Use the information below for ABC Co. to answer the following questions.

Balance Sheet                                      December 31

2005                   2004    

Assets

Cash                                                                                                        $  20,000            $  10,000

Accounts receivable                                                                                  160,000              110,000

Inventories 80,000                50,000

Prepaid Rent                                                                                               15,000 10,000

Investments                                                                                              100,000                75,000

Plant assets                                                                                               210,000              250,000

Accumulated depreciation (65,000)             (60,000)

         Total $520,000            $445,000

Liabilities and Stockholders' Equity

Accounts payable                                                                                    $  50,000            $  40,000

Interest payable 20,000                  5,000

Income tax payable                                                                                       5,000                10,000

Note payable                                                                                             130,000              140,000

Common stock                                                                                         155,000              100,000

Retained earnings 160,000              150,000

         Total $520,000            $445,000

Income Statement

For the Year Ended December 31, 2005

Sales                                                                                                                                   $800,000

Cost of goods sold                                                                                                                480,000

Gross Profit                                                                                                                            320,000                        

Operating expenses (including Depreciation Expense) 120,000

Interest expense 20,000

Income tax expense 25,000

         Total 165,000

Income before Gains and Losses                                                                                           155,000

Gain on sale of plant assets                                                                                                      5,000   

Net income $  160,000

Additional information:

Accounts payable pertain to the purchase of inventory.

Plant assets were sold for $40,000. The cost of the plant assets was $40,000.

All dividends are cash.

For the year 2005

1. Cash paid for income taxes is:

2. Cash provided by/(used in)*operating activities is:  

3. Cash provided by/(used in)*investing activities is:  

4. Cash paid for dividends is:

5. Cash provided by/(used in)*financing activities is:

If your answer is cash “used in”, you must indicate this by writing your answer in parenthesis. For example, ($10,000). If your answer is cash “provided by”, you must write your answer without parentheses.

Refer to the balance sheet and income statement for ABC Co.:

6. If Rent Expense for the period was $20,000, the Cash paid for Prepaid Rent is:

ADDITIONAL INFORMATION

The owner contributed $16,000 cash during the year. All drawings were for cash.

Required

Complete the cash flow statement on page 4 of this document. Please show your calculations on page 5 of the document. You can take a photo of your calculations if you do them by hand and then insert the photo into this document, but I want to see your calculations as well as your answers to both questions

For the Year ended 31^stDecember 2020

1) Write a C++ program.You will code a movie search/filter console GUI with various operations.
The objectives you have to accomplish are listed below;

* Create a Movie Class with private id(int),name(string),point(float),year(int) variables
* Generate Getter for all variables and Setter for only point variable.
* Read the "movie.txt" file and store each movie in Movie array.
* Write necessary functionalities for the GUI options given in below;

Welcome to the Movie Market. Please select an option.
a - Get movie details by ID
b - List movies between the years entered
c - Change the point of a movie
d- Get movie details starting with the entered letter
e - Exit

* Write a "printMovie" function to print movie details
* Use "autoIncrement" logic to set ID values for Movie

Bonus:
Add a "voting system" functionality for movies.
* A movie can be voted up to 10 times with integer values between 1 and 10
* The "point" value of the movie should be equal to the average of votes.
* Be careful when you calculate the average
(If a movie is voted for the first time, the average is (original point value + new vote value) / 2 )

-MOVİES-
9.2;The Shawshank Redemption (1994)
9.1;The Godfather (1972)
9.0;The Godfather: Part II (1974)
8.9;Il buono, il brutto, il cattivo. (1966)
8.9;Pulp Fiction (1994)
8.9;Inception (2010)
8.9;Schindler's List (1993)
8.9;12 Angry Men (1957)
8.8;One Flew Over the Cuckoo's Nest (1975)
8.8;The Dark Knight (2008)
8.8;Star Wars: Episode V - The Empire Strikes Back (1980)
8.8;The Lord of the Rings: The Return of the King (2003)
8.8;Shichinin no samurai (1954)
8.7;Star Wars (1977)
8.7;Goodfellas (1990)
8.7;Casablanca (1942)
8.7;Fight Club (1999)
8.7;Cidade de Deus (2002)
8.7;The Lord of the Rings: The Fellowship of the Ring (2001)
8.7;Rear Window (1954)
8.7;C'era una volta il West (1968)
8.7;Raiders of the Lost Ark (1981)
8.7;Toy Story 3 (2010)
8.7;Psycho (1960)
8.7;The Usual Suspects (1995)
8.7;The Matrix (1999)
8.6;The Silence of the Lambs (1991)
8.6;Se7en (1995)
8.6;Memento (2000)
8.6;It's a Wonderful Life (1946)
8.6;The Lord of the Rings: The Two Towers (2002)
8.6;Sunset Blvd. (1950)
8.6;Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb (1964)
8.6;Forrest Gump (1994)
8.6;Léon (1994)
8.6;Citizen Kane (1941)
8.6;Apocalypse Now (1979)
8.6;North by Northwest (1959)
8.6;American Beauty (1999)
8.5;American History X (1998)
8.5;Taxi Driver (1976)
8.5;Terminator 2: Judgment Day (1991)
8.5;Saving Private Ryan (1998)
8.5;Vertigo (1958)
8.5;Le fabuleux destin d'Amélie Poulain (2001)
8.5;Alien (1979)
8.5;WALL·E (2008)
8.5;Lawrence of Arabia (1962)
8.5;The Shining (1980)
8.5;Sen to Chihiro no kamikakushi (2001)
8.5;Paths of Glory (1957)
8.5;A Clockwork Orange (1971)
8.5;Double Indemnity (1944)
8.5;To Kill a Mockingbird (1962)
8.5;The Pianist (2002)
8.4;Das Leben der Anderen (2006)
8.4;The Departed (2006)
8.4;M (1931)
8.4;City Lights (1931)
8.4;Aliens (1986)
8.4;Eternal Sunshine of the Spotless Mind (2004)
8.4;Requiem for a Dream (2000)
8.4;Das Boot (1981)
8.4;The Third Man (1949)
8.4;L.A. Confidential (1997)
8.4;Reservoir Dogs (1992)
8.4;Chinatown (1974)
8.4;The Treasure of the Sierra Madre (1948)
8.4;Modern Times (1936)
8.4;Monty Python and the Holy Grail (1975)
8.4;La vita è bella (1997)
8.4;Back to the Future (1985)
8.4;The Prestige (2006)
8.4;El laberinto del fauno (2006)
8.4;Raging Bull (1980)
8.3;Nuovo Cinema Paradiso (1988)
8.3;Singin' in the Rain (1952)
8.3;Some Like It Hot (1959)
8.3;The Bridge on the River Kwai (1957)
8.3;Rashômon (1950)
8.3;All About Eve (1950)
8.3;Amadeus (1984)
8.3;Once Upon a Time in America (1984)
8.3;The Green Mile (1999)
8.3;Full Metal Jacket (1987)
8.3;Inglourious Basterds (2009)
8.3;2001: A Space Odyssey (1968)
8.3;The Great Dictator (1940)
8.3;Braveheart (1995)
8.3;Ladri di biciclette (1948)
8.3;The Apartment (1960)
8.3;Up (2009)
8.3;Der Untergang (2004)
8.3;Gran Torino (2008)
8.3;Metropolis (1927)
8.3;The Sting (1973)
8.3;Gladiator (2000)
8.3;The Maltese Falcon (1941)
8.3;Unforgiven (1992)
8.3;Sin City (2005)
8.3;The Elephant Man (1980)
8.3;Mr. Smith Goes to Washington (1939)
8.3;Oldeuboi (2003)
8.3;On the Waterfront (1954)
8.3;Indiana Jones and the Last Crusade (1989)
8.3;Star Wars: Episode VI - Return of the Jedi (1983)
8.3;Rebecca (1940)
8.3;The Great Escape (1963)
8.3;Die Hard (1988)
8.3;Batman Begins (2005)
8.3;Mononoke-hime (1997)
8.2;Jaws (1975)
8.2;Hotel Rwanda (2004)
8.2;Slumdog Millionaire (2008)
8.2;Det sjunde inseglet (1957)
8.2;Blade Runner (1982)
8.2;Fargo (1996)
8.2;No Country for Old Men (2007)
8.2;Heat (1995)
8.2;The General (1926)
8.2;The Wizard of Oz (1939)
8.2;Touch of Evil (1958)
8.2;Per qualche dollaro in più (1965)
8.2;Ran (1985)
8.2;Yôjinbô (1961)
8.2;District 9 (2009)
8.2;The Sixth Sense (1999)
8.2;Snatch. (2000)
8.2;Donnie Darko (2001)
8.2;Annie Hall (1977)
8.2;Witness for the Prosecution (1957)
8.2;Smultronstället (1957)
8.2;The Deer Hunter (1978)
8.2;Avatar (2009)
8.2;The Social Network (2010)
8.2;Cool Hand Luke (1967)
8.2;Strangers on a Train (1951)
8.2;High Noon (1952)
8.2;The Big Lebowski (1998)
8.2;Hotaru no haka (1988)
8.2;Kill Bill: Vol. 1 (2003)
8.2;It Happened One Night (1934)
8.2;Platoon (1986)
8.2;The Lion King (1994)
8.2;Into the Wild (2007)
8.2;There Will Be Blood (2007)
8.1;Notorious (1946)
8.1;Million Dollar Baby (2004)
8.1;Toy Story (1995)
8.1;Butch Cassidy and the Sundance Kid (1969)
8.1;Gone with the Wind (1939)
8.1;Sunrise: A Song of Two Humans (1927)
8.1;The Wrestler (2008)
8.1;The Manchurian Candidate (1962)
8.1;Trainspotting (1996)
8.1;Ben-Hur (1959)
8.1;Scarface (1983)
8.1;The Grapes of Wrath (1940)
8.1;The Graduate (1967)
8.1;The Big Sleep (1946)
8.1;Groundhog Day (1993)
8.1;Life of Brian (1979)
8.1;The Gold Rush (1925)
8.1;The Bourne Ultimatum (2007)
8.1;Amores perros (2000)
8.1;Finding Nemo (2003)
8.1;The Terminator (1984)
8.1;Stand by Me (1986)
8.1;How to Train Your Dragon (2010)
8.1;The Best Years of Our Lives (1946)
8.1;Lock, Stock and Two Smoking Barrels (1998)
8.1;The Thing (1982)
8.1;The Kid (1921)
8.1;V for Vendetta (2006)
8.1;Casino (1995)
8.1;Twelve Monkeys (1995)
8.1;Dog Day Afternoon (1975)
8.1;Ratatouille (2007)
8.1;El secreto de sus ojos (2009)
8.1;Gandhi (1982)
8.1;Star Trek (2009)
8.1;Ikiru (1952)
8.1;Le salaire de la peur (1953)
8.1;Les diaboliques (1955)
8.1;8½ (1963)
8.1;The Princess Bride (1987)
8.1;The Night of the Hunter (1955)
8.0;Judgment at Nuremberg (1961)
8.0;The Incredibles (2004)
8.0;Tonari no Totoro (1988)
8.0;The Hustler (1961)
8.0;Good Will Hunting (1997)
8.0;The Killing (1956)
8.0;In Bruges (2008)
8.0;The Wild Bunch (1969)
8.0;Network (1976)
8.0;Le scaphandre et le papillon (2007)
8.0;A Streetcar Named Desire (1951)
8.0;Les quatre cents coups (1959)
8.0;La strada (1954)
8.0;The Exorcist (1973)
8.0;Children of Men (2006)
8.0;Stalag 17 (1953)
8.0;Persona (1966)
8.0;Who's Afraid of Virginia Woolf? (1966)
8.0;Ed Wood (1994)
8.0;Dial M for Murder (1954)
8.0;La battaglia di Algeri (1966)
8.0;Låt den rätte komma in (2008)
8.0;All Quiet on the Western Front (1930)
8.0;Big Fish (2003)
8.0;Magnolia (1999)
8.0;Rocky (1976)
8.0;La passion de Jeanne d'Arc (1928)
8.0;Kind Hearts and Coronets (1949)
8.0;Fanny och Alexander (1982)
8.0;Mystic River (2003)
8.0;Manhattan (1979)
8.0;Barry Lyndon (1975)
8.0;Kill Bill: Vol. 2 (2004)
8.0;Mary and Max (2009)
8.0;Patton (1970)
8.0;Rosemary's Baby (1968)
8.0;Duck Soup (1933)
8.0;Festen (1998)
8.0;Kick-Ass (2010)
8.0;Fa yeung nin wa (2000)
8.0;Letters from Iwo Jima (2006)
8.0;Roman Holiday (1953)
8.0;Pirates of the Caribbean: The Curse of the Black Pearl (2003)
8.0;Mou gaan dou (2002)
8.0;The Truman Show (1998)
8.0;Crash (2004/I)
8.0;Hauru no ugoku shiro (2004)
8.0;His Girl Friday (1940)
8.0;Arsenic and Old Lace (1944)
8.0;Harvey (1950)
8.0;Le notti di Cabiria (1957)
8.0;Trois couleurs: Rouge (1994)
8.0;The Philadelphia Story (1940)
8.0;A Christmas Story (1983)
8.0;Sleuth (1972)
8.0;King Kong (1933)
8.0;Bom yeoreum gaeul gyeoul geurigo bom (2003)
8.0;Rope (1948)
8.0;Monsters, Inc. (2001)
8.0;Tenkû no shiro Rapyuta (1986)
8.0;Yeopgijeogin geunyeo (2001)
8.0;Mulholland Dr. (2001)
8.0;The Man Who Shot Liberty Valance (1962)

Bellamy Corporation uses customers served as its measure of activity. The company bases its budgets on the following information: Revenue should be $3.20 per customer served. Wages and salaries should be $21,000 per month plus $0.80 per customer served. Supplies should be $0.70 per customer served. Insurance should be $5,300 per month. Miscellaneous expenses should be $3,100 per month plus $0.10 per customer served.

The company reported the following actual results for October:

Customers served 22,000

Revenue $ 73,300

Wages and salaries $ 40,400

Supplies $ 16,100

Insurance $ 5,500

Miscellaneous expense $ 7,400

Required:

Prepare a report showing the company's revenue and spending variances for October. Label each variance as favorable (F) or unfavorable (U).

Total sales of ABC Corp. is $100 M and net income is $11.5M. The manager belives that eliminating the group marginal customers which constitutes 10% of the total sales, will increase the performance of the company. Distribute the revenue and expenses of BC Corp. between the marginal customers and credible customers, based on income statement, indicate whether the company should eliminate marginal customers or not, in terms of net profit margin.

Percentage of sales total/ fixed/ variable

Cost of sales (%) 70/ - /70

Overhead cost (%) 15/ 8/ 7

Collection exp.(%) 1 /-/ 1

Other exp. (%) 2.5/2/ 0.5

A survey found that 32​% of consumers from a Country A are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more sustainable. Suppose you select a sample of 200 respondents from Country A. Complete parts​ (a) through​ (d) below.

A. What is the probability that in the​ sample, fewer than 32​%are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

B. What is the probability that in the​ sample, between 28​% and 36​%are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

C. What is the probability that in the​ sample, more than 28​%are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

D. If a sample of 800 is​ taken, how does this change your answers to​ (a) through​ (c)?

If a sample of 800 is​ taken, what is the probability that in the sample fewer than 32​% are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

​(Round to two decimal places as​ needed.)

If a sample of 800 is​ taken, what is the probability that in the sample between 28​% and 36​%are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

​(Round to two decimal places as​ needed.)

If a sample of 800 is​ taken, what is the probability that in the sample more than 28​%are more likely to buy stock in a company based in Country​ A, or shop at its​ stores, if it is making an effort to publicly talk about how it is becoming more​ sustainable?

.

​Recently, fixed mortgage rates have been at historical lows due to the housing slowdown. The data table linked below shows the​ 30-year fixed average mortgage rate for the month of December every year between 1987 and 2010. Use these data to complete parts a through e below.

Year   Rate_(%)
1987   10.76
1988   10.82
1989   9.87
1990   9.63
1991   8.55
1992   8.24
1993   7.06
1994   7.49
1995   7.02
1996   7.2
1997   6.67
1998   6.39
1999   7.53
2000   7.57
2001   6.52
2002   6.34
2003   6.49
2004   6.29
2005   6.64
2006   6.48
2007   6.29
2008   5.44
2009   5.22
2010   5.01

    k=1   k=1   k=2   k=2   k=3   k=3
n   d L   d U   d L   d U   d L   d U
15   1.08   1.36   0.95   1.54   0.82   1.75
16   1.10   1.37   0.98   1.54   0.86   1.73
17   1.13   1.38   1.02   1.54   0.90   1.71
18   1.16   1.39   1.05   1.53   0.93   1.69
19   1.18   1.40   1.08   1.53   0.97   1.68
20   1.20   1.41   1.10   1.54   1.00   1.68
21   1.22   1.42   1.13   1.54   1.03   1.67
22   1.24   1.43   1.15   1.54   1.05   1.66
23   1.26   1.44   1.17   1.54   1.08   1.66
24   1.27   1.45   1.19   1.55   1.10   1.66
25   1.29   1.45   1.21   1.55   1.12   1.66

a. Forecast the average December mortgage rate in 2011 using a trend projection.

​(Round to two decimal places as​ needed.)

b. Calculate the MAD for this forecast.

​(Round to two decimal places as​ needed.)

c. Determine the Durbin-Watson statistic.

​(Round to two decimal places as​ needed.)

d. Identify the critical values.

dL=

dU=

​(Round to two decimal places as​ needed.)

Complete each of the following nuclear reactions and calculate the energy change (in units J/mol of reactant) associated with each one. (Al-27 = 26.981538 amu, He-4=4.002603 amu, P-30=29.981801, W-179=178.94707, Ta- 179=178.94593)

(for below x / y , x = mass number while y = atomic number)

a. 27 / 13 Al + 4 / 2 He → 30 / 15 P + ______

b. 179 / 74 W + ______ →179 / 73 Ta

Revenue Recognition: Understanding the Impact of IFRS 15 - Revenue from Contracts with Customers

Rodney Redding       Brent T. McCallum* Abstract

In May 2014, the International Accounting Standards Board issued International Financial Reporting Standard (hereafter IFRS) 15 “Revenue from Contracts with Customers”. The standard replaces the International Accounting Standards (IAS) 18, “Revenue” and IAS 11, “Construction Contracts.” The accounting guidelines under IFRS 15 will become authoritative in 2018. Some companies may not see significant changes in the amount of revenue recognized. However, in certain industries such as telecom, software development, real estate, and some retailers, the effect on revenue recognition timing may be significant. The purpose of this case is to contrast the accounting for a transaction under the present IAS standard for revenue recognition and the guidance to be implemented in 2018. The case is relevant not only for those majoring in accounting but also for majors such as finance that analyze corporate financial statements. The case requires the performance of a web search to obtain details of the guidelines provided in IFRS 15 and a contrasting of the accounting treatment under IAS 18 with the approach required by the new IFRS 15 for a mobile telecommunications company.

Key Words: Revenue Recognition , IFRS 15, “Revenue from Contracts with Customers”, International Financial Reporting Standard 15, telecommunications revenue recognition, telecoms revenue recognition, revenue recognition timing, five-step process for revenue recognition, guidance changes for revenue recognition, identify the contract with the customer, performance obligations, contract price, transaction price, satisfying the performance obligation.

Introduction

In May of 2014, the International Accounting Standards Board issued International Financial Reporting Standard (hereafter IFRS) 15 “Revenue from Contracts with Customers”. The standard replaces the International Accounting Standards (IAS) “Revenue” and “Construction Contracts” as well as several other interpretations dealing with related issues. The accounting guidelines under IFRS 15 were originally intended to become authoritative in 2017 however, following a recent amendment, this has been extended to 2018. IFRS 15 changes the guidelines for timing and amount of revenue recognition for contracts with customers. For many companies these changes will have little financial impact Companies in the telecoms, software development, real estate, and retail sectors may however be significantly impacted by these changes. The core of IFRS 15 is the new five step process for determining the timing and amount of revenue to be recognized which will now be applied to all revenue from contracts with customers.

What Are The Accountants Doing To Our Revenue? The Company

MoServ is a Middle Eastern North African (MENA) telecommunications company that has been in existence since 2011. The company provides mobile phone service to 16 Middle Eastern and African countries. To attract customers they operate similar to their competition by offering low

cost or sometimes free mobile telephones to customers that sign multiyear service contracts. The company has been able to keep initial construction costs to a minimum by signing an agreement with a competitor to use the competitor’s signal towers on a 10 year lease ending in 2022. MoServ has already begun to acquire land in suitable locations for construction of company owned signal towers. Financing of the tower construction will require the company to acquire external funding through debt issuances in 2021. The Treasurer is concerned about the potential impact of the adoption of IFRS 15 on the trading results for the company for the three years 2018 to 2020. The Treasurer has a finance background and needs to know the impact of the new revenue recognition guidelines on reported income in those two years. He requires guidance on the following issues:

• Will the effect lower reported earnings?
• If so, how much compared to earnings determined using IAS 18, the current guidance for revenue recognition?
• Will the amount of any decrease affect the cost of borrowing or perhaps even restrict access to some debt opportunities?

The treasurer has asked the Controller to assign an accounting staff member to report on the new IFRS 15 guidelines to bring the treasury staff up to date on the changes. He also wants to know how the new standard will affect the revenue recognition arrangements on their 2 year New Soltam contract. This is the company’s highest revenue generating transaction and consists of a two year calling contract with a “free” telephone upon contract signing.

Revenue Transaction

MoServ offers a package similar to many of its competitors. Customers that sign up for a multiyear contract for phone usage are provided a phone for free or at cost significantly below the market value of the mobile phone. MoServ’s main contract (that provides 95% of corporate revenue) is as follows:

2 Year New Soltam Contract with Moserv

Length of contract: 24 months Cancellation policy: Non-cancelable

Monthly fee for mobile service: AED 800 (AED: United Arab Emirates currency) Contract signing bonus: New Soltam 398FX6 sophisticated mobile phone

Other information:

Normal selling price of Soltam mobile phone without contract: AED 1800. A 24 month contract with no free mobile phone is 870 AED per month.

The cost to MoSERV for the Soltam 398FX6 is AED 900 per unit.

Specific Instructions and Questions for the Accounting Staff

1. Access one of the websites of one of the Big Four public accounting firms and obtain the firm’s publication on IFRS 15. You are looking for only an Overview of the guidance. The Treasurer only wants an introduction to the guidance not detailed information. Attach a file to your report with this information or publication for review by the Treasurer.
2. Is the new revenue recognition guidance different under IASB and FASB? Or is this a joint project where the guidance is similar?
3. Indicate the IASB standard that is followed currently by MoServ before the adoption of IFRS 15.
4. Show the accounting for the signing of one contract by a customer under the current IASB authoritative guidance, for revenue recognition. Include the accounting at the time of signing the contract and for the first two months of the contract.
5. What is the effective date for the adoption of IFRS 15?
6. Can MoServ adopt IFRS early?
7. List and discuss the five steps of revenue recognition under IFRS 15 as applied to MoServ’s 2 Year New Soltam contract. Include the accounting journal entries at the time of signing the contract and for the first two months of the contract.
8. Write a brief description of the differences in the revenue and expense recognition under the two IASB standards.