During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to change to the average method for both financial reporting and tax purposes.

Income components before income tax for 2019, 2020, and 2021 were as follows:

Dividends of $39 million were paid each year. Fieri’s fiscal year ends December 31.

Required:
1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.)
2. Prepare the 2021–2020 comparative income statements.
3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method.

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:

   
Required:
2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Metlock Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative balance sheets as of December 31, 2019 and 2020, and a statement of income and retained earnings for the year ended December 31, 2020, are presented as follows.

Calculation of current and deferred tax, and adjustment entry

The profit before tax, as reported in the statement of profit and loss for Adeline Ltd for the year ended 30 June 2021, amounted to $100 000, including the following revenue and expense items.

The statement of profit and loss for Adeline Ltd for the year ended 30 June 2021 also included a gain on sale of equipment of $10 000. According to AASB 116/IAS 16, this gain is not classified as revenue, but it is nevertheless part of the accounting profit before tax for the year. The draft statements of financial position of Adeline Ltd at 30 June 2020 and 30 June 2021 showed the following assets and liabilities.

Additional information

In the year ended 30 June 2020, Adeline Ltd had a tax loss of $65 000 that it carried over in the deferred tax asset. In June 2021, the company received an amended assessment for the year ended 30 June 2020 from the ATO, indicating that an amount of $5000 claimed as a deduction has been disallowed. Adeline Ltd has not yet adjusted its accounts to reflect the amendment.

Amounts received from sales, including those on credit terms, are taxed at the time the sale is made. All other general taxation rules apply.

The movement in the equipment account is caused by the sale of the equipment on 1 March 2021 for which a gain on sale of $10 000 was recognised as part of the profit before tax (see above). Adeline Ltd had purchased the equipment on 1 July 2019 (with an estimated useful life of 2 years and no residual value) and for taxation purposes it claimed its full cost as a deduction at 30 June 2020.

The plant is depreciated on a straight?line basis over 10 years for accounting purposes, but over 5 years for taxation purposes. The plant is not expected to have any residual value.

All research and development expenses were paid in cash during the year ended 30 June 2021.

The company tax rate is assumed to be 30% for the year ended 30 June 2020 and 28% for the year ended 30 June 2021. The balances of the deferred tax accounts at 30 June 2020 are still reflecting the 30% tax rate.

Required

1. Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2021.

2. Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts.

One of your duty as employee of Wanlap Company is to prepare the cash budget for the
period from 1 January to 30 June 2020.

Use the following information to assist you in preparing that budget:

-80 per cent are credit sales; 80 per cent of credit sales will be collected in the next
month; 15 per cent will be collected 60 days after sales and 4 per cent more will be
collected 90 days after sales. The company had to bear one per cent of credit sales
as uncollectable debt (bad debt).

-Purchases made every month are 65 per cent of sales forecasted for the next
month. Payment for these purchases will only be made one month after purchase.

-The company intends to maintain a minimum cash balance of RM300,000. The
cash balance on 1 January is RM300,000.

-The company expects the delivery of a new machine in the month of April.
Payment of RM400,000 will be made after delivery had been done.

-Payment for tax of RM500,000 will be made in the month of March and June.

-Rental of RM100,000 per month. Other cash expenditure is 3 per cent of sales.

-The depreciation expenses are RM150,000 per month.

-Labor expenses are 10 per cent of sales for the next month.

-The company’s board of directors intends to maintain the dividend payment of
RM450,000 that will be made in the month of June.

-Sales in the month of October are RM3,000,000 and RM2,000,000 in the months
of November and December 2019 respectively.

-Sales forecast for the first seven months in the year 2020 is as follows:

-The company will make interest payments in the month of June for RM310,000.

Prepare the following:
(A)Forecasted Cash Received schedule.

(B)Forecasted Monthly Cash Payment schedule.

(C) Cash Budget from January until 30 June 2020.

One of your duty as employee of Wanlap Company is to prepare the cash budget for the
period from 1 January to 30 June 2020.

Use the following information to assist you in preparing that budget:

-80 per cent are credit sales; 80 per cent of credit sales will be collected in the next
month; 15 per cent will be collected 60 days after sales and 4 per cent more will be
collected 90 days after sales. The company had to bear one per cent of credit sales
as uncollectable debt (bad debt).

-Purchases made every month are 65 per cent of sales forecasted for the next
month. Payment for these purchases will only be made one month after purchase.

-The company intends to maintain a minimum cash balance of RM300,000. The
cash balance on 1 January is RM300,000.

-The company expects the delivery of a new machine in the month of April.
Payment of RM400,000 will be made after delivery had been done.

-Payment for tax of RM500,000 will be made in the month of March and June.

-Rental of RM100,000 per month. Other cash expenditure is 3 per cent of sales.

-The depreciation expenses are RM150,000 per month.

-Labor expenses are 10 per cent of sales for the next month.

-The company’s board of directors intends to maintain the dividend payment of
RM450,000 that will be made in the month of June.

-Sales in the month of October are RM3,000,000 and RM2,000,000 in the months
of November and December 2019 respectively.

-Sales forecast for the first seven months in the year 2020 is as follows:

-The company will make interest payments in the month of June for RM310,000.

Prepare the following:
(A)Forecasted Cash Received schedule.

(B)Forecasted Monthly Cash Payment schedule.

(C) Cash Budget from January until 30 June 2020.

PART 1 :-Main idea: Research and explain the response from the World Trade Organization (WTO) to disputes involving tariffs.

Requirements:

a) Provide a summary of a tariff situation that has been brought before the WTO for evaluation. What has been the response of the WTO? Has the case/situation has been resolved? If so, how? What are the controversies that are present?

b) Use the WTO.org webpage and at least one Wall Street Journal article to support your discussion.

classmate posting :-

During the COVID 19 crisis, the WTO is no different than other entities being affected by the pandemic. When disputes such as tariffs arise, The WTO underscores the rule of law, and it makes the trading system more secure and predictable. There are also appeals possible based on points of law. If disputes arise from one country adopts trade policies or other measures, other countries may question this as breaking the WTO agreement or “failure to live up to their obligations.” There also is a possibility that another third-party group of countries can also declare that the country under dispute has formed interest and have privileged rights over others.

In 2020, there were tariffed items such as medical supplies, medical equipment, medicine, and personal protective products, as well as selected COVID 19 related products and all other medicinal products including selected medical products and supplies there was also an HS classification reference for COVD -19 medical supplies set by the World Customs Organization. The list of classifications is “ mainly intended to facilitate product classification for customs purposes” (World Trade Organization, 2020).

These special tariffs are focused explicitly on medical goods in tackling COVID-19. In Summary, Germany, the US, and Switzerland supplied 35% of medical products with China, German, and Germany, exporting 40% of the personal protective equipment. Estimates of imports and exports total about 2 trillion, including the trade that is worth close to “5% of total world merchandise trade in 2019” (World Trade Organization, 2020). If appeals are requested after dispute settlements arise is an average of one year without an appeal and one year and three months with an appeal. Much time that is dedicated on appeals are after a dispute settlement that has already taken place anywhere from 60-105 days in which a [anal has reviewed the case in mediation to find if there are any ways of rectifying the claim that can be made from the original dispute. If a country is found deficient in the complaint or ruling, they must follow whatever recommendations that have been given to them from the WTO.   

References

(2020). Trade in medical goods in the context of tackling Covid-19. Retrieved from https://data.wto.org/

World Trade Organization. (2020, July 17). Retrieved July 17, 2020, from World Trade Organization/Data: https://data.wto.org/

part 2 :- REPLY:- to the classmate posting

Requirements:

a) Respond to one of the issues discussed by a classmate. Does the position taken by the WTO on the tariff issues highlighted in their post have the potential to impact all countries equally or does there seem to be favoritism towards a certain ‘type’ of nation. Explain how you arrive at that conclusion with logical analysis.

b) minimum of 130-150 words. put ideas into your own words to demonstrate understanding. Outside sources not required. Cite any sources used in APA.

Brief down in at least 200 words of what do you personally think about the following country risk profile of Brazil. Include your personal views about the following country risk profile & explain with a proper justification whether a company should business with or in Brazil.

Economic Risk : Brazil is the world's eighth largest economy. The nation is trying its best at remaking itself after the downturn that happened five years prior, when the economy shrunk by nearly 7%. From that point forward, Brazil hasn't had the option to develop at a similar movement it was accustomed to, during the decade prior to the downturn. Nonetheless, things appear to be gazing upward monetarily in Brazil, yet the current recuperation is a moderate one. In 2019, the nation's GDP became 1.1%, against 1.3% in 2018, and it is relied upon to tumble to - 5.3% in 2020 because of the episode of the COVID-19 and get to 2.9% in 2021, as indicated by the refreshed IMF conjectures from fourteenth April 2020. In 2019, expansion rate was equivalent to 3.7% - same pattern in 2018 and is required to remain moderately steady, at 3.6% in 2020 and 3.3% in 2021 in spite of the COVID-19 pandemic. All things considered, costs have gone up by 25% since the downturn - and compensations haven't followed. Government obligation is at present 91.6%, and should increment in the following two years, to 93.9% in 2020 and 94.5% in 2021. The nation is as yet buried owing debtors, and the Brazilian president says the principal offender is the annuity framework, as he accepts individuals to resign soon with such a large number of advantages. Monetary solidification is the administration's fundamental goal, yet the Brazillian president's guarantee to diminish the irregularity to zero this year isn't achievable. The administration spending balance enlisted in 2019 a deficiency of 6.3% which is required to diminish in 2020 and 2021, coming to 6%. The joblessness rate in Brazil is still high, arriving at 11.9% in 2019, a little improvement contrasted with 12.3% of 2018.

Political Risk: President Jair Bolsonaro has been in power since the start of 2019. At first, him and his team's supportive business plans were very popular and he had the option to supervise the section of a pension reform bill. This bill was to spare the nation an expected USD 195 billion, as it raised the retirement age and contained other income sparing measures. Nonetheless, the pandemic has expanded focuses of contradiction between the president and the congress, bringing about an increased political conflict and diminishing the probability that Brazil will have the option to proceed on a more positive note. The administration had been focused on fiscal consolidation but, considering the pandemic, extra financial changes are far-fetched. The administration's monetary reaction to the pandemic is to expand the monetary shortage to over 9% of GDP. Corruption scandals and investigations is an on-going issue for the nation. Brazil is positioned to be 106 out of 180 nations in the latest Corruption Perceptions Index.

Geographical/ Environmental: Despite the fact that Brazilian courts are yet to issue decisions in activities identified with environmental change, Brazil has been progressively giving critical indications that climate change is a pattern that can't be overlooked. In 2010, the So Paulo State Public Prosecutor's Office recorded activities against the excess of 30 organizations looking for pay for GHG outflows. After ten years, none of the organizations were viewed as a risk, however one of those organizations, documented against KLM Royal Dutch Airlines, which lead to a forthcoming examination by the Superior Court of Justice. In 2019, IBAMA, which is what could be compared to the United States Environmental Protection Agency ("EPA"), filed a lawsuit against a steel organization and its investors looking for pay for climate damages brought about by the consuming of unlawful coal in the production of steel. In June 2020, opposition political groups documented claims against the Brazilian government because of its absence of activity regarding the Climate Fund and Amazon Fund, which has been prompting the suspension of the assets tasks, affecting ventures, exploration and exercises that try to moderate environmental change and that in any case could be profited by the funds reserve. Formal proceedings are required to be held soon by the Brazilian Supreme Court to examine these activities. The Brazilian Association of Environmental Public Prosecutors joined forces with the Institute for Climate and Society to advance an atmosphere suit capacitation course for investigators, for which will motivate the examining and adjusting techniques for battling environmental change in Brazil.

By analyzing the following country risk profile of Brazil, provide a self explanatory of at least 200 words of your personal opinion of whether a company should business with or in Brazil. Justify your answer and also include your personal thoughts about the below country risk profile.

"Economic Risk : Brazil is the world's eighth largest economy. The nation is trying its best at remaking itself after the downturn that happened five years prior, when the economy shrunk by nearly 7%. From that point forward, Brazil hasn't had the option to develop at a similar movement it was accustomed to, during the decade prior to the downturn. Nonetheless, things appear to be gazing upward monetarily in Brazil, yet the current recuperation is a moderate one. In 2019, the nation's GDP became 1.1%, against 1.3% in 2018, and it is relied upon to tumble to - 5.3% in 2020 because of the episode of the COVID-19 and get to 2.9% in 2021, as indicated by the refreshed IMF conjectures from fourteenth April 2020. In 2019, expansion rate was equivalent to 3.7% - same pattern in 2018 and is required to remain moderately steady, at 3.6% in 2020 and 3.3% in 2021 in spite of the COVID-19 pandemic. All things considered, costs have gone up by 25% since the downturn - and compensations haven't followed. Government obligation is at present 91.6%, and should increment in the following two years, to 93.9% in 2020 and 94.5% in 2021. The nation is as yet buried owing debtors, and the Brazilian president says the principal offender is the annuity framework, as he accepts individuals to resign soon with such a large number of advantages. Monetary solidification is the administration's fundamental goal, yet the Brazillian president's guarantee to diminish the irregularity to zero this year isn't achievable. The administration spending balance enlisted in 2019 a deficiency of 6.3% which is required to diminish in 2020 and 2021, coming to 6%. The joblessness rate in Brazil is still high, arriving at 11.9% in 2019, a little improvement contrasted with 12.3% of 2018.

Political Risk: President Jair Bolsonaro has been in power since the start of 2019. At first, him and his team's supportive business plans were very popular and he had the option to supervise the section of a pension reform bill. This bill was to spare the nation an expected USD 195 billion, as it raised the retirement age and contained other income sparing measures. Nonetheless, the pandemic has expanded focuses of contradiction between the president and the congress, bringing about an increased political conflict and diminishing the probability that Brazil will have the option to proceed on a more positive note. The administration had been focused on fiscal consolidation but, considering the pandemic, extra financial changes are far-fetched. The administration's monetary reaction to the pandemic is to expand the monetary shortage to over 9% of GDP. Corruption scandals and investigations is an on-going issue for the nation. Brazil is positioned to be 106 out of 180 nations in the latest Corruption Perceptions Index.

Geographical/ Environmental: Despite the fact that Brazilian courts are yet to issue decisions in activities identified with environmental change, Brazil has been progressively giving critical indications that climate change is a pattern that can't be overlooked. In 2010, the So Paulo State Public Prosecutor's Office recorded activities against the excess of 30 organizations looking for pay for GHG outflows. After ten years, none of the organizations were viewed as a risk, however one of those organizations, documented against KLM Royal Dutch Airlines, which lead to a forthcoming examination by the Superior Court of Justice. In 2019, IBAMA, which is what could be compared to the United States Environmental Protection Agency ("EPA"), filed a lawsuit against a steel organization and its investors looking for pay for climate damages brought about by the consuming of unlawful coal in the production of steel. In June 2020, opposition political groups documented claims against the Brazilian government because of its absence of activity regarding the Climate Fund and Amazon Fund, which has been prompting the suspension of the assets tasks, affecting ventures, exploration and exercises that try to moderate environmental change and that in any case could be profited by the funds reserve. Formal proceedings are required to be held soon by the Brazilian Supreme Court to examine these activities. The Brazilian Association of Environmental Public Prosecutors joined forces with the Institute for Climate and Society to advance an atmosphere suit capacitation course for investigators, for which will motivate the examining and adjusting techniques for battling environmental change in Brazil."

19.10 A number of investigators have reported a tendency for more people to die (from natural causes, such as cancer and strokes) after, rather than before, a major holiday. This post-holiday death peak has been attributed to a number of factors, including the willful postponement of death until after the holiday, as well as holiday stress and post-holiday depression. Writing in the Journal of the American Medical Association (April 11, 1990), Phillips and Smith report that among a total of 103 elderly California women of Chinese descent who died of natural causes within one week of the Harvest Moon Festival, only 33 died the week before, while 70 died the week after.

(a) Using the .05 level of significance, test the null hypothesis that, in the under lying population, people are equally likely to die either the week before or the week after this holiday.

(b) Specify the approximate p-value for this test result.

(c) How might this result be reported in the literature?

please help ,show work.

A psychologist is interested in investigating whether people who never owned a pet are happier after getting a pet. A questionnaire about their level of happiness is administered to a group of 20 to 29 year-olds when they before they get a pet and after they get a pet. The data are below.

Calculate a t-statistic to compare the happiness levels before and after getting a pet. The variance for the difference scores is sD2 = 24. Show your work.

Assume that the psychologist uses an =.05, two-tailed, df = (6-1) = 5. The tcritical value = +2.57 and the p-value associated with their t-test statistic was p = .055. Should the psychologist reject or fail to reject the null hypothesis, and why?

Calculate the estimated Cohen’s d to measure the effect size for this study.

Interpret your results as if you were reporting them for a journal article. Use APA style.