Question 2. Sprouse and Moonitz proposed that quantification is an element of the economic environment that is relevant for accounting.Required:a. Explain why Sprouse and Moonitz say that quantification is relevantb. Discuss how the Sprouse and Moonitz discussion of quantification is similar to:I. Definition of accounting found in ASOBATII. The decision usefulness approach used by FASB in SFAC no 8.
In Year 1 , Smith, a divorced person, provided over one half the support
Question In Year 1 , Smith, a divorced person, provided over one half the support for his widowed mother, Ruth, and his son, Clay, both of whom are U. S. citizens. During Year 1 , Ruth did not live with Smith. She received $9, 000 in Social Security benefits. Clay, a 25-year-old full-time graduate student, and his wife lived with Smith. Clay had no income but filed a joint return for Year 1 , owing an additional $500 in taxes on his wife’s income. How many exemptions was Smith entitled to claim on his Year 1 tax return? Justify all your answers
QUESTION 1Instructions:You have recently inherited a large sum of money from your late grandfather. As a minor under advice, you
QUESTION 1Instructions:You have recently inherited a large sum of money from your late grandfather. As a minor under advice, you have decided to invest the money on the JSE. After months of consideration, you have settled on the following 2 companies :Adcock Ingram HoldingsClicks HoldingsHowever, your advisor (mother) has requested that you draw up a report detailing your findings of why each company would be a good investment Based on this report make a conclusion of what would be the better option.Preparation and Research:Obtain a newspaper with the financial sector or use the internet to track the share price of both companies listed, for four weeks. Do this on the same day each week for consistency.Use the extracts provided and include the relevant information below in your report.Find other interesting information about the companies chosen, e.g. products sold or services provided, community service or sponsorship activities of the company, the size of the company, where it is situated, details of the directors or the CEO, the earned by the CEO, or any other relevant news about the company or its history that might inform your decision.Your report must include the following:Draw up a table and include a graph of each company’s share price that you tracked over the four weeks. Further interesting information on each company relevant to investing (you may use the internet, television or magazines for this research).The dividends paid out and the dividends per share.The earnings per share definition and calculation.Return on Share Holders Equity (ROE).Conclusion Based on your findings.Layout and content. ‘8. Bibliography.
Stivason Clinic uses client-visits as its measure of volume. During
Question Stivason Clinic uses client-visits as its measure of volume. During June, the clinic budgeted for 3260 client-visits, but it actually received 3212 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for April. All costs are mixed costs.Data used in budgeting: Fixed amount Variable amount per client visitRevenue 27.94Personnel expense 23424 8.07Medical supplies exp. 471 4.05Administration exp. 9078 0.84Actual results:Revenue 90506Personnel expense 50881 Medical supplies exp. 15000Administration exp. 13278 a.Calculate the sales price varianceb.Calculate the sales volume variancec.Calculate the Personnel variance
Russell Corporation sold a parcel of land valued at $422,500. Its
Question Russell Corporation sold a parcel of land valued at $422,500. Its basis in the land was $268,287. For the land, Russell received $54,000 in cash in year 0 and a note providing that Russell will receive $265,000 in year 1 and $103,500 in year 2 from the buyer (plus reasonable interest on the note). (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
In credit assessment, Porter’s Five Forces Model is a tool that can
Question In credit assessment, Porter’s Five Forces Model is a tool that can be used to give insight into forces that affect the revenue and profitability of a business. As a credit analyst for Sunnybank Incorporated, use Porter’s Model to assess the potential, in terms of performance, of any company of your choice, locally or internationally. You can begin by giving a brief background of the company and the sector in which it operates.
Amber’s employer, Lavender, Inc., has a § 401(k) plan that permits
Question Amber’s employer, Lavender, Inc., has a § 401(k) plan that permits salary deferral elections by its employees. Amber’s salary is $99,000, and her marginal tax rate is 24% and she is 42 years old.a. What is the maximum amount Amber can elect for salary deferral treatment for2019?If Amber elects salary deferral treatment for the above amount, how much can she save in taxes?Her tax liability for 2019 What is the recommended amount that Amber should elect as salary deferral treatment for 2019?would be reduced by $.
Canadian Bacon Inc. financial statements are presented in the table below.
Question Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, and using a 365-day year, calculate Average Day’s Cost of Goods Sold.Round the answers to two decimal placesBalance Sheet December 31, 2014Cash and marketable securities $132,000 Accounts payable $399,000Accounts receivable $311,000 Notes payable $98,500Inventories $512,000 Accrued expenses $89,300Prepaid expenses $11,300 Total current liabilities $586,800Total current assets $966,300 Long-term debt $799,400Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000Less: accumulated depreciation $398,000 Retained Earnings $988,100Net fixed assets $1,706,000 Common Equity 1,286,100Total assets $2,672,300 Total liabilities and owner’s equity $2,672,300 Income Statement, Year of 2014Net sales (all credit) $4,276,600.00Less: Cost of goods sold $3,292,982.00Selling and administrative expenses $349,000.00Depreciation expense $148,000.00EBIT $486,618.00Interest expense $49,600.00Earnings before taxes $437,018.00Income taxes $174,807.20Net income $262,210.80
Many of you may work for small businesses. Some of you may even own
Question Many of you may work for small businesses. Some of you may even own your own business. In order to operate a small business, you will need a good understanding of managerial accounting, as well as many other skills. Much information is available to assist people who are interested in starting a business. A great place to start is the website, search engines, you-tube sources and agencies of the government which are set up to help such entrepreneurs. Your chances of success in small business are increased if you have the following characteristics: You are a self-starter, you get along with many different kinds of people, you are good at making decisions, you have physical and emotional stamina, you are well organized, you have a strong desire to succeed and you will receive family support during the start-up phase. The top ten reasons why businesses fail, as cited in the books ‘Small Business Management’ by Michael Ames, and ‘The Do it Yourself Business Book’ by Gustav Berle are: i. Lack of experience ii. Insufficient capital (money) iii. Poor location iv. Poor inventory management v. Over-investment in fixed assets vi. Poor credit arrangements vii. Personal use of business funds viii. Unexpected growth ix. Competition x. Low sales Required:Using evidences from websites, search engines, journals and other reputable sources, elaborate on any six of the above reasons (with citations) why small business may fail.
RCK Ltd issues a prospectus inviting the public to subscribe for 90
Question RCK Ltd issues a prospectus inviting the public to subscribe for 90 million ordinary shares of $2.00 each. The terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of allotment. Applications are received for 108 million shares during July 2018. The directors allot 90 million shares on 15 August 2018. All applicants receive shares on a pro rata basis. The amounts payable on allotment are due by 20 September 2018. By 20 September 2018 the holders of 18 million shares have failed to pay the amounts due on allotment. The directors forfeit the shares on 30 September 2018. The shares are resold on 15 October 2018 as fully paid. An amount of $2.00 per share is received. The balance of forfeited shares is refunded on 20 October 2018. Required: Provide the journal entries necessary to account for the above transactions and events
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