Accounting homework help

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ASSIGNMENT
 
BAMA 1101 – BUSINESS MATH SECTION: 3
 
 
NAME OF THE STUDENT & STUDENT ID
 
 
 
 
DATE OF SUBMISSION – DECEMBER 12, 2020
 

  1. A) Write short note with one word or one sentence for the following – Ratio, Fractions, Proper Fraction, Improper Fraction, Mixed Fraction, Proportion, Simplifying Ratio, Equivalent Fractions

 

  1. At a certain high school there are 1275 female students and 1125 male What is the ratio of female students to male students? Based on your reduced ratio in part theoretically in a classroom of 96 students, how many should be female? What is the ratio of female students to the total student population?

 

  1. Candice drove her hybrid vehicle 1440 miles on 30 gallons of gas. What is the ratio of miles to gallons for Candice’s hybrid?

 

  1. A friend is painting the inside walls of a garage. So far she has used a 6 litres tin of emulsion paint and covered an area of 27 m2. She needs some more paint. How much more would you advise her to purchase if she intends to paint all the walls and ceiling, which is a total area of 225 m2.

 

  1. Adam’s grandfather ran a mile in minutes. Adam took 780 seconds. Which is greater, 780 seconds or minutes? Did Adam run faster than his grandfather?

 

  1. A local shop sells ready-made custard at £4.35 for a special offer pack of three 1275 g tins. It also sells the same brand of custard in 1 kg cartons costing £3.87 each. Which is the better bargain?

 

  1. Ahmed earns RO 84,000 per month. His brother Saeed earns RO 108,000 per month. Find the ratio of (a) Ahmed’s earnings to their total earnings (b) Saeed’s earnings to their total earnings

 

  1. Three sales staff (A, B & C) sold a total of 36,000 units of a product during March If the ratio of sales among the three is in 2:3:5, how many units did each sell?

 

  1. Adel is preparing for a trip to UK. Before his trip, he researched on the exchange rate between Omani Rial and Pound Sterling (₤). He learned that 1 ₤ equals to RO 0.510. How much will Adel receive if he exchanges RO 15,000? How much ₤22,500 worth in RO?

 

  1. A) Write short note with one word or one sentence for the following – Trade discount, Single discount, Multiple discount, Discount series or Chain discount, Single equivalent rate, Cash discount, Ordinary Dating, End of Month (E.O.M.), Receipt of Goods (R.O.G), The list price of a product is RO 37.500 per unit. The wholesaler offered a trade discount of 10%. If the retailer bought 300 units, calculate Total Trade Discount & Net

 

  1. If a product is sold at a trade discount of RO 225, , 30% of the list price, Calculate the list price of the product.

 

  1. If a retailer paid RO 450 after a discount of RO 150 on the list price, calculate the list price and rate of

 

  1. The selling price of a smart phone is RO The manufacturer offers its dealers a 25% trade discount. What are the amount of trade discount and the net price?

 

  1. The list price of equipment is RO 45,000. The chain discount is 20/15/10. Calculate the Net

 

  1. The list price of a product is RO 60,000. The product is offered a chain discount 20/10/5. Find the net

 

  1. A shop has advertised a product at RO 4500 and a series of discounts was given, less 20%, 10% and 5%. Find the single discount equivalent and the net price

 

  1. A product is sold for RO 15,000 dated June 10, and terms of payment 4/10, n/30 has been received. Find the amount if the bill is paid on June 21? Find the amount if the bill is paid on June 18?

 

  1. An invoice for RO 4,200 and dated June 10 with the terms 3/10 EOM is received. The bill is paid on July 9. Find the amount

 

  1. A Product is sold for RO 105,000 dated on October 12, And the terms of payment 2.25/12, ROG has been received. The goods are received on October 18, 2020. The amount is paid on October 29, 2020. Find out the amount paid.

 

  1. A) Write short note with one word or one sentence for the following – Markup, Selling price, Value added tax, and Find the selling price of an item that costs RO 156, if the markup is 40% on the cost?

 

  1. If a product that costs RO 270 is sold for RO 360, find The rate of markup on cost & The rate of markup on selling

 

  1. A retailer buys an article from the wholesaler at RO 240 and the wholesaler charges a sales tax at the rate prescribed rate of 8%. The retailer fixes the price at RO 300 and charges sales tax at the same rate. Apply VAT system of sales tax calculation to answer the following. What is the price that a consumer has to pay to buy the article? Find the input tax and output tax for the retailer. How much VAT does the retailer pay to the government?

 

  1. Ahmed, the retailer, purchased 300 units of a stationary item from the wholesaler, costing RO 6 per unit (excluding VAT). The wholesaler, on the other hand, bought the same item from a manufacturer, paying RO 5 per unit. VAT is paid extra. The VAT is 20%. How much does Ahmed paid as VAT? How much does the wholesaler pay as VAT? & how much does the government received as VAT?

 

  1. A shopkeeper sells an article whose listed price is RO 4500 and charges sales tax on it at the prescribed rate of 12% from the If the shopkeeper pays a VAT of RO 108 to the government, what was the price inclusive of tax at which the shopkeeper bought the article from the wholesaler?

 

  1. A manufacturer printed the price of his goods as RO 360 per article. He allowed a discount of 30% to the wholesaler who in his turn allowed a discount of 20% on the printed price to the retailer. If the prescribed rate of sales tax on the goods is 10% and the retailer sells it to the consumer at the printed price, then find the VATs paid by the wholesaler and the

 

  1. A) Write short note with one word or one sentence for the following – Hourly Rate of pay, Overtime allowances, and Salim works in a construction company. He is paid RO 5 per hour based on hourly rate, for 35 hours per week. According to the agreement, he is eligible for overtime (time-and-a-half pay 100% (5) + 50% (2.5) = 7.5). If Salim worked for 50 hours in a week, calculate his gross pay?

 

  1. Jill Foster worked for 55 hours in one week for Delta Jill earns RO 12 per hour, for regular 7 hours’ x 6 days’ schedule. What is Jill’s Gross pay, assuming overtime is at time-and-a-half?

 

  1. During the last week, Salim produced 1200 dolls. The company pays employees on a piece rate basis, RO 6 per doll. Calculate the gross pay?

 

  1. The total units produced by five employees in the production unit are provided herewith. Salim 1 produced 1000 dolls, Salim 2 produced 1200 dolls, Salim 3 produced 1500 dolls, Salim 4 produced 1550 dolls, and Salim 5 produced 1600 dolls. They are paid on piece rate basis, RO 7 per unit. Calculate their total pay?

 

  1. A) Write short note with one word or one sentence for the following – Straight piece rate pay, Differential pay schedule, Straight Commission with Draw, Variable Commission Scale, Salary Plus Commission, BMY Company pays its employees based on differential piece rate, as shown in the following with Units produced and Amount per unit: 0 – 10 Units for RO10; 11 – 20 Units for RO15; 21 – 30 Units for RO20; Over 30 Units for RO30. During the last week, Salim produced 90 units and Saeed produced 100 units. Calculate their gross pay?

 

  1. Logan Company pays Okamoto a straight commission of 15% on the net (Net sales means sales – sales return). In May, Okamoto had net sales of RO 86,000. The company gave Okamoto a RO 800 draw in May. What is Okamoto’s gross pay?

 

  • Last month, the net sales of Javed were RO 215,000. What is Mr. Javed’s gross pay if it is based on the variable commission scale, as shown below – Up to RO 35,000 @ 4%; Excess of RO 35,000 to RO 45,000 @ 6%; Over RO 45,000 @ 8%

 

  1. Logan Company pays Okamoto a $9,000 monthly salary plus a 4% commission for sales over $60,000. Okamoto’s net sales for January were $80,000. Calculate the Gross Pay?

 

  • Robin earns RO 400 per week plus a 3% of sales over RO 52,000. During the last month, Robin’s sales were RO 76,000. Calculate the Gross Pay?

 

  1. Roja earns RO 250 per week plus a 15% commission of sales over RO15,000. During the last month, Robin’s sales were RO25,000. Calculate the Gross Pay?

 

  1. MMM Company pays its employees on a graduated commission scale: 5% on the first RO 10,000 sales, 6% on sales from RO 10,001to RO 20,000, 7% on sales from RO 20,001 to RO30,000. During the last month, Saeed’s and Ameer’s sales were RO 35,000 and RO 38,000 respectively. Calculate their gross pay?

 

  1. SSS Company pays its employees on a graduated commission scale: 4% on the first RO 10,000 sales, 7% on sales from RO 10,001to RO 20,000, 10% on sales from RO 20,001 to RO 30,000. During the last month, Sami’s and Ajeer’s sales were RO 60,000 and RO 69,000 respectively. Calculate their gross pay?

 

  1. A) Write short note with one word or one sentence for the following – Depreciation, Capital Assets, Straight−line depreciation, Sum of the Year’s Digits, Fixed Declining Balance, General Declining Balance, Variable−Declining Balance, Book Value, Written down value method, A company purchased a machinery that costs RO 100,000 with an estimated salvage value of RO 25,000. It is expected that the asset will be useful for 5 years. Assume that the company use straight line method for calculating depreciation, Calculate annual depreciation of the

 

  1. On 1st of July 2018, Sohar Printing Company purchased printing machinery that costs RO 25,000 with an estimated salvage value of RO 3,000. It is expected that the asset will be useful for 7 years. Assume that the company use straight line method for calculating depreciation, Calculate the depreciation expense for printing machinery during 2018 and 2019.

 
(b) On 1st of July 2015, a construction company in Oman purchased ready-mix concrete truck at a cost of RO 55,000. With an estimated salvage value of RO 5,000. It is expected that the asset will be useful for 8 years. Assume that the company use straight line method for calculating depreciation, Calculate the depreciation expense for printing machinery during 2015 and 2016. Also, calculate the book value of the asset at the end of 2016?
 

  1. KFC purchased a new low-fat chicken cooker at a cost of $53,000. The estimated life of the fryer is 6 years, with a salvage value of $7000.

Find
(a) The annual rate of depreciation,
(b) The annual amount of depreciation, and
(c) The book value at the end of the first year.
 
 

  1. On 2010 January 1, Jackson Company purchased equipment for USD 600,000, and installation and testing costs totaled USD 60,000. The equipment has an estimated useful life of 10 years and an estimated salvage value of USD 60,000. If Jackson uses the straight- line depreciation method, the depreciation expense for 2010 is:

 

  1. Calculate the rate of depreciation and the depreciation to be charged at the end of year, using written down value method? Life of the asset (n) 5 years; Scrap value at the end of 6 years RO 15,000; Original Investment RO 120,000

 

  1. Machinery is bought for RO 70,000 with an estimated useful life of 5 years. The expected scrap value at the end of its useful life is RO 12,000. Required Calculate the WDV Rate. Prepare a Depreciation Schedule for 5

 

  1. A) Write short note with one word or one sentence for the following – Installment, Mortgage, and Amount financed, Finance charge, deferred payment price, Annual Percentage Rate, Simple Interest, Compound Interest, Adel bought a Land Rover for RO 72,500. He made a down payment of RO 25,000 and paid RO 1187.5 monthly for 60 months. What are the total amount financed and the total finance charge that Adel paid at the end of the 60 months?

 

  1. If RO 9,000 is financed for two years at 6% interest rate, Calculate the total interest and total amount

 

  1. A homebuyer approached the bank for a home loan of RO 87,000. The bank has approved the loan application for a 30-year fixed-rate loan at 7% annual interest. If the client makes a 25 % down payment, calculate; what is the monthly payment? How much will be total payment?

 

  1. Write short note with one word or one sentence for the following – Insurance, Life Insurance, Property Insurance, Motor Insurance, Policy, Premium, Face Value, and Subair has approached the insurance company, for an insurance policy with the face value of $ 125,000 for 10 years. He is aged 20 years now. You are required to calculate the annual premium, considering; (a) a 10-year fixed rate policy and (b) a straight life policy.

 
 

  1. Estimate the annual premium of an insurance policy with a face value of $125,000 for a 30-year-old female (a) a 20-year fixed rate policy and (b) a straight life

 

  1. Estimate the annual premium of an insurance policy with a face value of $125,000 for a 20-year old male for (a) a 10-year fixed rate policy and (b) a straight life policy. Also, find premium if paid monthly, quarterly and annually

 

  1. Mohammed deposited RO 50,000 in a savings account at 9% interest compounded semi-annually. At the beginning of year 5, Mohammed deposited an additional RO 70,000 at 10% rate of interest compounded semi-annually. What is the balance in Mohammed’s account after 7 years?

 

  1. Ahmed wants to retire when he is 60 years He is aged 40 now. He believes that he will require RO 70,000 to retire comfortably. If Ahmed gets 7% interest compounded semi-annually, how much Ahmed should invest today to meet the RO 70,000 goal?

 
 
 
 
 

  1. A) Write short note with one word or one sentence for the following – Costs, Fixed Costs, Variable Costs, Semi-Variable Costs, If the fixed costs for producing 200 units of a product is RO 20,000 and the variable costs are RO400 per unit, Calculate the total cost of producing 200 units?

 

  1. The fixed costs for producing 1500 units of a product is RO 36,000 and the variable costs are RO37.500 per unit, Calculate the total cost of producing 1000 units?

 

  1. Video Productions sells DVD for $60. The variable cost per DVD is $36, and the fixed costs per month are $ 120,000. You are required to; calculate the total costs if Video Productions produces 18,000 DVDs? Calculate the total profit earned by Video Productions if they produce and sells 18,000 DVDs