# data[].attributes.body
Your company has received rental income in the forms of a $25 000 cheque during the year ended 21 August 20X6 . However, $4000 is still owned and not yet given. what is the total amount of money earned for the end of the financial year.

answer: $29 000 (total amount of money owed to the company)

$25 000 (Cash you have received)

# data[].attributes.body
During the financial year ended, you have paid for the expansion of your shop which costs $23 000.

This amount included $2500 for repairs of the existing shop areas, totaling up to $ 23 000, However the $2500 amount was recorded in the non-current assets section of the statement of financial position.

The statement of financial performance is overstated by how much?

Answer: The statement of financial performance is overstated by $2,500 due to the incorrect capitalization of the repair costs.

# data[].attributes.body
Your company sold goods of 80 000 to Sorong Trading during the year ended 21 August 20X7. However , Sorong Trading has yet to receive the goods after the financial year. Assuming that this is the only transaction you made for 20X7, find out what your total revenue should be for the year ended.

answer:$0 (as revenue should not be recorded due to the product not getting delivered)

# data[].attributes.body
Your Salesman, Jerrick received a $4,000 commission income by cheque at the end of the year but you still owed $700 to him. You unknowingly recorded $4000 under expenses. What should be the correct amount?

Answer: $4 700 (as the money owed should be added due to the commission income)

# data[].attributes.body
Your company purchased goods from Amid SAC for $89,789. However, it was later discovered that the price was incorrectly shown. The actual cost of the goods was $100,890. How much extra amount should be recorded in order to record the right amount.

Answer: 100,890−89,789=11,101 (difference)

bonus question:

A customer brought goods for $200 from your company but he was undercharged by $300. How much does the product cost.

Answer: $500

# data[].attributes.body
Your company's financial year starts on 1 January 2013 and earns a commission income of $9 000 a month. Find the total amount of money earned by the end of the financial year 30 April 2013

Answer: $9 000 × 4 = $36,000

# data[].attributes.body
Your company has issued a cheque of $60 000 to Song li Co for previous trade payable on 20 August 2009. But, the amount was wrongly written on the trade payable account which overstated the amount owed by $5 000. What is the actual amount owed by your company?

Answer: $60,000 − $5,000 = $55,000

# data[].attributes.body
Your company issued two cheques to April's Flowers for trade payable:

The first cheque amounting to $50,000 was issued on 20 June 2022.

The second cheque amounting to $29,409 was issued on 30 June 2022.

However, due to an accounting error, the trade payable account was credited with $90,000 instead of the actual total paid. calculate the correct amount should be paid.

Answers:$79,409

# data[].attributes.body
Your company owns an apartment building and has earned you a rent income of $25 000 a year. The following is other accounting information for the year ended 31 December 2004

Rent income received for the year ended: $25 000

Commission income receivable :$5,500

Rent income received in advance for the next financial year of 1 January 2005: $3,300

Commission income received during the year: $6,600

What is the income of your company that would be shown in the Income Statement for the year ended 31 December 2024.

Answer: $25,000 − $3,300 = $21,700

$21,700 + $12,100 = $33,800

# data[].attributes.body
Question 9: Your business has earned rental income as well as commission income during the year ended 31 December 2022. The following are the transactions.

Rental income received on 14 February: $38,000

Rental income received in advance for January 2025: $3,400

Commission income received during the year: $2,800

Commission income receivable as at 31 December 2024: $1,200

Calculate the total income to be reported in the Income Statement for the year ended 31 December 2024.

Answer: $38,000 − $3,400 = $34,600

$2,800 + $1,200 = $4,000

$34,600 + $4,000 = $38,600

# data[].attributes.body
your business has earned a few small incomes in a retail property your company owns. After the end of the financial year on 31 December 20X5, your business has earned the following.

Rent income received during the year: $22,000

rent income received in advance for (January 20X5): $3,200

Commission income received during the year: $1,600

Additional commission income earned but not yet received as at 31 December 20X4: $2,500

Calculate the total income to be reported in the Income Statement for the year ended 31 December 2024.

Answer:  Rent Income (2024) = $22,000

Commission Income (2024) = $1,600

$22,000 + $1,600 = $23,600

# data[].attributes.body
Your business paid $28,900 for motor vehicle insurance for the year ended September 20, 2012. $6,000 of the $28 900 was to cover insurance for the period after November 20, 2012. If the profit before adjusting for prepaid insurance is $67,000, calculate the adjusted profit after making the adjustment.

Answer: 28,900−6,000 = 22,900

Adjusted Profit=67,000 + 6,000 = 73,000

The adjusted profit for the year ended September 20, 2012, is $73,000.

# data[].attributes.headline
making of the cards (Aidan and Meng Yee) 

# data[].attributes.subject
making of the cards (Aidan and Meng Yee) 

# data[].attributes.body
need 36 card folders

for next session:

need scissors

10 paper

4 markers

# data[].attributes.body
Your company’s financial year ends on 18 Dec 2015 on 20 Dec 2015 your company paid $9080 for repair services. The amount paid included $3000 which was meant for repairs on 30 Sep 2016.

Find the total amount of expenses for the repair services in one year.

Answer: 9,080−3,000 = 6,080

# data[].attributes.body
need to be done:

cardboard prototype

cards (including game cards and category cards)

game instructions to be printed

report given

# data[].attributes.body
Your company’s financial year ends on 5 Oct 2021. on the same day you paid $6000 to Kelp services. On 1 Sep 2021 you prepaid another $450 to Kelp services and another $789 on 5 Oct 2022.

What is the amount of cleaning expenses for the year ended 5 Oct 2022?

Answer $6,000 (current year payment)

$450 (prepaid but used in 2022)
= $6,450

# data[].attributes.body
Your company’s total revenue for the year ended 6 Jun 20X2 is $50 000. The goods sold in this financial year is $12 000 but the cost of goods sold is $11 000.

What is the balance at the start of the year?

Answer: 11,000

# data[].attributes.body
Your company paid $7 800 for utilities and owes $600 dollars. Calculate the income summary for utilities expenses.

Answer:  total utilities expense: $7,800 (paid) + $600 (owed) = $8,400

# data[].attributes.body
Your company’s financial year ended on 6 September 2023, Your company issued a $30 000 cheque to rental expenses for 12 months all the way up to 6 Sep 2024.

Calculate the amount of rental money paid in advance?

Answer: Monthly rent = 12/$30,000 ​= $2,500

Prepaid Rent = $30,000

# data[].attributes.body
Your company issued a cheque of $3000 to YUI Transports for services for up to 15 months on 1 Jan 20X3.

Your company’s end of financial year is 31 Dec 20X3 What is the amount that is paid in advance?

Answer: Monthly service cost = 15/$3,000 ​= $200

$200 x 3 = $600

# data[].attributes.body
Your company paid $4,500 for insurance expenses covering up to 9 months starting from 1 June 20X3. The financial year ends on 1 December 20X3.

Calculate the prepaid insurance as of year-end.

Answer: Insurance for 6 months=500×6=3,000

Prepaid Insurance = 500×3 = 1,500

The prepaid insurance as of 1 December 20X3 is $1,500.

# data[].attributes.body
Your company has a electricity bill of $2000 received on 30 December 20X3. The bill has yet to be paid  and as the financial year ends on 31 December 20X3.

What is the accrued expense?

Answer: $2,000

# data[].attributes.body
On 1 April 2014, your business paid $24,000 for rent covering up to 12 months. If the financial year ends on 30 June 20X4.

Find the prepaid rent expenses.

Answer: 12/$24,000​=$2,000 per month

9 × $2,000=$18,000

# data[].attributes.body
On 7 Sep 20X1, your company purchased some goods on credit. The following costs were incurred on the acquiring of the fixtures and fittings.

Cost of delivery = $ 400

Total cost of goods = $ 30 000

Import tax = $140

Cost of package = $390

Calculate the total cost of the inventory purchase.

Answer: 30,000+400+140+390=30,930

# data[].attributes.body
Your company started its operations on 5 Jan 2023. You have made a bunch of transactions during Sep 2023 as shown below.

Purchased:

3 Sep                30 units at $6000

9 Sep                40 units at $7000

21 Sep              60 units at $8000

22 Sep              80 units at $9000

23 Sep              20 units at $4000

29 Sep              20 units at $2000

Sold:

Sep 4               20 units at $7000

Sep 6               80 units at $10 000

Your company uses the first in first out method to record the inventory movement.

Calculate the cost of sales for the month of Sep

Answer: 20×(30/6000​)= 20×200 = 4000

10×200 = 2,000

40×(40/7000​) = 40×175 = 7,000

30×175 = 5,250

Sep 4 Sale: $4,000

Sep 6 Sale: $2,000 + $7,000 + $5,250 = $14,250

Cost Of Sales = 4,000+14,250= 18,250

# data[].attributes.body
On 9 Oct 20X1, your company had inventory costing $60 500 and has a net realisable value for the batch of inventory is $40 500.

What is the value of the ending inventory?

Answer: The value of the ending inventory is $40,500.

# data[].attributes.body
your company uses the first in first out method to record the inventory below for the financial year ending 30 Sep 20X3.

20X2

Starting inventory = $ 4000 for 50 units

Purchased inventory = $6000 for 60 units

20X3

SOLD 30 units for $5000

Purchased 10 units for $1000

Calculate the following

Cost of sales for the year ended 31 Sep 20X3

Ending inventory as at 31 Sep 20X3

Answer:

Starting Inventory: $4,000 for 50 units

Cost per unit: $4,000 ÷ 50 = $80 per unit

Purchased Inventory: $6,000 for 60 units

Cost per unit: $6,000 ÷ 60 = $100 per unit

Sold: 30 units for $5,000

Using FIFO, the first units sold come from the oldest inventory.

Sold 30 units from the starting inventory (50 units at $80 each).

Cost of Sales for these 30 units:
30×80=2,40030×80=2,400

Purchased: 10 units for $1,000

Cost per unit: $1,000 ÷ 10 = $100 per unit

COGS for the sale of 30 units:
30×80=2,40030×80=2,400

After selling 30 units, we have:

Remaining from the starting inventory:
50 units - 30 units sold = 20 units at $80 each = $1,600

Purchased inventory:
60 units purchased at $100 each = $6,000

New purchase of 10 units:
10 units purchased at $100 each = $1,000

20 units at $80 = $1,600

60 units at $100 = $6,000

10 units at $100 = $1,00

1,600+6,000+1,000=8,6001,600+6,000+1,000=8,600

Cost of Sales (COGS) for the year ended September 30, 20X3 = $2,400

Ending Inventory as of September 30, 20X3 = $8,600

# data[].attributes.headline
calculate the amount of money needed for the materials we need (Meng Yee) 

# data[].attributes.subject
calculate the amount of money needed for the materials we need (Meng Yee) 

# data[].attributes.body
cards: 36 (plastic covers) price of one card cover is ($2.15) at popular so the amount is ($77.40)

cardboard (free)

# data[].attributes.body
Your company purchased the following inventory before the end of the financial year 1 August 2011

June 12: 20 units at $40 each

June 22: 30 units at $20 each

July 1: 10 units at $30 each

July 3: 15 units at $20 each

Additionally, your company received an additional 20 units from Fire-House Trading as part of a discount.

As the next financial year approaches, your company sells of 15 units for $80 on 2 October 2011, and another 20 units for $60.

Using the FIFO method, how much inventory is left by the next financial year. Assuming that sales happened after 1 August, and do not affect the inventory on that date.

Answers: Total units: 20 + 30 + 10 + 15 + 20 = 95 units

95 units - 35 units = 60 units

# data[].attributes.body
Your company purchased the following inventory before the end of the financial

year 31 December 2021

March 15: 20 units for $50

March 20: 30 units for $40

July 11: 15 units for $35

August 9: 20 units for $40

Your company records movement using the FIFO method, on 23 of March 20 units were sold for $1800.

Calculate the profit made with this sale.

Answer: 20 units @ $50 = $1,000 (COGS)

Revenue = $1,800

Cost of Goods Sold (COGS) = $1,000

Profit = $1,800 – $1,000 = $800

# data[].attributes.body
Your company has purchased inventory with cash and records the transaction using the FIFO method. The following transactions have been recorded.

Jan 1: 40 units for $200

Jan 5: 90 units for $900

Feb 2: 10 units for $90

Feb 22: 25 units for $400

Your company has also recorded the

inventory sold

Jun 9: 80 units for $2400

Jun 30: 20 units for $500

However, on 4 August, there was a fire that damaged 50 units in the warehouse.

Find the amount of profit or lost in this financial year of 12 September 2021

Answer:

Revenue (Sales)

$2,400 + $500 = $2,900

COGS (Sales)

$600 + $200 = $800

Fire Loss

$550

Total Expenses

$800 + $550 = $1,350

Profit

$2,900 - $1,350 = $1,550

# data[].attributes.body
Your company uses the FIFO method to record it's inventory and the following data is recorded at the year ended 31 December 20X2:

Inventory Data:

20X1:

Your starting inventory is 40 units for $60 each

Purchased 70 units for $80 each

20X2:

Sold 50 units for $7,000

Purchased 20 units for $90 each

Calculate the cost of sales and the amount if ending lnventory for the year ended 31 Dec 20X2.

Answer:

Total Cost of Sales = $2,400 + $800 = $3,200

Ending inventory = $4,800 + $1,800 = $6,600

# data[].attributes.body
Your business records its inventory movement using the FIFO method. The following is data form the year ending 31 March 20X4:

Inventory Data:

20X3:

Starting Inventory: 100 units @ $40 each

Purchased: 50 units @ $60 each

20X4:

Sold: 80 units for $6,400

Purchased: 40 units @ $65 each

Determine the closing inventory value as at 31 March 20X4.

Answers:

80 × $40 = $3,200 (Cost Of Sales)

From original 100 units: 100 - 80 = 20 units @ $40 = $800

From 20X3 purchase: 50 units @ $60 = $3,000

From 20X4 purchase: 40 units @ $65 = $2,600

$800 + $3,000 + $2,600 = $6,400

# data[].attributes.body
Your company uses the FIFO method to record its inventory.

The following data is extracted from the operations of your financial year ended 30 June 20X5:

20X4:

Starting Inventory of 60 units at $50 each

Purchase of 80 units for $70 each

20X5:

90 Units sold for $12 000

Purchase of 30 units for $85 each

Calculate the cost of sales for the year ended 30 June 20X5.

Answer:

Total units sold = 60 + 30 = 90
cost of sales = $3,000 + $2,100 = $5,100

Cost of Sales = $5,100 for the year ended 30 June 20X5.

# data[].attributes.body
Your company has purchased motor vehicles for $140,000 on 1 January 2020. The motor vehicles are expected to have a useful life span of 10 years and has a scrap value of $30,000.

Your company has calculated the depreciation rate for the year ended 31 December 2022 using the straight-line method.

What is the depreciation rate for the year ended 31 December 2022, using the straight line method find how much is the carrying value of the motor vehicles.

Answers:

=140,000−30,000/10​  ​=11,000 per year

11,000×3 = 33,000

140,000−33,000 = 107,000

The depreciation rate for the year ended 31 December 2022 is $11,000.

The carrying value of the motor vehicles at 31 December 2022 is $107,000.

# data[].attributes.body
Your company purchased some buses on 1 Jan 2015 totaling up to $60,000. The buses has a scrap value of $5000 and an estimated life span of 25 years.

On 1 Jan 2020, your company decided to extend the useful life of the buses by 5 more years by improving the maintenance quality. Using the straight-line method, calculate the following:

What is the depreciation rate of the motor vehicles for each year?

Answer:

60,000−5,000/25​ ​= 2,200

# data[].attributes.body
Your company purchased a vehicle on 1 April 2018 for $50,000. The vehicle has an estimated scrap value of $5,000 and a useful life of 8 years.

Your company establishes its financial year to end on 31 Dec.

Calculate the depreciation rate for the year ended 31 December 2018.
What is the depreciation rate for the year ended 31 December 2022?
What will the value of the vehicle be on 31 December 2022?

Answers:

Depreciation rate for the year ended 31 December 2018 = $4,219

50,000−5/8 = 5,625 per year

5,625​×9/12 = 4,219

Depreciation rate for the year ended 31 December 2022 = $5,625

50,000−5/8 = 5,625 per year

value of the vehicle on 31 December 2022 = $23,281

Total accumulated depreciation=4,219+22,500 = 26,719

50,000−26,719 = 23,281

# data[].attributes.body
Your company has brought a van for $60 000 and has a estimated depreciation value of $ 3 000 for its useful life of 20 years.

Find the value of the van after 4 years

Answer:

60,000−3,000/20 ​= 57,000/20 ​= $2850

2,850×4=11,400

60,000−11,400=48,600​

# data[].attributes.body
Your company has made a investment of $50 000 into a bus with a estimated depreciation rate of $5 000 a year in its useful life of 10 years

what is the depreciation rate over 4 years

Answer:

Depreciation over 4 years = 4 × 5,000 = $20,000​

# data[].attributes.body
Your company has brought $15 000 worth of computers with a market value of $500 dollars and has a depreciation rate of $20 per year in its 15 years of expected operation time.

How many computers have you brought

Answer:

Number of computers = 15,000​/500 =30

# data[].attributes.body
Your company has brought cooling fans that worth $50 000 and has a depreciation rate of $5000 every year in its total 30 year life time. However, due to advance maintenance efforts. Your company manages to decrease the depreciation rate to $1000 every year.

find the new depreciation rate

Answer:

The new depreciation rate is $1,000 per year.

# data[].attributes.body
Your company brought furniture for $80 000. It has a annual depreciation rate of 20% and has a effective life span of 10 years.

assuming that you are using the straight-line method. Find the depreciation amount per year.

Answer:

Depreciation per year= 80,000 × 0.20 = 16,000

# data[].attributes.body
Your company has brought 20 laptops worth of $400 dollars each in market value. If the market value has a depreciation rate of 20% per year and a active life span of 10 years

Assuming that you are using declining balance method to calculate the scrap value. Find the value of each laptop after 2 years.

Answer:

Year 1:

Value=400−80=320

Year 2:

320−64=256

# data[].attributes.headline
Extra questions and rearranging of the notes (Meng Yee)

# data[].attributes.subject
Extra questions and rearranging of the notes (Meng Yee)

# data[].attributes.body
Chapter 9 and 11 (not done)

all chapters need rearrangment

# data[].attributes.headline
check game instructions (Yong Yi and Kah Seng) 

# data[].attributes.subject
check game instructions (Yong Yi and Kah Seng) 

# data[].attributes.body
4 markers

# data[].attributes.body
Three cate

# data[].attributes.headline
Matt design and card design (Aidan and Yong Yi) 

# data[].attributes.subject
Matt design and card design (Aidan and Yong Yi) 

# data[].attributes.body
The matt would need time to be delivered

# data[].attributes.headline
insert the Questions and details into the prototype cards. (Kah Seng)

# data[].attributes.subject
insert the Questions and details into the prototype cards. (Kah Seng)

# data[].attributes.body
checked

# data[].attributes.body
Q1,2,9 fixed

# data[].attributes.body
https://docs.google.com/document/d/1g4MMLrkJpgvOZmRFJ8_rH0EuQjXLsF0ByOPyNUu_6Ig/edit?usp=sharing