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Expert help when you need it- Q1:CH02: If you are business Bookkeeper, please provide a business transaction example to the following accounting records changes: Example: One Asset Increase, Another Asset Decrease: Purchase inventory with Cash. Transaction 1: One Asset Increase, A Liability Increase Transaction 2: One Asset Decrease, A Liability DecreaseSee Answer
- Q2:Accounting is all around us! It is critical for those in business to understand basic accounting principles so that they can use the information to make good financial decisions. In your initial post, introduce yourself. Include your program of study and professional goals, as well as any information about yourself you'd like to share! Additionally, address the following: • How might a basic understanding of accounting help you to reach your professional goals or contribute to your success as a professional? • What are you hoping to learn from this course?See Answer
- Q3:Current Attempt in Progress The following lists types of evaluation. Match each of these evaluation types with the following users of accounting information. a. b. C. d. e. # 4 Investors in common stock. Marketing managers. Creditors. Chief Financial Officer. Internal Revenue Service.See Answer
- Q4:Question 1 of 7 < > View Policies Current Attempt in Progress Suppose the following items were taken from the December 31, 2025, assets section of the Boeing Company balance sheet. (All dollars are in millions.) Inventory Notes receivable-due after December 31, 2026 Notes receivable-due before December 31, 2026 Accumulated depreciation-buildings $16,120 5,450 Buildings 350 Patents 12,580 Cash Accounts receivable Debt investments (short-term) $11,830 20,000 8,000 5,600 -/3 E 1,600See Answer
- Q5:Question 2 of 7 < > These items are taken from the financial statements of Indigo Co. at December 31, 2025. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense $126,960 15,120 3,840 14,208 98,880 73,440 936 6,360See Answer
- Q6:Question 3 of 7 < > These financial statement items are for Carla Vista Co. at year-end, July 31, 2025. Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable $3,300 58,700 17,300 15,260 4,400See Answer
- Q7:Match each description with the characteristics, assumptions, principles, and constraint that guide the FASB when it create accounting standards. 1. 2. t Items not easily quantified in dollar terms are not reported in the financial state Accounting information must be complete, neutral, and free from material error ✔ 2See Answer
- Q8:Journalize the December 31 adjusting entry required if the amount of supplies on hand at the end of the year is $1,350. General Journal Instructions 1 2 3 DATE DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT CREDIT PAGE 1 ACCOUNTING EQUATION ASSETS LIABILITIES EQUITYSee Answer
- Q9:Instructions Consider Euro Garages company and answer the below questions regarding payments being made by the company: Are all payments scheduled? When should they be used, what are they for? What formats are the payments? At what stages do payments need approval? Is there a documented payment process within your team, who needs access to it and how is it updated? How do your company payments fit into the cash management within the business? Answer this in the form of assignment of no more than 500 words incorporating the answers to the questions You can choose the APA or MLA Format by your ownSee Answer
- Q10: nbox (7 x My Apps x Analytic x Gebook (cx Linea M × ws Order H X O My Apps x ASC Pro X M Question X W zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252F ect i Saved Help Save & C d ces "I don't see that in my intermediate accounting text I saved from college," you grumble to a colleague in the accounting division of Dowell Chemical Corporation. "This will take some research." Your comments pertain to the appropriate accounting treatment of a proposed sublease of warehouses Dowell has used for product storage. Dowell leased the warehouses one year ago on December 31, 2024. The five-year lease agreement called for Dowell to make quarterly lease payments of $2,398,303, payable each December 31, March 31, June 30, and September 30, with the first payment at the lease's beginning. As a finance lease, Dowell had recorded the right-of-use asset and liability at $40 million, the present value of the lease payments at 8%. Dowell records amortization on a straight-line basis at the end of each fiscal year. Today, Dowell's controller, explained a proposal to sublease the underused warehouses to American Tankers, Incorporated, for the remaining four years of the lease term. American Tankers would be substituted as lessee under the original lease agreement. As the new lessee, it would become the primary obligor under the agreement, and Dowell would not be secondarily liable for fulfilling the obligations under the lease agreement. "Check on how we would need to account for this and get back to me," the controller had said. Required: 1. On December 31, 2025, what is the balance in Dowell's lease liability? 2. On December 31, 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? 3. Obtain the relevant authoritative literature on accounting for derecognition of finance leases by lessees using the FASB's Codification Research System. You might gain access from the FASB website (www.fasb.org), from your school library, or some other source. To determine the appropriate accounting treatment for the proposed sublease, what is the specific seven-digit Codification citation (XXX-XX-XX) that Dowell would rely on to determine: a. If the proposal will qualify as a termination of a finance lease? b. The appropriate accounting treatment for the sublease? 4. What, if any, journal entry would Dowell record in connection with the sublease? Complete this question by entering your answers in the tabs below. What, if any, journal entry would Dowell record in connection with the sublease? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in Req 1 to 3 Req 4 F1 72 F2 Q W A 3 #3 S 800 F3 $ 54 000 OOO F4 < Prev 1 of 3 HH www Next > % d05 חח E R D MacBook Pro 04 F5 F6 F7 66 87 DII FB * 8 T Y U 44 F9 ( この 9 ) J F10 0 F11 af 0 P V G H J K L FL > Z X C リ He command B N M H command My Apps x Analytic x G ebook (c x Linea Mi X Ws Order HiX My App: X ASC Pro X M Question X Help mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect 8 Saved Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 What, if any, journal entry would Dowell record in connection with the sublease? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars View transaction list Journal entry worksheet < 1 Record the sublease of warehouses for the remaining four years of lease term. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Clear entry Record entry 1 F2 80 F3 72 #3 W E S $ 54 000 800 F4 % d05 View general journal Prev 1 of 3 Next > F5 MacBook Pro 66 & 27 FB 44 F9 J F10 A F7 DII R T Y U 8 9 0 D F G H J K L < C V B N M M Inbox (7. X My Apps X Analytic x Gebook (c x Linea Mix ws Order HX My App: X ASC Pro X M Question ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconn Project Saved 1 Complete this question by entering your answers in the tabs below. Req 1 to 3 Req 4 S zipped Book 1. On December 31, 2025, what is the balance in Dowell's lease liability? Note: Round your answer to the nearest whole dollar amount. 2. On December 31, 2025, what is the carrying amount (after accumulated amortization) of Dowell's leased warehouses? Note: Round your answer to the nearest whole dollar amount. 3. Obtain the relevant authoritative literature on accounting for derecognition of finance leases by lessees using the FASB's Codification Research System. You might gain access from the FASB website (www.fasb.org), from your school library, or some other source. To determine the appropriate accounting treatment for the proposed sublease, what is the specific seven- digit Codification citation (XXX-XX-XX) that Dowell would rely on to determine: Print a. If the proposal will qualify as a termination of a finance lease? b. The appropriate accounting treatment for the sublease? erences 1. Dowell's lease liability 2. Carrying amount of leased warehouses Number Topic Subtopic Section Paragraph 3-a. 3-b. W 18: 72 F2 3 #3 <Req 1 to 3 Req 4 > 80 000 DOO F3 F4 Q W E A S % 805 54 F5 www Prev 1 of 3 Next > MacBook Pro 66 R T Y & 87 7 Show less A Help 40 DII DD J F7 F8 F9 F10 C 8* 61 9 1 0 D F G H J K Help Save & Exit M Inbox (7 X My App: X Analytic x ebook (X Linea M × Ws Order HX O My App: x ASC Pro X M Question X w Home Check ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fiti... C Project Saved 2 As a senior auditor with Klein and Company, you are interacting with David Perkins, CFO of a prominent public company and an important client. Perkins has a reputation for pushing for favorable accounting treatments, and frequently asks auditors to "prove to me where it says I can't do that." ints Required: Skipped eBook Print 0 References 1. Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that indicates the appropriate accounting treatment for each of the following situations, and in each case indicate whether Perkins has authoritative support in the Codification for his preferred treatment. 2. Perkins believes that his deferred tax liabies should be calculated on a discounted present value basis, which allows him to report a smaller amount of liability. "After all, those are amounts that are going to be paid in the future-why can't I discount them like I would other long-term liabilities?" 3. Perkins argues that, when determining whether he should record a valuation allowance against deferred tax assets, he should include as a source of future taxable income any future reversals of existing taxable temporary differences, which will increase taxable income. Doing so will reduce his valuation allowance and tax expense. "We have deferred tax liabilities that will reverse in the same periods as deferred tax assets reverse, so they will provide taxable income that will soak up the deductions produced by reversal of the deferred tax assets. I should get to include them when determining the amount of any valuation allowance we would have to record." 4. Perkins wants to separately list his net current deferred tax asset and his net noncurrent deferred tax liability in his company's balance sheet, thereby improving his company's current ratio. "I have deferred tax assets that I know will reverse next year, and I know my investors will be better off with information about both current and noncurrent assets and liabilities." 5. Perkins does not want to provide a reconciliation of changes in the company's unrecognized tax benefits during the year, given previous concerns by investors that his company is too aggressive in its attempts to avoid paying taxes. "I know your firm has required that we recognize a liability for these uncertain tax positions, and we have done that, but more disclosure is unnecessary. Our financial statements and notes are too long as it is." Adds Authoritative Support for Perkins Mc Graw Hill 1 Requirement Topic Subtopic Section Paragraph 1 2 3 F1 A 72 F2 Q W 80 F3 OOD F4 $ 54 #3 E R LLI A S D Z X リ te C < Prev 2 of 3 www www Next > F5 MacBook Pro % do5 T FL 96 > Y 27 & 40 7 G H * U 8 F10 J DII 44 J FR F9 9 a J K B N Σ 0 P ل V 36 comm M Inbox (7 X My Apps x Analytic x G ebook (cx Linea Mi X Ws Order H X My App: x ASC Pr ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducatio roject i Saved ed es Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that indicates the appropriate accounting tr each of the following situations, and in each case indicate whether Perkins has authoritative support in the Codifi preferred treatment. 2. Perkins believes that his deferred tax liabäties should be calculated on a discounted present value basis, which a report a smaller amount of liability. "After till, those are amounts that are going to be paid in the future-why can't like I would other long-term liabilities?" 3. Perkins argues that, when determining whether he should record a valuation allowance against deferred tax asse include as a source of future taxable income any future reversals of existing taxable temporary differences, which taxable income. Doing so will reduce his valuation allowance and tax expense. "We have deferred tax liabilities t in the same periods as deferred tax assets reverse, so they will provide taxable income that will soak up the ded produced by reversal of the deferred tax assets. I should get to include them when determining the amount of ar allowance we would have to record." 4. Perkins wants to separately list his net current deferred tax asset and his net noncurrent deferred tax liability in h balance sheet, thereby improving his company's current ratio. "I have deferred tax assets that I know will reverse know my investors will be better off with information about both current and noncurrent assets and liabilities." 5. Perkins does not want to provide a reconciliation of changes in the company's unrecognized tax benefits during previous concerns by investors that his company is too aggressive in its attempts to avoid paying taxes. "I know required that we recognize a liability for these uncertain tax positions, and we have done that, but more disclosu unnecessary. Our financial statements and notes are too long as it is." Requirement Topic Subtopic Section Paragraph 1 Adds Authoritative Support for Perkins 2 3 4 72 80 000 DOD F4 F2 F3 $ 54 #3 L < Prev 2 of 3 Next >> D % 805 MacBook Pro 66 F6 P F7 Dll F8 & 87 8 T Y U 6See Answer
- Q11: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?See Answer
- Q12: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 nameSee Answer
- Q13: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. See Answer
- Q14:Assuming we know the Payment and P and r can you solve for n: What would be the formula?See Answer
- Q15: 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.See Answer
- Q16: 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. See Answer
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