Questions
Create an HTML page that contains a three-level nesting list (you may choose the type of...

Create an HTML page that contains a three-level nesting list (you may choose the type of the list you want to use). One item on each level. Use the three attached images as the content of each of the three list items.

use any random image name located in the default directory

In: Computer Science

Python English algorithm explanation Write a program that asks the user for the name of a...

Python

English algorithm explanation

Write a program that asks the user for the name of a file in the current directory. Then, open the
file and process the content of the file.
1)If the file contains words that appear more than once, print “We found duplicates.”
2)If the file does not contain duplicate words, print “There are no duplicates.”

In: Computer Science

Python English algorithm explanation Write a program that asks the user for the name of a...

Python

English algorithm explanation

Write a program that asks the user for the name of a file in the current directory. Then, open the
file and process the content of the file.
1)If the file contains words that appear more than once, print “We found duplicates.”
2)If the file does not contain duplicate words, print “There are no duplicates.”

In: Computer Science

There are an infinite number of ways that you can design your Organizational Unit structure within...

There are an infinite number of ways that you can design your Organizational Unit structure within Active Directory. There are four generally accepted methods that are considered best practice:

  • Political/Functional

  • Geographic

  • Resource-based

  • User classification

Discuss pro/cons of one of these methods or discuss a different methodology on OU structure.

In: Computer Science

Compare and Contrast peer-to-peer, client/server, and directory services networks. Be sure to specify the advantages and...

Compare and Contrast peer-to-peer, client/server, and directory services networks. Be sure to specify the advantages and disadvantages along with how security is managed of each type of network. PLEASE DO NOT HAND WRITE THE ANSWER!! PLEASE ANSER THE QUESTION THOROUGHLY!! IF YOU CANNOT PROVIDE 1,000 WORDS DO NOT ANSWER THE QUESTION!!

In: Computer Science

What were the reasons why Korea’s economy did not develop in the past? What challenges did...

  • What were the reasons why Korea’s economy did not develop in the past?
  • What challenges did Korea face?
  • How could South Korea overcome these challenges?
  • What were some of South Korea’s first exports?

In: Economics

Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year...

Specific Identification, FIFO, LIFO, and Weighted-Average

Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows:

Units Unit Price Total Cost
October 1, 20-1 Beginning inventory 400 $20 $8,000
October 18 1st purchase 510 20.5 10,455
November 25 2nd purchase 200 21.5 4,300
January 12, 20-2 3rd purchase 350 23 8,050
March 17 4th purchase 880 24 21,120
June 2 5th purchase 850 24.5 20,825
August 21 6th purchase 200 25.5 5,100
September 27 7th purchase 730 26.5 19,345
4,120 $97,195

Use the following information for the specific identification method.

There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units:

100 are from October 18, 20-1 1st purchase
200 are from January 12, 20-2 3rd purchase
100 are from March 17 4th purchase
400 are from June 2 5th purchase
200 are from August 21 6th purchase
300 are from September 27 7th purchase

Required:

Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. For the weighted-average method, round the average unit cost to two decimal places. Round all final answers to the nearest dollar.

Cost of Goods Sold Cost of Ending Inventory
1. FIFO
2. LIFO
3. Weighted-average
4. Specific identification

In: Accounting

The following were selected from among the transactions completed by Caldemeyer Co. during the current year....

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.

Jan. 3. Loaned $21,600 cash to Trina Gelhaus, receiving a 90-day, 8% note.
Feb. 10. Sold merchandise on account to Bradford & Co., $25,200. The cost of the merchandise sold was $15,120.
13. Sold merchandise on account to Dry Creek Co., $55,200. The cost of merchandise sold was $49,680.
Mar. 12. Accepted a 60-day, 8% note for $25,200 from Bradford & Co. on account.
14. Accepted a 60-day, 9% note for $55,200 from Dry Creek Co. on account.
Apr. 3. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.)
May 11. Received from Bradford & Co. the amount due on the note of March 12.
13. Dry Creek Co. dishonored its note dated March 14.
July 12. Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note.
Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3.
Oct. 5. Sold merchandise on account to Halloran Co., $14,500, net/30. The cost of the merchandise sold was $8,700.
15. Received from Halloran Co. the amount of the invoice of October 5.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

X

Chart of Accounts

CHART OF ACCOUNTS
Caldemeyer Co.
General Ledger
ASSETS
110 Cash
111 Petty Cash
121 Accounts Receivable-Bradford & Co.
122 Accounts Receivable-Dry Creek Co.
123 Accounts Receivable-Trina Gelhaus
124 Accounts Receivable-Halloran Co.
129 Allowance for Doubtful Accounts
131 Interest Receivable
132 Notes Receivable
141 Merchandise Inventory
145 Office Supplies
146 Store Supplies
151 Prepaid Insurance
181 Land
191 Store Equipment
192 Accumulated Depreciation-Store Equipment
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
211 Salaries Payable
213 Sales Tax Payable
214 Interest Payable
215 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
420 Sales Discounts
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense-Store Equipment
523 Delivery Expense
524 Repairs Expense
529 Selling Expenses
530 Office Salaries Expense
531 Rent Expense
532 Depreciation Expense-Office Equipment
533 Insurance Expense
534 Office Supplies Expense
535 Store Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Miscellaneous Expense
710 Interest Expense

X

Journal

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

11

12

13

14

In: Accounting

Below are the statements of financial position for Jupiter Plc, Neptune Limited, Pluto Limited and Venus Co for the year ended 30 April 2021.

Below are the statements of financial position for Jupiter Plc, Neptune Limited, Pluto Limited and Venus Co for the year ended 30 April 2021.

Jupiter £000 Neptune £000 Pluto £000 Venus K000 22,500 10,500 5,500 Non-Current Assets Property, Plant and Equipment Devei) Share CapitalNotes to the Above Accounts

  • All ordinary shares other than those in Venus Co have a par value of 50 pence.
  • Ordinary shares in Venus Co have a par value of K1.

ii)     Exchange Rates

  • Rate at 1 May 2020: £1 = K10  £1 = €1.25
  • Average for year to 30 April 2021: £1 = K10 £1 = €1.55
  • Rate at 30 April 2021: £1 = K12 £1 = €1.60

iii) Neptune Limited

  • Jupiter Plc purchased 7,500,000 ordinary shares in Neptune Limited on 31 October 2020. The purchase consideration was made up of 2 new ordinary shares in Jupiter valued at £1.20 each for every 3 shares held in Neptune Limited and £11,000,000 paid in 12 months’ time. Jupiter Plc has recorded the £11,000,000 payable in current borrowings and investments, but the accountant has not recorded the number or value of shares issued in Jupiter Plc’s investments.
  • Jupiter Plc’s cost of capital is 10% and Neptune Limited’s cost of capital is 8%
  • Profit for the year to 30 April 2021 for Neptune Limited was £1,000,000.
  • At the date of acquisition, the fair value of Neptune Limited’s freehold properties was agreed to be £4,000,000 higher than book value; properties had an average remaining useful life of 10 years at the date of acquisition. This fair value adjustment has not been included in Neptune Limited’s books of account.
  • It is group policy to capitalise development expenditure. Neptune Limited writes off development expenditure as it is incurred. At 31 October 2020 Jupiter Limited had written off development expenditure amounting to £600,000 and the total development expenditure written off up to 30 April 2021 amounted to £1,800,000.
  • On 29 April 2021, Jupiter Limited remitted a payment to Pluto Limited for £100,000 to clear Jupiter Limited’s current account balance with Pluto Limited at the year end. Pluto Limited did not receive this cheque until 2 May 2021 and has not reflected this payment in trade receivables.
  • At the date of acquisition, the non-controlling interest in Neptune Limited was agreed to have a fair value of £3,750,000.

iv) Pluto Limited

  • Neptune Limited paid £1,648,000 to acquire 800,000 ordinary shares in Pluto Limited on 1 May 1996. Neptune Limited had no significant influence over Pluto Limited at this time as there was a controlling shareholder.
  • Jupiter Plc paid £600,000 to acquire 300,000 ordinary shares in Pluto Limited on 1 May 2020.
  • The retained earnings for Pluto Limited were as follows:

 

£’000

1 May 1996

250

1 May 2020

895

31 October 2020

960

  • The inventories of Jupiter Plc include goods which had cost Pluto Limited £2,300,000 and to which Pluto Limited had added a 25% mark up.
  • At the point of acquisition, the non-controlling interest in Pluto Limited was agreed to have a fair value of £1,200,000

v)  Venus Co

  • Venus Co is a company incorporated in Krulia.
  • Jupiter Plc acquired 1,750,000 of the ordinary shares in Venus Co on 1 May 2020 at a cost of £400,000 when the retained earnings of Venus Co stood at K6,000,000.
  • At the date of acquisition, the fair value of net assets was the same as the book value of net assets.

vi) Borrowings

  • Jupiter Plc’s non-current liabilities includes borrowings which are denominated in Euros. The loan is for €4,000,000. This loan was last translated at 30 April 2020. No adjustment for movements in exchange rates have been made since this date. The loan remains in Jupiter Plc’s statement of financial position at the sterling value as at 30 April 2020

vii) Goodwill

  • Positive goodwill is carried at cost and is reviewed annually for impairment.
  • Negative goodwill is credited directly to retained earnings.
  • An impairment review of goodwill had been carried out at year end and concluded that there had been no impairment of the goodwill associated with any of the investee companies.
  • It is the group’s policy to value any non-controlling interests at their fair value.

YOU ARE REQUIRED TO:

Prepare the group statement of financial position for the Jupiter Plc Group as at 30 April 2021.
All your calculations should be made to the nearest £000.



 

In: Accounting

ABC Company of Kuwait is the largest independent owner-operator of large-scale automated self-storage complexes in Kuwait...

ABC Company of Kuwait is the largest independent owner-operator of large-scale automated self-storage complexes in Kuwait City area. The first self-storage complex was opened in Kuwait in 1997 and now has facilities throughout downtown Kuwait City and nearby residential areas. The business is based on a franchise management company located in Michigan State (USA). Mr. Sarfaz, CEO of ABC, was considering options for financing $1,000,000 of new forklifts needed for the commercial storage facilities. In Kuwait there was no corporate tax, therefore ABC could not take advantage of the equipment’s depreciation tax shield. Mr. Sarfaz was considering a fifteen years lease of the equipment. The Canadian lessor, DEF Leasing Co., had offered to structure a capital lease for ABC Company, as long as DEF could arrange non- recourse financing for the equipment. DEF wanted to purchase the forklifts with $200,000 of its own cash and $800,000 borrowed from a bank in Dubai at 7.5%. The leasing company’s effective tax rate was 30%, and Canadian tax laws permit use of the double-declining balance method for leasing companies. The forklifts had a tax life of seven years. DEF Leasing Co. estimated that it could sell the equipment for $200,000 (the residual value after fifteen years). ABC, the lessee, had requested an early buyout option (EBO) after ten years. Immediately upon purchase, the lessor would lease the equipment to the lessee for fifteen years. Rents would be paid monthly, on the same day the debt services were due, and the rents always would be sufficient to pay debt service. When Mr. Sarfaz received a fax summarizing the terms of the lease, he could hardly believe his eyes. The lessor offered ABC a 15-year lease with 180 equal monthly payments of $8,052. This included an effective interest rate of only 6.5% per annum. Not only was the rate very attractive, but ABC Company would also receive 100% financing with no downpayment. He decided to try for the early buyout option and scribbled “Accepted, as long as we get the EBO!” on the term sheet, signed it, and faxed it back to Toronto.

1). Show, with a diagram, the cash flows in this deal, assuming no Early Buyout Option.

2). Would the deal make sense for DEF Leasing, assuming that its shareholders insist on a required return on equity of 15% p.a.?

In: Accounting