Which of the following is not an example of a fiduciary type liability?
sales taxes payable
employee’s federal income taxes withheld payable
excise taxes payable
federal income taxes payable
Adolescents are most likely to exhibit their false selves with a. close friends. b. dating partners. c. acquaintances. d. parents.
3. Ralph Inc. uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and the machine hours would be 8,000. The following information pertains to August of the current year. Actual overhead cost incurred in August was $61,000. Job A $16,000 Job B $26,000 Job C $38,000 Work in Process, Aug. 1 August production activities: Materials requisitioned Direct labor cost Machine hours Direct labor hours $4,000 $2,400 400 120 $4,800 $3,600 700 $7,200 $4,000 900 200 (1) Compute the predetermined overhead rate. (2) Determine the cost of each job at the end of August. (3) Prepare the journal entries pertaining to Job A during the month of August. (4) If Job A and Job C were complete, journalize the transaction. (5) Prepare the statement of goods manufactured at the end of August. (6) If only Job A was delivered to customers that paid $50,000 cash, journalize the transactions. What is the gross profit for Job A? (7) Determine the cost of goods sold for the month of August.
Problem 3 (Required, 25 marks) A bank has offered a discounted loan. It is given that the loan charges interest at an annual nominal discount rate dm) convertible m-thly (where m is positive integer) Borrower A has entered into n-year discounted loan and borrow $5000. It is given that the actual amount that borrower receives now is $4630. Recently, another borrower B has entered into 2n-year discounted loan and borrow $10000 Questions (a) Calculate the amount of interest charged by the bank in borrower B's loan (b) Suppose that the borrower B negotiates with the bank and agree that the borrower can pay the interest (together with the principal $10000) after 2n year. To do so, the bank decides to charge interest at an annual nominal discount rate 2dCm) convertible 2m-thly. Calculate the total repayment amount paid by the borrower after 2n years. (OHint: It is impossible to find the values of all unknowns d(m), m and n. To solve this problem, you just need the value of one unknown (combination of dm), m and n).) (т)
Week 1 The fundamental qualitative characteristics that financial information must possess to be useful to the primary users of general purpose financial reports—identified in the Conceptual Framework are ‘relevance’ and ‘faithful representation’.
Required: a) Provide one example where information is relevant but not faithfully represented. (3 marks, maximum 100 words) b) Provide one example where information is not relevant but is faithfully represented. (3 marks, maximum 100 words) c) Provide one example where information is relevant and faithfully represented. (4 marks, maximum 150 words)
Week 2 a) What is a social contract and how does it relate to organisational legitimacy? (6 marks, maximum 300 words) b) Explain two ways organisations can use corporate disclosure policy to maintain or regain organisational legitimacy? (4 marks, maximum 200 words)
Week 3 Diamond Ltd acquired an item of polishing equipment on 1 July 2015 for $440,000. The equipment is expected to have a useful life of 10 years and the straight-line method of depreciation is to be used. It has salvage value of $40,000. On 1 July 2017, the equipment is deemed to have a fair value of $424,000 and revaluation is undertaken in accordance with the Diamond Ltd policy of measuring property, plant and equipment at fair value. The asset is still usable for next 8 years but the salvage value is determined to be zero. The asset is sold for $356,000 on 1 July 2019.
Required: Provide the journal entries necessary at the following dates to account for the above transactions and events. (Ignore narrations). Show your working. (10 marks) • 01/07/2015 • 01/07/2017 • 01/07/2019
Week 4 Snowy Ltd acquires Pax Ltd on 1 July 2018 for $5,000,000 being the fair value of the consideration transferred. At that date, Pax Ltd’s net identifiable assets have a fair value of $4,400,000. Goodwill of $600,000 is therefore the difference between the aggregate of the consideration transferred and the net identifiable assets acquired.
The fair value of the net identifiable assets of Pax Limited are determined as follows: ($000) Patent rights 200 Machinery 1,000 Buildings 1,500 Land 2,300 5,000 Less: Bank loan 600 Net assets 4,400 At the end of the reporting period of 30 June 2019, the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,500,000. The carrying amount of the net identifiable assets of Pax Ltd, excluding goodwill, is unchanged and remains at $4,400,000.
Required: a) Prepare the journal entry to account for any impairment of goodwill. (6 marks) b) Assume instead that at the end of the reporting period the management of Snowy Ltd determines that the recoverable amount of the cash-generating unit, which is considered to be Pax Ltd, totals $4,200,000. Determine the impairment of goodwill amount. (No journal entries required) (4 marks)
Week 5 On 1 July 2019, Fisher Ltd decides to lease a cargo ship from XFinance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10 per cent. The fair value of the cargo ship at the commencement of the lease is $2,215,560. The lease is non-cancellable, and requires a lease payment of $300,000 on inception of the lease (on 1 July 2019) and lease payments of $250,000 on 30 June each year (starting 30 June 2020). Included within the $250,000 lease payments is an amount of $25,000 representing payment to the lessor for the insurance and maintenance of the cargo ship. There is no residual payment required. Annuity factor, n=20; r = 10% is 8.5136.
Required: a) Prove that the interest rate implicit in the lease is 10 per cent. (2 marks) b) Provide the entries for the lease in the books of Fisher Ltd as at 1 July 2019, and 30 June 2020. (4 marks) c) Provide the entries for the lease in the books of XFinance Ltd as at 1 July 2019, and 30 June 2020.
Internal Revenue Code Section 61 defines gross income. Share in your discussion the different income items (earned and unearned) that you have experienced. Please consider all of the income in IRC Section 61.
The strategic planning process is essential for any non-profit or government organization, as it helps organizations achieve their missions and goals. This process includes various elements such as stakeholders, sustainable outcomes, resources, and community connections, with each element fulfilling a particular role in the planning process. For this Discussion, you examine strategic planning and consider the most important element of the process.
Post an explanation of the most important element of the strategic planning process (e.g., stakeholders, sustainable outcomes, resources, community connections, etc.). Include how this element of planning helps public and non-profit organizations achieve optimal results. Then, explain how this element of planning relates to your own professional experiences.
Reminder: Be sure to support your posting and responses with specific references to the Learning Resources and/or current literature. Use APA formatting to cite references in your posting and responses.Posted: 4 years agoDue: 10/12/2015Budget: $10
On January 1, 2018, Nurses Credit Union (NCU) issued 8%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and December 31. Read the requirements. Requirement 1. If the market interest rate is 7% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. The 8% bonds issued when the market interest rate is 7% will be priced at V. They are in this market, so investors will pay to acquire them. Requirements 1. If the market interest rate is 7% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 2. If the market interest rate is 9% when NCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain. 3. The issue price of the bonds is 92. Joumalize the following bond transactions: a. Issuance of the bonds on January 1, 2018. b. Payment of interest and amortization on June 30, 2018 c. Payment of interest and amortization on December 31, 2018. d. Retirement of the bond at maturity on December 31, 2037, assuming the last interest payment has already been recorded. Print Done
Topic: Herpes Simplex and Anogenital Herpes Viral Infections
For this assignment, you will review and analyze a recent journal article (published within the last 5 years) from a peer-reviewed publication (e.g. American Journal of Tropical Medicine and Hygiene, Emerging Infectious Diseases, and The Journal of Infectious Diseases) about a disease or topic found in the readings. You must evaluate the chosen paper against at least 4 other peer-reviewed sources. You may cite your text; however, it does not count as one of your peer-reviewed sources.
For each review, you will select an article about a topic from the required readings between each review assignment submission. You will then compose a 4–5-page paper, not including the cover page and references, on your topic of choice. The goal of the assignment is to help link the current best practices identified in your text and the ongoing developments of research reflected in the peer-reviewed literature in support of learning outcomes A and B. You should, therefore, choose articles related to current epidemiologic trends for infectious diseases and/or the impact of the diseases and of the control measures on global populations. Special attention should be devoted to understanding the role of infectious agents as causes of morbidity and mortality in the context of economically developing nations.
Be sure to include the following elements:
A sample is listed below, AMA formatting at least 4 pages
For FY 2018, Candle County adopted the cash budget shown below in the Budgeted column. The County's budget laws prohibit them from budgeting or operating at a deficit. During the year, the County collected or spent the amounts shown in the Collected/Spent column. Based on the information provided, answer the following: 1. Was the County in compliance with budget laws? 2. Did the County accomplish the goal of inter-period equity? Explain your answers in detail (by detail – I mean numerical detail). Budgeted Collected/Spent Receipts from property tax collections From the 2017 levy From the 2018 levy In advance for 2019 $ 150,000 $ 900,000 75,000 $ -O- $ 900,000 $ -0- A Receipts from bonds issued A $ 500,000 $ 500,000 Borrowed from bank (due in 5 years) $ – – $ 100,000 Disbursements Salaries and wages Operating expenses City Hall annex purchased Payments on debt principal Payments on interest Pension contribution $ 500,000 $ 200,000 $ 400.000 $ 150,000 $ 50,000 $ 80,000 $ 520,000 $ 280,000 $ 500.000 $ 150.000 $ 50,000 $ -0- Explanations provided by the County for the differences between budget and actual are as follows: Property tax collections are down because the major industry in the community closed and many citizens are currently unemployed. Operating expenses are up because the only bridge over a river bisecting the County sustained damages by an uninsured motorist and had to be repaired immediately. The repair was not budgeted.
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