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  • Sandhill’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of - Question Sandhill's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Sandhill's inventory consisted of books purchased for $1,500. During June, the following merchandising transactions occurred.June 3Sold books on account to Reading Rainbow for $2,100. The cost of the books sold was $1,600.15Received payment in full from Reading Rainbow.17Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080.24Received payment in full from Rapp Books.28Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970.30Granted Baeten Bookstore $140 credit for books returned costing $84.Journalize the transactions for the month of June for Sandhill's Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Q ) Strawberry Pakistan Limited (SPL) was incorporated on March 1, Question Q ) Strawberry Pakistan Limited (SPL) was incorporated on March 1, 20X3. The directors of SPL are in the process of appointing the first statutory auditor of the company. They have requested your firm to submit a proposal for the statutory audit assignment. A partner of your firm has asked you to draft the proposal after assessing whether the preconditions for the audit exist. Required (a) Briefly discuss the term „preconditions for an audit. (b) What are the steps that you would perform in order to ensure that preconditions for the audit exist? (c) Discuss whether your firm may or may not accept the assignment if one of the preconditions for the audit is not present. The following income statement was drawn from the records of Rundle Company, a merchandising firm: Question The following income statement was drawn from the records of Rundle Company, a merchandising firm: RUNDLE COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (6,500 units × $165) $ 1,072,500 Cost…

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  • Bravo Manufacturing Company began operations on January 1, 2016. Depreciation - Question Bravo Manufacturing Company began operations on January 1, 2016. Depreciation for the year amounted to $200,000: 35% relates to sales, 25% relates to administrative facilities, and 40% to the factory. Of the total units produced during FY 2016: 75% were sold in 2016 Peter Stress is the Information Systems Manager at Technotronics Company, Question Get Answer Peter Stress is the Information Systems Manager at Technotronics Company, a position that he has held for the last 10 years on a full time and pensionable basis. He is on a monthly gross salary of ksh 300,000 but takes home ksh 240,000 after all statutory deductions. He is engaged in other part time activities like installing networking cables and anti-virus programs for business bureaus and internet cafes on Saturdays only but reserves Sundays for prayers since he is a devoted Christian. Some of his clients need his services on Sunday but he refuses flatly despite the fact that the bureaus open throughout the week. He gets an average of ksh.50,000 per month from these part time activities. He has been married to Julia for ten years and they have two children Ben aged 10 and Ann aged 7 who are in class five and two respectively in a private academy within the estate. Julia is a primary school teacher in a public school within the estate and earns a net salary of 50,000 pm of which she contributes 5,000 per month to a 10 Ladies "Merry Go Round Scheme". She joined Merry Go Round wef from 1st December 2019 and is due to receive her share of ksh.50,000 in ten months' time as she is the last in the queue. She supplements their monthly shopping by ksh.10,000 per month. Julia's personal grooming is ksh.15,000 pm. He does not know the breakdown of her other expenses as she does not disclose them to him and he is not sure whether he should ask her.Peter invested shares worth ksh, 200,000 in Xer company in November 2018 and expects a cash dividend of Ksh.32,000 after withholding tax in March 2020. He also expects dividends of…

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  • Niah Corporation is engaged in the sale of goods with net sales of - Question Niah Corporation is engaged in the sale of goods with net sales of P8,000,000 and Net Revenue of P4,000,000 in 2018. The actual entertainment, amusement and recreation expenses for the taxable year is P900,000.1. For income tax purposes, how much is the allowable deductible entertainment, amusement and recreation expense under selling of goods (Net Sales)?2. For income tax purposes, how much is the allowable deductible entertainment, amusement and recreation expense under selling of services (Net Revenue)?3. For income tax purposes, how much is the total allowable deduction for entertainment, amusement and recreation expenses?In year 2018, Mabuhay Corporation entered into a loan contract with XZY Bank. The loan principal is P1,000,000 with an annual interest rate of 12%. In addition, Mabuhay received interest income amounting to P200,000 (gross of 20% final tax). 4. For income tax purposes, the allowable interest expense in 2018 is: The Comparative Balance Sheets of Star Company are given below year wise:- Question The Comparative Balance Sheets of Star Company are given below year wise:- 2016 2017Cash 100000 75000Accounts receivable 110000 170000Inventories 160000 195000Prepaid expense 20000 10000Plant and equipment - 130000Land 60000 160000Total Assets 450000 740000Liabilities Mesra Alam Sdn. Bhd. produces a single product. The results of the Question Mesra Alam Sdn. Bhd. produces a single product. The results of the company's operations for a typical month are summarized in contribution format as follows: Sales RM540,000 Variable expenses.......... 360,000 Contribution margin.......180,000 Fixed expenses............... 120,000 Net operating income.....RM 60,000 The company produced and sold 120,000 kilograms of product during the month. There was no beginning or ending inventories. Required:3 (b) An important part of processing is performed by a machine that is currently being leased for RM 20,000 per month. Mesra Alam has been offered an arrangement whereby it would pay RM0.10 royalty per kilogram processed by the machine rather than the monthly lease. (i) Should the company choose the lease or the royalty plan? Why? (ii) Under the royalty plan, compute break-even point in kilograms. (iii) Under the royalty plan, compute break-even point in dollars. (iv) Under the royalty plan determine the sales in kilograms that…

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  • Get Answer Topic: Upstream Sales EliminationCase: PT. UB owns 80% of PT. PU is obtained in book value on - Question Get Answer Topic: Upstream Sales EliminationCase: PT. UB owns 80% of PT. PU is obtained in book value on August 30, 20x6. An overview of the trial balance data for the two companies as of December 31, 20x8 is as followsOn January 1, 20x8, Inventories held by PT. UB consists of filters that it buys from PT. PU worth 60,000,000 where PT. PU produces these filters at a cost of 40,000,000. During the year 20x8 PT. PU has spent 100,000,000 to produce additional filters that it sells to PT. UB for 150,000,000.On December 31, 20x8, PT. UB has sold all filters in inventory on January 1, 20x8, but still has an inventory of 45,000,000 which was purchased from PT. PU in 20x8.Requested:a. Make the elimination journal needed to complete the 20x8 consolidated paperworkb. Compute the consolidated net income for 20x8c. Compute the balance allocated to non-controlling interests in the consolidated statement of financial position as of December 31, 20x8 Cheney Cheney ​Oil, Inc. has an account titled Oil and Gas Properties. Cheney Question Cheney Cheney ​Oil, Inc. has an account titled Oil and Gas Properties. Cheney Cheney paid $ 6 comma 800 comma 000$6,800,000 for oil reserves holding an estimated 600 comma 000600,000 barrels of oil. Assume the company paid $ 590 comma 000$590,000 for additional geological tests of the property and $ 440 comma 000$440,000 to prepare for drilling. During the first​ year, CheneyCheney removed and sold 80 comma 00080,000 barrels of oil. Record all of CheneyCheney​'s ​transactions, including depletion for the first year. Annual demand is 12500 units, cost per order is $60 and carrying cost Question Get Answer Annual demand is 12500 units, cost per order is $60 and carrying cost per unit as a percentage is 8%. The company works 50 weeks a year; the lead-time on all orders placed is 5 weeks. A. Assuming constant lead-time demand, and a unit cost of $40 what is the economic order quantity? What is the reorder point.B. If lead-time demand shows variability that follows a normal distribution with a mean μ =280 and a standard deviation σ…

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  • A quality control procedure involves 100% inspection of parts received Accounting Assignment Help - Question Get Answer A quality control procedure involves 100% inspection of parts received from a supplier. Historical records show the following defective rates have been observedPercent Defective Probability 0 0.15 1 0.25 2 0.40 3 0.20The cost for the quality control 100% inspection is $250 for each shipment of 500 parts. If the shipment is not 100% inspected, defective parts will cause rework problems later in the production process. The rework cost is $25 for each defective part.1- Construct a payoff table for this problem.2- The plant manager is considering eliminating the inspection process in order to save the $250 inspection cost per shipment. Do you support this action? Why? notesi want the answer in detailsand Not on an excel sheet If a company's CVP analyses showed it was not operating at break-even, Question Get Answer If a company's CVP analyses showed it was not operating at break-even, where on the financial statements might one be able to see this impact (i.e., specific line items on the statements)?As portfolio activities are to be self-reflective, please make sure to connect the portfolio assignment to: -Your personal experiences -Course readings and any external readings.Discussion forum posts or other course objectives that tie into your reflection attachments show questions Scroll down to complete ll parts of this task. Question Get Answer attachments show questions Scroll down to complete ll parts of this task. Stoney Run Construction Company (U.S. GAAP) enters into a 3-year contract to build a new warehouse facility. Information for Years 1, 2, and 3 is shown below: Year 1 Year 2 Year 3 Sale price $2,800,000 $2,800,000 $2,800,000 Estimated costs 1,600,000 2,000,000 2,000,000 Costs incurred to date (paid in cash) 400,000 900,000 2,000,000 Billed to date 250,000 1,150,000 2,800,000 Received in cash to date 190,000 950,000 2,800,000 To prepare each required journal entry: Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry.Enter the corresponding debit or credit amount in the associated column.All amounts will be automatically rounded to the nearest dollar.Not…

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  • Jefferson Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,250 in February - Question Jefferson Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,250 in February Assume Jefferson pays for inventory purchases 70​% in the month of the purchase and 30% in the month after purchase. The Accounts Payable balance on December 31 is $98,275. Make a schedule of cash payments for purchases for January and February. January February Total merchandise inventory purchases January FebruaryCash paymentsmerchandise inventory:Dec.- Dec 31 accounts payable, paid JanJan - Jan merchandise inventory purchases paid in JanJan-Jan merchandise inventory purchases paid in FebFeb- Feb merchandise inventory purchases paid in FebTotal payments for merchandise inventory Income statement. From the following adjusted trial balance for the Question Income statement. From the following adjusted trial balance for the Smith Company for the year 2018, create income statement including the Cost of Goods Manufactured portion. Accounts Receivable 125 000Advertising Expense 270 000Cash 55 000Direct Labour 356 000Factory Insurance 55 000Factory Machinery Depreciation 55 000Factory Property Taxes 120 000Factory Repairs 8 000Factory Utilities 12 900Finished Goods Inventory (1/1/18) 45 000Finished Goods Inventory (12/31/18) 5 000Indirect Labour 245 000Office Property Tax 35 000Office Utilities Expense 34 000Plant Manager's Salary 80 000Raw Materials Inventory (1/1/18) 38 000Raw Materials Inventory (12/31/18) 65 000Raw Materials Purchases 350 000Sales 1 567 890Sales Discounts 103 500Work in Process Inventory (1/1/18) 7 000Work in Process Inventory (12/31/18) 45 000 On July 1st, 20X4, the Yuan Yuan Guo Corporation, a manufacturer and Question On July 1st, 20X4, the Yuan Yuan Guo Corporation, a manufacturer and distributor of DVD recorders, entered a lease with Zhiyin Huang Rental Inc. Yuan Yuan Guo agreed to lease 20 DVDs for a period of six years beginning July 1st, 20X4. Other lease terms as follows: Annual Lease Payments beginning 01/07/X4 .............. $ 2,003 Manufacturing Cost of each DVD ................................ 300 Normal Selling Price of each DVD .............................. 525 Estimated economic (EUL) for the DVD's ................... 9 years Implicit rate in the lease (not known by Zhiyin Huang) 10.0 % Estimated Residual Value of each DVD at the end of the lease term (not guaranteed by Zhiyin Huang) ............................... $ 80 Zhiyin Huang can…

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  • What was the atmosphere of the building and floors of Lehman Brothers? - Question What was the atmosphere of the building and floors of Lehman Brothers? Where do you think Dick Fuld's arrogant personality came from?What were Glucksman and Fuld notorious for doing at Lehman Brothers?What was Larry McDonald beginning to see from the Notre Dame College - old folk lore?What was Lehman Brothers doing with home mortgages from the original loaning banks? On April 28, 2019, they sold for $8,000 stock that Cathy had received Question On April 28, 2019, they sold for $8,000 stock that Cathy had received as a gift from her mother, who had purchased the stock for $10,000 in 2013. Her mother gave Cathy the stock on November 15, 2017 when the fair market value was $9,400?Is there a loss or gain? On May 24, 2019, Bob sold for $21,000 stock inherited from his father. His Question On May 24, 2019, Bob sold for $21,000 stock inherited from his father. His father died on June 14, 2017, when the fair market value of the stock was $9,000. Bob's father paid $7,000 for the stock in 2011.Would this be considered taxable if it is an inheritance of stock? 1. John holds 10 percent interest in SS Partnership for past three Question 1. John holds 10 percent interest in SS Partnership for past three years. His basis in the partnership is $200,000 which includes a $100,000 share of nonrecourse debt that is allocated to him. If John sells his interest in the partnership to Sally for $400,000, what would be Sally's tax basis in the partnership interest?a. $200,000b. $300,000c. $400,000d. $500,000 How do I calculate the present value for a 3-year period from Jan. Question How do I calculate the present value for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. The payments are: $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3, paid on January 1 of each year. Assuming the incremental borrowing rate is 5%. This is what I have:10,000 x 1.0/1.05 = 11,23012,000 x 1.0/1.05(2) 10,88413,000 x 1.0/1.05(3) = 9,524 Rockford Company produces two different products, Product A and Product…

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  • Nina, just turned 30, has already accumulated $10,000 in her Registered - Question Nina, just turned 30, has already accumulated $10,000 in her Registered Retirement Savings Plan. She intends to continue to make deposits of $150 at the end of every month until age 62. She plans to retire then and cease further contributions. The RRSP will be allowed to continue to accumulate interest until she reaches age 65. If the RRSP earns 4.2% compounded monthly for the entire duration, what amount will her RRSP contain when she reaches age 65? They sold their old residence on January 28, 2019 for $380,000. The Question They sold their old residence on January 28, 2019 for $380,000. The basis of the their old residence, purchased in 2008, was $70,000. The selling expenses were $20,000. On May 17, 2018 they purchased and moved into another residence costing $150,000. Does a gain need to be recorded? On April 28, 2019, they sold for $8,000 stock that Cathy had received Question On April 28, 2019, they sold for $8,000 stock that Cathy had received as a gift from her mother, who had purchased the stock for $10,000 in 2013. Her mother gave Cathy the stock on November 15, 2017 when the fair market value was $9,400. Is there a loss here? How much of that loss gets recorded in our taxes? 1. The following transactions represent current liabilities for Jamerson Co. during a portion of the year 2019:· April 1 Question 1. The following transactions represent current liabilities for Jamerson Co. during a portion of the year 2019:· April 1 Purchased supplies on account, $1,500· April 5 Purchased $7,000 Inventory by signing a 6 month, 5% note payable.· June 30 Recorded sales of $250,000 for the first half of the year. Sales tax of 15% was added.· June 30 Recorded Warranty expense which is estimated to be 2% of sales stated in the transaction above.· August 15 Paid the Government the Sales Tax collected for the first half of the year.· Sept 01 Customer paid $15,000 for products and will collect them next month.· Sept. 30 Note payable matured and was paid with interest.Requirement:Journalize all entries stated…

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  • Please see attached at what I am continuing to get wrong answers for: - Question Get Answer Please see attached at what I am continuing to get wrong answers for: Below is the questions and the requirements for the answer.Feb.1 Grimes and several others invested $700,000 cash in the business in exchange for 30,000 shares of capital stock.Feb.10 The company purchased office facilities for $300,000, of which $100,000 was applicable to the land and $200,000 to the building. A cash payment of $60,000 was made and a note payable was issued for the balance of the purchase price.Feb.16 Computer equipment was purchased from PCWorld for $13,300 cash.Feb.18 Office furnishings were purchased from Hi-Way Furnishings at a cost of $9,850. A $985 cash payment was made at the time of purchase, and an agreement was made to pay the remaining balance in two equal installments due March 1 and April 1. Hi-Way Furnishings did not require that Heartland sign a promissory note.Feb.22 Office supplies were purchased from Office World for $325 cash.Feb.23 Heartland discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost only $350, but Heartland was charged $385. PCWorld promised to refund the difference within seven days.Feb.27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18.Feb.28 Received $35 from PCWorld in full settlement of the account receivable created on February 23.Prepare journal entries to record the above transactions. Select the appropriate account titles from the following chart of accounts. Cash Land Accounts Receivable Office BuildingOffice Supplies Notes PayableOffice Furnishings Accounts Payable Computer Systems Capital Stock 1. Compare the performance of the companies with each other, for each Question 1. Compare the performance of the companies with each other, for each of the calculated indicators and determine if it is necessary to make any adjustment or adjustments to better position the firm with the lowest performance, facing the end of the next fiscal year. Explain what settings and why. (20 points)2. In Table 1, also check the financial indicators of the chemical and related products industry (Chemicals and related products) for the year 2018. This allows…

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  • The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: - Question The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash $43,000Liabilities $66,000Other assets 282,000Winn, capital (50% of profits and losses) 73,000Xie, capital (30%) 90,000 Yang, capital (10%) 53,000Zed, capital (10%) 43,000Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation.Determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $28,000. (Do not round intermediate calculations.) Assume Target is involved in a major lawsuit and the probable damages are estimated to be $2,000,000. Question Assume Target is involved in a major lawsuit and the probable damages are estimated to be $2,000,000. A. Describe the effects damage estimates would have on the financial statements of a corporation and a partnership. Support your answer. B. How do disclosure requirements differ from a corporation to a partnership, and what information is required? Support your answer. C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response and support your answer.D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response and support your answer. On January 1st, 2010, "ABC" Company decided to establish a petty cash Question On January 1st, 2010, "ABC" Company decided to establish a petty cash fund for $250 . On January 31, 2020, the custodian submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $79 cash in the fund:Receipt------------------------------AmountFreight-in----------------------------$40.00Office Supplies---------------------$38.00Entertainment of Clients---------$65.00Postage Expense------------------$25.00Instructions:Based on the above given information, answer the following questions:1) The journal entry to replenish the petty cash will have a cash over and short on the _________ (Debit/Credit), with an amount of __________.2) The cash over and short must be presented…

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  • I need assistance with this Discussion question. Using the Internet, Accounting Assignment Help - Question Get Answer I need assistance with this Discussion question. Using the Internet, find Earnings Per Share and Price/Earnings ratio information for two competing publicly traded companies. State what you have found and provide a couple of sentences of explanation as to what those ratios tell you about the firms. Finally, provide some analysis of which firm you think would be the better investment, based on this information.I have chose Verizon and AT It has been suggested that tax policy favors deductions "for" AGI Question It has been suggested that tax policy favors deductions "for" AGI as compared to deductions "from" AGI. Describe several way in which deductions "for" AGI are treated more favorably. Incorporate the importance of Adjusted Gross Income (AGI) from the tax formula in your response. And also provide examples to support your response. De La Vega Company has three product lines of natural wigs: A, B, Question De La Vega Company has three product lines of natural wigs: A, B, and C, with contribution margins of $28, $20, and $16, respectively. The president foresees sales of 1,800,000 units in the coming period, consisting of 250,000 units of A, 850,000 units of B, and 700,000 units of C. The company's fixed costs for the period are $9,680,000.Required:1. What is the company's breakeven point in units of each product line assuming that the given sales mix is maintained? (6%)2. If the sales mix is maintained, what is the total contribution margin when 1,440,000 units are sold? What is the operating income? (8%)3. What is the Tax Rate that De la Vega company is subject to if the current sales mix prevails and De La Vega needs to sell a total of 1,860,000 units to reach its Target Operating Profit of $16,020,960. (6%) -PT ABC, produces 40,000 Z parts every year. Spare parts are Question Get Answer -PT ABC, produces 40,000 Z parts every year. Spare parts are used in the production of several products made by PT ABC. The following unit costs for Z spare parts. Direct material $ 18.00 Direct labor 6.00 Variable overhead 5.00 Fixed overhead…

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  • AG is in the process of reviewing 10 proposals for new project, but - Question Get Answer AG is in the process of reviewing 10 proposals for new project, but the resources only available to work on new project for maximum 46200, hours during the year. The incremental profit and constrained resource required for the proposed project are listed below: Proposed Project Incremental Profit Amount of the Constrained Resource Required Project 1 7.700.000 8.800 Project 2 5.500.000 11.000 Project 3 825.000 6.600 Project 4 4.950.000 6.600 Project 5 3.300.000 13.200 Project 6 2.750.000 4.400 Project 7 2.200.000 2.200 Project 8 660.000 4.400 Project 9 1.650.000 4.400 Project 10 880.000 4.400 Total 30.415.000 66.000 Required: a) Which of the proposed project should the company accept this year? b) What would be the total incremental profit under your plan? c) What is your opinion, why company's revenues and costs differ across customer? Orthopedic Solutions is a full-service clinic for children with hip Question Orthopedic Solutions is a full-service clinic for children with hip problems. There are two main types of patients, the luxation patients (L) and the dysplasia patients (D). The L-patients need more intensive monitoring. They visit the hospital three times a month. Alternatively D-patients are treated at home (once a month) via easier techniques that use standard supplies. This treatment is monitored by staff-visits of 'Orthopedic Solutions Inc.'. The following information is available with regard to these treatments.Currently there is a discussion going on about cost allocation. Using the number of treatments as allocation base is one option that most hospitals tend to use. Some hospitals use the direct cost base as an allocation base for overhead. Nevertheless, the alternative is a more detailed analysis of overhead: The general overhead for these treatments consists of two activities namely 1) nursing services (with skilled A-level and lower skilled B-level staff) and 2) specialized machine activity. Full-time equivalents and the percentage of machine usage are potential allocation bases. The following data is available for analysis:Specialized machining: Remaining part of overhead = This is a 10 marks question please answer accordingly. I need this ASAP Question This is a 10 marks question please answer accordingly. I need…

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  • You have been assigned to assist with the financial statements audit - Question You have been assigned to assist with the financial statements audit of Mamosa Solutions for the year ended as at 31 December 2019. In conducting substantive tests on accounts receivable, you have been supplied with sales and customer ledgers, accounts receivable aging reports and other supporting documents. While examining the current-year accounts receivable aging schedule, you identified two issues. Firstly, there is a debt amounting RM30,000 have yet to be settled as at December yearend. You also notice that the amount has existed since the month of January. Out of curiosity, you decide to check the prior-year accounts receivable aging report and you can see the same amount has been reported in the December. After further inquiry, the company's accountant explains that the debt is owing by a regular customer who is currently in financial distress and because the amount is considerably significant, she is expecting for the customer to pay the debt eventually. Secondly, you realise that the number of late payments is higher in current year when you compare the current and prior-year aging report more closely. However, the accountant explains that this is probably because of the increased of trades in receivable for most of regular customers and they request for more than the usual 30 months term to settle their debts. The current-year allowance of doubtful debts is RM20,000 and has not been revised for the past two years. Required: a) Referring to the issue with RM30,000 overdue debt by the regular customer, advise the accountant in terms of the collectability of the debt. Explain your answer. [5 marks] b) Considering your answer in (a), assess the adequacy of current-year allowance for the company's uncollectible accounts. [6 marks] 7 c) Using your understanding of the generally accepted accounting standards, provide a suggestion to the accountant of Mamosa Solutions regarding the appropriate accounting treatment for the RM30,000 overdue debt. [5 marks] d) In case of the audit client insists that the regular customer has informed of their ability to pay at least 10 percent of the amount owing, recommend the amount that should be revised for…

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  • From the following selected events and transactions extracted from Aman’s Accounting Practice during December 2019, Journalize the December transactions - Question From the following selected events and transactions extracted from Aman's Accounting Practice during December 2019, Journalize the December transactions on the "Aman's Accounting Practice Pty Ltd." book of journal as follows. [08 Marks] Date Transactions 1 Adam started his trading business by adding $350,000 cash, $50,000 of furniture, and $45,000 of vehicles. [Equity increased] 1 Bought a prepaid internet plan by $250. 3 Bought a prepaid car insurance for 12 months by paying $1200. 5 Purchased books and stationeries costing $35,000 by paying $15,000 cash. 8 Incurred Advertising expense for $7,500 but not paid. 9 Paid Accounts Payable recorded on 05 December. 15 Paid wages to employees $5,000. 18 Paid for transportation amounting $3,500. 20 Paid for rent expense amounting $4,500. 22 Salaries incurred but not paid amounting $12,500. 25 Received cash from clients who have paid in advance amounting $10,500. Recognize it as unearned service revenue. 27 Paid for utilities expense amounting $2,500. 28 Aman withdrew cash from his practice amounting $17,500. 30 Received a mortgage loan of $275,000. It increases cash/bank balance. 31 Paid Advertising payable recorded on 8 December. 31 Provided services for clients who have already paid amounting $8,500. No cash transaction taken has place. Marci Vigiani is a registered massage therapist in Ottawa, Ontario. Question Marci Vigiani is a registered massage therapist in Ottawa, Ontario. A list of the assets and liabilities as of June 30, 2-, for her business, Marci's Massage Therapies, appears below. The assets and liabilities are not listed in the correct order. Cash, $1 386; Bank Loan, $6000; A/R-J. Goertzen, $320; Equipment, $6809; A/P-BodyWorks Supply, $1345; Supplies, $655 A/R-L. Tyler, $480; Furniture, $3300; A/P-Live Well Equipment, $984.A. Set up a simple T-account ledger for the business. B. Using your organised ledger as a guide, make a balance sheet for the business.May you please help me with this question and help me create the tables and sheets? I am unable to figure out how to do it. If you are also able to attach an excel of the tables and sheets, I would be very grateful. Thank you. Analytical Procedures -…

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  • On November 12, Higgins, Inc., a U.S. Company, sold merchandise on - Question On November 12, Higgins, Inc., a U.S. Company, sold merchandise on credit to Kagome of Japan at a price of 3,400,000 yen. The exchange rate was $0.00856 on the date of sale. On December 31, when Higgins prepared its financial statements, the exchange rate was $0.00862. Kagome paid in full on January 12, when the exchange rate was $0.00880. On January 12, Higgins should prepare the following journal entry: A) Debit Cash $29,920; credit Accounts Receivable-Kagome $29,104; credit Foreign Exchange Gain $816. B) Debit Cash $29,104; debit Foreign Exchange Loss $816; credit Accounts Receivable-Kagome $29,920. C) Debit Cash $29,308; credit Accounts Receivable-Kagome $29,104; credit Foreign Exchange Gain $204. D) Debit Cash $29,104; debit Foreign Exchange Loss $204; credit Accounts Receivable-Kagome $29,308. E) Debit Cash $29,920; credit Accounts Receivable-Kagome $29,308; credit Foreign Exchange Gain $612. A while later Manny comes into your office with another proposal that Question A while later Manny comes into your office with another proposal that came past his desk. As part of GT's mining operations, GT produces its own mine excavator tracks. A Japanese consortium, KoBI Engineering, has approached GT to produce the excavator tracks for GT. You pull out your general ledger report, and you review the expenses for tracks last year. GT will typically produce its 90 excavator tracks, with a cost to the end of last year as follows:Direct Materials: $175,000Labour for employees working directly on the tracks: $300,000Overhead for Factory workshop: Annual Rent: $100,000 Annual Depreciation on factory machinery: $12,000Factory Machine parts: $50,000 Factory Utilities: $30,000 Kobi has offered to sell GT the excavator tracks at $6,100/ unit. The workshop is used for a number of functions outside of the manufacturing of tracks.question 1. Undertake an analysis of the above costs and advise Manny on which option should be taken from a purely financial perspective ? The coming of Artificial Intelligence (AI) is at our doorsteps as Question The coming of Artificial Intelligence (AI) is at our doorsteps as the 4th Industrial Revolution is on hand. How would you perceive the work of managerial decisions, planning and the like with the…

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  • Company had the following bond investments held for trading during 2019. The fiscal - Question Company had the following bond investments held for trading during 2019. The fiscal period is the same as the calendar period. SMC-A bonds was purchased at face value of P100,000 last March 1, 2017, 4.82% perannum interest, receiving quarterly interest every June 1, Sept 1, Dec 1 and Mar 1. DD24 bonds was purchased at face value of P200,000 last July 1, 2017, 6.10% perannum interest, receiving quarterly interest every Oct 31, Jan 31, April 30 and July 31. Purchased on May 1, 2019 date of issuance of the SMPH-J bonds P100,000 face valuefor 95.3, 6.22% per annum coupon interest rate. Interest is received semi-annually everyMay 1 and Nov 1. Sold all the SMC- A bonds for 101 plus accrued interest on November 1, 2019 On December 27, assuming the following are the quoted prices at year end based ondata at www.pds.com.phCoupon Rate Quoted PricesDec 31, 2018 Dec 31, 2019SMC Series A 4.82% 99.133 101.00DD24 RR22 6.10% 90.742 95.043SMPH Series J 6.22% 97.88Required:a) Prepare journal entries to record all the transactions affecting the bondinvestments. (Include the appropriate date and record the acquisition, interestreceipt, accrual of interest, etc.)b) Present the investments on December 31, 2019. CASE STUDY QUESTIONSCheese Ahead: Frankie's Homemade Cheese Shop ("Frankie's") signed an advertising agreement with Simmons Boards ("Owner") for billboard Question CASE STUDY QUESTIONSCheese Ahead: Frankie's Homemade Cheese Shop ("Frankie's") signed an advertising agreement with Simmons Boards ("Owner") for billboard advertising rights along Route 33 in the town of Hampton. Frankie's has the right to select and display advertising copy on billboard panels numbered 10 and 12 (panel numbers correspond to desig-nated billboard locations) for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3. In consideration for these rights, Frankie's agrees to pay $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3. Assume that Frankie's is required to pay the annual fee on Jan. 1 of each contract year. Assuming Frankie's incremental borrowing rate is 5%, what are the entries Frankie should record at inception of the contract, then at the end of years 1, 2, and 3?Making the Cheese:…

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  • Explique las ventajas y desventajas de que haya empresas que cotizan Accounting Assignment Help - Question Explique las ventajas y desventajas de que haya empresas que cotizan en la bolsa de valores de Estados Unidos reportando informes usando las normas internacionales (IFRS) y no las normas de Estados Unidos (conocidas como GAAP) usadas por la mayoría de las empresas que cotizan en el NYSE o en el NASDAQ. a. With reference to MFRS 101 Question Get Answer a. With reference to MFRS 101 (Hi experts, I really appreciate your help for this financial accounting practice) Question Get Answer (Hi experts, I really appreciate your help for this financial accounting practice) Patrice Inc. purchased 90% of the voting shares of Sarah Inc. for $600,000 on January 1, 2019. On that date, Sarah's common shares and retained earnings were valued at $200,000 and $250,000 respectively. In Patrice's non consolidated financial statements it uses the cost method to account for its investment in Sarah Inc.Sarah's fair values approximated its carrying values with the following exceptions:Sarah's trademark had a fair value which was $50,000 higher than its carrying value. Sarah's bonds payable had a fair value which was $20,000 higher than their carrying value.The trademark had a useful life of exactly ten years remaining from the date of acquisition. The bonds payable mature on January 1, 2029. Both Patrice and Sarah use the straight line method of amortization.The financial statements of both companies for the year ended December 31, 2020 are shown below:Income Statements Patrice Inc. Sarah Inc.Sales $700,000 $640,000Other Revenues $300,000 $160,000Less: Expenses:Cost of Goods Sold $280,000 $256,000Depreciation Expense $30,000 $14,000Other Expenses $240,000 $155,000Income Tax Expense $90,000 $75,000Net Income $360,000 $300,000Retained Earnings Statements Patrice Inc Sarah IncBalance, January 1, 2020 $200,000 $100,000Net Income $360,000 $300,000Less: Dividends ($60,000) ($50,000)Retained Earnings, Dec 31, 2020 $500,000 $350,000Balance Sheets Patrice Inc Sarah Inc.Cash $200,000 $150,000Accounts Receivable $50,000 $150,000Inventory $50,000 $150,000Investment in Sarah Inc. $600,000Equipment (net) $500,000 $150,000Trademark $200,000Total Assets $1,400,000 $800,000Current Liabilities $280,000 $150,000Bonds Payable $120,000 $100,000Common Shares $500,000 $200,000Retained Earnings $500,000 $350,000Total Liabilities and Equity $1,400,000 $800,000 Other Information:A goodwill impairment test conducted during August 2020 revealed that the Sarah's Goodwill amount on the date of acquisition had been impaired by…

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  • 1, What is the MFRS and the purpose of MFRS?a. Explain - Question 1, What is the MFRS and the purpose of MFRS?a. Explain purpose of Malaysian Financial Reporting Standards. Para 1· History and development of MFRS Para 2· Discuss 2 purposes of MFRS Marks CriteriaIntroduction of MFRS and development of MFRS. (10 marks)Discussion on purposes (20 marks)Presentation, referencing (minimum 3 journal referred and cited) and language (5 marks) Total Scored : 35 marks Opening stock of raw material 1 500 Purchase of Question Opening stock of raw material 1 500 Purchase of raw material 10 000 Lubricant for machines 3 000 Rent of Factory space 7 000 Production wages 2 500 Closing stock of raw material 2 300Insurance for office workers 3 000 What is the value of prime cost? a$12 500 b$12 000 c$11 500 d$ 9 200 Get Answer NorthernNorthern Wood Products has two production​ departments: cutting and assembly. The company has been using a plantwide Question Get Answer NorthernNorthern Wood Products has two production​ departments: cutting and assembly. The company has been using a plantwide cost driver rate computed by dividing plantwide overhead costs by total plantwide direct labor hours. The estimates for overhead costs and practical capacity quantities of cost drivers for the current year​ follow:LOADING...​(Click the icon to view the​ data.) NorthernNorthern Wood Products has two production​ departments: cutting and assembly. The company has been using a plantwide cost driver rate computed by dividing plantwide overhead costs by total plantwide direct labor hours. The estimates for overhead costs and practical capacity quantities of cost drivers for the current year​ follow:LOADING...​(Click the icon to view the​ data.) Requirements​(a)Compute the plantwide cost driver rate.​(b)Determine departmental cost driver rates based on direct labor hours for assembly and machine hours for cutting.​(c)Provide reasons why NorthernNorthern Wood might use the method in part a or the one in part b. Max Co borrowed $1,000 from State Bank on 10/1/13. The note carried Question Max Co borrowed $1,000 from State Bank on 10/1/13. The note carried a one-year term and a 12% interest rate. Principal and interest are to be repaid on 10/1/14. The amount of interest expense appearing on the 2014…

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  • The following SELECTED account balances were extracted from the Balance - Question The following SELECTED account balances were extracted from the Balance Sheet and Income Statement of Rackham Corp. for 2018 and 2017. Rackham uses the INDIRECT method for its SCF. B/S 12-31-18 12-31-17Equipment $475,000 $400,000Accumulated Depreciation 125,000 100,000Interest Payable 9,000 5,000Prepaid Insurance 12,000 9,000Retained Earnings 200,000 185,000 I/S ---2018--- ---2017---Depreciation $40,000 $35,000Gain on Sale of Equipment 11,000 27,000Interest Expense 30,000 20,000Insurance Expense 25,000 22,000Net Income 50,000 30,000During 2018, Rackham Corp. purchased $134,000 of new equipment. Rackham borrowed $90,000 during the year.1.In the Investing section, the purchase of fixed assets shows:a. $134,000b.-$134,000c.-$94,000d.-$75,0002.In the Operating section, with regard to depreciation, Rackham will show:a. $40,000b. $5,000c.-$40,000d.-$5,000e.None of the above3.In the Investing section, the sale of fixed assets shows:a. $59,000b. $70,000c. $44,000d. $28,000e.None of the above4.The total of the Operating Cash Flow for Rackham is:a. $45,000b. $91,000c. $80,000d. $102,000e.None of the above5.In the operating section, with regard to Interest, Rackham will show:a.-$4,000b. $4,000c.-$34,000d.-$26,000e.-$10,0006.In the operating section, with regard to Insurance, Rackham will show:a.-$3,000b. $3,000c.-$25,000d.-$28,000e.-$22,0007.In the Financing section, the dividends paid shows:a.$0, no dividends were paidb.-$15,000c.-$35,000d.-$5,000 QUESTION 2 (40 MARKS) Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019 Question QUESTION 2 (40 MARKS) Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019 Additional information:1. An unpaid salaries and wages as at 31 December 2019 is RM18,000.2. A tenant of an office space has not yet pay a rental for December 2019 amounting RM3,000.3. The company returned defect merchandise bought from supplier and was refunded RM3,500 in cash. The company use perpetual inventory system and this transaction has not yet been recorded. 4. The company received RM35,000 in cash from a customer on 30 December 2019 and recorded as sales revenue. However the company only managed to supply the merchandise on 3 January 2020.5. Payment for a one-year insurance coverage was made on 1 July 2019.6. Annual depreciation for building and equipment are based on straight line depreciation basis over a period of 50 years and 10 years respectively with no scrap value.7. 30% of the notes payable is due next year. The note payable…

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  • Lisa Curtis is documenting the purchasing and cash payments processes at Hardies Wholesaling. - Question Lisa Curtis is documenting the purchasing and cash payments processes at Hardies Wholesaling. Hardies Wholesaling imports ladies clothing such as T-shirts, blouses, skirts, dresses, and pants from suppliers in Southeast Asia. All items are non-perishable and made from materials such as cotton, wool, polyester, and spandex, and are distributed to retailers throughout the country.Purchases are denominated in U.S. dollars, which the company acquires under forward exchange contracts. The purchasing department initiates a purchase order when inventory levels reach reorder points or sales staff notify the department of large customer orders that need to be specially filled. The purchase order is approved and sent to suppliers selected from an approved supplier list. Goods are transported from Southeast Asia by ship and are delivered by truck to Hardies Wholesaling central warehouse. A receiving report is generated by the receiving department and forwarded to the accounting department for matching with the copy of the original purchase order and the supplier's invoice. When the package of documents is completed, the purchase order and invoice are entered into the general ledger. The accounts payable department creates a voucher to request payment of the invoice according to the supplier's payment terms. The payment is approved and the cash payment is made.Which duties in the above process should be segregated?1.Ordering from supplier and receiving of the goods ordered2.Purchasing department and the recording of the goods in the financial accounting records3.Choosing of approved suppliers and sending an approved purchase order to a supplier4.Recording of the goods in the financial records and the receiving of the cash to pay the invoices5.Purchasing department and the receiving of the cash to pay the invoices6.Matching the purchase order to the supplier's invoice and recording the invoice in the financial records Anderson Metals manufactures and sells #3 steel rebar that is Question Anderson Metals manufactures and sells #3 steel rebar that is used in the construction of slabs and driveways. The steel bar not only strengthens the finished concrete product, but it also has unique properties such that its temperature related expansion and contraction matches that of concrete. The product is manufactured…

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  • Question 17During 2018, Sunland Company earned net income of $268000 which included depreciation expense of $38700. In addition, the - Question Question 17During 2018, Sunland Company earned net income of $268000 which included depreciation expense of $38700. In addition, the company experienced the following changes in the account balances listed below: Decreases Increases Accounts receivable $ 6700 Accounts payable $21800 Prepaid expenses 15600 Inventory 18200 Accrued liabilities 11500 Based upon this information what amount will be shown for net cash provided by operating activities for 2018? a) $217600. b) $208600. c) $321100. d) $307600. Henrich is a single taxpayer. In 2019, his taxable income is Question Henrich is a single taxpayer. In 2019, his taxable income is $461,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable.) . Henrich has $200,500 of taxable income, which includes $52,200 of long-term capital gain that is taxed at preferential rates. Assume his modified AGI is $210,000. In 2019, Elaine paid $2,040 of tuition and $480 for books for her Question In 2019, Elaine paid $2,040 of tuition and $480 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband.What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.)a. Elaine's AGI is $82,750. A retail store credited the Sales Revenue account for the sales price Question A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $294,000, what is the amount of the sales taxes owed to the taxing agency?a.$280,000b.$294,000c.$14,700d.$14,000 1. Case study:The McArthur Co. produces special vacuum cleaners for conveniently cleaning the inside of cars. About a thousand Question 1. Case study:The McArthur Co. produces…

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  • Alpha Company uses the periodic inventory system for purchase - Question Alpha Company uses the periodic inventory system for purchase Get Answer Also : Retained Earnings Total Liabilities and Stockholders' Equity HINTS C11:E26 | Use cell references to appropriate Question Get Answer Also : Retained Earnings Total Liabilities and Stockholders' Equity HINTS C11:E26 | Use cell references to appropriate values on Instructions and ENTERASWERS1 worksheets for calculations. E16 | Note that accumulated depreciation of plant assets should be a negative value for total assets calculation. C17:D17, C22:D22 | Do not calculate total assets and liabilities for debit and credit columns. Leave these cells blank. C26:D26 | Use the function =SUM() to calculate total debit and credit transactions. "C30:D43 | Use an equal sign (=) and the appropriate cells from the spreadsheet for statement of cash flows. Place cash outflows in column C and cash inflows in column D." C32 | Depreciation Expense should be entered as a positive value in this cell. D39 | Use cell references to the Transaction Data table in Instructions worksheet to calculate cash paid for acquisition of plant assets. C45:D45 | Calculate the net change in cash using values in Panel B. If there is a decrease in cash, enter it as a negative value in column C. If there is an increase in cash, enter it as a positive value in column D. Michael and Holly lived in San Antonio, Texas stationed at a military Question Michael and Holly lived in San Antonio, Texas stationed at a military base there. Michael received new orders to moved to a base in San Diego, CA. Michael traveled to San Diego to find a home and spent $1,000 on airfare, hotel, food and a rental car. The family spent $300 on shipping supplies and $750 on a rental truck. The family stopped in Las Vegas to see Holly's family. Which of the following are not qualified moving expenses for Michael and Holly?Expenses that are reasonable for the circumstances of a move.Moving household goods and personal effects.Traveling expenses for shortest, most direct route available from the former home to the new home.Expenses for stopovers, side trips or pre…

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  • Get Answer The company “Carpinteros Inc.” produces oversized library shelves. The budget contains the following information: Estimated production for Accounting Assignment Help - Question Get Answer The company "Carpinteros Inc." produces oversized library shelves. The budget contains the following information: Estimated production for the period - 12 units. STANDARD COST CARD FOR LIBRARY RACKS Cost Element Estimated Quantity for Each Unit Produced Price by unit Cost per unit produced Direct materials 8 pieces $ 10.00 $ 80.00 Direct Labor 40 hours $ 6.00 $ 240.00 Indirect manufacturing costs 40 $ 0.75 $ 30.00 Total Standard Cost per unit $ 350.00 Operations of the month: Purchase of 148 pieces of direct materials for $ 11.00 each piece for a total of $ 1,628.00 Materials Used - 140 pieces Labor employed in manufacturing - 714 at $ 6.50 per hour for a total of $ 4,641.00 Indirect Manufacturing Cost - $ 406.00 Production: 14 units finished Instructions Carefully read the following above. Prepare a variance analysis between standard costs and actual costs. Classify the variations between favorable and unfavorable. Mention the reasons for the variations. Mention the impact that the variations found could have on the operation of the company. A local dental partnership has been liquidated and the final capital balances are as follows: Question A local dental partnership has been liquidated and the final capital balances are as follows: Atkinson, capital (40% of all profits and losses) $75,000Kaporale, capital (30%) $35,000Dennsmore, capital (20%) $(53,000)Rasputin, capital (10%) $(57,000) If Rasputin contributes additional cash of $26,000 to the partnership, what should happen to it? Get Answer AffirmationBy submitting my solution via BrightSpace (D2L) assignment tool, I affirm that I have had no conversation Question Get Answer AffirmationBy submitting my solution via BrightSpace (D2L) assignment tool, I affirm that I have had no conversation regarding this project with any persons other than (the instructor). Further, I certify that the attached work represents my own thinking. Any information, concepts or words that originate from other sources are cited in accordance with (college) guidelines. I am aware of the serious consequences that result from improper discussions with others or from the improper citation of work that is not my own.Blue Mountain Coffee CompanyBlue Mountain Coffee Company sells two…

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  • Suppose that on May 13, 2019, both Company A and Company B sold inventory - Question Suppose that on May 13, 2019, both Company A and Company B sold inventory with a cost of $35,400. The updated balance of inventory as at May 1 for both companies was $116,500. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at May 13 for each company? West Company is preparing the annual financial statements dated December Question West Company is preparing the annual financial statements dated December 31, 2013. Information about inventory stocked for regular sale follows: Item Quantity on Hand Unit Cost When Acquired Replacement Cost (market) at year and A 100 $30 $20 B 80 25 28 C 35 55 58 D 75 40 35Required: 1. Compute the valuation for the December 31, 2013, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies). 2. Sold 10 units of Item A at $25 each and written-off 3 units of Item D. Make necessary journal entries. 9. Merton Company purchased an office building at a cost of $364,000 Question 9. Merton Company purchased an office building at a cost of $364,000 on January 1, 2003. Merton estimated that the building's life would be 20 years and the scrap value at the end of 20 years would be $14,000. On January 1, 2004, the company made several expenditures; walls painted, floors refinished for $21,000, and installed additional pollution-control devices in the building for $42,000. With the new device, the life of the building extended by an additional six years. In 2006, the company sold the factory building for $400,000 in cash. Required: Make necessary journal entries for each case (assume the company uses double declining balance method) Parker, Inc., acquired 10 percent of Simon Corporation on January Question Parker, Inc., acquired 10 percent of Simon Corporation on January 1, 2019, for $462,000 although Simon's book value on that date was $3,740,000. Simon held land that was undervalued by $220,000 on its accounting records. During 2019, Simon earned a net income…

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  • Following is an inventory acquisition schedule for Weaver Corp. for 2013: - Question Following is an inventory acquisition schedule for Weaver Corp. for 2013: Units Unit Cost Beg. Inventory 5,000 $ 13Purchases: Feb. 4 3,000 15 Apr. 12 4,000 16 Sept. 10 2,000 15 Dec. 5 1,000 18 During the year, Weaver sold 11,500 units at $23 each. Required: Compute the cost of goods sold (COGS) and ending inventory under each of the following three methods (assume a periodic inventory system): (a) simple weighted average, (b) FIFO, and (c) LIFO. You take out a ​$17500 car loan at 9.6​% APR. ​(a) What is the monthly or periodic interest​ rate? Question You take out a ​$17500 car loan at 9.6​% APR. ​(a) What is the monthly or periodic interest​ rate? ​(b) Your monthly rate can be expressed as a ratio x​ : 100. What quantity does the x​ represent?​(c) How much interest is charged in the first​ month? Comparative Financial Statements for Walker Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The Question Comparative Financial Statements for Walker Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year: A total of $800,000 shares of common stock were outstanding. The interest rate on the bond payable was 12%, the income tax rate was 40% and the divided per share of common stock was $0.40. The market value of the company's company's common stock at the end of the year was $18.00. All of the company's sales are on account.Weller CorporationComparative Balance Sheet(dollars in thousands) This Year Last YearAssets:Current Assets-Cash- $1,280 $1,560Accounts Receivable, Net- $12,3000 $9,100Inventory $9,700 $8,200Prepaid Expenses $1,800 $2,100Total Current Assets $25,080 $20,960Property and EquipmentLand- $6,000 $6,000Buildings and Equipment, net- $19,200 $19,000Total Property and Equipment- $25,200 $25,000Total Assets- $50,280 $45,960 Liabilities and Stockholder's EquityCurrent Liabilities:Accounts Payable- $9,500 $8,300Accrued Liabilities- $600 $700Notes Payable, short term $300 $300Total Current Liabilities $10,400 $9,300Long- term LiabilitiesBonds Payable- $5,000 $5,000Total Liabilities- $15,400 $14,300Stockholders EquityCommon Stock- $800 $800Additional paid- in capital- $4,200 $4,200Total Paid- in capital- $5,000 $5,000Retained Earnings- $29,880 $26,660Total Stockholders'- $34,880 $431,660Total Liabilities and Stockholders Equity- $50,280…

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  • Western Trucking Company (a US based company) needs to expand its - Question Western Trucking Company (a US based company) needs to expand its facilities. In order to do so, the firm must acquire a machine costing $80,000. The machine can be leased or purchased. The firm is in the 40% tax bracket, and its after tax cost of debt is 5.4%. The terms of lease and purchase plans are as follows.Lease: The leasing arrangement requires BEGINNING of year payment of $16,900 over five years. The lessee will exercise its option to buy the asset for $20,000, to be paid along with the final lease payment.Purchase: If the firm purchases the machine, its cost is $80,000 will be financed with a 5-year, 9% loan (pre-tax). The machine will be depreciated on a straight-line basis for 5 years. QUESTIONSa) Determine the after-cash outflow for Western Trucking under each alternative. (4 marks)b) Find the present value the after- tax cash outflow for each alternative using the after tax cost of debt. (4 marks)c) Which alternative-lease or purchase would you recommend? Justify. (2 marks) Mark Limited is an investment company that purchases buildings and Question Mark Limited is an investment company that purchases buildings and holds them for a, number of purposes, such as resale, leasing and its own use.On 1 January 2019, Mark Limited purchased an old building, Mark Towers, for N$300 000. Conveyancer's fees amounted to N$20 000 · This building is situated in an isolated part of Durban (South Africa) and there is no development anywhere nearby. At the time of purchase, there had been no property transactions in this area for many years and the possibility of leasing the building to tenants was remote. · During November 2019, development began of a new industrial park in the area. As a result, the building was able to be leased to tenants involved in the development of the industrial park. Due to the influx of people of people into the area, the directors decided to paint one side of the buildings with the corporate logo of Mark Limited.· This building has never had an air-conditioning system. After numerous complaints from tenants about not…

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  • 1. With Movement Control Order (MCO), Malaysian government urges banks to offer 6-month moratorium. - Question Get Answer 1. With Movement Control Order (MCO), Malaysian government urges banks to offer 6-month moratorium. a. Discuss why banks insist on imposing accrued interest?b. Discuss who would be benefited from loan and financing repayment moratorium? Why? (18 marks)2. Discuss how both parties will enjoy a win-win situation during 6-month moratorium (bankers and their clients)? (6 marks)3. How will MCO affect bank industry in Malaysia post-COVID-19? (6 marks) Additional information: An unpaid salaries and wages as at 31 December 2019 is RM18,000. Question Get Answer Additional information: An unpaid salaries and wages as at 31 December 2019 is RM18,000. A tenant of an office space has not yet pay a rental for December 2019 amounting RM3,000.The company returned defect merchandise bought from supplier and was refunded RM3,500 in cash. The company use perpetual inventory system and this transaction has not yet been recorded. The company received RM35,000 in cash from a customer on 30 December 2019 and recorded as sales revenue. However the company only managed to supply the merchandise on 3 January 2020.Payment for a one-year insurance coverage was made on 1 July 2019.Annual depreciation for building and equipment are based on straight line depreciation basis over a period of 50 years and 10 years respectively with no scrap value.30% of the notes payable is due next year. The note payable interest rate is 8% per annum.REQUIRED:Journalise the adjusting entries on 31 December 2019.(8 Marks)Prepare a Statement of Profit or Loss and Other Comprehensive Income for Jasa Tading Bhd for the year ended 31 December 2019 according to MFRS 101 Presentation of Financial Statement.(12 Marks)Prepare a Statement of Financial Position for Jasa Tading Bhd as at 31 December 2019 according to MFRS 101 Presentation of Financial Statement. (20 Marks) (Note: Round-up your answer to the nearest RM) An analysis of Korman Corporation's Investment in Marketable Securities account during 2018 disclosed the following:Debit entries $160,000 Credit entries Question An analysis of Korman Corporation's Investment in Marketable Securities account during 2018 disclosed the following:Debit entries $160,000 Credit entries 240,000Korman's 2018 income statement included a $40,000 gain on sale of marketable…

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  • 1. Do the journals and ledger records of the end of the accounting period. (40 Points) - Question Get Answer 1. Do the journals and ledger records of the end of the accounting period. (40 Points) 2. Prepare the Adjusted Trial Balance of Timberlake Company of the end of December. (20 Points)3. Prepare the financial statements of end of December. (Income Statement: 20 Points; Balance Sheet: 20 Points) Bonds payable issued between interest dates - early retirement Dilawar Question Bonds payable issued between interest dates - early retirement Dilawar Imports received authorization on December 31, Year 1, to issue $4,500,000 face value of 8%, 20-year bonds. The interest payment dates are June 30 and December 31. All the bonds were issued at par, plus accrued interest on February 1, Year 2. The bonds are callable by Deegan at any time at 105. i. What is the amount of bond interest expense reported in Dilawar Imports' Year 2 income statement relating to these bonds? ii. What is the amount of bond interest payable appearing in Dilawar Imports' balance sheet at December 31, Year 2, with respect to these bonds? iii. If Dilawar exercises the call provision and retires one-third of the bond issue on July 1, Year 3. Prepare the journal entry to record this transaction on July 1, Year 3. JIA Sales Company is the executive distributor for a revolutionary Question JIA Sales Company is the executive distributor for a revolutionary bookbag.The product sells for $60 per unit and has a CM ratio of 40% .The company's fixed expenses are $360,000 per year.What sales level in units and in sales dollars is required to earn an annual profit of $90,000?Select one:a. 20,750 units and $ 1,125,000b. 18,750 units and $1,125,000c. 19,750 units and $ 1,125,000 Saleem Co. has outstanding $100 million of 7% bonds, due in 7 years, and callable Question Saleem Co. has outstanding $100 million of 7% bonds, due in 7 years, and callable at 104. The bonds were issued at par and are selling today at a market price of 94. i. If Saleem Co. retires $10 million of these bonds by purchasing them from bondholders at current market price, what amount (gain/loss) the…

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  • -Entity B has invested in two types of equity investments in Accounting Assignment Help - Question -Entity B has invested in two types of equity investments in listed entities that it does not control. They are treated differently in the financial statements. One of the notes to the financial statements says that the equity investments Entity B holds to invest surplus cash balances are measured at fair value and that changes in fair value are recognised in profit or loss. Another note says that the equity investments it holds in a key supplier are measured at fair value and that changes in fair value are recognised in other comprehensive income (OCI). Earnings per share (EPS) is a key performance indicator. Explain how it can be justified to use two different treatments for equity investments made by the same entity. What might be the impact on EPS if a gain or loss is reported in OCI rather than profit or loss. CASE STUDY : TRANSMILE GROUP BERHADQUESTION1. Who were the main characters and what are the ethical issues concerning every Question CASE STUDY : TRANSMILE GROUP BERHADQUESTION1. Who were the main characters and what are the ethical issues concerning every character?2. How was the corporate governance in Transmile?3. The BOD and the Audit Committee were to be considered as the safeguard to protect the shareholders' interest in a company. In this case, have these group failed to uphold its fiduciary and moral obligation? How? Why?4. What were the causes of the conflict of interest on the part of the BOD and the Audit Committee?5. How objective and independent have the external auditor been?6. What was the issues between the external auditor and Transmile? What kind of audit process and procedure that were carried out?7. How have the research analysts been in terms of their role of advocacy vs objectivity? The financial statements of New World, Inc., provide the following information for the current year: Question The financial statements of New World, Inc., provide the following information for the current year: Dec.31 Jan.1 Accounts receivable $ 273,000 $ 241,500 Inventory $ 262,500 $ 252,000 Prepaid expenses $ 67,200 $ 63,000 Accounts payable (for merchandise) $ 237,300 $…

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  • Q#11: Empire Company uses the indirect method to prepare its statement of cash flows. - Question Q#11: Empire Company uses the indirect method to prepare its statement of cash flows. The following information has been gathered for the current period: Loss on sale of land $ 15,000 Net income $ 309,000 Depreciation expense $ 68,000 Cash received from sale of land $ 70,000 Decrease in accounts receivable $ 17,000 Increase in inventory $ 22,000 Decrease in accounts payable $ 29,000 Dividends paid $ 88,000 - Solely on the basis of the above information, what is Empire's net cash flow from operating activities? A. Mr. Umar who is recently graduated from a University wants to Question A. Mr. Umar who is recently graduated from a University wants to run his own business. He has the option of making an investment in new software that will cost $130,000 today and is estimated to provide the savings shown in the following table over its 5-year life: Years Estimated Savings 1 35,000 2 50,000 3 45,000 4 25,000 5 15,000 You as a finance student required to help him about taking a decision that he make this investment or not if it requires a minimum annual return of 9% on all investments? Your decision should be based on calculations.B. A person borrows $200 to be repaid in 8 years with 14% annually compounded interest. The loan may be repaid at the end of any earlier year with no prepayment penalty. What is the repayment at the end of year 4?C. Zulqarnain, a 25-year-old college graduate, wishes to retire at age 65. To supplement other sources of retirement income, he can deposit $2,000 each year into a tax-deferred individual retirement arrangement (IRA). The IRA will earn a 10% return over the next 40 years. If Zulqarnain makes annual end-of-year $2,000 deposits into the IRA, how much will he have accumulated by the end of his sixty-fifth year? Mr. Usman., has two investment proposals, which have the following characteristics: Question Mr. Usman., has two investment proposals, which have the following characteristics: Year Net cash Flow Net cash Flow 0 ($16,000) ($18,000) 1 $5,000 $5,000 2 $4,000 $5,000 3 $3,000 $8,000 4…

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  • (a) Calculate unit product cost under absorption costing system for - Question Get Answer (a) Calculate unit product cost under absorption costing system for year 2018 and 2019. (5 Marks) (b) Prepare an income statement using absorption costing system for the year ended 31 December 2018 and 2019. (8 Marks) (c) Reconcile the variable costing and absorption costing net operating incomes for year 2018 and 2019. (5 Marks) (d) Explain how managers manipulate income with the use of absorption costing system. (2 Marks). *please include the calculations and the explanation Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a useful life of 4 Question Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of P750,000. The financial statements for year one will include the following information:Select one:a. Revaluation surplus P50,000.b. Depreciation expense P50,000.c. Plant assets P750,000.d. Accumulated depreciation P200,000. Prior to 2019, the accounting income and taxable income for Culver Corporation Question Prior to 2019, the accounting income and taxable income for Culver Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $360,000. For accounting purposes, the equipment was to be depreciated over 9 years using the straight-line method. For income tax purposes, the equipment was subject to a CCA rate of 20% (half-year rule applies for 2019). Culver's income before tax for accounting purposes for 2020 was $1,800,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Culver Corporation follows IFRS.calculate taxable income and taxes payable for 2020.Prepare the journal entries to record current income taxes ( there should be two accounts in this entry )prepare the journal entry to record the net change from 2019 to 2020. ( there should be three accounts in this entry ) Mr. Hatim hold a diversified portfolio consisting of Pakistan State Question Mr. Hatim hold a diversified portfolio consisting…

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  • # 02Gul Ahmed Textiles has a beta of 1.45, while Al-Karam - Question Question # 02Gul Ahmed Textiles has a beta of 1.45, while Al-Karam Textiles has a beta of 0.85. The required return on an index fund that holds the entire stock market is 12.0%. The risk-free rate of interest is 5%. By how much does Gul Ahmed's required return exceed Al-Karam's required return? On April 1, 2020, Taylor Corp. sold 12,000 of its $1,000 face value, Question On April 1, 2020, Taylor Corp. sold 12,000 of its $1,000 face value, 15-year, 11% bonds at 97. Interest payment dates are April 1 and October 1. The company follows ASPE and uses the straight-line method of bond discount amortization. On March 1, 2021, Taylor extinguished 3,000 of the bonds by issuing 100,000 shares. At this time, the accrued interest was paid in cash to the bondholders whose bonds were being extinguished. In a separate transaction on March 1, 2021, 120,000 of the company's shares sold for $31 per share.InstructionsPrepare Taylor Corp.'s journal entries to record the following:April 1, 2020: issuance of the bondsOctober 1, 2020: payment of the semi-annual interestDecember 31, 2020: accrual of the interest expenseMarch 1, 2021: extinguishment of 3,000 bonds by the issuance of common shares (no reversing entries are made) Get Answer Case: How Starbucks Uses Pricing Strategy for Profit Maximization Web Site: https://www.priceintelligently.com/blog/bid/184451/how-starbucks-uses-pricing-strategy-for-profit-maximizationDownload and review the four page Question Get Answer Case: How Starbucks Uses Pricing Strategy for Profit Maximization Web Site: https://www.priceintelligently.com/blog/bid/184451/how-starbucks-uses-pricing-strategy-for-profit-maximizationDownload and review the four page case statement. Answer the following questions. Note: your answers may vary from other students.1. On average, how many days per week do you purchase a Starbucks coffee? If zero, why?2. Would you pay $3.00 for a Tall-sized (12 oz) plain coffee at Starbucks? Would you pay $3.00 for a large cup of coffee (12 oz) at McDonalds? What is your perception of the difference?3. If the price of the Starbucks cups of coffee was raised to $3.10, would your decision in #2 change? How about if it was raised to $3.50?4. Assume that the Tall size is 12 oz and sells for $3.10 and that the Venti size is…

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  • On July 1, 2020, Dynamic Company purchased for cash 40% of the outstanding - Question On July 1, 2020, Dynamic Company purchased for cash 40% of the outstanding capital stock of Cart Company. Both Dynamic and Cart have a December 31 year-end. Cart, whose common stock is actively traded in the over-the-counter market, reported its total net income for the year to Dynamic and also paid cash dividends on November 15, 2020, to Dynamic and its other stockholders.a) How should Dynamic report the foregoing facts in its December 31, 2020, balance sheet and its income statement for the year then ended? Discuss the rationale for your answer.b) If Dynamic should elect to report its investment as fair value, how would its balance sheet and income statement differ from your answer to part (a)? The following are transactions which were recorded in the books of Question The following are transactions which were recorded in the books of CHESTNUT INTERIORS Inc. during the past year. For each transaction, i) State and explain one principle or element from the conceptual framework that was violated by relating it to details with in the situation. (Hint: Do not be vague). Do not use • "full disclosure"; or • "free from error"; or. • use the same principle or element more than once ii) Give the entry(ies) to correct/adjust the books assuming that it is now the company's year end at December 31, 2019. a) CHESTNUT bought a piece of equipment on December 29, 2019. The freight charge to deliver the equipment was recorded as follows. Delivery expense 850 Cash 850 b) On the November 1, CHESTNUT paid six months' office rent to cover the month of November and the next five months: Rent expense 21,000 Cash 21,000 c) The sole shareholder of CHESTNUT had a new recreational boat delivered to his home. The owner paid for the item with the company's bank account and recorded the transaction as follows. Equipment 60,000 Cash 60,000 d) On December 15, the company received an advance on a customer order for merchandise that will be shipped F.O.B. Destination during January 2020 and recorded the following. Cash 4500 Sales revenue 4,500 On December 31,…

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  • From the following particulars workout the amount of working capital Required: - Question Get Answer From the following particulars workout the amount of working capital Required: Elements of cost Amount per unitRaw materials 8Direct labour 2Overheads 6Total cost 16Profit 4Selling price 20(1) Raw materials are in stock, on an average 1 month.(2) Materials are in process, on an average half a month.(3) Finished goods are in stock on an average 6 weeks(4) Credit allowed by creditors is one month.(5) Credit allowed to debtors is 2 months.(6) Lag in payment of wages is 1.5 weeks.(7) Assumes 52 weeks in a year and 4 weeks in a month. Annapolis Company has two service departments (Computer Operations Question Annapolis Company has two service departments (Computer Operations Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, Question Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:Direct material of 4.50 yards at $5.25 per yardDirect labor of 3.00 hours at $20.00 per hourOverhead applied per sleeping bag at $16.00In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.30 per yard. The labor used was 11,700 hours at an average rate of $17.50 per hour. The actual overhead spending was $96,200.Determine the labor rate variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number. On January 1, 2015, Star Inc. purchased equipment for the new plant. Question On January 1, 2015, Star Inc. purchased equipment for the new plant. The company paid $250,000 for the new equipment. Assume the company uses the double-declining balance method to depreciate the equipment and that the machines have an expected useful life of 4 years with no residual value.a) Prepare the following schedule to record the depreciatoin expense, accumulated depreciatoin and net book value for the 4 years.Year Beginning of Year Book Value Depreciation Expense Accumulated Depreciation to Date Net Book Value Cecil cashed in a Series EE savings bond with a redemption…

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  • Towson Company manufactures book cases, and each requires 30 board Accounting Assignment Help - Question Towson Company manufactures book cases, and each requires 30 board feet of lumber. Towson expects that 2,000 and 1,850 book cases will be built in June and July, respectively. Towson keeps lumber on hand at 30% of the next month's production needs. Use this information to determine number board feet of lumber that Towson Company should buy in June. (Round Quickbooks Desktop Instructions: Create a new company Company name: Your name corporationAddress: Your addressCompany type: Professional consulting services · Question Quickbooks Desktop Instructions: Create a new company Company name: Your name corporationAddress: Your addressCompany type: Professional consulting services · Create new accounts as required for the transactions, for example, computer purchase needs to create a fixed asset account.· Create an item CONSULTING FEE and linked with the consulting income as it is your revenue TRANSACTIONS At the opening on January 01, 2020,· Owner (you) opened a bank account and deposit $ 20,000 at TD bank.· Purchased a computer for business in cash from Best buy @ 1000 HST· Purchased furniture from Leon Co. on account for 5000 HST· Owner take loan from Credit union 10,000, interest rate 5% and deposited in TD account· Paid rent to Mr. X for the month of January 2020, $ 2000 HST. SD1: Bill Dated February 2, 2020 Bill #OO-520 received from Office Outfitters, $500.00 plus $65.00 HST for paper, printer cartridges and other office supplies purchases. The bill totals $565. Terms Net 20 days. SD2: Invoice Dated February 2, 2020 To AIM International, sales consulting services for $1000 HST in account. Reference Invoice # 1000. SD3: Customer Payment Dated February 3, 2020 From AIM, cheque #793 for $ 565 in payment of account. Reference Invoice #1000. Cheque held for deposit. SD4: Bill Dated February 3, 2020 Bill #KC-701 received from Keep It Clean, $150.00 plus $19.50 HST for weekly cleaning of office. The bill totals $169.50. Terms Net 15 days. Memorize the transaction with weekly reminders starting February 10, 2014. SD5: Pay Bill Dated February 4, 2020 To Keep It Clean, $150.00 in payment of account. Reference Bills #KC-701. Cheque #245. SD6: Invoice…

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  • Mia is required under a 2018 divorce decree, that has remained unchanged, - Question Mia is required under a 2018 divorce decree, that has remained unchanged, to pay $600 of alimony and $300 of child support per month for 12 years. In addition, Mia makes a voluntary alimony payment of $100 per month. How much of each total monthly payment can Mia deduct in 2019? Provides the revenue and expenses through the current month of the current year Question Provides the revenue and expenses through the current month of the current year Estimates the revenue and expenses for the rest of the current fiscal year based on the assumptions provided:The hospital has to cut operating expenses by 5 percent for next fiscal yearhoping for about a 5% increase on the revenue side for FY 19There was supposed to be $1.2 billion in total patient revenue. But in half the year, we've only hit just over $607 million. By this point in the year, we should be over $612 million. In terms of total patient revenue, There is a a deficit of nearly $5 million that was not expected. The problem is made worse because the other operating revenue is also under budget by $1.5 million. FY 2018 YTD (Jul - Dec) FY 2018 Budget FY 2018 Variance YTDOPERATING REVENUE: Inpatient Revenue $375,040,349 $ 700,000,000 $ 25,040,349 Outpatient Revenue $232,498,397 $ 525,000,000 $ (30,001,603 TOTAL PATIENT SERVICES REVENUE $607,538,746 $ 1,225,000,000 $ (4,961,254) DEDUCTIONS FROM REVENUE: Contractual Adjustments $476,543,215 $ 950,000,000 $ 1,543,215 Charity and Uncompensated Care $ 6,725,412 $ 14,000,000 $ (274,588) TOTAL DEDUCTIONS FROM REVENUE $483,268,627 $ 964,000,000 $ 1,268,627 NET PATIENT SERVICE REVENUE $124,270,119 $ 261,000,000 $ (6,229,881)OTHER OPERATING REVENUE Other Operating Revenue $ 3,500,000 $ 10,000,000 $ (1,500,000)TOTAL OPERATING REVENUE $127,770,119 $ 271,000,000 $ (7,729,881)OPERATING EXPENSES Salaries and Wages $ 42,932,230 $ 88,000,000 $ (1,067,770)Employee Benefits $ 12,624,012 $ 25,000,000 $ 124,012 Professional Fees $ 4,082,215 $ 9,000,000 $ (417,785)Supplies $ 23,883,407 $ 46,000,000 $ 883,407 Purchased Services - Utilities $ 1,632,191 $ 3,000,000 $ 132,191 Purchased Services - Other $ 11,536,320 $ 22,000,000 $ 536,320 Depreciation $ 8,455,254 $ 17,000,000 $ (44,746)Rentals and Leases $ 2,252,670 $ 4,000,000 $…

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  • G and H are wrong. I asked this question before and I wasn’t helped with the correct answer. Please help. - Question G and H are wrong. I asked this question before and I wasn't helped with the correct answer. Please help. In a perfectly competitive market, the equilibrium price and quantity represent the most efficient operation of that market. Optimum efficiency means that sellers cannot be made better off without, at the same time, making buyers worse off, and that buyers cannot be made better off, without making the sellers worse off. This Assignment presents a scenario in which a government tries to improve the financial position of the sellers, in such a perfectly competitive market, by instituting a legal price floor that is significantly above the equilibrium price. A price floor is the lowest price for which a seller can legally sell the product. In this Assessment, you will demonstrate your understanding and ability to correctly calculate the consumer surplus, producer surplus, and total surplus both before a price floor is established and after a price floor is enacted. Additionally, you will demonstrate an understanding of the impact on the entire economy, based on any changes in taxes required, if the government is to purchase any extra product that is not sold to consumers. This Assessment presents a scenario in which a government tries to improve the financial position of the sellers, in such a perfectly competitive market, by instituting a legal price floor that is significantly above the equilibrium price. A price floor is the lowest price for which a seller can legally sell the product. Directions: Using this Word template, answer the following questions based on the situation.Questions Suppose that the Gondwanaland chairman of production, who sets the governmental price floor for gosum berries, in an effort to assist the gosum berry producers to have a higher income, sets the price floor at $70 per barrel. In that particular year, the amount of gosum berries produced at the $70 price floor was 700 barrels per month. To support the price of gosum berries, the Chairman of Production's Office had to purchase 400 barrels per month. The accompanying chart and diagram shows supply and demand curves illustrating the…

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  • How to account for an operating lease for a 3-year period from Jan. - Question How to account for an operating lease for a 3-year period from Jan. 1, 20X1, to Dec. 31, 20X3? The lessee agrees to pay $10,000 in year 1, $12,000 in year 2, and $13,000 in year 3. The lessee is required to pay the annual fee on Jan. 1 of each contract year. The lessee's incremental borrowing rate is 5%, what are the entries that the lessee and lessor should record at inception of the contract, then at the end of years 1, 2, and 3? On January 2, 2016, Indian River Groves began construction of a new Question On January 2, 2016, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2017. Expenditures for the construction were as follows: January 2, 2016 P200,000 September 1, 2016 600,000 December 31, 2016 600,000 March 31, 2017 600,000 September 30, 2017 400,000 Indian River Groves borrowed P1,100,000 on a construction loan at 12% interest on January 2, 2016. This loan was outstanding during the construction period. The company also had P4,000,000 in 9% bonds outstanding in 2016 and 2017. The interest capitalized for 2017 was:Select one:a. P124,740b. P25,740c. P99,000d. P118,305 Patel Company's net sales in 20Y1 were $ 10,000,000 and its cash cost Question Patel Company's net sales in 20Y1 were $ 10,000,000 and its cash cost of goods sold was $ 5,500,000. Also in 20Y1, its accounts receivable days on hand were 37 days and its inventory days on hand were 62 days. The company projects its 20Y2 net sales will be $ 11,000,000 and its cash cost of goods sold will be $ 6,100,000. it is projecting that its accounts receivable days on hand will be 39 days and its inventory days on had will be 65 days. what would the impact on Patel Company's cash flow of the lengthening of its inventory days on had?o A decrease of $ 50,000o A decrease of $ 45,000o An increase of $ 45,000o An increase of $ 50,000 Get Answer Request: I need material help on the…

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  • Storm Corporation purchased a new machine on October 31, 2016. A P1,200 - Question Storm Corporation purchased a new machine on October 31, 2016. A P1,200 down payment was made and three monthly installments of P3,600 each are to be made beginning on November 30, 2016. The cash price would have been P11,600. Storm paid no installation charges under the monthly payment plan but a P200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2016 would beSelect one:a. P11,600.b. P12,000.c. P11,800.d. P12,200. the national banks bill with 90 days to maturity is priced to yield Question the national banks bill with 90 days to maturity is priced to yield 12.88% pa. with a face value of sh 0.5 million.what will be the price of the bill?assuming the yield increases by 0.25% pa, what will be the price of the bill?correct answers please the answer is not 467,658.23 or 483682.26. Burger King Business model Burger King is an American global chain Question Burger King Business model Burger King is an American global chain of hamburger fast food restaurants headquartered in unincorporated MiamiDade County, Florida, United States. At the end of fiscal year 2013, Burger King reported it had over 13,000 outlets in 79 countries; of these, 66 percent are in the United States and 99 percent are privately owned and operated with its new owners moving to an entirely franchised model in 2013. BK has historically used several variations of franchising to expand its operations. Burger King has introduced many products which failed to catch hold in the marketplace. Some of these failures in the United States have seen success in foreign markets, where BK has also tailored its menu for regional tastes. From 2002 to 2010, Burger King aggressively targeted the 18-34 male demographic with larger products that often carried correspondingly large amounts of unhealthy fats and trans-fats. This tactic would eventually come to hurt the company's financial underpinnings and cast a negative pall on its earnings. Beginning in 2011, the company began to move away from the previous male-oriented menu and introduce new menu items, product…

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  • Prepare the bank reconciliation at May 31, 2019. Problem 7-6A (Part Level Submission) - Question Prepare the bank reconciliation at May 31, 2019. Problem 7-6A (Part Level Submission) Sandhill Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2019, the company's Cash account per its general ledger showed a balance of $6,833.90.The bank statement from Emporia State Bank on that date showed the following balance.EMPORIA STATE BANKChecks and DebitsDeposits and CreditsDaily BalanceXXXXXX5-31 7,063.00A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.1.The statement included a debit memo of $59.00 for the printing of additional company checks.2.Cash sales of $902.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $952.15. The bank credited Sandhill Co. for the correct amount.3.Outstanding checks at May 31 totaled $285.25, and deposits in transit were $1,899.15.4.On May 18, the company issued check No. 1181 for $684.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sandhill Co. for $648.00.5.A $2,804.00 note receivable was collected by the bank for Sandhill Co. on May 31 through electronic funds transfer.6.Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $341.00 that was incorrectly charged to Sandhill Co. by the bank.7.On May 31, the bank statement showed an NSF charge of $475.00 for a check issued by Sara Ballard, a customer, to Sandhill Co. on account.(a)(b) Steve Reese is a well-known interior designer in Fort Worth, Texas. Question Get Answer Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob O'Donnell, a local merchant, to contribute the capital to form a partnership. On January 1, 2016, O'Donnell invests a building worth $100,000 and equipment valued at $52,000 as well as $18,000 in cash. Although Reese makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances. To entice O'Donnell to join this partnership, Reese draws up the following…

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  • Get Answer Long response questions: from Gray (2006) Word count:1000 wordsAccounting By: Hoggett, John Robert, 1948-, 9th ed. 2015.Relate Accounting Assignment Help - Question Get Answer Long response questions: from Gray (2006) Word count:1000 wordsAccounting By: Hoggett, John Robert, 1948-, 9th ed. 2015.Relate the disclosure of the Sustainable Development Goals to the current business issue of social and environmental accounting and accountability.Link to article:https://ebookcentral-proquest-com.ezproxy.uow.edu.au/lib/uow/detail.action?docID=4804601Gray (2006, p82) suggests that "there is a major disconnect between the implication of global data we have reviewed [on sustainability] and the partial and localised data chosen to constitute the social, environmental and sustainability reporting." He goes on to say that if "the global data speaks truthfully and, extrapolating, the mass of corporate activity is actually highly unsustainable, then companies need to reflect this so we can discount the empty rhetoric and turn pressure on to governments to undertake radical reconstruction." Gray, R. 2006 "Does sustainability reporting improve corporate behavior?: Wrong question? Right time?" Accounting and Business Research, Vol. 36, Supplement 1, pp65-88.Required:1. Explain what Gray means by the above statements.Global data (see pages 67-71) would suggest that the world is in dire straits and nowhere near achieving sustainability. Sustainable development has been defined as:...development which meets the needs of the present without compromising the ability of future generations to meet their own needs (UN World Commission on Environment and Development, 1987 as cited in Gray, 2006, p67). While sustainability is a global and spatial concept, and difficult to apply at the organisational level (p67), Gray argues that we need to know something about the collective sustainability of economic units and economic activity as a whole. As such there is a need for some sort of sustainability reporting.Gray has been researching and writing in this area for decades, and comes to the conclusion that existing sustainability reporting (or TBL reporting, or Social and Environmental reporting) is of little substance. He cites Greenpeace Business, 2005 (Gray, 2006, p 73)......the vast majority of this reporting is little more than a selective presentation of highlights. It is a rare business that presents a balanced warts-and-all analysis; it is rarer still to find one that is actually responsive to the shortfalls in social or environmental performance. Further, in most cases these types of…

    Get Answer Long response questions: from Gray (2006) Word count:1000 wordsAccounting By: Hoggett, John Robert, 1948-, 9th ed. 2015.Relate Accounting Assignment Help Read More »

  • 3. Hampton Court Furniture Company refinishes and reupholsters furniture. Hampton uses a job order cost system. When a prospective - Question 3. Hampton Court Furniture Company refinishes and reupholsters furniture. Hampton uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On June 10, 2006, an estimate of $561.60 for reupholstering a chair and couch was given to Danzel Bishop. The estimate was based on the following data:Estimated direct materials: 9 meters at $18 per meter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $162.00 Estimated direct labor: 14 hours at $10 per hour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.00 Estimated factory overhead (35% of direct labor cost) . . . . . . . . . . . . . . . . . . . . . . . . 49.00 Total estimated costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $351.00 Markup (60% of production costs) . . . . . . . . . . . . . . . . . . .…

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  • 3. On August 1, 2017, Marvel company sold land costing P2,200,000 - Question 3. On August 1, 2017, Marvel company sold land costing P2,200,000 and received in exchange a note with a face amount of P3,000,000 maturing on August 1, 2020. It bears an interest rate of 12% which approximates the current interest rates in the market. Marvel Company uses the calendar year for reporting purposes• Gain reported arising from the sale• Interest income for 2017• Note receivable amount reported in December 31, 2017 statement of financial position Search Engine Corp. has provided the following details concerning budgeted sales: Question Search Engine Corp. has provided the following details concerning budgeted sales: Budgeted SalesJan $75,000Feb 69,000March 80,000April 82,000May 80,500June 92,000 The collection policy of the company is to collect 20% in the month of sale, 40% in the following month, and remaining 40% in the second month after the month of sale. All sales are made on account.Calculate the cash receipts from customers for the first six months. in 2020, vandolay reported $300,000 in sales and a $50,000 yearend Question in 2020, vandolay reported $300,000 in sales and a $50,000 yearend accounts receivable balance. the company's allowance for doubtful accounts has an unadjusted credit balance of $1,000. Based on prior experience, management estimates that 10% of outstanding A/R will result in bad debts. prepare the required adjusting journal entry This year Andrews achieved an ROE of 15.4%. Suppose management takes Question This year Andrews achieved an ROE of 15.4%. Suppose management takes measures that decrease Asset turnover (Sales/Total Assets) next year. Assuming Sales, Profits, and financial leverage remain the same, what effect would you expect this action to have on Andrews's ROE?Select: 1a-Andrews ROE will remain the sameb-Andrews ROE will increasec-Andrews ROE will decrease It is January 2nd and senior management of Chester meets to determine Question It is January 2nd and senior management of Chester meets to determine their investment plan for the year. They decide to fully fund a plant and equipment purchase by issuing $10,000,000 in bonds. Assume the bonds are issued at face value and leverage changes to 2.8. Which of the following statements are true? Select all that…

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  • This year Andrews achieved an ROE of 15.4%. Suppose management takes - Question This year Andrews achieved an ROE of 15.4%. Suppose management takes measures that decrease Asset turnover (Sales/Total Assets) next year. Assuming Sales, Profits, and financial leverage remain the same, what effect would you expect this action to have on Andrews's ROE?Select: 1a-Andrews ROE will remain the sameb-Andrews ROE will increasec-Andrews ROE will decrease Company is jb hi fi 2.7 Preliminary analytical procedures - Provide Question Get Answer Company is jb hi fi 2.7 Preliminary analytical procedures - Provide at least 5 ratios (using formulas provided by the text book or lecture notes) for the current and the prior year. Comments on the ratios and any anticipated impact on the future audit work. - Comments on the client‟s ability to operate as a going concern. 2.8 Measurement and review of financial performance - Identify the measurement and review of financial performance (e.g. Director‟s remuneration, employees‟ performance measure and incentives, loans with conditions such as maintaining a specific liquidity ratios, etc.). - Discuss the potential impact of those identified on the future audit work. 2.9 Objectives, strategies and related business risks - Identify the objectives or strategies (any plan to develop new products or services, or to expand the business locations, use of information technology) - Identify the related business risks (the risk that that an entity‟s business objectives will not be attained as a result of external and internal forces brought to bear on an entity). - Discuss the potential impact of those identified on the future audit work On January 1, 2016, Jack and Maya formed a partnership, JM Co. with Question Get Answer On January 1, 2016, Jack and Maya formed a partnership, JM Co. with the agreement that income would be split equally by the partners. Jack's initial investment consisted of cash of $5,000 and a building with a fair market value of $105,000. Maya's initial investment consisted of $110,000 cash. For 2016, the first year of operations, the net loss for the partnership was $18,000. During the first year, neither partner withdrew any money from the partnership. The partnership has a December 31 year end. On…

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  • C6-3 RFS’s Present Values The following table gives the net cash inflows at each point in time associated with - Question C6-3 RFS's Present Values The following table gives the net cash inflows at each point in time associated with nine alternatives. For example, item 1 pays $83.96 immediately. Item 9 pays nothing immediately, $100 one year hence, $50 two years hence, and $200 three years hence. Item Time 0 1 2 3 1 $ 83,96 2 $ 100,00 3 $ 50,00 $ 40,00 $ 1,42 4 $ 6,00 $ 6,00 $ 106,00 5 $ 119,10 6 $ 20,00 $ 25,00 $ 30,00 7 $ 35,00 $ 30,00 $ 25,00 8 $ 55,00 $ 55,00 $ 55,00 9 $ 100,00 $ 50,00 $ 200,00 We begin with a set of questions about items 1, 2, and 3. The interest rate applicable to all nine items, unless specified otherwise, is 6% annually. In providing your answers, answer to the nearest $0.01 and expect some minor rounding errors. a. What is the present value of item 1? b. What is the present value of item 2? c. What is the present value of item 3? d. Suppose you had item 1 and invested its balance in an investment that pays 6% per period. Complete the following table: Initial Investment Value at Time 1 Value at Time 2 Value at Time 3 Suppose a bank is willing to lend money at 6%; that is, the bank is willing to extend credit as long as it earns 6% on its investment. If you owned only item 2, how much could you borrow from the bank at time 0? That is, how much would the bank loan you in exchange for a payment of $100 three years hence? e. Suppose you own item 1 and invest it immediately in a bank account that pays 6% annually. Also, suppose you want to create the cash flow pattern of item 3. Complete the following table: Time 0 Time 1 Time 2 Time 3 Value Balance Withdrawal Balance Forward Balance Withdrawal Balance Forward Balance Withdrawal $ 83,96 $ 89,00 $ 50,00 $ 39,00 In two sentences or less, describe what these calculations tell you about the concept of…

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  • Required: 1. Assume that the problems the IT company is facing have occurred in the period April – to June 2020. - Question Get Answer Required: 1. Assume that the problems the IT company is facing have occurred in the period April - to June 2020. • Briefly discuss the Covid 19 legal position of the directors regarding their potential liability in the following situations: a. the problems with the accounting records and financial statementsAdditional Information An IT services company has a number of significant contracts in varying stages of completion. Its pricing for a number of projects has squeezed its margins and impacted on its cash flow. This is creating financial difficulties for the company, which is currently trading with marginal solvency. A bank has been providing ongoing funding and holds a security interest over current and future assets. This has been registered on the Personal Property Securities Register. Banking covenants appear to have been breached, although this cannot be verified as the company's financial accounts are currently in the process of being restated. This is due to errors in classifying revenue, in breach of accounting rules, together with other compliance failings regarding its financial records. The board has decided that its best option is to keep trading with the hope that the company will overcome its current difficulties. Two new, potentially lucrative, high risk contacts are about to be signed off by the board. Majority shareholders are unhappy with this approach. They want to see some form of Companies Act intervention to allow the company to work with creditors to find a long term solution to the company's current financial problems. Directors are considering this option. Meanwhile, the bank has signalled that it is about to exercise its rights under the security interest, and major creditors are threatening legal action for non-payment of debts owed to them. PLEASE USE New Zealand companies act 1993 Get Answer Student instructions:· You are required to analyse the case study below and prepare the report on "ICT Question Get Answer Student instructions:· You are required to analyse the case study below and prepare the report on "ICT Quality Management Plan" based on the template provided. · Assume the variables as necessary.· Edit the template…

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  • 1. At the end of Year One, a company has an enacted tax rate Accounting Assignment Help - Question 1. At the end of Year One, a company has an enacted tax rate of 30 percent. During Year One, the company reported a $110,000 gain for financial reporting purposes that would not be taxed until Year Two. Then, during Year Two, the company earned another gain, this one for $180,000, that would not be taxed until Year Three. Near the end of Year Two, Congress changed the enacted tax rate from 30 percent to 36 percent. On its Year Two income statement, what amount should be reported as the company's income tax expense-deferred ? $64,800 $39,600 $33,000 $31,800 1. A company declares a cash dividend on its common stock on Question 1. A company declares a cash dividend on its common stock on December 24, Year One, payable to owners of record on January 2, Year Two, with checks to be mailed on January 9, Year Two. Which of the following statements is true ? __Both the revenue and the dividend paid will be recorded by the two companies on January 9, Year Two when payment is made __The company will have a liability on its December 31, Year One balance sheet and the owners will record a receivable on their December 31, Year One balance sheet _This dividend is recorded by the company as an operating expense on its income statement _The owners will record the revenue from this transaction in Year Two but the company will record the effect of the dividend in Year One QUESTION 91. A company issues 10,000 shares of its own $10 Question QUESTION 91. A company issues 10,000 shares of its own $10 par value common stock to the public for $19 per share. Later, 1,000 of these shares are bought for $21 per share as treasury stock. Which of the following statements is true ? Losses on the resale of these shares would impact reported net income for the year although gains would not The cost of the treasury stock is reported by the company as an asset on its balance sheet The par value method and the cost method…

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  • 1. A company issues 100,000 shares of common stock and 10,000 - Question 1. A company issues 100,000 shares of common stock and 10,000 shares of preferred stock with a $2 cumulative dividend. In the first year, no dividends are paid or declared. Which of the following statements are true ? All dividends in arrears on the preferred stock must be paid before any dividends can be paid on common stock The company should report a $20,000 liability on its year-end balance sheet The preferred stockholders are guaranteed to receive this $20,000 at some point in the future By not paying the cumulative dividend, the company will be forced into bankruptcy within 90 days of the beginning of the new year Susan has just inherited a generous lump sum of money from her late Question Susan has just inherited a generous lump sum of money from her late grandmother. She is overwhelmed with possibilities as to what to do with the money. She has been reading articles on how to work wisely with her finances from the magazine subscription to Financial Mail©. She knows that you are currently in your second year of studies at the IUM and enrolled in the Financial Management 200 course on the CA stream. She has thus decided to consult with you regarding her investment opportunities and seeks your insights as to the following questions:1. The current annual dividend of Coca Cola is N$0.20 while the market value of the shares at selling at N$30.90. The required rate of return for the shareholders is 10%. Find the expected rate of growth for the company. (2)2. Calculate the fair market price of a share that just declared a dividend of N$1.50, and the long-term annual growth rate of the company is 3%. The market rate of return is 16% from similar shares on the stock exchange. (2)3. Spur Corporation Limited just issued a 5% five - year bond. Susan is contemplating the purchase of these bonds at their par value of N$1 000 each. The Yield to Maturity (YTM) is expected to be 6%. What should be the value of the bond. (3) 4. A similar company to…

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  • You are planning to make 18 monthly withdrawals beginning at the end - Question You are planning to make 18 monthly withdrawals beginning at the end of the sixth month. You plan to withdraw $108 in the sixth month and increase your withdrawals by $16 over the previous month's withdrawal. How much should you deposit now in a bank account that pays 12% per year compounded monthly? Enter the answer with two decimal places. Do not enter the dollar ($) symbol. eg. 1234.56 Hint: Determine m and k and use the decision tree to find how you must setup the cash flow equation. Remember to bring all the cash flows to the proper time period required to answer this question. A contractor enters into a construction contract on January 1, 2019. Question A contractor enters into a construction contract on January 1, 2019. The contractor agrees to a fixed price of P9,000 to build a building. The contractor's initial estimate of contract cost is P8,000. The contract expects that it will take three years to build the building.By the end of the first year of the contract (December 31, 2019), the contractor's estimate of total costs has increased to P8,050 (cost incurred in 2019 amounted to P2,093).In 2020 the customer and the contractor agreed to a variation resulting in an increase in contract revenue of P200 and estimated additional contract costs of P150. At the end of 2020, costs incurred of P4,075 include P100 paid for standard materials stored at the site to be used in 2021 to complete the project. The contractor determines the stage of completion of the contract by calculating the proportion that contract costs incurred for work performed to date to the latest estimated total contract costs. Determine the expense for 2020. A machine cost $40,000, has annual amortization expense of $8,000, Question A machine cost $40,000, has annual amortization expense of $8,000, and has accumulated amortization of $20,000 on December 31, 2006. On April 1, 2007, when the machine has a fair value of $16,000, it is exchanged for a similar machine with a fair value of $44,000 and $28,000 cash is paid.Instructionprepare all entries that are necessary…

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  • On January 2, 2015, Moon Co signed an agreement to operate as a franchise - Question On January 2, 2015, Moon Co signed an agreement to operate as a franchise of Sun Co, for an initial franchise fee of 2,500,000 for 5 years. Of this amount, 500,000 was paid when the contract was signed and the balance payable in four equal annual payments beginning on December 30, 2015. Moon signed an interest-bearing note for the balance. Moon's rating indicated that it can borrow money at 25% for a loan of this type. Present value of an annuity of 1 for 4 periods at 25% is 2.4. Assume that additional indirect franchise cost of 68,000 was also incurred. If the collection of the note is not reasonably assured, what is the realized gross profit for the year ended December 31, 2015? 1. prepare the performance report through the contribution margin line.​ Question Get Answer 1. prepare the performance report through the contribution margin line.​ 2. complete the report through the segment margin​ line, 3. complete the report through the operating income line. Prepare a segment margin performance report for the pharmaceutical segment. Calculate a variance and a variance percentage for each line in the report. Round to the nearest hundredth for the variance percentages​ for ex, if your answer is​ 16.2384%, round it to​ 16.24% 5. On May 1, 2015, Manny Company issued P2 million, 20-year, 10% Question 5. On May 1, 2015, Manny Company issued P2 million, 20-year, 10% bonds for P2, 120,000. Each P1, 000 bonds had detachable warrant eligible for the purchase of one share of Manny's P50 par ordinary share for P60. Immediately after the bonds were issued, Manny's securities had the following unit fair values:10% Bond without warrant P1, 040Warrant 20Ordinary Share, P50 par 56What amount should Manny credit to premium on bonds payable on May 1, 2015? ______________a. P 120,000b. P 80,000c. P 40,000d. P 0 1.A cost that a firm will have to pay no matter what is called Select one: Question Get Answer 1.A cost that a firm will have to pay no matter what is called Select one: a. a sunk costb. a financing costc. an opportunity…

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