Peter is a self employed music teacher and has the following trial balance:
Trial Balance as at 30 June 2013
Debit Credit
£ £
|
Instruments |
1,500 |
|
|
Furniture |
400 |
|
|
Rent for room |
2,400 |
|
|
Computer |
1,000 |
|
|
Fees from tuition |
|
10,500 |
|
General expenses |
1,000 |
|
|
Capital |
|
3,550 |
|
Bank |
1,500 |
|
|
Postage and stationery |
50 |
|
|
Electricity |
300 |
|
|
Advertising |
300 |
|
|
Creditors |
|
150 |
|
Debtors |
350 |
|
|
Telephone |
400 |
|
|
Drawings |
5000 |
|
|
|
14200 |
14200 |
Note: In this case, there are no trading purchases.
Required:
1) Prepare Peter Income Statement for the year ended 30 June 2013 and a Balance Sheet as at 30 June 2013.
(30 marks)
2) Briefly research and discuss the changes in international regulation for reporting financial statements. In particular the changes to the names of profit and loss account.
(20 marks)
The comparative condensed income statements of SPENCER Corporation are shown below.
SPENCER CORPORATION
Comparative Condensed Income Statements
For the Years Ended December 31
2013 2012
Net sales $620,000 $500,000
Cost of goods sold 450,000 400,000
Gross profit 170,000 100,000
Operating expenses 54,000 40,000
Net income $116,000 $ 60,000
Instructions
(a) Prepare a horizontal analysis of the income statement data for SPENCER Corporation using 2013 as a base. (Show the amounts of increase or decrease.)
(b) Prepare a vertical analysis of the income statement data for SPENCER Corporation in columnar form for both years.
Question 1 – Costing
Cakes2Go is a company which manufactures and sells three types of cakes in packets. One of them is called HoneyCake and contains three types of sweeteners: honey, sugar and syrup. The standard materials usage and cost for one unit of HoneyCake (one packet) is as follows:
£
|
Honey |
20 grams at £0·02 per gram |
0·40
|
|
Sugar
|
15 grams at £0.03 per gram |
0·45
|
|
Syrup |
10 grams at £0·025 per gram |
0·25 |
|
|
|
––––– 1·10 –––––
|
In the three months ended 30 November 2012, Cakes2Go produced 101,000 units of HoneyCake using 2,200 kg of honey, 1,400 kg of sugar and 1,050 kg of syrup. Note: there are 1,000 grams in a kilogram (kg).
Cakes2Go has used activity-based costing to allocate its overheads for a number of years. One of its main overheads is machine set-up costs. In the three months ended 30 November 2012, the following information was available in relation to set-up costs
|
Budget Total number of units produced Total number of set ups Total set-up costs
Actual Total number of units produced Total number of set ups Total set-up costs
|
264,000 330 £52,800
320,000 360 £60,000
|
Required:
(a) Calculate the following variances for materials in HoneyCake:
(i) Total materials usage variance;
(ii) Total materials mix variance;
(iii) Total materials quantity (yield) variance.
(b) Calculate the following activity-based variances in relation to the set-up cost of the machines:
(i) The expenditure variance;
(ii) The efficiency variance.
(c) Briefly outline the steps involved in allocating overheads using activity based costing.
(50 marks)
Question 2 – Budgeting
Write an essay of 1000 words demonstrating your conceptual understanding of the following questions.
(50 marks)
Total (100 marks)
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