Accounting Principles Paper Essay Example

Accounting Principles Paper Essay Example Accounting Principles Paper Essay Accounting Principles Paper Essay THIS IS A NEW SPECIFICATION ADVANCED SUBSIDIARY GCE FOI ACCOUNTING Accounting Principles Tuesday 2 June 2009 Morning RESOURCE BOOKLET To be given to candidates at the start of the examination Duration: 1 hour INSTRUCTIONS TO CANDIDATES The information required to answer questions 1-2 is contained within this Resource Booklet. Do not hand this Resource Booklet in at the end of the examination. It is not needed by the Examiner. INFORMATION FOR CANDIDATES This document consists of 4 pages. Any blank pages are indicated. OCR 2009 [1-4/500/7722] sp (NE) T7701 5/2 OCR is an exempt Charity Turn over 2 on 30 April 2009. Rent General expenses Insurance Salaries Electricity Capital Motor expenses Bad debts Drawings Debtors Creditors Bank Stock 10% Loan Loan interest Carriage outwards Commission received Purchases Sales Purchases returns Sales returns Discounts allowed Discounts received Provision for doubtful debts Equipment Provision for depreciation of equipment Motor vehicles Provision for depreciation of motor vehicles 4 000 6 ooo 3 300 14 000 2 ooo cr 44 000 200 6 200 3 800 2 600 3 600 15000 1 250 700 730 56 ooo 108 ooo 2 500 4 800 520 48 ooo 14 400 36 ooo 0800 200 150 The following information is also available. Included in the general expenses is an item of equipment purchased during the year for El 200. This item has not yet been included in the equipment account. A cheque for E800 received from a debtor has not yet been entered in the accounts. At 30 April 2009, loan interest owing amounted to E250; electricity owing was E380; whilst insurance was prepaid by E460. During the year Paula Redwood had withdrawn, for her personal use, goods costing O OCR 2009 The closing stock as at 30 April 2009 was valued at E4 200. Commission receivable of El 50 was owing to Paula Redwood at 30 April 2009. FOI 1/ RB Junog 3 (Vii) The provision for doubtful debts is to be provided for a specific debt of E200, plus 2% of the remaining debtors. (Viii) One half of the 10% loan is repayable during the year ending 30 April 2010, and the balance after that date. Depreciation is to be provided as follows: 10% per annum on cost using the straight line method. A full years depreciation is provided on all office equipment held on 30 April 2009, regardless of the date of purchase. 25% by the reducing balance method. There were no additions or disposals during the year. REQUIRED The Trading and Profit and Loss Account of Paula Redwood for the year ended 30 April 2009 and the Balance Sheet as at 30 April 2009. [47] Total marks [47] Raymond Bow prepared the following aged debtors schedule for his business on 31 March 2009. 2 1 400 1 880 months Peter White Janet Black John Green Susan Yellow Sunil Orange Jose Violet Bret Purple Carlos Blue 1 800 over 6 Amount due 5 400 5 880 160 2 620 300 190 4 680 2 200 1 600 21 730 Debtor 10 100 1 ooo 620 150 1 340 210 490 The provision for doubtful debts as at 1 April 2008 was El 890. Jose Violet has recently been declared bankrupt. Raymond Bow has received payment of EO. 25 in the E in final settlement of the debt. The final settlement has not yet been processed through the accounts. The remainder of the amount due is to be treated as a bad debt. Raymond BOWS policy for dealing with outstanding debtors is to: (i) months; make specific provisions for all the other debts outstanding for between four to six write off as bad debts all amounts outstanding for more than six months; make a general provision of 3% on all the remaining outstanding debts. FOI 1 IRB Junog 4 a) Prepare the following ledger accounts of Raymond Bow for the year ended 31 March 2009, showing where appropriate the closing entry to the final accounts at the end of the year. (i) Jose Violet. Bret Purple. Bad Debts. Provision for Doubtful Debts. (b) The Profit and Loss Account extract for Bad Debts and Provision for Doubtful Debts for the year ended 31 March 2009. (c) The Balance Sheet extract for Debtors as at 31 March 2009. (d)* Discuss the reasons why a business needs to monitor and control its debtors. (e) Explain two factors used in determining the provision for doubtful debts. 10] Total marks [33] Copyright Information OCR is committed to seeking permission to reproduce all third-party content that it uses in its assessment materials. OCR has attempted to identify and contact all copyright holders whose work is used in this paper. To avoid the issue of disclosure of answer-related information to candidates, all copyright acknowledgements are reproduced in the OCR Copyright Acknowledgements Booklet. This is produced for each series of examinations, is given to all schools that receive assessment material and is freely available to download from our public website (www. r. org. uk) after the live examination series. If OCR has unwittingly failed to correctly acknowledge or clear any third-party content in this assessment material, OCR will be happy to correct its mistake at the earliest possible opportunity. For queries or further information please contact the Copyright Team, First Floor, 9 Hills Road, Cambridge CB2 1 PB. OCR is part of the Cambridge Assessment Group; Cambridge Assessment is the brand name of University of Cambridge Local Examinations Syndicate (UCLES), which is itself a department of the University of Cambridge. OCR 2009 FOI 1 IRB Junog

The History of Skyscrapers

The History of Skyscrapers The first skyscrapers- tall commercial buildings with  iron or steel frameworks- came about in the late 19th and early 20th centuries. The Chicago Home Insurance Building, completed in 1885, is generally considered the first modern skyscraper, although it was only 10 stories high. Later, taller and taller buildings were made possible through a series of architectural and engineering innovations, including the invention of the first process to mass-produce steel. Today, the tallest skyscrapers in the world approach and even exceed heights of 2,000 feet. Skyscraper History A skyscraper is a tall commercial building with an iron or steel framework.  They were made possible as a result of the Bessemer process of mass production of steel beams.  The first modern skyscraper was created in 1885, the 10-story Chicago Home Insurance Building.Early extant skyscrapers include the 1891 Wainwright Building in St. Louis and the 1902 Flatiron Building in New York City.   First Skyscraper: Chicago Home Insurance Building The first tall building supported by structural steel was the Chicago Home Insurance Building, which was finished in 1885. The building was 10 stories tall and reached a height of 138 feet. Two additional stories were added in 1891, bringing the height to 180 feet. The building was demolished in 1931 and replaced with the Field Building, an even taller skyscraper with 45 stories. Early Skyscrapers The Flat Iron Building, NYC. Barry Neal/Getty Images Although the first skyscrapers were relatively small by todays standards, they marked an important turn in urban construction and development. Some of the most notable early skyscrapers were: Tacoma Building (Chicago): Constructed using a riveted iron and steel frame, the Tacoma Building was designed by the major architectural firm Holabird Root.Rand McNally Building (Chicago): The Rand McNally Building, completed in 1889, was the first skyscraper built with an all-steel frame.The Masonic Temple Building (Chicago): Featuring commercial, office, and meeting space, the Masonic Temple was completed in 1892. For a time it was the tallest building in Chicago.Tower Building (New York City): The Tower Building, completed in 1889, was the first skyscraper in New York City.American Surety Building (New York City): At 300 feet tall, this 20-story building broke Chicagos height record when it was completed in 1896.New York World Building (New York City): This building was home to the New York World newspaper.Wainwright Building (St. Louis): This skyscraper, designed by Dankmar Adler and Louis Sullivan, is famous for its terracotta facade and ornamentation.Flatiron Building (New Yor k City): The Flatiron Building is a triangular, steel-frame marvel that still stands in Manhattan today. In 1989, it was made a National Historic Landmark. Mass Produced Steel Allows Construction of Skyscrapers Henry Bessemer. clu/Getty Images Construction of skyscrapers was made possible thanks to Henry Bessemer, who invented the first process to mass-produce steel inexpensively. An American, William Kelly, had held a patent for a system of air blowing the carbon out of pig iron, but bankruptcy forced Kelly to sell his patent to Bessemer, who had been working on a similar process for making steel. In 1855, Bessemer patented his own decarbonization process, utilizing a blast of air. This breakthrough opened the door for builders to start making taller and taller structures. Modern steel today is still made using technology based on Bessemers process. While â€Å"the Bessemer process† kept Bessemer’s name well-known long after his death, lesser known today is the man who actually employed that process to innovate the first skyscraper: George A. Fuller.  In the 19th century, construction techniques called for outside walls to carry the load of a building’s weight. Fuller, however, had a different idea. He realized that buildings could bear more weight- and therefore soar higher- if he used Bessemer steel beams to give buildings a load-bearing skeleton on the inside of the building. In 1889, Fuller erected the Tacoma Building, a successor to the Home Insurance Building that became the first structure ever built where the outside walls did not carry the weight of the building. Using Bessemer steel beams, Fuller developed a technique for creating steel cages that would be used in subsequent skyscrapers. The Flatiron Building  was one of New York Citys first skyscrapers, built in 1902 by Fullers building company. Daniel H. Burnham was the chief architect. Taller buildings were also made possible by the invention of the electric elevator in 1883, which reduced the amount of time it took to travel between floors, and the invention of electric lighting, which made it easier to illuminate larger spaces. Chicago School of Architecture Many of the earliest skyscrapers were built in an architectural style that came be known as the Chicago School. These steel-frame structures often featured terra cotta exteriors, plate glass windows, and detailed cornices. Architects associated with the Chicago School include Dankmar Adler and Louis Sullivan (who designed the Old Chicago Stock Exchange Building), Henry Hobson Richardson, and John Wellborn Root. Buildings in the Chicago style were built in places as far away as Florida, Canada, and New Zealand.