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B124 Fundamentals of Accounting
Task:
1. Required:
1.Make the end-of-period adjustments entries. (7.2 Marks)
2. Prepare Farah’s income statement for the year ended December 31, 2020. (7 Marks)
3.Prepare Farah’s balance sheet as at December 31, 2020. (6.8 Marks)
4. How do the adjusting entries differ from other journal entries?? Explain why adjusting entries are needed. (5 marks)
2. Required:
Show the effect of each entry on the financial statements separately. (Correcting entries are not required).
3. Required:
1- Prepare the necessary adjusting entries at December 31, 2019. Show your calculations.
2- Prepare a partial income statement and a partial balance sheet for the year ended December 31,2019 to show the effect of the adjusting entries on these statements (Show you computations and explanation)
4. Required: Using high-low method and CVP analysis
1. Compute Farah’s breakeven point in units and dollars. Prove your answer
2. Compute how many units the company needs to sell to earn a profit of $ 600,000.
3. Compute the selling price per unit of the company if BEP (units) is 40,000 units and the variable cost per unit and total fixed cost does not change.
4. Explain the various methods used to estimate the variable component and the fixed component of the mixed cost (Excluding Scattergraph method) and state which method is the most accurate? Why?
5.Required: Calculate the following:
1. The total manufacturing overhead cost.
2. The total direct materials cost.
3. The total manufacturing cost.
4. The total variable selling and administrative cost.
5. The total variable cost.
6. The total fixed cost.
7. The total contribution margin.
6. Required:
Which model should AAA emphasize? Why? (Show your calculations).
7. “The traditional income statement format arranges the data in a way that allows management to more easily analyze how changes in production and sales will influence operating profit’’ Discuss the accuracy of this statement.
8. Required:
1 Prepare the cash collection schedule for the second quarter.
2. What is the accounts receivable balance on June 30th?
B124 Fundamentals of Accounting
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