1.Malcolm Lee Industries reported the following amounts in its December 31st financial statements: 2020 2021Cost of Goods sold $270,000 $287,000Ending Inventory 55,000 55,000Errors were made in each year as follows: in 2020, ending inventory was overstated by $10,000 while in 2021, ending inventory was understated by $6,000. Explain the impact of these errors for 2021 profit and owners’ equity.Profits will be understated or overstated by $ ____ .Owners’ equity will be understated or overstated by $____ .2.The following inventory transactions took place for Crane Corporation for the month of May:Calculate the ending inventory balance for Crane Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula.
During the period ended December 31, 2020, Magic Ltd., a newly incorporated company incurred $20,000 of incorporation costs. Since it
During the period ended December 31, 2020, Magic Ltd., a newly incorporated company incurred $20,000 of incorporation costs. Since it is a brand new company, Magic Ltd. was incorporated on September 1, 2020. The undepreciated capital cost on September 1st, 2020 was nil for all of its classes with the exception of the newly incurred incorporation costs. The company decided to have December 31st, filing date for its annual tax returns which resulted in financial statements for only 4 months (September 1 to December 31st, 2020) for the first reporting period. Which ONE of the following statements is true for 2020?Group of answer choicesa) The company will have a capital cost allowance of $500 for 2020 for class 14.1b) The company will have a capital cost allowance of $1,500 for 2020 for class 14.1c) The company will have a capital cost allowance of $1,275 for 2020 for class 14.1d) The company will have a capital cost allowance of $425 for 2020 for class 14.1A taxpayer has a Class 10 pool consisting of 3 motor vehicles costing $6,000 each, left in the class. Which of the following statement is true when it comes to calculating CCA for 2020?Group of answer choicesa) A terminal loss occurs when there is a balance in the pool just before the last asset is sold.b) Recapture can occur even if there are still assets left in the pool. For example a sale of an asset causes the pool’s remaining UCC balance to become positive.c) When it comes to the sale of the Class 10 assets the lower of cost or market value should be credited to the pool.d) Each car should be set up as a separate class 10 assetWhich one of the following listed items is not classified as a zero rated supplies for HST purposes?Group of answer choicesa) Health Careb) Exported Goods and Servicesc) Prescription Drugsd) Medical devices such as hearing aids, or prescription glassesWhich one of the following items is Not Fully Deductible in computing the income of a corporation under Division B of the Act?Group of answer choicesa) Advertising in a U.S. magizine which the advertising is exclusive made to attract only American citizens as clientsb) Life insurance paid on the President of the company as a result of the bank requiring collertial security on a bank loan. The bank loan had a balance of $1,000,000 throughout the year.c) The premium on a $100,000 Group term life insurance policy on an employee if the beneficiary of the policy is the employee’s familyd) Speeding ticket received while the company’s delivery van was making a delivery on behalf of the company
Greene is considering diversifying by buying an insurance company and a lumber company. The CFO would like to know how
Greene is considering diversifying by buying an insurance company and a lumber company. The CFO would like to know how the accounts of these two substantially different subsidiaries would be reported in the consolidated financial statements. What is the Accounting Standards Codification that provides guidance for reporting the accounts of the two substantially different subsidiaries in the financial statements, and what would be two examples of situations in which it may be inappropriate to combine similar-appearing accounts of two subsidiaries?
I need help making a July Transactions chart with the information provided.July transactions chart includes Cash, Accounts Receivable,Supplies,Prepaid Insurance, Equipment,
I need help making a July Transactions chart with the information provided.July transactions chart includes Cash, Accounts Receivable,Supplies,Prepaid Insurance, Equipment, Accounts Payable,Owner’s Capital,Owner’s Drawings, Service Revenue, Gasoline Expense, Salaries and Wages Expense. With Date and Debit/Credit and a Balance.Sunland Clark opened Sunland’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.July 1 Sunland invested $20,200 cash in the business.Purchased used truck for $9,000, paying $3,800 cash and the balance on account. 3 Purchased cleaning supplies for $2,100 on account. 5 Paid $1,680 cash on 1-year insurance policy effective July 1. 12 Billed customers $4,400 for cleaning services. 18 Paid $1,400 cash on amount owed on truck and $1,300 on amount owed on cleaning supplies. 20 Paid $2,400 cash for employee salaries. 21 Collected $3,300 cash from customers billed on July 12. 25 Billed customers $6,100 for cleaning services.31Paid $360 for the monthly gasoline bill for the truck. 31 Withdraw $5,600 cash for personal use.
Facts: Javan and his Dad Forest were leaving Forest’s home on morning in the HURS mobile van and they are
Accounting Assignment Writing ServiceFacts: Javan and his Dad Forest were leaving Forest’s home on morning in the HURS mobile van and they are waved down by George Cutlass, the farmer that owns next door to Forest’shome. George explains that there are three large dogs attacking his sheep and unless he hashelp to catch these dogs all his sheep will be killed. Javan and Forest park their car and rushup to George’s property. They spend the rest of the day, 6 hours catching the dogs. They thentake the dogs to the local animal shelter. They return the next day to dispose of the deadsheep and to repair the whole in the fence that allowed the dogs to get in and kill George’ssheep. George is very grateful and says to Javan:’Gosh, wasn’t it my luck to flag down the HURS van, your help yesterday and todaywas invaluable.’On the day that the van was flagged down Javan and Forest were driving to a job, to put upsome new rabbit proof fencing. Having finished helping George, Javan telephoned the clientand apologized. The client was cross and said that given HURS did not turn up on thedesignated day that they did not wish to proceed with the job. This cost HURS therefore $1000.To make up for this Javan sends George an account for the work done by him and his Dad. Theaccount read: “Work undertaken by Human Animal Removal Solutions, removal of three dogsattacking your sheep, delivery of dogs to the animal shelter, sheep burial and fence repair -$1000.George is very surprised by receiving the account and telephones Javan and says he will notpay it as all Javan and Forest were doing was doing their neighbourly duty.Required: Based on the rules about consideration provide advice to both parties.
During the current year, Witz Electric, Inc., recorded credit sales of $790,000. Based on prior experience, it estimates a 2
During the current year, Witz Electric, Inc., recorded credit sales of $790,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required:Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)a. On September 29 of the current year, an account receivable for $3,200 from March of the current year was determined to be uncollectible and was written off.b. The appropriate bad debt expense adjustment was recorded for the current year.
Vollie Company, produces trucks. Considering the environment and following government rule, the company is considering changing its degreaser machine to
Vollie Company, produces trucks. Considering the environment and following government rule, the company is considering changing its degreaser machine to clean water from engine oil, before the water is thrown to the creek behind the factory. This investment requires $ 5 000 000. The machine needs a special installation and it costs $ 50 000. It is estimated that this machine will last five years with $ 500 000 salvage value. The expected incremental after-tax cash flows (cash flows of the new machine minus cash flows of the old machine) associated with the investment are as follow Vollie has a cost of capital equal to 14%. The company applies a straight-line depreciation method.REQUIRED:1. Compute the Accounting Rate of Return (1 mark)2. Calculate the NPV of the proposed project (2 marks)3. Based on payback and NPV, provide your opinion, should accept or reject the project. Justify your answer (1 mark)4. Explain the impacts of your decision in (3) to the business sustainability/ environmental performance (6 marks)Need help immediately in answering this question
Background: The purpose of this assignment is to further develop students’ critical understanding of the financial reporting issues of an
Background: The purpose of this assignment is to further develop students’ critical understanding of the financial reporting issues of an entity’s specific transactions. Students are required to research applicable accounting regulations and academic literature in order to evaluate the unique reporti0ng issues for the reporting entity. The development of accounting standards for financial instruments has been controversial. A major issue has been around the categorization of financial instruments at initial recognition, and the subsequent effects on company’s financial position and performance outcome. That is, prior to implementation of IFRS (MFRS) 9 and after implementation of the new standard.Identify and explain the major accounting treatments that Maybank Berhad used in its financial statements, in relation to MFRS 39 and subsequently MFRS 9. Question:Identify and explain if any of the accounting treatments may contribute difficulties to Maybank Berhad’s financials in the future.
Additional information:a. The paid-up capital of Jambu is made up of 5 million ordinary shares.b. Alice bought 80% of the
Additional information:a. The paid-up capital of Jambu is made up of 5 million ordinary shares.b. Alice bought 80% of the issued ordinary share capital of Jambu on 1 January x5 when the retained profit of Alice was RM100,000. On that date, a building of Jambu was revalued to RM2 million and the carrying amount was RM 1.5 million. The remaining useful life was 40 years. Jambu did not incorporate the fair value in its accounts. Straight-line method of depreciation is used.c. During the current year, Jambu sold inventory costing RM 500,000 for RM 600,000 to Alice. Fifty percent of the inventory remains unsold.d. Alice deals in furniture and sold inventory costing RM 100,000 for RM 150,000 to Jambu this year. Jambu treats this inventory as a non-current asset. The useful life of the furniture is ten years. This sale is included in the turnover of Alice for the year.e. Alice has not recognized its share of dividend from Jambu.f. The depreciation charge for buildings and furniture is included in administrative expenses.g. Goodwill on consolidation of RM 80,000 is impaired by 31 December x6 and a further RM 40,000 was impaired as at 31 December x7. The group recognizes non-controlling interest on the date of acquisition at fair value.Required:1. Prepare the consolidated statement of profit or loss for the year ended 31 December x7. (20 marks)2. Determine the composition of group retained profit as at 1 January x7 and 31 December x7.(10 marks)
Oriole Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as
Oriole Cosmetics Inc. had a number of transactions during the year relating to the purchase of various inventory items as noted below.For each of the below independent transactions determine what amount should be included in inventory. -Lipstick products counted in the physical inventory amount to $21,400 which include $1,200 of duty charges for importing the goods and $2,300 of recoverable taxes. -Makeup kits held on consignment by a retailer with a cost of $15,000 (inclusive of $1,200 of commissions to the retailer). -Costs of $5,600 to store makeup products in Oriole Cosmetic’s warehouse.
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