Percy Footwear acquired all the voting stock of Simali Inc. at the beginning of 2016. The acquisition cost was $400,000, and Simali’s book value at that time consisted of $25,000 in capital stock and $75,000 in retained earnings. Revaluation information for Simali’s identifiable net assets is as follows:

• Plant assets with a 20-year remaining life, straight-line, were overvalued by $80,000
• Inventory (sold in 2016) was overvalued by $20,000
• Previously unrecorded indefinite life developed technology was valued at $150,000; impairment to the beginning of 2020 was $10,000, and there is no impairment for 2020.
• Goodwill was not impaired as of the beginning of 2020; impairment in 2020 was $25,000.

It is now the end of 2020 (five years after the acquisition). Simali’s retained earnings at the beginning of 2020 is $125,000, and it reports net income of $45,000 for 2020. It declares no dividends. Percy uses the complete equity method to report its investment in Simali on its own books. Simali sells merchandise to Percy on a regular basis, at a markup of 20 percent on cost. Total sales made to Percy in 2020 were $200,000. Percy’s beginning inventory balance has $12,000 in merchandise purchased from Simali. Percy’s ending inventory balance has $18,000 in merchandise purchased from Simali.

Required

a.         Calculate equity in net income for 2020, reported on Percy’s books.

b.         Calculate the December 31, 2020 balance for investment in Simali, reported on Percy’s books.

c.          Calculate the original balance for goodwill, reported for this acquisition.

When will Dollar Tree Inc (CIK: 935703; Nasdaq ticker: DLTR) publish an annual report of 53 weeks' financial results?

Why will the financial statements report 53 weeks instead of 52 weeks as intuitively we have a 52-week year.

Identify this balance sheet date for Dollar Tree Inc (must be a date after Feb 1, 2020 and closest to Feb 1, 2020).

The total population of the United States was 151, 325, 798 in 1950; it increased to 281,421,906 in 2000 and to 308,745,538 in 2010.

Find the percent change in population of the US from 1950 to 2010.

19. Flash Crash of May 6, 2010

Describe the flash crash of May 6, 2010, and explain why it caused so much concern among investors and regulators

Python

ONLY ONE STATEMENT ALLOWED PER FUNCTION (ONE RETURN STATEMENT ALLOWED)
def plsfollowrule(num):

return num

like this.

1) create a function popular. The dictionary called database contains each people's hobby and their excitement level. This function searches the dictionary and returns a list of that most popular hobby to least popular hobby. If multiple hobbies have the same number of popularity, follow alphabetical order.

#What is popular means? The dictionary contains each people's hobby. The programmer should search the dictionary and figure out how many times this hobby popular to the people.

For example

database = {'Dio': {'Lottery': 2, 'Chess': 4, 'Game': 3},'Baily': {'Game': 2, 'Tube': 1, 'Chess': 3}, 'Chico': {'Punch': 2, 'Chess': 5}, 'Aaron': {'Chess': 4, 'Tube': 2, 'Baseball': 1}}

def popular(database) -> list:

#ONE STATEMENT ALLOWED, THAT WILL BE ONE RETURN STATEMENT

output

['Chess', 'Game', 'Tube', 'Baseball', 'Lottery', 'Punch']

#Chess appear the most time which 4

#Game appear 2 times

#Tube appear 2 times but by the alphabetical order, it located after game

#baseball appear 1 time

#lottery appear 1 time but by the alphabetical order, it located after baseball

#punch appear 1 time but by the alphabetical order, it located after lottery

Erskine Consulting Ltd. has been in business for several years, providing software consulting to its customers on an annual contract or special assignment basis. All work is done over the Internet, although some travel is occasionally required for meeting with customers to negotiate contracts and renewals of contracts, as well as resolving possible disputes in invoicing for their services. Erskine operates out of rented premises and has a modest investment in equipment that is used by the consulting team. Erskine is a private company that follows ASPE and that has a calendar year end.

At the end of each year, Erskine obtains the services of an accountant to complete the annual accounting cycle of the business and prepare any year-end adjusting of journal entries, financial statements, and corporate tax returns.

Upon arrival in early 2020, the accountant was given an unadjusted trial balance and obtained the following additional information to complete his work.

Show any calculations used in completing this question.

Additional information:

1. 1. Management has been going over the list of accounts receivable for possible accounts that are not collectible. One account for $700 must be written off. In the past, 5% of the balance of all accounts receivable has been the basis of an estimate for the required balance in the allowance for doubtful accounts. Management feels that this estimate should be followed for 2020.
2. 2. After doing a count of supplies on hand, management determined that $400 of supplies remained unused at December 31, 2020.
3. 3. The account balance in Prepaid Insurance of $4,000 represents the annual cost of the renewal of all of Erskine's insurance policies that expire in one year. The policies' coverage started April 1, 2020.
4. 4. FV-NI Investments are long-term investments. The fair value of the portfolio of investments was $22,500 at December 31, 2020, based on quoted market values on the TSX.
5. 5. In January 2020, some old equipment was sold for proceeds of $300 cash. The entry made when depositing the cash was debit Cash, credit Gain on Disposal of Equipment. The original cost of the equipment was $4,300 and the accumulated depreciation was $4,200.
6. 6. The depreciation expense for the remaining equipment was calculated to be $7,200 for the 2020 fiscal year.
7. 7. The notes receivable from customers are due October 31, 2023, and bear interest at 5%, with interest paid semi-annually. The last interest collected related to the notes was for the six months ended October 31, 2020.
8. 8. Bank loans are demand bank loans for working capital needs and vary in amount as the needs arise. The bank advised that the interest charge for December 2020 that will go through on the January 2021 bank statement is in the amount of $200.
9. 9. Unpaid salaries and wages at December 31, 2020, totalled $790. These will be paid as part of the first payroll of 2021.
10. 10. After some analysis, management informs the accountant that the Unearned Revenue account should have a balance of $1,000.
11. 11. Erskine was sued by one of its former clients for $50,000 for giving bad advice and instructions. Upon discussion with legal counsel, it has been agreed that it will likely take $5,000 to settle this dispute out of court, in the next fiscal year. No entry has yet been recorded.
12. 12. The accountant is told that a sublet lease arrangement for some excess office space has been negotiated and signed. It will provide Erskine with rent revenue starting on February 1, 2021, at a rate of $400 per month.
13. 13. Erskine has been making income tax instalments as required by the Canada Revenue Agency. All instalment payments have been debited to the Income Taxes Payable account.
14. 14. After recording all of the necessary adjustments and posting to the general ledger, management drafted a new trial balance to arrive at the income before income taxes. Using this result, the accountant prepared the tax returns, and determined that a tax rate of 28% needed to be applied to the income before income tax amount. The necessary adjusting entry for taxes has not yet been recorded.

Instructions

a. Prepare all necessary adjusting and correcting entries required based on the information given, up to item 13.

b. Post the journal entries in adjustment columns and arrive at an adjusted trial balance. Enter the journal entries in the following worksheet format:

c. Using the adjusted trial balance columns of your worksheet, calculate the amount of income before income taxes. Use the information provided in item 14 to record income tax expense for the year.

d. Prepare a single-step statement of income, a statement of retained earnings, and a statement of financial position for 2020.

2) A bank lends money to a firm on 01/01/2010. According to the lending agreement, the bank will receive the following payments:

06/30/2010 - $2,300,000

12/31/2010 - $1,300,000

06/30/2011 - $5,700,000

12/31/2011 - $3,400,000

06/30/2012 - $360,000

12/31/2012 - $560,000

If the annual interest rate on the loan is 3.80%, how much did the firm borrow?

In response to the adverse effects of COVID-19, the federal government introduced some palliative measures such as Canada Emergency Response Benefit (CERB) and Canada Emergency Wage Subsidy (CEWS).

1. Are CERB and CEWS tools of fiscal or monetary policies?
2. Which component(s) of aggregate demand (AD) would CERB directly impact?
3. Which component(s) of aggregate demand (AD) would CEWS directly impact?
4. Is CERB a transfer payment? Explain
5. On Wednesday, April 15, 2020, the federal government made some changes to CERB eligibility criteria. Information on the Canada Revenue Agency (CRA)’s website states that “The CERB is now available if you earned $1000 (before taxes) or less during an eligibility period.” Now that the eligibility criteria have been relaxed, what effect would it have on the labour supply of those who will earn $1001 (before taxes) during an eligibility period?
6. Given that the federal government intends to phase out the CERB in September 2020, what do you think the government anticipate would happen to the unemployment rate by September 2020?
7. For CERB to achieve the desired objective, what do you think the federal government anticipates would happen to the marginal propensity to expend (MPE)?

Credit Card Transactions:

September26: Credit card payment $9,000.

September28: Paid net wages to 4 employees @$1082 each after withholding tax of @$118 per employee. Guaranteed super is 9.5% on gross salary. You will mention the name of each employed as a payee.

September 28: Received Electricity bill $231 including GST. The bill is not yet paid.

September 30: Bank charged account fees $10.        

1. Prepare Profit and Loss Statement for the month ended on 30th September2020 and Balance Sheet at 30th September2020.

Consider a set of n boxes with their positions numbered from 1 to n. Initially all the boxes
are CLOSED. These n boxes are subject to modifications over n iterations as follows. At the ith
iterations the boxes at the positions whose ids are multiples of i are flipped, i.e. changed from
CLOSED to OPEN or vice-versa. For example, at iteration 1, boxes at all positions are
flipped, at iteration 2, boxes at positions 2,4,6,etc. are flipped, at iteration 3, boxes at positions 3,6,9, etc.
are flipped.
Propose an algorithm for find out, that after n such iterations how many boxes will be OPEN.
Note that the answer requires only how many boxes, not their positions. Describe the rationale
for the algorithm, give the pseudocode, and its complexity. Grading scheme: (your grade will be
based on whichever class your algorithm falls in)
- For algorithms with complexity O(kn), where k is the number of digits of n.