Sole Traders are often ignorant to the accounting procedures necessary for the preparation of a complete set of financial accounts. In many instances these Sole Traders are required to produce an income statement and a statement of financial position at the end of the trading period. Required:

A. Describe TWO (2) situations in which a sole trader may have incomplete records of accounting transactions.

B. Use examples to illustrate THREE (3) techniques that can be used to construct relevant financial data from a set of incomplete record.

C. Lyn Mack is a hair dresser who is able to provide the following figures from a diary for the year ended December 31, 2018:

Supplies at the end of the year $40,000

Hair Dryers $38,000

Owing to suppliers $10,000

Loan from BNS $35,000

Furniture $90,000

Owings by customers $25,000

Required:

Use the information above to construct Lyn Mack’s Statement of Affairs and ascertain the opening capital.

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When the federal reserve buys and sells bonds to member banks, it is called a. monetary policy b. reserve ratio c. interest rate adjustment d. open market operations

What is the advantage of developing criteria for assessing the effectiveness of business products and processes? a. assessment criteria are answers. b. assessment criteria are inexpensive. c. assessment criteria provide you with a list of relevant things to measure. d. assessment criteria provide you with a list of people to contact to learn more about process mentoring.

Required information problem 15-1a production costs computed and recorded; reports prepared lo c2, p1, p2, p3, p4 [the following information applies to the questions displayed below. marcelino co.'s march 31 inventory of raw materials is $84,000. raw materials purchases in april are $540,000, and factory payroll cost in april is $364,000. overhead costs incurred in april are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. the predetermined overhead rate is 50% of direct labor cost. job 306 is sold for $670,000 cash in april. costs of the three jobs worked on in april follow. job 306 job 307 job 308 balances on march 31 direct materials $30,000 $36,000 direct labor 25,000 14,000 applied overhead 12,500 7,000 costs during april direct materials 133,000 210,000 $100,000 direct labor 105,000 150,000 101,000 applied overhead ? ? ? status on april 30 finished (sold) finished in process (unsold) required: 1. determine the total of each production cost incurred for april (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from march 31). a-materials purchases (on credit). b-direct materials used in production. c-direct labor paid and assigned to work in process inventory. d-indirect labor paid and assigned to factory overhead. e-overhead costs applied to work in process inventory. f-actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) g-transfer of jobs 306 and 307 to finished goods inventory. h-cost of goods sold for job 306. i-revenue from the sale of job 306. j-assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions. 3. prepare a schedule of cost of goods manufactured. 4.1 compute gross profit for april. 4.2 show how to present the inventories on the april 30 balance sheet.