13. TM Ltd had an overdraft balance of 2,000 in its bank account on 1 January 2021. In the 2-months period ending 28 February 2021, the following transactions were recorded: Purchased goods on credit to be paid in March 2021 Sold goods to customers for cash Sold goods to customers on credit to be paid in March 2021 Paid rent for 6-months ending 30 June 2021 10,000 40,000 15,000 6,000 What would be the balance in TM Ltd's bank account at 28 February 2021? BUSI1093-E1 Turn Over 5 BUSI1093-E1 (a) (b) (c) (d) 37,000 41,000 32,000 27,000 14. The following data is provided for XYZ. Opening Trade receivable balance on 1 March 23,700 Closing Trade receivable account balance on 31 March 25,200 Sales to credit customers during March 2021 30,000 Calculate the cash received from customers during the month of March 2021 (a) (b) (c) (d) 18,900 28,500 30,000 None of the above 15. Which of the following is not a characteristic of a current asset? (a) (b) (c) (d) An asset held for sale as part of a business's normal operating cycle An asset that is intended to be kept beyond the next 12 months An asset that is held primarily for trading operations A benefit arising from a past transaction or event 16. In a predetermined overhead rate for an absorption costing system that is based on units, which of the following would be used in the numerator and denominator? (a) (b) (c) (d) Numerator Actual manufacturing overhead Actual manufacturing overhead Estimated manufacturing overhead Estimated manufacturing overhead Denominator Estimated units Actual units Actual units Estimated units 17. Cake Co. is deciding whether to spend 80,000 on a TV advertising campaign. They estimate that sales revenue will increase by 200,000 and they have a contribution margin percentage of 55%. What will the estimated effect be on profits? (a) (b) (c) (d) 15,000 Increase 30,000 Increase 15,000 decrease 30,000 decrease