86 CPAR 1st PB Answer Key PDF

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Description

CPAR Batch 86 First Preboard Solutions

MAS CDACA BDBDC ADAAB DACDC DBCBD ABADB CAAAA ABACB AADBC DBABA CCBBD BACDB DBDCA BBBAB FAR BACBD BDDDC BABCD DABDA AABCD ACBDC BDABA BBDBA DACCB DCAAB BDCCC BDCAD DABCA BACDD AT DBDDB ABAAD CCABD ABADD ABACA DDDDA ADDDA DBCCD

ACABC BBCBA BCBCA DABDC CBAAC AACBA AP DABBA BBAAA CCABC BBCBB BCDDA ABACB DBCBD CCBAB CBBBC BCCBB AFAR DCCDC DBCCA BBDCB CACAA CBBCD CDCDA DBCAB CACDB BCDDA BDAAA CCDBD CAACC BBCAA CBCDA RFBT BCBAC AADBD DCBDB CBACA BACCC DCCCC CACBC CBCBB

DBDCD BDBCA BBDCC BADBD CBAAD DADAC DDABD BABAA TAX ABCCA CADCB DCBCD CABCB AAACB ADBAD BBABD DBABB CBAAD CCBAA CCCAB CACAD ABCBB DABCA

1

A Net loss Interest Salary Residual Net P/L

2

47,250 122,325 (139,308) 30,267 D

Cash Inventory Land Building F&F Mortgage Capital

115,000

Contributed Revaluation Agreed

150,000 30,000 180,000

3

15,000

Capital Withdrawal Loss Ending Revaluation

5

23,865

16,235 82,625 (139,308) (139,308) (115,443) (40,448)

Total 87,350 204,950 (417,924) (125,624)

E 50,000 45,000 15,000 65,000 (30,000) 145,000 A

L 195,000

20% B

120,000 (24,000) (9,600) 86,400 (14,400) 72,000

70,000 (24,000) (6,400) 39,600 (9,600) 30,000

75,000 7,500 82,500

260,000

180,000 30,000 210,000

30% A

X Agreed Bonus Contributed

C

100,000

V

4

B

Y 105,000 7,500 112,500

195,000

Total

Total cap.

585,000

525,000 60,000 585,000

Share of L L, cap.

33% 195,000

50% C 80,000 (24,000) (16,000) 40,000 (24,000) 16,000 Z 90,000 (15,000) 75,000

(32,000) (48,000)

6

33% A Capital P/L Withdrawal Ending Reduction

7 Interest Salaries Remainder

8 Capital Salary Share in NI Withdrawal Ending 9 and 10

48,000 10,860 (10,100) 48,760 (18,600) 30,160

96,000 21,720 (16,000) 101,720 (41,400) 60,320

D 18,000 72,000 (31,900) 58,100

J 13,800 60,000 (31,900)

33% H 250,000 180,000 40,000 (320,000) 150,000 40% Dy

Capital Other interest Total interest P/L Ending Loss on NCA Liq Exp

67% B

250,000 (4,000) 246,000 205,600 451,600 (3,690) (14,000) 433,910

67% I

80,000

40% Co 380,000 (30,000) 350,000 205,600 555,600 (3,690) (14,000) 537,910

Total 32,580 150,480 (60,000) 90,480 Total 31,800 132,000 (63,800) 100,000

Total

120,000

20% Ang 200,000 10,000 210,000 102,800 312,800 (1,845) (7,000) 303,955

Total

514,000 (9,225) (35,000)

Total: To Dy To Ang To creditors Payment

7,110 90,555 175,000 272,665

MPL Payment

(426,800) 7,110

(426,800) 111,110

(213,400) 90,555

(1,067,000)

15 Loan payable Recovery pct Total payment Secured portion

16 and 17

5,170,000 3,750,000 2,250,000 11,170,000 (4,050,000) (2,250,000) 4,870,000

18

Partially secured

750,000 750,000 1,500,000 68% 1,020,000 2,250,000 1,500,000 400,000 5,170,000

Paid unsecured portion Unsecured portion of loan Recovery percentage

Total free assets Mortgage payable Secured portion of loan payable Total assets/ payment to liabs Cash NRV of machine/ equipment NRV of building BV

Furniture Machinery Equipment Cash Prepaid exp. Goodwill Other assets Total Salaries payable Taxes payable Trustee's fees Net free assets 19

3,000,000 92% 2,760,000 (2,250,000) 510,000 750,000 68%

153,750 96,000 161,250 14,875 9,500 27,500 137,125 600,000

NRV

Secured

102,500 67,200 123,750 14,875 82,275 390,600

95,875 68,750 -

180,650 Net free assets 315,800 Unsecured w/o priority

164,625

Unsecured portion of loan Notes payable Total unsecured w/o priority Recovery percentage Net free assets Wages payable Income tax payable Liquidation expenses Total free assets

4,870,000 NRV of building (7,200,000) Book value of building (2,330,000) Loss on realization

Free

Recorded Liabs:

6,625 123,750 14,875 82,275 227,525 (21,750) (14,500) (10,625) 180,650

Notes payable Loans payable Other liabs Total

Payment to Partially secured creditor: Secured 67,200

Secured 92,000 244,500 138,500 475,000

92,000 67,200 -

57.20% Recovery percentage

20

444,500 (161,500) 283,000 4,000 (10,000) (40,000) (60,000) (4,000) (26,000) (45,000) 54,000 156,000

Total assets Cash Assets to be realized, March 1 Accrued interest on note A/R collected Invty sold for 60,000 Note collected Interest on note collected Furniture sold Invty sold for 54,000 Credit sales Assets to be realized, April 1

21

4,000 (8,000) (15,000) (2,000) 20,000 (28,000) (9,000) (18,000) 9,000 (47,000) 150,000 (55,500) 47,500

Note interest income Note interest expense Note interest expense Loss on A/R collection Gain on sale of invty Loss on note collection Loss on sale of furniture Administrative expenses Profit on sale of invty Net loss Share capital Deficit Estate equity

Unsecured Recovery % Total

22 No mention of payment to any unsecured w/o priority liabilities

1,550 57.20%

887 68,087

Unsecured 177,300 138,500 315,800

23 and 24 Food stall Trademark Raw materials

26 Costs: Cumulative Remaining Total POC

Standalone 500,000 200,000 300,000 1,000,000

Pct

2022

2023

3,075,000 1,025,000 4,100,000 75%

50% 20% 30% 100%

Bundle 450,000 180,000 270,000 900,000

Earned Unearned 450,000 9,000 171,000 108,000 162,000 567,000 333,000

Contract price Penalty Total Cost

3,780,000 420,000 4,200,000 90%

POC RGP Prior year To recognize 27 Costs incurred Costs to complete Total Contract price Gross profit 28 RGP Prior years Cumulative Contract price POC in 2022 Cost in 2023 Loss in 2023 CIP

2021 40,000,000

2022 10,000,000

2023 20,000,000 10,000,000 100,000,000

2021 750,000 750,000 10,000,000 50%

2022 (250,000) 750,000 500,000

5,000,000 3,740,000 (800,000) 7,940,000

Cumulative 70,000,000 10,000,000 80,000,000 100,000,000 20,000,000 Since gross profit is positive

2023 (800,000) 500,000 (300,000)

Revenue up to 2022 Revenue in 2023

2022 2023 4,500,000 4,500,000 (500,000) 4,500,000 4,000,000 (4,100,000) (4,200,000) 400,000 (200,000) 75% 100% 300,000 (200,000) (300,000) 300,000 (500,000)

29

2021 Contract price POC Rev. recognized Costs incurred RGP

10,000,000 12.5% 1,250,000 (1,000,000) 250,000

Cumulative costs POC Est. total cost Cumulative loss Contract price, 2023 POC Revenue up to 2023 Already recognized Recognized in 2023 Loss in 2023 Cost in 2023

10,800,000 90% 12,000,000 (1,000,000) 11,000,000 90% 9,900,000 (6,000,000) 3,900,000 1,600,000 5,500,000

Manufacturing cost Boxes Cost per box Boxes shipped

200,000 100 2,000 30 60,000 3,000 63,000 30 2,100

2022 10,000,000 60.0% 6,000,000

RGP Prior years Cumulative

2021

2022

250,000 250,000

350,000 250,000 600,000

2023

Entry: Cost CIP Revenue

5,500,000 1,600,000 3,900,000

30

Freight-in Cost of boxes shipped Boxes shipped Cost per box 31 Price per box Sold units

3,000 20

Price per box Cost per box Profit per box Sold units Commission Net income

3,000 (2,100) 900 20 18,000 (3,000) 15,000

5% of sales

Sales Commission Freight collect Remittance

60,000 (3,000) (3,000) 54,000

32 Price FV of trade-in Trade-in allowance

70,000 (40,000)

Cost Gross profit GP rate

120,000 30,000 150,000 (90,000) 60,000 40%

Downpayment Trade-in Installment Total GP rate DGP Loss on repo DGP Repo merch IAR

30,000 40,000 50,000 120,000

Recognized 30,000 70,000 25,000 125,000

3,000 10,000 12,000 25,000

e, record CIP @ cost incurred to date.

2023 (1,600,000) 600,000 (1,000,000)

Unrecognized 25,000 25,000 40% 10,000

43

HO 164,100 1 2 3 4 5

(21,600)

142,500 44 and 45 1 2 3

46 BI At cost Shipments CoGAS EI at cost Expenses Net Income 47

IIB

124,470 180

129,000 (1,650)

2,700 127,350

127,350

HO

Branch

Purchases

40,800

11,880 10,800 52,800 63,600 (13,200) (31,440) 18,960

% shipped

55,000 55,000

In transit Ending invty

(7,200) (21,600) 142,500

HO

HO Physical count From outsiders

IIB 153,300 (72,000) 90,000

55,000

Billed price

Branch 5,500 16,800 22,300 4,000 26,300

81,300

120,000 40% 48,000 110% 52,800

Shipments

30,000

Billed price Received In transit At cost

125% 37,500 (32,500) 5,000 4,000

48 From outsiders Beginning invty Purchases CoGAS Ending invty CoGS 49 Sales CoGS Expenses Net income

HO 80,000 80,000 200,000

Branch 7,500 20,000 27,500 15,000

HO

Branch

250,000

75,000

(40,000)

(10,000)

107,500 215,000 322,500 (81,300) 241,200

325,000 (241,200) (50,000) 33,800

52 and 55

Job 1 DM DL OH

DM % DL hrs

36,000 21,250 25,500 82,750

Job 2 30,000 26,350 31,620 87,970

Job 5 30,000 35,700 42,840 108,540

30% 2,500

25% 3,100

25% 4,200

53 Job 1 Job 2 WIP

82,750 87,970 170,720

54 DM DL Prime

36,000 21,250 57,250

56 DM DL OH Unit cost Good units FG

250 100 150 500 4,875 2,437,500

57 DM DL OH Unit cost All units FG w/spoilage SUI Rework cost FG

250 100 125 475 5,000 2,375,000 (43,750) 12,750 2,344,000

150% of DL

120,000 total 8.5 per hr 120% of DL

Produced Spoiled Good units

Spoiled units NRV SUI Rework: DM DL OH

DM DL OH Actual OH Applied OH Overapplied

5,000 (125) 4,875

125 350 43,750

50 25 31.25 106.25

Indirect 24,000 33,000 36,000 93,000 (99,960) (6,960)

Defective Rework cost

58 and 59

Admin

Asset value

120 12,750

Personnel

Employees

Allocation

A B

216,000 108,000

300,000 150,000

A B

175,000 58,333.33

15 5

A B

391,000 166,333

700,000 200,000

C

576,000 900,000

800,000 1,250,000

C

116,666.67 350,000

10 30

C

692,667

250,000

Admin 145,945.95 72,972.97 389,189.19

Asset value 300,000 150,000 800,000

Personnel 320,945.95 106,981.98 213,963.96

Employees 15 5 10

291,891.89 900,000

600,000 1,850,000

641,892

30

NRV @ split-off

NRV (total)

35 40 40 55

26,250 40,000 56,000 110,000 232,250

60 and 61 A B C Personnel

A B C

A B C

Allocation Overhead 466,892 700,000 179,955 200,000 603,153 250,000

Disposal 62

Barrels C D E G

750 1,000 1,400 2,000

SP @ split-off 100 80 110 150

cost (65) (40) (70) (95)

Joint costs 10,172.23 15,500.54 21,700.75 42,626.48 90,000

Procesing 63

Barrels C D E

Overhead

750 1,000 1,400

Final SP 135 100 155

costs (20) (25) (40)

Disposal cost (25) (10) (35)

NRV (total)

NRV 90 65 80

67,500 65,000 112,000

Joint costs 14,310.95 13,780.92 23,745.58

G 64 Std price Actual price Actual quantity MPV 65 Std hours Actual hrs Std rate LEV

2,000 3.75 3.70 0.05 14,700 735 favorable 10,500 10,400 100 8.25 825 favorable

195

(45)

(60)

90

180,000 424,500

38,162.54 90,000

Total 1,091,000 366,333 942,667

Total 1,166,892 379,955 853,153

11 12 13 14 25 34 35

B B D C D A B

36 37 38 39 40 41 42 50 51 66 67 68 69 70

C A C D B B D A C C B C D A

Creditors come first before any stockholders. A is wrong because it should be "an asset that the CUSTOMER controls" C is wrong because it should be "an asset with NO alternative use"

Contra-installment receivable

Overapplied OH is a deduction to WIP, FG and COGS...