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Beachside Realty rents condominiums and furnishings. Below is the adjusted trial balance at December 31. Debit Credit Cash 1,500 Accounts Receivable 2,000 Interest Receivable 100 Prepaid Insurance... Mirna the owner of Mirna Trading extracted the following balances as at 31 December 2020. Particulars Debit (RM) Credit (RM) Beginning Inventory 2,368 Carriage outwards 200 Carriage inwards 310... On January 1, 2020, Apple Corp. granted 100,000 nonqualified stock options with an estimated $20 fair value per option. Each option entitled the recipient to purchase one share of Apple stock for... Royal Paints has a merchandising range that includes a variety of cosmetic and promotional yoga products. A 2-year contract between Henry and Megan Marvel (HMM) Pty Ltd and Royal Paints was signed in... Quinzel Inc. has projected net cash flows from operations at Php45 Million on the first year. In order to realize the 10% growth for the next 4 years, Jabel purchased CAPEX amounting to Php250... Mr. John Manville owed Mr. Paul Glennon $10,000. John transferred his car worth $10,000. to satisfy the debt. Two months later John filed bankruptcy as an individual under Chapter 7. His total... Its impossible! There is no justification for ignoring these entries. These are the words spoken by Jackie Bauman at a meeting with the CFO of the company, Glen Donner. Cumberland Lumber is a... Recognition accuracy that measures the percentage of orders that are taken correctly is 86.8%. Suppose that you place order with the bot and two friends of yours independently place orders with the... Assume that you are the auditor of ABC Inc, for the fiscal year 2006. No audit procedures have been performed other than general information gathering. Please read all the information given below... On January 1, 2020, AutoCare Corp. (a Canadian company) purchased 80% of Vintage Cars Inc, an American company, for $50,000 U.S. Vintage Carss book values approximated its fair values on that date... P 8-6. Dorex, Inc., presented the following comparative income statements for 2007, 2006, and 2005: For the Years Ended 2007 2006 2005 Net sales Other income $1,600,000 22,100 1,622,100 $1,300,000... Job 007 requires $10,000 of direct materials, $4,000 of direct labor, 400 tons of material, 200 machine hours, two setups, ten inspection hours, and one design change. The manufacturing overhead cost... Identify the role you are playing; assess the financial reporting landscape, considering the user needs, constraints, and business environment; identify the issues; analyze the issues (qualitatively... Accounting Assume that on February 20th (The last day of Tescos half year reporting period ending on 21st February) Tesco received 200 million in prepayments from Unilever under the expectation that... On January 1, 2017, Belgium Industries SA had the following equity accounts. Share Capital-Ordinary (4 par value, 250,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings... Capital expenditures are part of the analytical hierarchy process where the decision to buy is assessed at the cash flow level even if these are uneven. The capital risk and sensitivity of our... Wanda is an Australian resident for the full year and received a $9 000 cash dividend which was franked to 100%. Wanda does not receive any other income during the year. What are the tax consequences... Peter and Heidi Mathews are married and are both 50-year-old Australian residents. During the 2020-21 tax year, Heidi earned $35,000 of assessable income from carrying on her florist shop business.... On 30 April, 2021, Andrea's cash book showed a debit balance of 7,200. On the same date her bank statement balance showed a credit balance of 4,022. On examination of the records, the following were... In this module, we're building a basic foundation in corporate equity transactions. This discussion will allow you to develop expertise in analyzing and recording equity transactions and creating... Melanies mother is changing jobs and offered to sell an office building and used office furniture to Melanie, who is a psychologist. Melanie bought the two items of her mothers on March 25, 2019 for... Brooks Clinic is considering investing in a new heart monitoring equipment . It has two Options A which is a lower initial investment but would be a significant expenditure for rebuilding after 4... On July 1, 2015, Velor Inc. acquired the following bonds, which Velor Inc. intended to hold to maturity: BOND Price Face Amount Purchased Face Amount Purchased Zcom Inc. 12% bonds, maturity date... 1: Since the small island has been hurt by a downshift in tourism, we could help the economy by providing a one-time tax for the pollution. This would present an immediate Carbon Offset of... Ann has $10k Australian dollars to invest in a complete portfolio. You have provided her a risky portfolio with return of 10.5% and standard-deviation of 15%, and a risk-free asset with return equals... If Juanita can get a different deal from another dealership with the same cash price and down payment but with a 60 month term and a $180 monthly payment, what will be the APR for this installment... Excel template below: Jody wishes to use the forecast just developed to help make an Aggregate Production Plan that will then become a Master Production Schedule and drive a Materials Requirements... On January 1, 2010, P Company purchased an 80% interest in S Company for $900,000. At that time, S Company had capital stock of $600,000 and retained earnings of $100,000. Differences between the... Product X is a consumer product with a retail price of $12.95. Retailers margins on the product are 40% and wholesalers margins are 8% (based on the selling price). Total retail size of the market in... On January 1, 2020, Xiamen Company made amendments to its defined benefit pension plan that resulted in 62,800 yuan of past service cost. The plan has 5,130 active employees with an average expected... Accounting On january 2017 TMK consulting company started its work. With the following data as on December 31,2017: Cash at bank 80,000 Loans 150,000 Receivables 150,000 Capital 100,000 Fixed assets... Given the following yield information on municipal bonds issued by the state of Nebraska: 1-year note yield = 2.35% 2-year note yield = 2.75% 3-year note yield = 3.29% 4-year note yield = 3.95%... Write a note on Relationship between auditing and risk assessment and cover both aspects of internal and external audit. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system... An assembly line produces 800 products per hour, with a standard deviation of demand during lead time of 100. For every product they make they use a Kanban system. The lead time from the inventory... Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK),... Twenty metrics of liquidity, Solvency , and Profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock... Terry and Breanna Joyce had a recent conversation with their friend Jake about life cycle changes and the importance of seeking financial advice. They have recently found out that Breanna has fallen... X Corporation is a cash method, calendar year taxpayer. During the current year, X has the following income and expenses: $20,000 Gross profits from sales. Salaries paid to employees $10,250 $ 3,000... Denver Company prepares its statement of cash flows using the direct method and engaged in the following transactions during 2010:1.Denver retired bonds payable by issuing common stock.2.Denver... In 2005 IBM had an ROE of 26.7%, but Hewlett-Packards ROE was only 6.4%. Use the DuPont framework to identify possible reasons for this difference based on the data below: IBM HP NOPAT/Sales 9.0%... Entity A hires out motor trucks to its part-time drivers to generate revenue. The draft accounts at the end of the reporting period of 31 December 2017 included the motor trucks which were bought on... The Audiology Department at Randall Clinic offers many services to the clinic's patients.The three most common, along with cost and utilization data, are as follows: a. What is the fee schedule for... Kendyl decides to use a Paired Samples T-Test and her results indicate a pretest mean of 31.3667 (SD = 6.31082) and a posttest mean of 34.9667 (SD = 6.65652), p = .000. 1. Did Kendyl use the correct... Finally, Reza mentions that he was hired into the CFO role on an interim basis with the possibility of being made permanent based on performance. Although he wants to succeed in this role, he does... Use Targets 2017 annual report filed with the SEC in 2018 for the following calculations. For the most recent year presented, what was Targets total asset turnover? Do NOT round intermediate... Both Mr. Byrd and Mrs. Byrd are employed. During 2019, Mr. Byrd had opened a restaurant and had business income of $12000. Mr. Byrd also had net employment income of $52000, after deducting $10100 of... Metlock Inc. sells appliances to Seasons Department Store. A recent order requires Metlock to manufacture and deliver 500 toasters at a price of $88 per unit. Metlocks manufacturing costs are... Alexander Stephens is currently 32 years old and married to wife, Theresa, who is 30. They have twin two-year old sons, and do not plan to have more children. They live in Corona Del Mar, CA in a... HOW DO WE REPORT THIS? Southwestern Corporation operates throughout Texas buying and selling widgets. To expand into more profitable markets, the company recently decided to open a small subsidiary... Consider Company A that holds mostly floating-rate short-term TL-denominated assets partly financed with a 50m 4-year bonds with fixed 10% annual coupons. As a result Company C is faced with both an... Problem #4 - You are the human resources representative for a new winery, Vino421, located in Northern Michigan. As part of its operation, Vino421 offers wine tastings in its tasting room and wine... The dehydration butanol of alumina is carried out over a silica-alumina catalyst at 680K. CH3CH2CH2CH20H------->cat CH3CH=CHCH3 + H2O The rate law is -r Bu = KPBU/(1+KBuPBul with k= 0.054... 1. Lewis and Laurie are married and jointly own a home valued at $258,000. They recently paid off the mortgage on their home. The couple borrowed money from the local credit union in January of 2019.... Question: Bryan followed in his father's footsteps and entered into the carpet business. He owns and operates I Do Carpet (IDC). Bryan prefers to install carpet only, but in order to earn additional... As the weekly senior management team meeting concluded, Roy Hoffman, president of Covington Meters (Covington) in Cincinnati, Ohio, summarized his frustration with the companys high levels of... Some argue that Medicare needs a major overhaul so that it resembles the private marketplace, where competition among health plans helps control costs and foster efficiency. Others counter that given... Elm Manufacturing Company (ELM) is a small manufacturer of back packs located in Rochelle, Illinois. They make three different types of Backpacks: A small backpack made for school that is designed to... Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central, and East regions. Each of these regions... Exhibit 1 Hallstead Jewelers; Income Statements for Years Ended January 31 (thousands of dollars) Sales Cost of goods sold Gross margin Expenses Selling expense Salaries Commissions Advertising... 1) Using the methods for determining the number of degrees of freedom of a rigid body in 3-dimensional space from the book and the video, find the number of degrees of freedom of a rigid body in a... Question: Belden, Inc. acquires 30 percent of the outstanding voting shares of Sheffield, Inc. on January 1, 2017, for $304,000, which gives Belden the ability to significantly influence Sheffield.... Tuscaloosa National Bank has two service departments, the Human Resources (HR) Department and the Computing Department. The bank has two other departments that directly service customers, the Deposit... Mr. Sam is a Malaysia resident employed as a general manager by Lotus Sdn Bhd for the last three years. For the years ended 31 December 2020 he received the following employment income and benefits... Jerry always wanted to run his own manufacturing business. Jerry needed a special machine that cost $40,000. After all of the other startup expenses, Jerry only had $30,000 remaining to purchase this... HomeGrown Company is a chain of grocery stores that are similar to indoor farmer's markets, providing fresh, local produce, meats, and dairy products to consumers in urban areas. HomeGrown is... Walker Meeks is currently a party to two contracts. On the first contract, he has agreed to paint a portrait of a gentleman riding a horse. This portrait is for the wall of the gentleman's study. The... Makayla Jennings is the general manager at the Hampworth Inn. Le'Veon is the property's front office manager (FOM) and Latisha is the hotel's Director of Sales and Marketing (DOSM). All three serve... The Executive Director of the free clinic has asked the operations analyst to assess all options to determine which clinic layout will minimize transportation costs. The table below displays expected... Gather, and analyze relevant information, then use numbers and writing to demonstrate the financial implications of your decision. No longer than two pages Buying a car Should you buy or lease a car?... a) Prepare a detailed report for Blurred Kitchens Limited, clearly explaining the basis for inclusion and exclusion of each element of costs for this job. b) Calculate the total cost and required... A solar water heater costs about $5800 to install (after rebates). A traditional gas water heater costs about $900, and costs about $325 per year to run. The average annual cost to run the solar... Vintage Weaponry is owned and operated by a craftsman who makes replicas of historic firearms for museums, sportsmen, and collectors. He is currently producing 40 flintlock muskets per month. Data... Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The companys accountants make adjusting entries monthly, and they make all closing entries annually.... Rondo ltd is a restaurant equipment supply company with offices and retail stores in Ontario and Qubec. The organization started operations in 1993and currently has an approximate annual payroll of... Harimau Berhad has the following trial balance at 31 December 2021: Revenue Purchases Returns inwards Plant at cost Machinery at cost Office equipment at cost Accumulated depreciation-- Plant... Your company is undertaking a new project. A building was purchased 5 years ago for $1,000,000 depreciated straight line to $100,000 (the land value) over 30 years. It is now worth $600,000... (A) As the external auditor of Cleopatra Group, write a report to management in respect of the sales system described above which identifies and explains SEVEN deficiencies in the sales system, and... The following selected transactions relate to liabilities of United Insulation Corporation. United's fiscal year ends on December 31. 2021 Jan. 13 Negotiated a revolving credit agreement with Parish... The Computer Company sells laptops that come with a warranty. The total sales in 2020 amount to $2,200,000 on credit. The estimated cost of the warranty included in the selling price of the... 1) You will find a home for sale in the Metropolitan Detroit area that you would like to buy. You can be realistic or make an aspirational choice, the cost must be at least $20,000 and no more than... 1. In a capital lease, GAAP requires the lessee to record the lease on its balance sheet at the present value of future lease payments. to record rental revenue as each lease payment is received. to... Calculate the total number of units the independent retailer can purchase for their single location. Include all steps/Show all work. Scenario: Two retailers (One large and one small) do business... 1 Identify the various audit assertions that Richie Smith should consider for this part of the audit for CareBears Ltd? Question 2.What auditing standard would assist Richie Smith in performing his... Nancy Yamasaki is a Chief Financial Officer for GoMax Corp. She is single (no children), age 45, and lives at 826 Vista Drive Street in San Carlos, CA 94025. Her social security number is... Next let's estimate the capital cost of the solar system in dollars per kilowatt. Use Figure 7 from the US National Renewable Energy Laboratorys 2015 US Photovoltaic Prices and Costs Breakdown... Lana Lowery, a regional manager for a 100-person inside sales staff, notices that the teams best performer is struggling. Her sales are down 20 percent from a year ago, and she frequently arrives... The firm also has the ability to undertake a project sponsored by the US government. The cost of the project is $2,000 and the guaranteed return is $2,500. The firm has a required rate of return of... A plantwide predetermined overhead rate based on direct labor-hours results in low overhead costs for products with a high direct labor-hour content and high overhead costs for products with a low... In 2011 Coby purchased a rental house for $250,000 which he immediately placed in service. The purchase included $35,000 for the land. On august 2, 2020 he sold the house to the tenant. How much... In July 2016, Josh Gavidia and Rae Dineda, co-owners of Style Inc. (Style), a fine bespoke tailoring company, wondered how to increase the companys profitability. Over the past six years, the... The Profit and Loss Account of Mr. Rahmans's sole-trader ship business results net income of Tk.112,000 for the accounting year ended on June 30, 2017 as follows: RAHMAN TRADERS Profit and Loss... Budget Ltd is a manufacturing company. The company purchased a property after paying $1 million few years ago. Up to the date of authorisation of the financial statements for the year to 30 June 2020... Fly-Buy Aircraft sells a wide vanety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $105.00.... Woody owns a sole proprietorship called Toy Store, which sells a large variety of children toys. In the current year, Toy Store has the following activity: Net Schedule C income*$120,000W-2 Wages... Using solver find out the solution to the the Philips Drug Company. This company has three warehouses, denoted by W1, W2, and W3. The first W1, is in Chicago, W2 is in Mississippi, and W3 is in New... Once you have completed your financial analysis, interpret the ratios and vertical and horizontal analyses to evaluate the business performance of Lueders Medical Clinic. In your brief, make sure to... Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: Indicate the effect of each... The Selena's Hotel, opens 365 days, consists of an 80 rooms hotel and a 60 seats coffee shop. Tamika, the Managing Director, provides you with the following information: i. Of the 80 rooms 60 are... A company is about to establish a pension scheme that will provide retirement benefits to its members of n/60ths of final pensionable salary at age 65 or on earlier ill health, where n is the total...
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