a Calculate the missing amounts 2 marks 21 1 2 306 660 Accounting for Decision

A calculate the missing amounts 2 marks 21 1 2 306

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a) Calculate the missing amounts: (2 marks) -21- 1 2
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306-660 Accounting for Decision Making Summer 2009, Final Examination b) MI6 has a generous annual leave program and provide 6 weeks paid annual leave each year. Record the journal entry to account for annual leave accrued during this month . (3 marks) -22-
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306-660 Accounting for Decision Making Summer 2009, Final Examination -23-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Seven (15 Marks) -24-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Seven (cont.) -25-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Seven (cont.) -26-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Using the attached extract from the 2008 Annual Report for Centro Property Group, Calculate the following ratios for 2007 and 2008 using the information from the column titled Centro Properties Limited and its Controlled Entities . Discuss the implications of any changes in these ratios. (5 marks) (5 marks) -27-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Seven (cont.) (5 marks) -28-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Eight (10 Marks) NBA Ltd administers competitive basketball in the United States of America. They are responsible for overseeing the elite level of competition, as well as marketing officially licensed NBA products. They have a financial year that ends at 31 December 2009 and are in the process of preparing their Statement of Cash Flows. NBA Ltd’s chairman, David Stern, has asked you to assist their accountants in completing this process as they are unaccustomed to applying the direct method of determining cash flows. a) Use the following information to determine the amount recorded for the item receipts from customers by reconstructing the appropriate account. Sales (GST incl.) 429,000 Discounts Allowed (GST incl.) 22,000 Opening Balance (receivables)16,500 Closing Balance (receivables) 17,500 (3 marks) -29-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Eight (cont.) b) Use the following information to determine the amount recorded for the item dividends paid by reconstructing the appropriate account/s. Profit before tax 73,000 Income Tax Expense (tax rate = 30%) ? Opening Balance (retained profits)119.350 Closing Balance (retained profits)102,490 Opening Balance (dividends payable) 11,000 Closing Balance (dividends payable)3,000 (6 marks) -30-
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306-660 Accounting for Decision Making Summer 2009, Final Examination Question Eight (cont.) c) How would these two items be classified on the Statement of Cash Flows (Operating, Investing or Financing activities)? (1 mark) -31-
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