |
28,000 |
|
Short term investments |
27,000 |
|
Cash and cash equivalents |
26,500 |
|
Share Capital-Ordinary |
210,000 |
|
Share Capital-Preference |
220,000 |
|
Retained Earnings |
93,500 |
|
Bonds (Liabilities due January 31, 2025) |
233,750 |
|
Notes payable |
44,000 |
|
Account payable |
108,350 |
|
Salary payable |
4,200 |
|
Deposits received from customers |
3,200 |
.Answer:
