QUESTION 1

Answer:

Note: The question is attached as a picture

(a)  An example is shown below

(b)   Dr 15. Operating Expenses (wages, supplies)  

         Cr 1. Cash

(c)  Dr 7. Account Payable

       Cr 1. Cash

(d)  Dr 3. Supplies

       Cr 1. Cash

(e)  Dr 2. Accounts Receivable

        Cr 14. Service Revenue

(f)  Dr 1. Cash

       Cr 2. Accounts Receivable

(g) Dr 1. Cash

        Cr 11. Common Stock

(h)   Dr 15. Operating Expenses (wages, supplies)

         Cr 1. Cash

(i)   Dr 15. Operating Expenses (wages, supplies)

       Cr 9. Wages Payable

(j)    Dr 6. Patent

        Cr 1. Cash

(k)   Dr 1. Cash  

         Cr. 14. Service Revenue

 

(l)   Dr 15. Operating Expenses (wages, supplies)

        Cr 3. Supplies

(m) Dr 16. Income Tax Expense

         Cr 1. Cash

         Cr. 10. Income Tax Payable

(n)    Dr 8. Note Payable

      Dr 17. Interest Expense

         Cr 1. Cash

(o)  Dr 4. Prepaid Expense

          Cr 1. Cash

Response:

option c.

Clarification: an ongoing tracking system

Answer:

C. Determine Requirements

Explanation:

Those responsible for managing resources must initially determine the requirements for those resources.

Requirement determination involves assessing how many resources are needed, where they will be utilized, and who will receive them.

Resource needs can vary depending on the circumstances at hand. When we speak of resource requirements, we refer to both the types and amounts of resources essential for the successful fulfillment of a project.

Consequently, Determine Requirements specifies the kind, quantity, location, and the intended recipients of those resources.

IKIBAN INC.             Statement of cash flow using indirect method for the year ending June 30, 2019                    Particulars                                                                   Amount $ Cash flow from operating activities Net Income                                                                          145,510 Adjustments to reconcile net income to net cash provided by operating activities   Adjustment for non cash effects Depreciation                                                                         81,600 Gain on sale of equipment                                          -4,300 Change in operating assets & liabilities Increase in accounts receivable                                 -25,500 Decrease in inventory                                                  34,200 Decrease in prepaid expenses                                    3,300 Decrease in accounts payable                                    -16,500 Decrease in wages payable                                        -11,300 Decrease in income taxes payable                             -2,700   Net cash flow from operating activities (A)              204,310               Cash Flow from Investing activities New equipment purchased                                        -80,600 Equipment sold                                                              12,300 Net cash flow from Investing activities (B)        -68,300               Cash Flow from Financing activities   Cash dividends paid                                                   -162,310 Common stock issued                                                  83,000 Notes payable paid                                                     -30,000 Net cash flow from Financing activities (C)            -109,310 Net Change in cash = A+B+C                                   $26,700 Beginning cash balance  $67,000 Closing cash balance                                               $93,700

Option (B) is the right choice. Explanation: Calculating the depreciable basis involves subtracting residual value from cost, which here results in $190,000 - $10,000, giving us $180,000. The usage is identified as 75,000 bolts. The first-year figures indicate the book value starts at $190,000, while 15,000 bolts were created, translating the depreciation expense into 15,000 multiplied by $2.40, equal to $36,000. Subsequently, the ending book value becomes $190,000 minus $36,000, resulting in $154,000. For Year 2, using 19,000 units leads to a depreciation expense of $45,600. The concluding book value for Year 2 becomes $108,400, while accumulated depreciation for both years culminates at $81,600.