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• Q1:Extra Credit (10 pts): On January 1, 2014, Cassandra Incorporated paid \$300,000 for 60% of Hecuba Company's outstanding capital stock. Hecuba reported common stock on that date of \$250,000 and retained earnings of \$100,000. On that date, • Hecuba's equipment with a 5-year remaining life was undervalued by \$10,000; • Hecuba's buildings with a 10-year remaining life was undervalued by \$60,000; • Any remaining fair value/book value differential is allocated to goodwill. The income statements for the year ended December 31, 2014 of Cassandra and Hecuba are summarized below: Sales Income from Hecuba Cost of sales Depreciation equipment Depreciation - buildings Net Income Cassandra I/S Hecuba I/S \$1,000,000 \$400,000 Hecuba's net income and dividends paid the first two years that Cassandra owned them are shown below. Net Income Dividends paid \$80,000 \$30,000 10,000 2014 2015 a. b. d. MUST SHOW your calculations for: 43,200 (400,000) (120,000) (200,000) \$323.200 Required: 1) Prepare a schedule to assign the difference between the fair value of the investment in Hecuba and the book value of the interest to identifiable and unidentifiable net assets AND to amortize identifiable net assets for each of the two years. (200,000) (40,000) (80.000) \$80,000 90,000 Total excess over book value calculation (both implied value and book value of 100% Hecuba) Assigned amounts for identifiable net assets and goodwill Amortization expenses for 12/31/14 AND unamortized excess on 12/31/14 Amortization expenses for 12/31/15 AND unamortized excess on 12/31/15See Answer
• Q3:Listed as follows are nine technical terms used in this chapter. Liquidity Adequate disclosure Income Summary Nominal accounts After-closing trial balance Interim financial statements Real accounts Closing entries Dividends Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not describe any of the items. a. The accounting principle intended to assist users in interpreting financial statements. b. A term used to describe a company's ability to pay its obligations as they come due. C. A term used in reference to accounts that are closed at year-end. d. e. A term used in reference to accounts that are not closed at year-end. A document prepared to assist management in detecting whether any errors occurred in post- ing the closing entries. f. A policy decision by a corporation to distribute a portion of its income to stockholders. g. The process by which the Retained Earnings account is updated at year-end. h. Entries made during the accounting period to correct errors in the original recording of com- plex transactions.See Answer
• Q4:5 . 10 Compute and discuss briefly the significance of the following measures as they relate to Save-A- Lot Supplies. a. Net income percentage in current year. b. Return on equity in current year. c. Working capital on December 31, current year. d. Current ratio on December 31, current year.See Answer
• Q6: Conoy 2018, a government department entered into a contract with Consultant Co Pty Ltd for the provision of services by Robert Black, an technician who is nominated in the contract. The contract specifies that Robert Is required to develop a product for use in the department's IT system in accordance with functionali specifications provided by the department. The contract specifies a fixed amount by way of payment to Consultant Co for the development of the product that is required to be produced within 12months of commencement of the contract. The contract is for the performance of a specific task that produces an outcome or result, with Robert maintaining a high level of discretion and flexibility as to how the work ought to be performed. Payment is not made until the work is performed, although installments are payable upon the achievement of particular milestones. Discuss the tax implications of the personal services income (PSI) legislation to the above arrangement, (500 words)See Answer
• Q7: Use a geometric gradient formula to compute the present value, P, for the following cash flows. See Answer
• Q8: A student has a job that leaves her with \$300 per month in disposable income. She decides that she will use the money to buy a car. Before looking for a car, she arranges a 100% loan whose terms are \$300 per month for 48 months at 9% nominal annual interest. What is the maximum car purchase price that she can afford with her loan?See Answer
• Q9: AFTER-TAX COST OF DEBT The Holmes Company's currently outstanding bonds have an 8% coupon and a 10% yield to maturity. Holmes believes it could issue new bonds at par that would provide a similar yield to maturity. If its marginal tax rate is 40%, what is Holmes' after-tax cost of debt?10-1See Answer
• Q10: A 10-year annual coupon bond is currently selling for its par value of \$10,000 with an annual yield of 5%.If the bond is callable at par, what is the effective duration of the bond, assuming rates change by 1.6%?See Answer
• Q11: (a) Calculate the following ratios for McCrea plc in 2019. Return on Capital Employed (ROCE) Operating profit margin i) Inventories' turnover period Settlement period for trade receivables ) Current ratio Acid test ratio i) Gearing ratio ii) Interest cover ratio Earnings Per Share (EPS)See Answer
• Q12: On 30 June 2020, Wick Ltd prepared an income statement and a statement of financial position but failed to take into account several adjusting entries. The incorrect income statement showed a profit of \$40 000. The statement of financial position showed total assets, \$120 000; total liabilities, \$50 000; and equity, \$70 000. The following adjustments need to be made: (1) Depreciation of \$7000 was not recorded on equipment. (2) Wages amounting to \$8000 for the last two days in June were not paid and not recorded. Then xt payroll will be in July. (3) Rent of \$12 000 was paid for two months in advance on 1 June. The entire amount was debited to Rent Expense when paid. (1) Depreciation of \$7000 was not recorded on equipment. (2) Wages amounting to \$8000 for the last two days in June were not paid and not recorded. The next payroll will be in July. (3) Rent of \$12 000 was paid for two months in advance on 1 June. The entire amount was debited to Rent Expense when paid. a)Prepare the adjusting entries at 30 June 2020, with narrations. (3 Marks) b)Complete the following tabulation to correct the financial statement amounts shown(indicate deductions with a bracket) (10 Marks) See Answer
• Q13: Michino plc is a small manufacturing business based in the UK. It makes three products, details of which are shown below: All three products are produced on the same type of machines. However, some of the machines have to be repaired and will be out of commission for a period of time. This means that the machine time is limited to 840 hours a week. Required: (a)Which combination of products should be produced if the business is to produce the highest profit? (b) By how much will the normal total contribution per week be reduced as a result of the limited number of machine hours? (c) Advise management as to what solutions it might consider that would lead to a higher level of contribution for the business.See Answer
• Q14: Compute Clear plc has produced the following budget and actual information. REQUIRED: (b) Prepare a flexible budget for Compute Clear plc to present actual versus flexed budget comparisons and also total variances. (a)You are required to prepare a traditional budget versus actual report using the above figures. (c)Using Material X as an example, demonstrate how this cost can be broken down into price and efficiency variances. Briefly comment on the significance of the results of these variances to the company.See Answer
• Q15: You are given the following information regarding Aspek plc: Gross Sales £10,000,000. Operating expenses £3,500,000. Depreciation £1,000,000. Taxes £1,500,000. Net fixed Assets £12,000,000. Net working capital £3,000,000. You are also told that 30% of the company's assets are financed by debt which has an after-tax cost of 4%, while 70% is financed by equity with a cost of 14%. Required: (a)Calculate the Economic Added Value (EVA) of Aspek plc. (b)Briefly explain to the management of Aspek plc what the EVA calculated in part(a) represents.See Answer
• Q16: . Special Pty Ltd, a resident private company, was incorporated on 1 July 2015.From 1 July 2011 until 30 June 2017, it conducted a travel agency business. The company incurred the following trading losses for tax purposes: > \$15 000 – year ended 30 June 2016, and \$22 000 – year ended 30 June 2017. In July 2013, the company discontinued its travel agency business, restructured and acquired a hotel-motel operation. The company's shareholdings of ordinary shares at the close of each financial year were as follows: For the tax year ended 30 June 2018, the company reported taxable income of \$35000. Discuss the tax implications of the above events for Special Pty Ltd.See Answer
• Q17: 3) Which of the following best explains why a patient would be willing to undergo a caesarean section when the price of the procedure is over \$60,000when the price for same procedure for another patient is less than \$7,000? A - The patient charged the higher price believes the medical staff used for her procedure is superior to the staff used for the lower-priced procedure. B - Willingness to pay the higher price is an example of the "snob effect" whereby the patient wishes to pay for a service another patient could not afford. C - The patient charged the higher price is given a private recovery room in the hospital; the patient charged the lower price must share a recovery room with another patient. D-A caesarian section procedure is a Giffen good. E - The cost of the procedure is covered by the patient's health insurance.See Answer
• Q18: Ritter Razors produces deluxe razors that compete with Gillette's Mach line of razors. Total manufacturing costs are \$200,000 when 30,000 packages are produced. Of this amount, total variable costs are \$80,000.What are the total production costs when 35,000 packages of razors are produced? Assume the same relevant range. Determine the formula, then calculate the total production costs. See Answer
• Q20: 8) A market glut, or surplus, results when the demand for a product increases more than the supply of the product increases. A - True B - FalseSee Answer

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Accounting Homework Help - Your First Step Towards A+!

Accounting is a vast and intricate topic of study. The steps in the methodical process of accounting include identification, recording, measurement, classification, verification, summarization, interpretation, and transmission of financial information. As a result, accounting students commonly make mistakes when completing income statements, balance sheets, and other accounting problems. There will always be credit-debit ambiguity when learning to account. It is because accounting challenges need the use of analytical skills. Our homework help accounting, offered by TutorBin, may assist with any task. It allows students to learn to account quickly and understand how to address an accounting problem.

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