1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2022. Com for the year ended December 31, 2022, for Depreciation expense-Office equipment and for Depreciation expense- equipment (assume use of the straight-line method). 2. Given the assumptions in part 1, what is the book value of both the office equipment and the computer equipment a 31, 2022? 3. Compute the three-month total asset turnover for Business Solutions as of March 31, 2022.

Create a six year budget template for a water treatment plant utilizing the following inputs. This will be used to complete the final project. Sludge There are 65,000 billing accounts residential 25,000 accounts are residential 3/4" meters 35,000 accounts are residential 1" meters 3000 accounts are commercial 2" meters 2000 accounts are commercial 4" meters 1000 unmetered fire line services on the commercial accounts The WTP will need a $10 million renovation in year 3 and 2 new employees will be needed at mid-year 3 Non-management 12 employees Management 3 employees Town manager Benefits Maintenance and other activities Uniforms Cell phone Electric Chemicals: Chlorine, lime, phosphate, polymer Sludge removal Contingency fund Current bond

Evans Inc. has just started a small corporation that buys and sells booths for trade shows across Canada. The bank has lent Evan $50,000 and needs the 2022 financial statements to determine whether they will renew the loan. Evan will prepare the financial statements on his own, as there are not that many transactions. Evans Inc.’s shares do not trade on the stock exchange. Booths can be sold for anywhere between $20,000 to $200,000. On September 15th Kaur Inc. signed a contract with Evans Inc. for a booth and set up. The cost of the booth $80,000 and a selling price for the booth and set is $120,000. On September 25th Kaur Inc. paid $25,000 to secure the delivery of the booth. On October 20th Evans Inc. delivers the booth to Kaur Inc. with terms FOB shipping point. On November 1st Kaur Inc. is supposed to pay Evans Inc. the balance due. Evans Inc. set up the booth on November 5th. On November 10th Evan Inc. received the money for setting up the booth. The estimated fair value to set up the booth is $2,500. The estimated fair value of the booth is $122,500. On November 1st Kaur Inc. informs Evans Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement that the account will be converted into a non-interest bearing promissory note to be repaid in one year from now. Evans Inc. borrows fund at a rate of 4%. Kaur Inc. has various loans at 6% interest. The company’s year end is December 31st. Recommend which GAAP Evans Inc. should use. Support your answer. Identify two key stakeholders of the company and what their objective is From an ethics perspective explain any concerns you may have with this case. List the performance obligations? Explain when the revenue should be recognized for each performance obligation assuming the company uses ASPE. Support your answer by explaining why it should be recognized at the time you selected. Be sure to use GAAP to support your answer. Prepare the journal entries for 2022 and 2023. If there is no entry be sure to state no entry. In your answer do not use the discount on notes account. If the company followed IFRS use the 5 step approach and apply each step to the question?

Management expects December's results to be repeated in January, February, and March without any changes in strategy. Management, however, hus an alternative plan. It believes that if the unit selling price is reduced to $125 per unit and advertising is increased to $287,500 per month, sales units will be 16.500 for January, 18,150 for February, and 19,965 for March. The cost of its product will remain ut $75 per unit, the sales staff will continue to cam a 10% commission, and the remaining expenses will stay the same. Required 1. Prepure budgeted incoase statements for each of the months of January, February, and March that show results from implementing the proposed plan. Use a three-column format, with one column for each months. Ignore income taxes. 2. For the proposed plan, is income in March budgeted to be higher than income in December?

To prepare a master budget for April, May, and June, management gathers the following information. a. Sales for March total 20,500 units. Budgeted sales in units follow: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,000 pounds. Each finished unit requires 0.50 pound of direct materials. c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales. The March 31 finished goods inventory is 16,400 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly sal- ary is $3,000. g. Monthly general and administrative expenses include $12,000 for administrative salaries and 0.9% monthly interest on the long-term note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale). i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase). j. The minimum ending cash balance for all months is $40,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $10,000 are budgeted to be declared and paid in May. 1. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $100,000 are budgeted for the last day of June.

Keggler's Supply is a merchandiser of three different products. Beginning inventories for March are foot- wear, 20,000 units; sports gear, 80,000 units; and apparel, 50,000 units. Management believes each of these inventories is too high and begins a new policy that ending inventory in any month should equal 30% of the budgeted sales units for the following month. Budgeted sales units for March, April, May, and June follow. Required Prepare a merchandise purchases budget (in units only) for each product for the months of March, April, and May.

(A) Determine Paula Promoter's employment income for 2021 in accordance with Subdivision a of Division B. Ignore the effects of a leap year in your answer. Show all aspects of the required calcualtions, whether or not necessary to the final answer. Provide support for benefits that are included by virtue of CRA's administrative position

1. Your firm is contemplating the purchase of a new $500,000 computer-based order entry system. The system will be depreciated using the MACRS 3-year depreciation schedule. It will be worth $50,000 at the end of the project in 5 years. You will save $50,000 before taxes per year in order processing costs, and you will be able to reduce working capital by $70,000. You will also increase sales by $100,000 per year for the first year and this number will increase by 3% per year. If the tax rate is 30 percent, and the required rate of return is 10%, what is the NPV of this project?

Question 5 Friendly Tests Inc. is a commercial testing lab, performing a variety of lab tests for hospitals in the area. The management is considering an addition of a new type of test. There is plenty of room in its existing lab facility, but the new test would require an acquisition of new test equipment. The purchase price of the equipment is $215,000. It will be depreciated using MACRS 7-year recovery period (use the rates listed in Table 16-2 in the textbook). The management expects the demand for the new test type to only last 6 years, and therefore the project is expected to end in 6 years, and the equipment to be sold for $60,000 at the end of year 6. The company will also need to hire a part-time lab technician, for $30,000 in the first year of the project, with an annual pay increase of 5% each year after. Equipment maintenance and operating cost is expected to be $4,000 per year. It is also expected additional supplies will be needed, costing $10,000 per year. The additional revenues from the new test are expected to be $70,000 in year 1, $80,000 in year 2, $90,000 in year 3, $100,000 in year 4, $85,000 in year 5, and $65,000 in year 6. Compute the after-tax cash flows for each year of the project. Assume 30% tax rate, and 9% minimum attractive rate of return. Determine whether the company should launch the new testing service, and explain why. Please include a written answer.

BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 BUS 101: Financial Accounting – Exam 3 Name: 1. (20 points) Complete the June 30 bank reconciliation for Grey Company using the following information and with the given format. Company ledger balance is $8,967; bank statement shows a balance of $8,394. (a.) Outstanding checks: No 372 $268 No 382 $410 No 391 $620 (b.) Check no 385 (for Repairs Expense was written for $452 but erroneously recorded in Grey’s records as $352 (difference $100) (c.) Deposit in transit $2,120 (d.) Note collected by bank as agent for Grey company (no interest) $1,250 (e.) Debit memoranda from bank for SF check of R. Rutherford $876 (f.) Bank service charge $25 (g.) Give in general journal format the entry or entries necessary to correct Grey’s accounting records as of June 30. (Explanations may be omitted; one compound journal entry is acceptable). 4. (20 points) The perpetual inventory records of Handy Hardware show 150 units of a product on hand, acquired at the following dates and costs. On June 3, Handy sold 120 units of this product.