Manila Corp reported net incomes for a three-year period as follows:

During the 2012 year-end audit, the following items come to your attention:

1.   Manila bought a truck on January 1, 2009 for $98,000 cash, with an $8,000 estimated residual value and a six-year life. The company debited an expense account for the entire cost of the asset. Manila uses straight-line depreciation for all vehicles.

2.   During 2012, Manila changed from straight-line depreciation for its cement plant to double declining balance. The following calculations present depreciation on both bases:

The net income for 2012 was calculated using the double declining balance method.

3.   In reviewing its provision for uncollectible accounts during 2012, the corporation has determined that 1% is the appropriate amount of bad debt expense to be charged to operations. The company had used 1/2 of 1% as its rate in 2011 and 2010 when the expense had been $9,000 and $6,000, respectively. Manila recorded bad debt expense using the new rate for 2012. If they had used the old rate, they would have recorded $3,000 less bad debt expense on December 31, 2012.

Required

(a) Prepare the general journal entry required to correct the books for the item 1 situation (only) of this problem, assuming that the books have not been closed for 2012.

(b) Present comparative income statement data for the years 2010 to 2012 in accordance with generally accepted accounting principles starting with income before cumulative effect of any accounting changes. Ignore all income tax effects.

(c) Assume that the beginning retained earnings balance (unadjusted) for 2010 was $630,000. At what adjusted amount should the beginning retained earnings balance for 2010 be shown, assuming that comparative financial statements were prepared?

(d) Assume that the beginning retained earnings balance (unadjusted) for 2012 is $900,000 and that comparative financial statements are not prepared. At what adjusted amount should this beginning retained earnings balance be shown?

(TCO D) On January 1, 2010, Solis Co. issued its 10% bonds in the face amount of $3,000,000, which mature on January 1, 2020. The bonds were issued for $3,405,000 to yield 8%. Solis uses the effective-interest method of amortizing bond premium. Interest is payable semi-annually on July 1st and January 1st each year . At December 31, 2010, Please show the Journal entries to record the above:

1. Journal entry to record the Issue of Bonds on January 1, 2010.

2. Journal Entry to record the payment of Interest on July 1st, 2010 and January 1st, 2011. Be sure to record any adjusting entry for December 31st, 2010.

3. What is the Unamortized Discount or Premium Balance on Bonds Payable as of December 31st, 2011?? (Using the Effective Interest Method)

(Hint: Prepare yourself a Schedule like in the textbook to help you do this problem) (Round each answers to nearest dollar when preparing your schedule.)

Table 2w

The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008.

Prices and Quantities

1. Refer to Table 2. For 2010, calculate the (1) real GDP and (2) the GDP Deflator.

2. Refer to Table 2. For 2011, calculate the (1) real GDP and (2) the GDP Deflator.

3. Refer to Table 2. Calculate the country’s inflation rate from 2010 to 2011.

Whitman and Greene are partners in a real estate venture. At January 1, 2020, their respective capital balances were $200,000 and $245,000. Their partnership agreement provides that Whitman is to receive a guaranteed salary of $100,000, and that remaining profits after the salary are to be shared in a 2:3 ratio. Partnership operations for the year 2020 resulted in income of $75,000, before distributions to partners. Whitman’s salary is paid in cash during the year, but there are no other withdrawals or capital changes. Assume full implementation.

Required

a. Compute the balance of each partner’s capital account at December 31, 2020.

b. Compute the balance of each partner’s capital account at December 31, 2020, assuming partnership income was $150,000.

“Starting Out with Python”, Chapter 5, introduces the student to functions. Describe in your own words some ways functions are beneficial to the programmer. In other words, why might a programmer want to use functions?

For the following positions, match sources and methods to recruitment. Assume that in all cases you must use external recruitment to fill the position. Justify your choices.

a. Computer programmer

b. Maintenance worker

c. Illustrator

d. Postdoctoral researcher

e. CEO

Note: Managers must first identify the source (where prospective employees are located, for e.g colleges, universities, military personnel etc.) before choosing the method (how to attract them for e.g advertising, internships, job fairs etc).

An example is provided below to guide you to solve the question:

Computer Programmer:

Source: Potential candidates for computer programmers can be recruited from School, College, Universities, Programs etc

Method: Potential candidates for computer programming can be recruited through means of Advertisements, Internships etc

(This is just an example provided above for your clarification, the answer that i need should be properly elaborated and explained)

For the following positions, match sources and methods to recruitment. Assume that in all cases you must use external recruitment to fill the position. Justify your choices.

a. Computer programmer

b. Maintenance worker

c. Illustrator

d. Postdoctoral researcher

e. CEO

Note: Managers must first identify the source (where prospective employees are located, for e.g colleges, universities, military personnel etc.) before choosing the method (how to attract them for e.g advertising, internships, job fairs etc).

An example is provided below to guide you to solve the question:

Computer Programmer:

Source: Potential candidates for computer programmers can be recruited from School, College, Universities, Programs etc

Method: Potential candidates for computer programming can be recruited through means of Advertisements, Internships etc

(This is just an example provided above for your clarification, the answer that i need should be properly elaborated and explained)

Lead (Pb) concentrations were measured in the leachate from six sampling wells surrounding an active landfill. The landfill was closed and PB concentrations were measured one year later from the same wells. The results appear in the table below. Test the null hypothesis of no change in Pb concentration at the 5% level of significance.

Before After

1.1 7.3

6.8 6.0

5.2 5.4

8.3 7.6

7.0 6.5

7.9 7.3