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Accounting

1.Question 3 170 180 Previous Years Sales Costs Tax rate Assets Current Assets Cash Debtors Inventory Non-Current Assets PP&E Total Assets 600 100 1400 Retained Earnings 900 Dividends 0.3 Liabilities/Equity Current Liabilities 460 Creditors 540 Short Term Notes 600 Non-Current Liabilities 2000 Debentures 3600 Owner's Equity Retained Profits Ordinary Shares 900 1000 1000 3600 Percentage of Sales Approach – Assume all spontaneous variables move as a percentage of sales. a) Given an expected increase in sales of 12%, what is the amount of external funding required? b) To maintain the current debt/equity ratio how much debt and how much equity is required? c) Assuming the company is only operating at 95% capacity, how much new funding (if any) is required?

2.Z Company makes custom motorboats. It incurred the following costs for the just completed job
B011. 500 units of direct materials were used at a cost per kilogram of RM25. The job cost sheet
indicates that a total of 90 direct labor-hours incurred on job B011. The workers were paid at a rate
of RM18 per hour. The company applies overhead based on machine hours. At the beginning of the
year, it was estimated that the total amount of overhead would be RM180,000 and a total of 30,000
machine hours would be incurred. Job B011 required 150 machine hours.
Determine the total cost assigned to Job B011.

3.Ann obtains a fully amortizing 15 year Fixed Rate Mortgage with monthly payments for $4,500,000 at 4.38%. How much does Ann need to pay per month?

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1. Ans-(a)

Funds required will be 166 calculated as hereunder :

Funding is the plug amount in Balance sheet

Ans-(b)

Existing D/E = (900+600+100)/(1000+1000) = 0.8

If same D/E is requiremed then the equation in the new Balance Sheet stands as :

E + 0.8E = 4032

E = 2240 and Debt = 1792

Ans-(c )

If it is assumed that there is idle capacity to the extent of 5% it implies that PPE and Sales are not related as 143% but as -

(1400/95%) / 2000 = 136%

In the projected Balance Sheet changing the value of PPE by 135% we get funding as

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3.Mortgage amount $4500000

Mortgage terms in year 15 years

Interest rate per year 4.38%

Monthly payment $34149.36

To calculate your monthly payments manually: M= P[r(1+r)^n/((1+r)^n)-1)]
M = the total monthly mortgage payment.
P = the principal loan amount.
r = your monthly interest rate. Lenders provide you an annual rate so you’ll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 4.38 percent, your monthly rate would be 0.00365 (4.38/12=0.00365)
n = number of payments over the loan’s lifetime. Multiply the number of years in your loan term by 12 (the number of months in a year) to get the number of payments for your loan. For example, a 15 year fixed mortgage would have 180 payments (15*2=180)

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