Question 4 Ismael Coke runs a general store. His financial year ends on 31 August He sublets part of his premises for an annual rent of $8400, payable quarterly in advance. On 01 September 2020 the tenant owed $2100. Ismael Coke received cheques for rent as follows: $ 02 September 2020 4200 03 January 2021 2100 04 May 2021 2100 a) REQUIRED: Prepare the receivable account for the year ended 31 August 2021 b, State the section of the statement of financial position at 31 August 2021 in which the balance on the rent receivable account would appear. Give a reason for your answer. On 01 September 2020 Ismael Coke owed $274 for motor expenses. he paid this by cheque on 07 September 2020. On 01 February 2021 Ismael Coke paid $96 in cash for motor expenses. On 30 August 2021 Ismael Coke received an invoice for motor expenses' $113. He paid this invoice in September 2021. REQUIRED: d) prepare the motor expenses account for the year ended 31 August 2021. During the year ended 31 August 2021 Ismael Coke took goods, cost $300, for his own use. This was not entered in the accounting records. The telephone expenses for the year ended 31 August 2021 amounted to $432. It was estimated that one quarter of this was for Ismael's personal use. No adjustment had been made for this. REQUIRED: e) prepare the journal entries Ismael Coke would make to record the above.

25. kerry company plans to sell 200,000 units of finished product in july and anticipates a growth rate in sales of 5% per month. the desired monthly ending inventory in units of finished product is 80% of the next month's estimated sales. there are 150,000 finished units in inventory on june 30. kerry company's production requirement in units of finished product for the three-month period ending september 30 is: a. 712,025 units b. 630,500 units c. 664,000 units d. 665,720 units

Atlas manufacturing produces a unique valve, and has the capacity to produce 50,000 valves annually. currently atlas produces 40,000 valves and is thinking about increasing production to 45,000 valves next year. what is the most likely behavior of total manufacturing costs and unit manufacturing costs given this change? a. total manufacturing costs will increase and unit manufacturing costs will also increase. b. total manufacturing costs will stay the same and unit manufacturing costs will stay the same. c. total manufacturing costs will increase and unit manufacturing costs will decrease. d. total manufacturing costs will increase and unit manufacturing costs will stay the same.

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100