Kurz Manufacturing is currently an​ all-equity firm with 38 million shares outstanding and a stock price of $14.50 per share. Although investors currently expect Kurz to remain an​ all-equity firm, Kurz plans to announce that it will borrow $35 million and use the funds to repurchase shares. Kurz will pay interest only on this​ debt, and it has no further plans to increase or decrease the amount of debt. Kurz is subject to a 30% corporate tax rate.  

a. What is the market value of​ Kurz's existing assets before the​ announcement?

b. What is the market value of​ Kurz's assets​ (including any tax​ shields) just after the debt is​ issued, but before the shares are​ repurchased?

c. What is​ Kurz's share price just before the share​ repurchase? How many shares will Kurz​ repurchase?

d. What are​ Kurz's market value balance​ sheet, and share price after the share​ repurchase?

Kurz Manufacturing is currently an​ all-equity firm with

37

million shares outstanding and a stock price of

$11.50

per share. Although investors currently expect Kurz to remain an​ all-equity firm, Kurz plans to announce that it will borrow

$65

million and use the funds to repurchase shares. Kurz will pay interest only on this​ debt, and it has no further plans to increase or decrease the amount of debt. Kurz is subject to a

38%

corporate tax rate.  

a. What is the market value of​ Kurz's existing assets before the​ announcement?

b. What is the market value of​ Kurz's assets​ (including any tax​ shields) just after the debt is​ issued, but before the shares are​ repurchased?

c. What is​ Kurz's share price just before the share​ repurchase? How many shares will Kurz​ repurchase?

d. What are​ Kurz's market value balance​ sheet, and share price after the share​ repurchase?

Kurz Manufacturing is currently an​ all-equity firm with 17 million shares outstanding and a stock price of $ 13.00 per share. Although investors currently expect Kurz to remain an​ all-equity firm, Kurz plans to announce that it will borrow $ 63 million and use the funds to repurchase shares. Kurz will pay interest only on this​ debt, and it has no further plans to increase or decrease the amount of debt. Kurz is subject to a 40 % corporate tax rate.

a. What is the market value of​ Kurz's existing assets before the​ announcement?

b. What is the market value of​ Kurz's assets​ (including any tax​ shields) just after the debt is​ issued, but before the shares are​ repurchased?

c. What is​ Kurz's share price just before the share​ repurchase? How many shares will Kurz​ repurchase?

d. What are​ Kurz's market value balance sheet and share price after the share​ repurchase?

1. Ann is planning to purchase some items. The store is having a sale, where if you buy one item the 2^nd item (of equal or lower value) is 50% off. The tax on each item is 7%.                                                                                                                    

• Item 1 costs $39.75 before taxes.
• Item 2 costs $65.50 before taxes.
  1. If Ann only buys Item 2, what is the total cost of her purchase after taxes? Display this value (rounded to the nearest cent) with a suitable message.
  2. If Ann buys Item 1 and Item 2, what is the total cost after taxes? Display this value (rounded to the nearest cent) with a suitable message.
  3. If Ann buys Item 1 and Item 2, how much money does Ann save before taxes, due to the sale? Display this value (rounded to the nearest cent) with a suitable message.

Kurz Manufacturing is currently an​ all-equity firm with 30 million shares outstanding and a stock price of $ 14.00 per share. Although investors currently expect Kurz to remain an​ all-equity firm, Kurz plans to announce that it will borrow $ 67 million and use the funds to repurchase shares. Kurz will pay interest only on this​ debt, and it has no further plans to increase or decrease the amount of debt. Kurz is subject to a 30 % corporate tax rate.

a.) What is the market value of​ Kurz's existing assets before the​ announcement?

b.) What is the market value of​ Kurz's assets​ (including any tax​ shields) just after the debt is​ issued, but before the shares are​ repurchased?

c.) What is​ Kurz's share price just before the share​ repurchase? How many shares will Kurz​ repurchase?

d.) What are​ Kurz's market value balance sheet and share price after the share​ repurchase?

A 50.0-mL solution of 0.100 M potassium hydrogen phthalate (KHP; (HP– has Ka ~ 4.0 x 10–6 ) is titrated with 0.100 M of NaOH. Calculate the pH of the solution at various points of the titration: (a) Before 0.100 M NaOH is added; (b) After 25.0 mL of NaOH is added; (c) After 50.0 mL of NaOH is added, and (d) After 75.0 mL of NaOH is added

Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process.

Waterways likes to keep 10% of the next month’s unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totaled $181,800.

Direct Materials

Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit.

Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019, totaled 11,220 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $102,605.

Other Information

The Cash balance on December 31, 2019, totaled $100,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.50 per share for 4,720 shares outstanding. The company has an open line of credit with Romney’s Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $540,000 equipment purchase is planned for February.

Question 1
Part a
On January 1, 2018, Iron Limited purchased a piece of equipment for production of goods. The purchase price of the equipment was $670,000. Iron Limited paid on the date of purchase by the issue of ordinary shares. Iron Limited estimated that the equipment has an expected useful life of 4 years with a residual value of $30,000 on December 31, 2021. On February 15, 2020, Iron Limited disposed of equipment for cash amount of $358,000.

Iron Limited adopts revaluation model for measuring equipment. For items with revaluation, it is Iron Limited’s policy to eliminate accumulated depreciation against gross carrying amount of asset in a revaluation. There is no need to transfer the excess depreciation from revaluation reserve to retained earnings.

Iron Limited usually depreciates equipment of similar type on a straight line basis. Full year of depreciation is to be charged in the year of purchase and none to be charged in the year of disposal.

Iron Limited revalued the equipment on both December 31, 2018 and December 31, 2019; the revalued amounts were $528,000 and $370,000 respectively.

Required
In accordance with the requirement of HKAS 16 `Property, Plant and Equipment’, prepare all journal entries that Iron Limited should make relating to the equipment:

1. For the year ended December 31, 2018 and 2019.

2. For the disposal of the equipment on February 15, 2020 (5 marks）

Part b

ABC Ltd is a software producing entity, it recorded a software license in its books $5.65 million on 1 January 2017, it represented the development cost of software owned by it and generated revenue correspondingly. The price $3.5 million offered by interested buyer of the license is regarded as valid market price. Owing to the loss of customers and upgrading the software, it needs to prepare the cash flow projection for the software license in coming 4 years and calculate the recoverable amount at discount rate of 8%, the forecasted net cash inflows for the year ended 31 December 2017 up to 31 December 2020 were formulated as follows:

Year Net cash inflow (in $000)

2017 250
2018 750
2019 1,500
2020 1,750

The expected disposal value of the software license is $800,000 as at 31 December 2020

Required
With reference to above information, determine whether the impairment losses were required to the software license on 1 January 2017 in accordance with HKAS 36. Prepare relevant journal entries if necessary.

Part c

GHI Ltd owned a building worth $1,386,000 purchased at 1 January 2016, estimated useful life for 30 years, and using straight line method for depreciation. After the usage of 4 years, at the beginning of 1 January 2020, GHI Ltd re-assessed the useful life of the building, after the professional valuer advise, the remaining useful life available should be 48 years.

Required
Calculate the depreciation expenses of above building as at 31 December 2020 and show the relevant journal entry. All workings must be shown

A block of mass m1 = 1 kg is initially at rest at the top of an h1 = 1 meter high ramp, see Fig. 2 below. It slides down the frictionless ramp and collides elastically with a block of unknown mass m2, which is initially at rest. After colliding with m2, mass m1 recoils and achieves a maximum height of only h2 = 0.33 m going back up the frictionless ramp. (HINT: Solving each part in sequence will guide you to a solution for the value of m2, without doing a lot of algebra.)

a) Considering the energy of mass m1 just before and after the elastic collision, how much energy is lost by mass m1?
b) What is the speed of mass m1 just before the elastic collision?
c) What is the speed of mass m1 just after the elastic collision?

d) Considering conservation of momentum, what is the momentum of mass m2 just after the elastic collision?
e) What is the kinetic energy of mass m2 just after the elastic collision?
f) What is the velocity of mass m2 just after the elastic collision?

g) What is the value of mass m2 (in kg)?

P. 5-1

Transactions may have significantly different impacts on a government's budget, governmental funds statements, and government‐wide statements.

A school district prepares its budget on a cash basis. It is contemplating the changes or actions that follow. For each, indicate the impact that the change would have (1) on year‐ending June 30 2020, general fund expenditures or transfers and (2) on year‐ending June 30, 2020, government‐wide expenses (e.g., “increase expenditures by $X” or “no impact”). Provide a brief explanation of your response, indicating that you are aware of the relevant financial reporting issue.

1. Owing to a special discount offered by a supplier, the district will purchase $100,000 of supplies in June 2020 that they otherwise would not have purchased until July 2020. They will not, however, have to pay for the supplies until July. The district accounts for supplies on a consumption basis.
2. In fiscal 2020, the district increases the number of vacation days to which employees are entitled to take, thereby increasing the cost of vacation leave that employees earned in 2020 but will take in subsequent fiscal years by $250,000. The vacation days vest; they can be taken as termination benefits.
3. The district increased the number of sick days to which employees are entitled to take, thereby increasing the cost of sick days that employees earned in 2020 but will take in future years by $150,000. The sick leave can be taken only as employees are sick; it cannot be paid for as a termination benefit.
4. In 2020, the district established a sabbatical leave program for certain categories of teachers. Teachers will be granted one year of leave after each seven years of service. Teachers granted the leave will have to spend it engaging in various specified activities, such as research, aimed at improving their teaching. Teachers will first be eligible to take the leave in 2027. The district estimates that one‐seventh of the cost will be $1,500,000.
5. The district delayed from June to July the approval of a grant of $50,000 to a local health clinic that provides examinations to low‐income students. The funds are to be paid out of resources budgeted for the fiscal year ending June 30, 2020, and are intended for use by the clinic in that same period.
6. The district delayed from June to July purchasing, and paying for, 10 school buses at a cost of $750,000. The buses are expected to last for 10 years and have no salvage value. The district charges depreciation on a straight‐line basis and takes a full year's depreciation in the year of acquisition.
7. The district is required to transfer 50 percent of any annual surplus from the general fund to a “rainy day” fund (a special revenue fund). Usually the transfer based on the surplus of the fiscal previous year is made in December. The district proposes to delay the transfer that would ordinarily be made in December 2020 until July 2021, thereby decreasing its cash outlay for fiscal year 2020 by $3 million

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