Can you explain what Woolworth can do to regain shareholder confidence after receiving a major salary scandal? (200-300 words)
Because according to ASX (2020) the price of Woolworth's shares fell after this news.
In: Accounting
Use Python to write the following code.
Program Specifications:
You are to design the following menu:
G] Get a number
S] Display current sum
A] Display current average
H] Display the current highest number
L] Display the current lowest number
D] Display all numbers entered
Q] Quit
If the user enters G, S, A, H, L, or D before selecting G the program needs to advise the user to go and enter a number first.
Rules for the Programmer (you)
In: Computer Science
Prior to 2019, the accounting income and taxable income for Sunland Corporation were the same. On January 1, 2019, the company purchased equipment at a cost of $468,000. For accounting purposes, the equipment was to be depreciated over 9 years using the straight-line method. For income tax purposes, the equipment was subject to a CCA rate of 20% (half-year rule applies for 2019). Sunland’s income before tax for accounting purposes for 2020 was $1,895,000. The company was subject to a 25% income tax rate for all applicable years and anticipated profitable years for the foreseeable future. Sunland Corporation follows IFRS.
Calculate taxable income and taxes payable for 2020.
| Taxable income, 2020 | $ | |
| Taxes payable, 2020 | $ |
Prepare the journal entries to record 2020 income taxes (current
and deferred). (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
|
Account Titles and Explanation |
Debit |
Credit |
|
(To record current income taxes) |
||
|
(Record the net change from 2019 to 2020.) |
In: Accounting
On January 1, 2020, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to St. Leger Inc. for 3 years on January 1, 2020, with annual rent payments of $150,955 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $562,500, though this amount is unguaranteed.
a. How much should Young report as income before income tax on this lease for 2020?
b. Record the journal entries St. Leger would record for 2020 on this lease, assuming its incremental borrowing rate is 6% and the rate implicit in the lease is unknown.
c. Suppose the lease was only for one year (only one payment of the same amount at commencement of the lease), with a renewal option at market rates at the end of the lease, and St. Leger elects to use the short-term lease exception. Record the journal entries St. Leger would record for 2020 on this lease.
In: Accounting
At the beginning of 2020, Cameron Company's retained earnings was $212,000. For 2020, Cameron has calculated its pretax income from continuing operations to be $120,000. During 2020, the following events also occurred:
1. During July, Cameron sold Division M (a component of the company). The book values of Division M’s assets and liabilities are $300,000 and $100,000, respectively, at the time of
sale. The company sold Division M for cash $159,500. During 2020 before its sale, Division M recognized revenues of 100,000 and expenses of 61,000 (excluding income tax expense).
2. Cameron had 21,000 shares of common stock outstanding during all of 2020. It declared and paid a $1 per share cash dividend on this stock.
3. Cameron also paid $7,500 cash dividend to its preferred stockholders.
Required:
Assuming that all the “pretax” items are subject to a 21% income tax rate:
1. Complete the lower portion of Cameron's 2020 income statement, beginning with “Pretax
Income from Continuing Operations.”
2. Prepare an accompanying retained earnings statement.
In: Finance
Based on the liquidity ratios, how would you describe Burlington Company's short-term cash situation?
What has happened to the Burlington Company efficiency ratios between 2009 and 2010? What does that tell you about the company's inventory levels? About the company's efficient use of assets?
Have the company's profitability ratios improved? What may have caused this?
| Income Statement | Balance Sheets | |||||||||||||||
| for Years Ending December 31 | Common Size | as of December 31 | Liquidity Ratios | 2010 | 2009 | |||||||||||
| Fin Stmts | Common Size | Current Ratio | 4% | 3% | ||||||||||||
| 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | Fin Stmts | Quick Ratio | 2% | 2% | |||||||
| Sales | $ 900,000 | $ 800,000 | 100% | 100% | Assets | 2010 | 2009 | Working Capital | $ 122,000 | $ 102,000 | ||||||
| Cost of Sales | 610,000 | 480,000 | 68% | 60% | Cash | $ 40,000 | $ 39,000 | 8% | 9% | Avg. Collection Period | 28% | 20% | $ 2,466.00 | $ 2,192.00 | ||
| Gross Margin | 290,000 | 320,000 | 32% | 40% | Accounts Receivable | 54,000 | 59,000 | 11% | 13% | |||||||
| Selling & Admin expenses | 248,000 | 280,000 | 28% | 35% | Inventory | 70,000 | 43,000 | 14% | 10% | Asset Efficiency Ratio | ||||||
| Income before taxes | 42,000 | 40,000 | 5% | 5% | Prepaid Expenses | 4,000 | 4,000 | 1% | 1% | Inventory Turnover | 9% | 11% | ||||
| Income tax expense | 17,000 | 18,000 | 2% | 2% | Fixed Assets (net) | 340,000 | 310,000 | 67% | 68% | |||||||
| Net Income | $ 25,000 | $ 22,000 | 3% | 3% | Total Assets | $ 508,000 | $ 455,000 | 100% | 100% | |||||||
| Solvency Ratio | ||||||||||||||||
| Liabilities & Equities | Debt to Equity | 0.40% | 0.50% | |||||||||||||
| Accounts Payable | $ 40,000 | $ 38,000 | 27% | 27% | ||||||||||||
| 12.50% | Salaries Payable | 2,000 | 3,000 | 1% | 2% | Profitability | ||||||||||
| Taxes Payable | 4,000 | 2,000 | 3% | 1% | Return on Investment | 14% | 14% | |||||||||
| Long Term Debt | 100,000 | 100,000 | 69% | 70% | ||||||||||||
| Total Liabilities | 146,000 | 143,000 | 29% | 31% | ||||||||||||
| Contributed Capital | 200,000 | 175,000 | 39% | 39% | Use the following amounts to calculate the | |||||||||||
| Retained Earnings | 162,000 | 137,000 | 32% | 30% | 2009 asset efficiency ratios: | |||||||||||
| Total Liabilities & Equities | $ 508,000 | $ 455,000 | 100% | 100% | 2008 inventory | $ 40,000 | ||||||||||
| Use the following amounts to calculate the | ||||||||||||||||
| rate of return for investment: | ||||||||||||||||
| 2008 Contributed Capital | $200,000 | |||||||||||||||
In: Finance
In: Accounting
In: Accounting
In: Operations Management
In: Psychology