Basic Accounts

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LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $287 per month. a. If LaMont receives one pass (worth $287) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $287 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?

Based on the International Accounting Standards/International Financial Reporting Standards you selected (see the list below), you are required to prepare six PowerPoint slides discussing the overview of the standards (e.g. date of issue/effective, coverage), the main points (e.g. accounting policy methods allowed, recognition and measurement and disclosure requirement. Compare and contrast the IAS/IFRS with the corresponding US Standards (US GAAP). Student's part is IAS 7 statement of cash flows The list is the ifrs and ias standard The 6th slide is just a cover for student's name

Math 1314 Key Assignment Jim places $1000 in a bank account that pays 5.6% compounded continuously. After 1 year, will he have enough money to buy a computer system that costs $1060? If another bank will pay Jim 5.9% compounded monthly, is this a better deal? Respond to each of the following questions/statements with detail and in complete sentences. You may type your responses, consider using the equation editor if available to you, or print and handwrite and upload your responses. 3- What will you do to solve the problem(s)? What tools or resources can help you solve the problem(s)? Calculator, 4- Where have you seen a similar problem from your assignments/textbook? Identify the Chapter, section, page number or problem from the homework or exercise section of the book. This will help you know where you can find sample problems like this. 5- Write a similar problem of your own. Do not solve. 6- Verifying your answer is reasonable is important. What is a reasonable answer that you would expect to discover? Without solving, explain why this might be a possible answer. 7- What would be an unreasonable answer? Without solving, explain why this would not be a possible answer. 8- Solve the problem. Show all your steps. Include the formula(s) used. Be neat and clear.

Assuming we know the Payment and P and r can you solve for n: What would be the formula?

Question 1 (30 Marks)WaterFun Club is a leading swimming and yoga club. The monthly incomestatements for the quarter ended 30 Nov 2020 for are as follows: Required:1a) Identify each of the above expenses as variable, fixed or mixed. 1b) Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense. 1c) Calculate the breakeven number of members the club has to serve per month.Assume that each member is charged a membership fees of $1,000 per month. 1d) Assuming, the company has targeted for a profit of $150,000 for the coming month. What is the margin of safety in dollar value if the company achieved its targeted profit. 1e) For 2021, Management is proposing to expand to Malaysia. As a trial for the initial expansion, WaterFun will incur additional monthly fixed expense of $60,000. Variable costs per customer is expected to increase by $90. Membership fee per customer remains unchanged.How many customer memberships must sign up in Malaysia if WaterFun wants to maintain its current profit level as a whole assuming that all other revenue and costsremain unchanged. 1f) Using the answers in c) and d), explain the significance of break even analysis and margin of safety to management. Provide two solutions for what WaterFun can do, to reduce its break even point. 1g) Explain how would an understanding of cost behaviour help the managers indecision-makingand planning.

Question 2 (This part to be treated independently from part 1)( 10 marks)WaterFun Company is also exploring the possibility of expanding its services and islooking at investing in Swim Fit Pte Ltd, a manufacturer of swimwear. The followingdata for the month of December 2020 was provided by the Swim Fit Pte Ltd Required: (Please show working clearly)Given that the sales for December is $950,000. Prepare a Statement of Cost of GoodsManufactured and the Income Statement of Swim Fit Pte Ltd for December 2020.

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