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10. A company produces Wingbat components. The following information per unit is available Total direct costs £100 £350 0.5 Sellin се Machine hours: As and i The following absorption rates are used in the company: Production: £150 per machine/hour, Assembly and inspection: £20 per labour-hour What will be the value of each finished Wingbat in inventory? (a) £225 (b) £270 (c) £350 (d) £215 (e) £250 11 A company reported sales of £12,800 for 2015. The value of accounts receivable at the start of the year was £1,500 and at the end was £1,300. The value of accounts payable at the start of the year was £850 and at the end of the year was £900. Which of the following statements is true? (a) (b) (c) (d) (e) Cash received from customers was £12,800 Cash received from customers was £13,000 Cash received from customers was £12,600 Cash paid to customers was £12,650 Cash paid to customers was £12,950 12. Which of the following would be an example of a non-current liability? (a) (b) (c) (d) (e) Unearned (deferred) income Bonds issued Retained profit Accounts payable Other comprehensive income
13. John made the following rent payments On 15.08.2014 paid £500 for the 12 months to 30.06.2015 On 25.07.2015 paid £640 for the 12 months to 30.06.2016 What is the correct charge for rent in his income statement for the year ended 31 December 2015? (a) £1,140 (b) £500 (c) £640 (d) £570 (e) £140 14 Using the information in the previous question, what would be the balance sheet entry at 31 December 2015 relating to these transactions? (a) (b) (c) (d) (e) A prepayment of £250 A prepayment of £320 A prepayment of £640 An accrual of £320 An accrual of £640
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