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14 Sep
2020

Prepare the required Journal entries (if any) to correct PC accounts, assuming each transaction…

Category:ACADEMICIAN

SOLUTION AT Australian Expert Writers

Prepare the required Journal entries (if any) to correct PC accounts, assuming each transaction is independent and assume 2019 books are not closed.You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2019, as prepared following IFRS. You discover the following situations:1- Physical inventory count on Dec31, 2017, improperly excluded merchandise costing $13,000 that had been temporarily stored in a public warehouse. PC uses periodic inventory system2- Physical inventory count on Dec31,2019, improperly included merchandise with a cost of $26,000 that had been recorded as a sale on Dec27, 2019, and was being held for the customer to pick up on Jan 4,20203- Depreciation of $6,700 for 2018 on delivery vehicles was not recorded4- A collection of $4,600 on account from customer received on Dec 31,2019, was not recorded5- A large piece of equipment was purchased on Jan 1, 2018 for $20,500 and was charged in error to repairs expense. The equipment estimated useful life 8 years and no residual value. PC uses straight-line depreciation method for this type of equipment.6- On Dec 31, 2017 accrued wages of $1,500 were not recognized7- An insurance premium paid on July 1, 2018 for policy expires on June 30, 2021, amount of $12,000 was charged to insurance expense. The policy covers 3 years of insurance8- The Accountant recorded a purchase of supplies for $9,000 in 2017 that applied to 2018.9- At the beginning of 2019, the company purchased equipment for $225,000 (residual value $22,500) and had useful life 6 years. The accountant used straight line amortization but failed to deduct the residual value in calculation the depreciation.10- Jan 1, 2018, rented out an office space and received cheque for $44,000 the amount for 4 years rent 2018 to the end of 2021; the entire amount was credited to rental income.
In DoD contracting, for a contact that was competitively awarded, what method should you use to negotiate profit on a
In DoD contracting, for a contact that was competitively awarded, what method should you use to negotiate profit on a subsequent contract modification that requires certified cost or pricing data? a. Ask the contractor for certified cost or pricing data. b. A structured approach, i.e. the weighted guidelines should be used.c. Use the average profit negotiated by your agency for similar products, but never exceed 10%.d. Use the contractor’s proposed profit rate if the contractor’s past performance rate is satisfactory.
Games Inc. is considering developing and marketing a new electronic game and has compiled the following product information. Year Production
Games Inc. is considering developing and marketing a new electronic game and has compiled the following product information. Year Production cost Promotion cost Sales revenueYear 1 $32,000 – -Year 2 $32,000 $64,000 $64,000Year 3 $32,000 $96,000 $256,000Year 4 $32,000 $32,000 $128,000Year 5 $32,000 – $32,000 Required: 1) Draw a detailed time line of all cash flows. 2) Calculate the NPV of the new electronic game product if the company requires a return of 16% on its investment. Show all calculations and calculator inputs. 3) Should the company proceed with this new product? Why or why not?
Little Red Company manufactures wooden wagons. To manufacture a wagon, it takes 20 units of wood and 1 unit of
Little Red Company manufactures wooden wagons. To manufacture a wagon, it takes 20 units of wood and 1 unit of steel. Scheduled production of wagons for the next two months is 1,000 and 1,200 units, respectively. Beginning inventory is 8,000 units of wood and 75 units of steel. The ending inventory of wood is planned to decrease 1,000 units each of the next two months, and the steel inventory is expected to increase 15 units each of the next two months. How many units of steel are expected in the raw materials inventory at the end of the second month?A.60 unitsB.105 unitsC.45 unitsD.90 units
Manfred Incorporated is authorized to issue 70,000 no par value, $6 cumulative preferred shares, and an unlimited number of no-par
Accounting Assignment Writing ServiceManfred Incorporated is authorized to issue 70,000 no par value, $6 cumulative preferred shares, and an unlimited number of no-par value common shares. The following transactions (among others) occurred during the first year of operations: Jan. 4 Issued 10,000 common shares to the organizers of the corporation in exchange for accounting and legal services valued at $40,000Jan. 6 Issued for cash 20,000 common shares at $15 per share.Jun. 4 Acquired land valued at $49,000 in exchange for 3,500 preferred shares.Nov. 15 The first annual dividend was declared on the preferred shares of $4. It is to be paid on December 20th.Dec. 20 Paid the cash dividend declared on November 15th.Dec. 31 Closed the income summary account which has a credit balance of $148,000.Dec. 31 Closed the dividend accounts. Required:Record the above journal entries (7 marks)Prepare the equity section of Modern Electronics’ balance sheet at December 31, 2020 (3 marks)
Whigh of the following statements is false? a. DCMA performs the range of contract administration functions per FAR Part 41.b.
Whigh of the following statements is false? a. DCMA performs the range of contract administration functions per FAR Part 41.b. DCAA’s credentials are sanctioned by the Government Accountability office. c. In general, for an audit of a proposal over $10 million, the PCO must sustain at least 75% of the auditors position. d. As established in cost accounting standards (CAS), DCAA holds cognizant federal agency Offical authority
Cullumber Corporation manufactures specialty equipment with an estimated economic life of 12 years and leases it to Provincial Airlines Corp.
Cullumber Corporation manufactures specialty equipment with an estimated economic life of 12 years and leases it to Provincial Airlines Corp. for a period of 10 years. Both Cullumber and Provincial Airlines follow ASPE. The equipment’s normal selling price is $210,482 and its unguaranteed residual value at the end of the lease term is estimated to be $14,000. Provincial Airlines will make annual payments of $23,100 at the beginning of each year and pay for all maintenance and insurance. Cullumber incurred costs of $105,000 in manufacturing the equipment and $7,000 in negotiating and closing the lease. Cullumber has determined that the collectibility of the lease payments is reasonably predictable, that no additional costs will be incurred, and that the implicit interest rate is 8%. Provincial Airlines Corp. has an incremental borrowing rate of 8%. What classification will Provincial Airlines Corp. give to the lease? What difference, if any, would occur in the classification of the lease if Provincial were using IFRS 16? Prepare 10-year lease amortization schedule for the lease obligation using Excel. Prepare, all of the lessee’s journal entries for the first year, assuming that the lease year and Provincial Airlines’ fiscal year are the same. Prepare the entries in previous ask again, assuming that the residual value at the end of the lease term of $45,000 and a purchase option of $14,000.
Mr. Benson owns 70% of the shares of Oriole Ltd. His spouse, Mrs. Benson owns 65% of the shares of
Mr. Benson owns 70% of the shares of Oriole Ltd. His spouse, Mrs. Benson owns 65% of the shares of Waterway Corporation. Oriole sold a parcel of land to Waterway for $282,200. The land had a fair market value of $282,200 a carrying value on Oriole’s books of $207,200. The sale of the land was considered to be outside the normal course of both businesses. Identify the value that should be used by both Oriole and by Waterway to record the sale and purchase of the land.
LaGraca Inc. is involved in five separate industries. The following information is available for each of the five industries: Operating
LaGraca Inc. is involved in five separate industries. The following information is available for each of the five industries: Operating Segment Total Revenue Operating Profit (Loss) Assets A 140,000 25,000 240,000 B 40,000 8,000 11,000 C 26,000 -5,000 36,000 D 190,000 -2,000 49,000 E 2,000 500 15,000 398,000 26,500 351,000 a) Determine which of the operating segments are reportable under IFRS based on each of the following: a. Revenue test b. Operating profit (loss) test c. Assets test

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