Arctic Cat Sold Seneca Motor Sports A Shipment Of Snowmobiles. The Snowmobiles Were Delivered
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $39,600 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 5%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Assume the note indicates that Seneca is to pay Arctic the $39,600 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021. Assume instead that Seneca is to pay Arctic the $39,600 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $39,600 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Round your final answers to the nearest whole dollar amount.)
Joe Harper Is An Electrician And Works As An Independent Contractor. He Provides You
Joe Harper is an electrician and works as an independent contractor. He provides you with the following information for the purpose of preparing his income tax return for the year ended 30 June 2019. – He received $150,000 as payment from clients for electrical services he provided. During the year he also paid $45,000 PAYG withholding tax to the ATO when he lodged his Business Activities Statements. – He requested a client who owed him $3,000 for services he had provided in May to have the full amount paid to a charity (Red Cross) on 2 June 2019. – On 13 May 2019, Joe received a tablet (market value $500) from one of his clients. It was accompanied by a note thanking Joe for his service. – Upon the early and prompt completion of a job for a client, he received a non-transferable voucher with a market value of $2,000 for a two-night stay at a luxury resort on the 20th and 21st of June 2019. The client also offered Joe an all-expenses paid trip to the ‘Melbourne Electrical Trade Expo’. The Expo featured the latest technical developments and trade products. The cost of the trip was $1,250. – On 3 August 2018, Joe sold some of his assets to finance the purchase a holiday house. Details of the assets that he disposed of are as follows: Screen Shot 2019-09-17 at 12.20.41 pm.png During the 2019 financial year, Joe received rental income of $60,000 from a shop which he brought five years also. The following expenditures were also incurred during the year in respect of the shop: Council rates 1,680 Insurance 850 Repairs Painting of the internal walls of the shop 1,025 Painting of the external walls of the shop 1,160 At the request of the local council, the trimmed back shop awning that was protruding over a driveway 750 Replaced part of a rotten wooden floor with a cheap Concrete floor on 1 July 2018 1,200 Interest on shop mortgage (paid up to May) 5,078 Interest on shop mortgage (June interest is due on 5 July) 462 – Joe also made the following payments during the year: 1) Gifts: • Red Cross $100 • Successfully bid $1,000 at an auction conducted by the Salvation Army for painting that had a market value of $150 2) Fee paid to a tax agent for preparing and lodging his 2017/18 individual income tax return ($500) and for lodging an objection to an income tax assessment from a previous year ($1,000) 3) Telephone calls – to clients $300 – to his wife and kids $450 REQUIRED 1. Advise Joe on what amounts have to be included in his taxable income for the 2018/19 tax year. 2. Calculate the taxable income which Joe need to declare in his income tax return.
You Are Assigned To The Audit Of Computek Electronics Limited, A Subsidiary Company Of
You are assigned to the audit of Computek Electronics Limited, a subsidiary company of Las Vegas Group Corporation (USA) Limited. Computek Electronics Ltd. is a wholly owned subsidiary of a US parent. The following information has been provided to you: 1. The principal activities of Computek Electronics Ltd are the importation and distribution of modems and personal computers (PCs). It has offices in all capital cities in US and around Australia. 2. All inventories are purchased either from its US parent or related companies in Hong Kong and Taiwan. 3. Computek Electronics Ltd was incorporated in 1991 and had operated profitably until 1996 when significant losses were incurred, principally due to the downturn in the economy, competition from other manufacturers and the availability of cheaper clones. 4. The company is well established in the modem market; however, it has not been doing well in the PC market for the reasons given above and has consequently decided to get out of the PC market and concentrate on enhancing its position in the modem market. This decision has been communicated to the public via computer journals and publications. 5. The stock level of PCs, modems and spares as at 30 October 1998 was as follows: $’000 Modems 4426 PCs 3142 Spares 1563 9131 6. Your manager has advised you that 2 of the largest debtors have gone into liquidation and the client has provided 50% of these debts as they are covered by credit insurance. There is no correspondence from the insurance company regarding whether or when the claim in respect of these debts will be settled. The insurance company has requested Computek to provide evidence that the company has fulfilled all the conditions of the insurance policy before it will settle. In view of previous experiences by the company with such insurance claims, it is unlikely that any notification on recovery will be received before year end. The financial controller has assured your manager that they have complied with all the conditions of the insurance agreement. 7. The company maintains fully computerized accounting systems for sales/debtors, inventories and general ledger functions. Audit testing in prior years has shown that controls over these systems appear to be strong. The sales/debtors system matches cash receipts to outstanding items, and maintains back order details where customer orders cannot be filled immediately. 8. Computek has a wholly owned subsidiary in New Zealand which has been making losses since its incorporation in 1995. As a result, the subsidiary has a large deficiency in shareholders’ funds. The New Zealand company figures have not been consolidated in the attached financial information. 9. A large stock of PCs at a cost of $600,000 was ordered and is currently in transit from the overseas parent. These PCs are the latest machines which have been brought to Australia for the first time. However, since Computek has resolved to concentrate on the modem market, it has decided not to release the machines into Australia. The parent company from which these stocks were purchased will not accept them back, but the company’s directors are looking to on-sell them to another related company in Hong Kong. 10. Initial discussions with management have revealed that the company has significant tax losses which management is keen to carry forward as an asset in the year end balance sheet. 11. All modems and PCs sold by the company have a warranty of 12 months from the date of sale. 12. One modem stock item (XP1000) which was released in early 1997 was found to have a factory fault. This defect only occurs in modems which are used excessively. Computek had established a provision of $480,000 for returns of this item, but only $80,000 of this provision had been utilized up to October 1998. The returns of this item have slowed down to only 1 per month. There are 100 units of this item still on hand. Computek Electronics Limited Statement of Financial Performance Unaudited 10 months 31/10/98 $’000 Audited 12 months 31/12/97 $’000 Operating revenue 47787 72007 Operating profit (loss) (3652) (5561) Abnormal items – (1583) Income tax expense – – Operating loss after income tax (3652) (7144) Retained profits/(losses) at beginning of financial year (23816) (16672) Retained profits/(losses) at end of financial period (27468) (23816) Statement of Financial Position Current Assets Cash 153 1107 Receivables 10353 14310 Inventories 7723 18073 Other – 40 Total Current Assets 18229 33530 Non-current Assets Investments 1 1 Property, Plant
You Are Required To Audit Fashion Designers Limited, A Subsidiary Company Of Las Vegas
You are required to audit Fashion Designers Limited, a subsidiary company of Las Vegas Group Corporation (USA) Limited. Fashion Designers Ltd is a large multi-national manufacturer and distributor of fashion accessories. The company is listed on the New York Stock Exchange and its major shareholder (51%) is the US Company which controls the use of the accessory brand names throughout the world. Fashion Designers Ltd operates predominantly out of Australia but is rapidly expanding into Asia and Eastern Europe. In 1992 overseas operations accounted for 15% of the group turnover and 10% of the Group profit. In 1993 this is expected to increase to 23% of turnover and 18% of profit. As the American market is considered to be stagnant, future growth is expected to come from the Asian and European markets. The audit structure is such that all overseas operations are audited by the same international audit firm, XYZ
Legacy Issues $710,000 Of 8.0%, Four-year Bonds Dated January 1, 2019, That Pay Interest
Legacy issues $710,000 of 8.0%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $621,812 when the market rate is 12%. Required: 1. Prepare the January 1 journal entry to record the bonds’ issuance. These are wrong and i cant figure out what i’m doing wrong, please help!
1.) Equity Method For Stock Investment On January 4, 20Y6, Spandella Company Purchased 175,000
1.) Equity Method for Stock Investment On January 4, 20Y6, Spandella Company purchased 175,000 shares of Filington Company directly from one of the founders for a price of $30 per share. Filington has 500,000 shares outstanding, including the Spandella shares. On July 2, 20Y6, Filington paid $620,000 in total dividends to its shareholders. On December 31, 20Y6, Filington reported a net income of $1,050,000 for the year. Spandella uses the equity method in accounting for its investment in Filington. a. Journalize the Spandella Inc. entries for the transactions involving its investment in Filington Company during 20Y6. b. Determine the December 31, 20Y6, balance of the investment in Filington Company stock account: $_______ 2.) Equity Method On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $500,000. For the year ended December 31, Fain earned income of $140,000 and paid dividends of $50,000. Journalize the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.
The Gain Or Loss Calculated By A Shareholder In A Liquidating Distribution Is: 1
the gain or loss calculated by a shareholder in a liquidating distribution is: 1 realized and recognized as capital gain and ordinary loss 2 realized and recognized as capital gain or loss 3 realized and recognized as ordinary gain or loss 4 realized but not recognized as capital gain or loss
QUESTION 5 “An Entrepreneur Is A Person Who Organizes The Factors Of Production Such
QUESTION 5 “An entrepreneur is a person who organizes the factors of production such as information and labour capital and entrepreneurship True/ False QUESTION 6 Innovative entrepreneur bears less risk than the immitative entrepreneur True/ False QUESTION 7 Immitative entrepreneur bears more risk than the innovative entrepreneur True /False QUESTION 8 Adaptive entreprener is an entrepreneur who immitate the innovative entrepreneur True/ False QUESTION 9 Fabian entrepreneur is an entrepreneur who changes as required by the environment True/ False QUESTION 10 Drone entreprener refuses to change the method of production in his traditional business True /False QUESTION 11 Intrapreneuer is an employee of an organization but act like an entrepreneur of that organization True/ False QUESTION 12 Technopreneur is a person who is in the business of technology True /False QUESTION 13 Craves for learning is a trait of a student but not an entrepreneur True /False QUESTION 14 Sustainable entrepreneur runs the bsiness while protecting the ecosystem True /False QUESTION 15 Introverted strategy of an entrepreneur deals with the external relationship of the business True /False
Strategic Management Accent Group Limited (formerly RCG Corporation) Is A Large Retailer (more Than
Strategic Management Accent Group Limited (formerly RCG Corporation) is a large retailer (more than 400 stores) and distributor of footwear throughout Australia and New Zealand. The firm’s brands include The Athlete’s Foot, Platypus, Hype DC, Skechers, Merrell, Cat, Vans, Dr Martens, Saucony, Timberland, Sperry, Palladium, and Stance. Group revenue exceeded AUD$700 million in 2018 and the firm’s market capitalisation was AUD$806 million at 3 June 2019. Market competition for Accent Group Limited is intense given the arrival of a number of large international competitors and fast-changing customer preferences. i. A brief overview of the nature and history of the firm together with the firm’s current strategic priorities (6 marks). ii. A detailed overview of the firm and its environment using Porter’s Five Forces Model. For simplicity, you are encouraged to focus on a narrow range (i.e. one or two) of the firm’s products or brands (20 marks).
Describe What You Believe Organizational Leadership Is And Outline A Organizational Leader That Manages
Describe what you believe Organizational Leadership is and outline a organizational leader that manages within your definition. Also, outline the pros and cons of your description. One-two paragraphs. Cite if necessary.
Categorize The Following Costs Into Product And Direct Material, Product And Direct Labor, Product
Categorize the following costs into product and direct material, product and direct labor, product and manufacturing overhead, period and selling and marketing expense and period and general and admin expense. – A. B. C. D. E. Wages of salespersons are – A. B. C. D. E. Salaries of machine operators are – A. B. C. D. E. Depreciation on factory equipment is a – A. B. C. D. E. Insurance on factory equipment is a – A. B. C. D. E. denim for manufacuring of jeans – A. B. C. D. E. CEO’s salary is a – A. B. C. D. E. Factory janitors salary is a – A. B. C. D. E. Property insurance on CEO office is a A. period and selling and marketing costs B. product and direct labor costs C. product and manufacturing overhead costs D. product and direct material costs E. period and General and Admininstrative costs
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started Into Production
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started into production 100,000 Completed and Transferred Out 95,000 Work-In-Process, Ending ? 60% 20% Work-In-Process, Beginning $22,600 $16,600 Costs added during period $133,400 $81,400 Using the weighted average process costing method what is the ending work-in-process physical units? 3,000 physical units 6,000 physical units 15,000 physical units 110,000 physical units
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started Into Production
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started into production 100,000 Completed and Transferred Out 95,000 Work-In-Process, Ending ? 60% 20% Work-In-Process, Beginning $22,600 $16,600 Costs added during period $133,400 $81,400 Using the weighted average process costing method, what are the material equivalent units? 95,000 equivalent units 98,000 equivalent units 104,000 equivalent units 110,000 equivalent units
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started Into Production
Percent Completed Units Materials Conversion Work-In-Process, Beginning 10,000 60% 30% Started into production 100,000 Completed and Transferred Out 95,000 Work-In-Process, Ending ? 60% 20% Work-In-Process, Beginning $22,600 $16,600 Costs added during period $133,400 $81,400 Using the weighted average method for process costing what are the conversion equivalent units? 95,000 equivalent units 98,000 equivalent units 104,000 equivalent units 110,000 equivalent units
The Following Costs Were Incurred In August: Direct Materials $37,000 Direct Labor $14,000 Manufacturing
The following costs were incurred in August: Direct materials $37,000 Direct labor $14,000 Manufacturing overhead $38,000 Selling expense $10,000 Administrative expense $28,000 Conversion costs during the month totaled: $127,000 $51,000 $52,000 $75,000
Books Has The Following Transactions In August Related To Merchandise Inventory. LOADING…(Click The Icon
Books has the following transactions in August related to merchandise inventory. LOADING…(Click the icon to view the transactions.) Read the requirements.LOADING… a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month: August 3: 3 books costing $ 15 each August 15: 4 books costing $ 15 each and 5 books costing $ 18 each August 28: 2 books costing $ 18 each and 3 books costing $ 20 each Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 3 12 15 20 28 Totals
On January 1, 2018, Sans Serif Publishers Leased Printing Equipment From First LeaseCorp. First
On January 1, 2018, Sans Serif Publishers leased printing equipment from First LeaseCorp. First LeaseCorp purchased the equipment from CompuDec Corporation at a cost of $479,079. Sans Serif’s borrowing rate for similar transactions is 10%. The lease agreement specifies four annual payments of $100,000 beginning January 1, 2018, the beginning of the lease, and at each December 31 from 2018 through 2020. The useful life of the equipment is estimated to be six years. The present value of those four payments at a discount rate of 10% is $348,685. Determine whether it is finance lease or operating lease and prepare journal entries for both lessor and lessee on January 1, 2018; 12/31/2018.
On September 3, 2021, The Robers Company Exchanged Equipment With Phifer Corporation. The Facts
On September 3, 2021, the Robers Company exchanged equipment with Phifer Corporation. The facts of the exchange are as follows: Robers’ Asset Phifer’s Asset Original cost $ 195,000 $ 215,000 Accumulated depreciation 115,000 123,000 Fair value 97,500 77,500 To equalize the exchange, Phifer paid Robers $20,000 in cash. Required: Record the exchange for both Robers and Phifer. The exchange has commercial substance for both companies.
Grichuk Power Leased High-tech Electronic Equipment From Kolten Leasing On January 1, 2018. Kolten
Grichuk Power leased high-tech electronic equipment from Kolten Leasing on January 1, 2018. Kolten purchased the equipment from Wong Machines at a cost of $250,000, its fair value. Related Information: Lease term 2 years Annual lease payments $15,000 at Jan. 1, 2018, and 15,000 at Jan.1, 2019 Economic life of asset 5 years Interest rate charged by the lessor 8% Required: Prepare appropriate entries for Grichuk Power and Kolten Leasing from the beginning of the lease through December 31, 2019. Appropriate adjusting entries are recorded at the end of each year.
Justin And Janet, Whose AGI Is $456,000, Have One Daughter, Age 5. How Much
Justin and Janet, whose AGI is $456,000, have one daughter, age 5. How much child tax credit can they take?
On April 1, The Company Retained An Attorney For A Flat Monthly Fee Of
On April 1, the company retained an attorney for a flat monthly fee of $3,000. Payment for April legal services was made by the company on May 12. A $480,000 note payable requires 9.1% annual interest, or $3,640, to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $1,213 of interest expense has accrued. Total weekly salaries expense for all employees is $9,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations.)***************Please Add explanation***************
PLACE THIS ORDER OR A SIMILAR ORDER WITH SMASHING ESSAYS
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