Explain how to account for liabilities, including contingent liabilities. Provide and example of each.

Based on past experience, Leickner Company expects to purchase raw materials from a foreign supplier at a cost of 1,900,000 marks on March 15, 2018. To hedge this forecasted transaction, the company acquires a three-month call option to purchase 1,900,000 marks on December 15, 2017. Leickner selects a strike price of $0.78 per mark, paying a premium of $0.002 per unit, when the spot rate is $0.78. The spot rate increases to $0.787 at December 31, 2017, causing the fair value of the option to increase to $16,000. By March 15, 2018, when the raw materials are purchased, the spot rate has climbed to $0.80, resulting in a fair value for the option of $38,000. Prepare all journal entries for the option hedge of a forecasted transaction and for the purchase of raw materials, assuming that December 31 is Leickner's year-end and that the raw materials are included in the cost of goods sold in 2018. What is the overall impact on net income over the two accounting periods? What is the net cash outflow to acquire the raw materials?

Define a partnership. b) List four important matters, relevant to the accountant that may be included in the partnership deed.

Gonzalez Company acquired $158,400 of Walker Co., 6% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $47,400 of the bonds for 95.

Journalize entries to record the following in Year 1 (refer to the Chart of Accounts for exact wording of account titles):

Section 5 of the Income Tax Act 1967 describes the ascertainment of chargeable income. Describe the steps that are used to ascertain the chargeable income of a taxpayer. (Please show the format of computing the chargeable income as well)

Ziegler Inc. has decided to use the high-low method to estimate the total cost and the fixed and variable cost components of the total cost. The data for various levels of production are as follows:

a. Determine the variable cost per unit and the total fixed cost.

b. Based on part (a), estimate the total cost for 1,920 units of production.

Brandlin Company of Anaheim, California, sells parts to a foreign customer on December 1, 2017, with payment of 33,000 korunas to be received on March 1, 2018. Brandlin enters into a forward contract on December 1, 2017, to sell 33,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows: Date Spot Rate Forward Rate (to March 1, 2018) December 1, 2017 $ 5.10 $ 5.175 December 31, 2017 5.20 5.300 March 1, 2018 5.35 N/A Brandlin's incremental borrowing rate is 18 percent. The present value factor for two months at an annual interest rate of 18 percent (1.5 percent per month) is 0.9707. Brandlin must close its books and prepare financial statements at December 31. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency receivable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars. a-2. What is the impact on 2017 net income? a-3. What is the impact on 2018 net income? a-4. What is the impact on net income over the two accounting periods? b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for these transactions in U.S. dollars. b-2. What is the impact on 2017 net income? b-3. What is the impact on 2018 net income? b-4. What is the impact on net income over the two accounting periods?

In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin and a schedule of direct and overlapping debt for the city as of the December 31 year end. You ascertain that the following bond issues are outstanding on that date:

You obtain other information that includes the following items:

1. Assessed valuation of real and taxable personal property in the city totaled $190,000,000.
2. The rate of debt limitation applicable to the City of Appleton was 4 percent of total real and taxable personal property valuation.
3. Electric utility, water utility, and transit authority bonds were all serviced by enterprise revenues. By law, such self-supporting debt is not subject to debt limitation.
4. The convention center bonds and tax increment bonds are subject to debt limitation.
5. The amount of assets segregated for debt retirement at December 31 is $2,000,000.
6. The city’s residents are also taxed by Clyde County for 25 percent of school district and health services debt. The school district has $18,000,000 in outstanding bonds, while health services has $5,000,000 in debt. Finally, one-third of the $1,200,000 of regional library outstanding debt is paid by taxes assessed on Appleton residents.

Prepare a statement of legal debt margin for the city as of December 31 year end.

Prepare a schedule of direct and overlapping debt for the city as of December 31 year end

Please answer the following questions

a) What is Encryption in accounting information system and what are the steps in the encryption and decryption process?

b) What are the factors that influnces encryption strength?

c) What types of encryption systems and the advantages and disadvantages , risks and their primay uses in information systems?

d) How does hashing, digital signatures, and virtual private networks process in encryption?

Intuit Inc. develops and sells software products for the personal finance market, including popular titles such as Quickbooks® and TurboTax®. Classify each of the following costs and expenses for this company as either variable or fixed to the number of units produced and sold:

Vogel Inc. manufactures memory chips for electronic toys within a relevant range of 88,400 to 142,800 memory chips per year. Within this range, the following partially completed manufacturing cost schedule has been prepared:

Complete the cost schedule below. When computing the cost per unit, round to two decimal places. Round all other values to the nearest dollar.

Purchases Budget in Units and Dollars
Budgeted sales of The Music Shop for the first six months of 2010 are as follows:

Beginning inventory for 2010 is 50,000 units. The budgeted inventory at the end of a month is 40 percent of units to be sold the following month. Purchase price per unit is $7.

Prepare a purchases budget in units and dollars for each month, January through May.

The cash records and bank statement for the month of May for Diaz Entertainment are shown below.   
  

Desc.   DEP Customer deposit                  INT Interest earned             SF Service fees
            NOTE Note collected                   CHK Customer check           NSFNonsufficient funds
            EFT Electronic funds transfer

  
Additional information:

a. The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2018 (prior month).
b. The bank made the EFT on May 20 in error. The bank accidentally charged Diaz for payment that should have been made on another account.

1. Prepare a bank reconciliation for Diaz's checking account on May 31, 2018. (Amounts to be deducted should be indicated with a minus sign. Total entries to the same account together when entering in the bank reconciliation.)

2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Total entries to the same account together when entering in the journal entry carousel.)
  

Cash Budget
Wilson's Retail Company is planning a cash budget for the next three months. Estimated sales revenue is as follows:

All sales are on credit; 60 percent is collected during the month of sale, and 40 percent is collected during the next month. Cost of goods sold is 70 percent of sales. Payments for merchandise sold are made in the month following the month of sale. Operating expenses total $40,000 per month and are paid during the month incurred. The cash balance on February 1 is estimated to be $30,000.

Prepare monthly cash budgets for February, March, and April.

Use negative signs only with beginning and ending cash balances, when appropriate. Do not use negative signs with disbursement answers.