What are the current practices and procedures for translation of financial statements in the United Kingdom? Visit the Institute of Chartered Accountants in England and Wales’ website to start your research.

On January 1, 2016, Barbosa Company purchased a coal mining site for $1,000,000. Under the terms of the purchase agreement, Barbosa must restore the site to specified conditions at an estimated cost of $125,000. Barbosa estimates that it will be able to operate the site for 20 years. Barbosa uses a 6% discount rate and a straight-line method of depreciation. Required: 1. Prepare the journal entry necessary to record the purchase of the coal mining site. 2. Prepare any journal entries needed at December 31 with regard to this mining site. 3. Next Level What is the conceptual justification that underlies the accounting for an asset retirement obligation?

On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it installed in a rented factory. It is depreciating the machinery over 12 years by the straight-line method to a residual value of $50,000. Late in 2016, because of increasing competition in the industry, the company believes that its asset may be impaired and will have a remaining useful life of 5 years, over which it estimates the asset will produce total cash inflows of $1,000,000 and will incur total cash outflows of $825,000. The cash flows are independent of the company’s other activities and will occur evenly each year. Vallahara is not able to determine the fair value based on a current selling price of the machinery. Vallahara’s discount rate is 10%. Required: 1. Prepare schedules to determine whether, at the end of 2016, the machinery is impaired and, if so, the impairment loss to be recognized. 2. If the machinery is impaired, prepare the journal entry to record the impairment. 3. If Vallahara uses IFRS and determines that the fair value of the machinery is $200,000 and that it would cost $10,000 to sell the machine, how much would the company recognize as the impairment loss? 4. Assuming that the recoverable amount of the machinery is determined to be $220,000 at the end of 2017, what entry will Vallahara make to record this increase in value under U.S. GAAP? Under IFRS?

Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income.

What is her total tax?

What is her marginal tax rate?

what is her average tax rate?

what is her effective tax rate?

1. Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $57,750 to her employer's qualified pension fund. She elects to receive her retirement benefits as an annuity of $5,775 per month for the remainder of her life.

a. Assume that Pam retired in June 2017 and collected six annuity payments that year. What is her income from the annuity payments in the first year?

$

b. Assume that Pam lives 25 years after retiring. What is her income from the annuity payments in the twenty-fourth year?

$

c. Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's income and deductions from the annuity contract in the year of her death?

Income from the annuity payments: $

Loss deduction: $

Blue Water Sails, Inc. (BWS) manufactures sailcloth used by sailmakers that produce sails for sailboats. BWS’s sailcloth is the conventional polyester-based sail material and is used widely in recreational boating. Sailmakers throughout the world use BWS’s sailcloth. The manufacture of sailcloth has a small number of processes, and BWS integrates them carefully so that there is very little Work-in-Process Inventory. The product is measured in yards of cloth, which is prepared in rolls 42 inches wide. Because it has little Work-in-Process Inventory, BWS also uses backflush accounting to simplify the accounting for its operations. BWS has the following information for the most recent accounting period. The beginning inventory of polyester fiber was $140,600, and the ending inventory was $179,500.

Required:

1. Show the entries for manufacturing costs incurred or applied, completion of 165,900 yards of product, and the closing entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. Record Direct Materials Purchased

b. Record conversion cost incurred

c. Record finished goods for the standard cost of hte 165,900 yards produced

d. Record the closing of the two conversion cost accounts

e. Record the closing of the actual usage of inventory

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:

1. Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750.
2. The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2018.
4. Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $91,750.
6. Contracted services were performed relating to $82,500 of the contracts with invoices amounting to $81,300.
7. Other expenditures amounted to $954,500.
8. Accounts payable were paid in the amount of $1,077,500.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

Caldor Health accrued $140,000 for a warranty liability related to sales made in 2020. Warranties cover defects for 2 years from the date of sale. Claims in 2020 were $60,000 and in 2021 were $70,000. Warranty expense fro 2020 and 2021 are:

A) $60,000 and $70,000

B)$60,000 and $80,000

C)$140,000 and $0

D)$140,000 expense and $10,000 income

Please give specific reason for every choice that why it is correct and why it is wrong if you can. Thank you so much!!!!!

Required information

[The following information applies to the questions displayed below.]

Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.

Rolt Company began 2016 with a $120,000 balance in retained earnings. During the year, the following events occurred:

1. The company earned net income of $80,000.
2. A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,800 after related income taxes of $4,200.
3. Cash dividends totaling $13,000 and stock dividends totaling $17,000 were declared.
4. One thousand shares of callable preferred stock that originally had been issued at $110 per share were recalled and retired at the beginning of 2016 for the call price of $120 per share.
5. Treasury stock (common) was acquired at a cost of $20,000. State law requires a restriction of retained earnings in an equal amount. The company reports its retained earnings restrictions in a note to the financial statements.

Required:

1. Prepare a statement of retained earnings for the year ended December 31, 2016.

Wendy O"neil (SSN 412-34-5670), who is single, work full time as the director at a local charity. She resides at 1501 Front St Highland, AZ 85711 for the year. she had the following on her w2

wages 46200

federal withholding 6930

social security wages 46200

social security withholding 2864

medicare withholding 670

state withholding 2310

other information

1099-int 300

1099 div ordinary 400

qualified 400

itemized

state income 2310

state income tax paid with the 2016 return 100

real estate tax 2600

mortgage interest 8060

Wendy inherited a beach house in north carolina (rental only) on 1/02/2017 from her father, The FMV at the father death was 850000. He had purchase the house 20years earlier for 100000.

summer rental income 450000

repairs 25000

real estate taxes 6500

utilities 2400

depreciation ????

on december 29,2017 wendy properly conducted a like kind exchange for rent real estate located at 128 lake blvd hot town, AZ/

she receive rental property with an FMV of 950000 and 20000 cash in exchange for the north carolina beach house. The arizona property did not produce any income until 2018. Prepare form 1040 schedule D, Schedule E form 4562, and 8824.

For each item, select the appropriate fundamental principle. Some principles will be used more than once, but each item has only one principle as its answer.

Which of the following is considered to be an advantage of using both nonfinancial and financial information in the balanced scorecard?

On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $580,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data pertain to operations of the SUMMER EMPLOYMENT GRANT FUND, a special revenue fund of Carter City, during the year ended December 31, 2017.

1. The budget was recorded. It provided for Estimated Revenues for the year in the amount of $290,000, and for Appropriations in the amount of $290,000.
2. A temporary loan of $290,000 was received from the General Fund.
3. During the year, teenagers earned and were paid $278,200 under terms of the Summer Employment program. An additional $9,000 is accrued as payable on December 31. Recognize the receivable and revenue (include the $9,000 of wages payable).
4. Each month a properly documented request for reimbursement was sent to the federal government; checks for $283,000 were received.
5. $256,200 was repaid to the General Fund.
6. Necessary closing entries were made.

Prepare the journal entry for the year ended December 31 of the Summer Employment Grant Fund.