Scott wants to set up an online surf shop. He has estimated he will need £35000 to design the website, advertise and buy stock. He has £10000 in savings. His parents have offered to match this; the remainder will come from a bank loan? How much will Scott need to borrow from the bank? 2 marks

What % of total capital will come from Scott’s personal savings? 2 marks

Scott has a car worth £10000. He will hold £8000 of stock. With reference to Scott explain the term unlimited liability. 4 marks

Jack and James each invest £50000 into JJP partnerships. Paulo invests £40000. At the end of the year there is £79996 in profit to be shared between the partners. How much does each partner receive? 4 marks

Jack James Paulo
Miguel and Hollie each own 35% of the shares in Teleprint Ltd. The remaining shares are split between 3 other shareholders. There were £200020 of shares issued.
What percentage of the shares does each of the additional shareholders own? 2 marks

How much did Hollie invest in shares? 2 marks

If Miguel bought out two of the smaller shareholders would he control all decisions? Justify your answer. 4 marks

Exercise 6-2 variable costing income statement; explanation of difference in net operating income [lo6-2] ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $970. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 200 units sold 180 units in ending inventory 20 variable costs per unit: direct materials $ 130 direct labor $ 300 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 63,000 fixed selling and administrative $ 25,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 174,600 cost of goods sold 139,500 gross margin 35,100 selling and administrative expense 27,700 net operating income $ 7,400 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing.