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The following bond transactions occurred during 2018 for the University

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Get college assignment help at Smashing Essays Question The following bond transactions occurred during 2018 for the University of Higher Learning (UHL) and Munchies Ltd.:Feb.1 UHL issued $9,600,000 of five-year, 4% bonds at 97 (this means 97% of maturity value) at a price to yield a market interest rate of 4.7%. The bonds pay interest semi-annually on August 1 and February 1.1 Munchies Ltd. purchased $2,700,000 of UHL’s bonds at 97 as a long-term investment that was to be held to maturity.Aug.1 The semi-annual interest on the bonds was paid.required journal entries for Munchies Ltd., the investor, to record the above transactions. ATTACHMENT PREVIEW Download attachment 17.PNG

Do you think EITF rulings should also have an exposure

Question Do you think EITF rulings should also have an exposure draft or would this make the process too long to be effective?

What is the purpose of Topic 220- Income statement

Question What is the purpose of Topic 220- Income statement

Can You help to understand this question.Some common obstacles are

Question Can You help to understand this question.Some common obstacles are cost versus benefits and the materiality of the issue. Standard setters need to consider the cost associated with gathering the information required to measure or disclosure the financial transactions. How could this implement the use of the codification as we move closer to convergence?

Hello,I need help with the following question:How do I prepare

Question Hello,I need help with the following question:How do I prepare the journal entries relating to the lease for Emmett Engineering Inc. for 2018.What amounts will be shown on Emmett Engineering Inc.’s statement of financial position as at December 31, 2018, as a result of this lease?How do I determine the classification of the lease by Lisa’s Leasing Ltd. How do I prepare the journal entries relating to the lease for Lisa’s Leasing Ltd. for 2018?And, what amounts will be shown on Lisa Leasing Ltd.’s statement of financial position as at December 31, 2018, as a result of this lease?The following information is given.Emmett Engineering Inc. entered into a lease with Lisa’s Leasing Ltd. to lease some highly specialized equipment that has a fair value of $900,000. The expected useful life of the equipment is 15 years, after which time the equipment is expected to be obsolete. The lease began on March 1, 2018, and is for twelve years. Annual lease payments are $100,000, payable on March 1 of each lease year. The equipment is expected to have a fair value of $216,825 at the end of the lease. This value has not been guaranteed by Emmett Engineering Inc.After the initial term of the lease, Emmett has the option of renewing the lease on a year by year basis for $2,500 per year for as long as Emmett wishes. Since the equipment will be obsolete by that time, this is considered to be a fair rental for equipment of that age. Emmett’s incremental borrowing rate is 6%. The implicit rate of the lease is 8%, but this rate is not known to Emmett. Lisa’s Leasing Inc. considers the risk of default by Emmett to be low and anticipates no unrecoverable costs. Emmett will amortize the equipment on a straight-line basis.

will someone help me understand how I’m supposed to fill

Question will someone help me understand how I’m supposed to fill out theses charts ? alt=”Screen Shot 2019-08-01 at 8.48.16 PM.png” /> Attachment 1 Attachment 2 Attachment 3 ATTACHMENT PREVIEW Download attachment Screen Shot 2019-08-01 at 8.47.57 PM.png

Working capital is the amount of liquid assets that a

Question Working capital is the amount of liquid assets that a business has to fund its’ day to day operations. This is more than just cash. If you look at the balance sheet for your chosen company, you will see that there are both short term , or current asset and liabilities. There are also long term assets and liabilities.To find how much working capital we have, we use the formula current assets-current liabilities.Given the following, calculate working capital:Accounts payable………………………………………………………..$54,000Accounts receivable……………………………………………………..100,000Cash………………………………………………………………………. 40,000Intangible assets…………………………………………………………100,000Inventory…………………………………………………………………. 130,000Long-term investments…………………………………………………..160,000Long-term liabilities……………………………… ………………………200,000Short-term investments……………………………………………………20,000Notes payable (short-term)………………………………………………..75,000Property, plant, and equipment………………………………………..1,340,000Prepaid insurance…………………………………………………………….1,000

Follow the instructions in each excel sheet. All the documentation needed will

Follow the instructions in each excel sheet. All the documentation needed will be provide

Hello I am currently a 3rd year accounting student, I

Question Hello I am currently a 3rd year accounting student, I am based in Australia and study at QUT. I just started semester 2 2019 and was wondering if I could get some feedback with my financial accounting questions. I have a series of questions I have answered, although I was wondering if they were correct or not. If I have any errors please help me identify them. All of my answers are based off my lecture slides and AASB PDF’s , although I am unable to upload my lecture slides through course hero, as I do not know how to do so and each time I do the website says the document is not supported. My Questions and Answers Discuss briefly the eight overall considerations to be applied in the presentation of financial statements?In terms of these discuss the following statements:(1)  Offsetting is permitted under what circumstances. Give an example.1)    Fair Presentation and Compliance with Australian Accounting Standardsa.     Financial Statements are required to ‘present fairly’ on an entity’s financial position, financial performance and cash flows.b.     This is achieved by company’s                                                   i.    Complying with Australian accounting standards, and where necessary, including additional disclosures to explain events. 2)    Going Concerna.     Financial Statements for an entity are prepared on a going concern basis, unless management needs to liquidate or cease trading3)    Accrual Basis of Accounting a.     Applied to financial statements other than the statement of cash flows, which is prepared on a cash basis4)    Materiality and Aggregationa.     Each material class of similar items must be presented separately in the financial statements, e.g. assets, liabilities, revenue, expenses.b.     If however the class of items are immaterial it can be aggregated with other similar items either in the financial statements or in the notes5)    Offsetting a.     Assets and Liabilities, and income and expenses are not to be offset unless required or permitted by an Australian accounting standardb.     Offsetting is another term for netting – company’s assets and liabilities shown on the balance sheet on a net basis eg a debt offset – a debt to a company A is offset by an invoice/bill owed by company Ac.     Why no offsetting? Detracts from the ability of users to understand the entity’s future cash flows6)    6 Frequency of Reportinga.     A Company Must present a complete set of financial statements including comparative information at least annually 7)    Comparative Informationa.     AASB 101 requires disclosure of comparative financial information in respect of the preceding period for all amounts required to be reported in the current period’s financial statement. 8)    Consistency of Presentationa.     There must be a consistency of presentation and classification of items in the financial statement from one period to the next unless:                                                   i.    There has been a significant change in the entity operations                                                  ii.    A change in presentation or classification is warranted to provide more relevant information                                                  iii.    Or a change in presentation or classification required by another accounting standard.Offsetting is permittied If the entity (AASB 112, Section 70)-       Has a legally enforceable right to set off the recognised amountsl and-       Intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. An example is – Eg . (AASB 112 Section 72 “An entity will normally have a legally enforceable right to set off a current tax asset against a current tax liability when they relate to income taxes levied by the same taxation authority and the taxation authority permits the entity to make or receive a single net payment”

Check My Work

Question Check My Work

-What do you imagine may be the four or five

Get college assignment help at Smashing Essays Question -What do you imagine may be the four or five ways 3M has currently chosen to compete? In which one or two ways have they chosen to excel? Explain your reasoning.-What do you imagine may be the four or five ways Home Depot has currently chosen to compete? In which one or two ways have they chosen to excel? Explain your reasoning.-Do you think the quality perspective and definitions of quality differed between 3M and Home Depot before Nardelli and McNerney arrived? Explain. Should the perspectives and definitions have been different? Explain.-The authors of the articles you read about 3M and Home Depot offer their own explanation of what went wrong at each company. Use what you have learned in this course to explain why you agree or disagree with the author’s conclusions about what went wrong.-What two things have you learned from this assignment that will help you be a more competent manager, less apt to make the sorts of mistakes Nardelli and McNerney appear to have made?

On January 1, Lexy Corp. leases a truck they have

Question On January 1, Lexy Corp. leases a truck they have manufactured to Roxy Corp. Lexy has calculated the lease payments to Roxy to be $40,000 per year for 4 years and the sales price of the truck is $130,000. It cost Lexy $100,000 to manufacture the truck. Record the journal entries to set up the lease on January 1 on Lexy’s books.

Problem #1 Periodic Inventory Methods/ValuationHyper Company had a beginning inventory

Question Problem #1 Periodic Inventory Methods/ValuationHyper Company had a beginning inventory on January 1 of 160 units of Product 4-18-19 at acost of $20 per unit. During the year, the following purchases were made.Mar. 15 400 units at $23Sept. 4 330 units at $26July 20 250 units at $24Dec. 2 100 units at $291,000 units were sold. Hyper Company uses a periodic inventory system.Instructions(a) Determine the cost of goods available for sale.(b) Determine (1) the ending inventory, and (2) the cost of goods sold under each of theassumed cost flow methods (FIFO, LIFO, and average-cost).(c) Which cost flow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?

Problem #2: Accounts Receivables Valuation (under allowance method)The ledger of

Question Problem #2: Accounts Receivables Valuation (under allowance method)The ledger of Meteo Company at the end of the current year shows Accounts Receivable$420,000, Sales Revenue $920,000, and Sales Returns and Allowances $10,000.Instructions: If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trialbalance, journalize the adjusting entry at December 31, assuming bad debts are expected to be(1) 1.5% of net sales, and(2) 8% of accounts receivable.(c) If Allowance for Doubtful Accounts has a debit balance of $600 in the trial balance, journalizethe adjusting entry at December 31, assuming bad debts are expected to be (1) 0.85% of netsales and (2) 6.5% of accounts receivable.

hello there could you please assess me with my accounting

Question hello there could you please assess me with my accounting please and please explain as well please thankyou very much

Discuss how you view the use of emerging accounting technology

Question Discuss how you view the use of emerging accounting technology in your own accounting career.

following scenarioThe cost per seat-mile on a major U.S. airline

Question following scenarioThe cost per seat-mile on a major U.S. airline is 24.1 cents. In order to estimate the cost of flying a passenger from Pensacola, FL, to Denver, CO, we should multiply 1,184 miles by 24.1 cents. 1) Do you agree or disagree? Explain your reasoning.2) What would you suggest to estimate the cost of a flight? 

During the year ended December 31, 2018, and in the

Question During the year ended December 31, 2018, and in the following months of January and February 2019, Golden Valley Inc. had the following transactions pertaining to its held for trading investments:Apr.1Purchased 2,000 Starr Corporation $5, preferred shares for $210,000 cash.July1Received quarterly cash dividend.2Sold 500 Starr shares for $55,500 cash.Oct.1Received quarterly cash dividend.Nov.22Starr declared the quarterly dividend on November 22, to preferred shareholders of record on December 15, payable on January 1.Dec.31Starr’s shares were trading at $112 per share.Jan.31Due to an urgent need for cash, 700 Starr Corporation shares were sold despite a drop in the share price to $89 per share.Feb.15Golden Valley sold an additional 500 Starr shares after the market recovered to $114 per share.How many Starr shares does Golden Valley own after the sale of shares on February 15, 2019? What are the cost and fair value of its investment on this date? Attachment 1 Attachment 2 ATTACHMENT PREVIEW Download attachment 12-4.1.PNG ATTACHMENT PREVIEW Download attachment 12-4.PNG

At December 31, 2018, the held for trading investments for

Question At December 31, 2018, the held for trading investments for Richetti Inc. are as follows:Prepare the adjusting entry at December 31 to report the held for trading investment portfolio at fair value. Show the financial statement presentation of the held for trading investments and any related accounts at December 31, 2018.On March 22, 2019, Richetti sold security A for $22,100 cash. Record the sale of the security. Attachment 1 Attachment 2 Attachment 3 Attachment 4 ATTACHMENT PREVIEW Download attachment 12-2.PNG ATTACHMENT PREVIEW Download attachment 12-3.PNG ATTACHMENT PREVIEW Download attachment 12.4.PNG ATTACHMENT PREVIEW Download attachment 12.PNG

During 2018, Ridgewood Financial Corporation had the following held for

Question During 2018, Ridgewood Financial Corporation had the following held for trading investment transactions:Feb.1Purchased 660 CBF common shares for $38,280.Mar.1Purchased 730 RSD common shares for $22,630.Apr.1Purchased 6% MRT bonds at face value, for $58,000. Interest is received semi-annually on April 1 and October 1.July1Received a cash dividend of $3 per share on the CBF common shares.Aug.1Sold 220 CBF common shares at $56 per share.Sept.1Received a cash dividend of $1.60 per share on the RSD common shares.Oct.1Received the semi-annual interest on the MRT bonds.1Sold the MRT bonds for $59,900.Dec.31The market prices of the CBF and RSD common shares were $53 and $32 per share, respectively.Ridgewood had the following held for trading investment transactions in 2019:Mar.1Sold 440 CBF common shares for $25,080.June1Purchased 2,000 KEF common shares for $26,000.Sept.1Received a cash dividend of $1.60 per share on the RSD common shares.Oct.1Sold 365 RSD common shares for $12,410.Dec.31The market prices of the RSD and KEF common shares were $36 and $10 per share, respectively.Record the above 2019 transactions including any required adjusting entries, continuing the use of the fair value through profit or loss model.Show how the investments would be presented on the statement of financial position at December 31, 2019.Determine the balance in each of the income statement accounts that are affected in the transactions above and indicate how they would be presented on the income statement for the year ended December 31, 2019.  Attachment 1 Attachment 2 Attachment 3 ATTACHMENT PREVIEW Download attachment 13.1.PNG ATTACHMENT PREVIEW Download attachment 13.2.PNG ATTACHMENT PREVIEW Download attachment 13.PNG

During 2018, Oak Ridge Financial Corporation had the following held

Question During 2018, Oak Ridge Financial Corporation had the following held for trading investment transactions:Feb.1 Purchased 670 CBF common shares for $42,210.Mar.1 Purchased 850 RSD common shares for $24,650.Apr.1 Purchased 7% MRT bonds at face value, for $62,200. Interest is received semi-annually on April 1 and October 1.July 1 Received a cash dividend of $3 per share on the CBF common shares.Aug.1 Sold 190 CBF common shares at $62 per share.Sept.1 Received a cash dividend of $1.60 per share on the RSD common shares.Oct.1 Received the semi-annual interest on the MRT bonds.1 Sold the MRT bonds for $64,000.Dec.31 The market prices of the CBF and RSD common shares were $59 and $31 per share, respectively.Record the above transactions, including any required adjusting entries, using the fair value through profit or loss model. ATTACHMENT PREVIEW Download attachment 15.PNG

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