On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the loan has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 31, 2020 that wouldbe classified as a current liability.
In: Accounting
Opening UCC balances
Class 1 $330,000
Class 8 $56,000
Class 10.1 $21,000
Class 13 $45,000
Class 50 $260,000
Any other classes have an opening balance of nil.
The company purchased furniture on February 1, 2020 for $46,372.
Calculate the maximum impact on business income for the year from furniture and other miscellaneous tangible capital assets.
In: Accounting
In: Civil Engineering
1.American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2018. The lease agreement for the $4 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton’s implicit interest rate was 10%.
Required:
1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2018.
2. Prepare an amortization schedule for the four-year term of the lease.
3. Prepare the appropriate entries related to the lease on December 31, 2018.
4. Prepare the appropriate entries related to the lease on December 31, 2020.
(Note: You may wish to compare your solution to this exercise with that of E 14–18 which deals with a parallel situation in which the packaging machine was acquired with an installment note.)
In: Accounting
For this final discussion, I would like you to venture out beyond the information presented in this class and find a news article or magazine article (something "current") that is related to a company software upgrade. Identify what software was updated and why, security concerns, etc. Explain how the story or example works in regards to the things we have focused on in this course. Given your newly acquired knowledge on these topics, what stands out to you from this story? Is there anything you feel could have been done better?
In: Computer Science
5. In the past, 35% of the students at ABC University were in the Business College, 35% of the students were in the Liberal Arts College, and 30% of the students were in the Education College. To see whether or not the proportions have changed, a sample of 300 students from the university was taken. Ninety of the sample students are in the Business College, 120 are in the Liberal Arts College, and 90 are in the Education College. Calculate the value for the test statistic and chi-square and briefly discuss the results.
In: Statistics and Probability
For a random sample of 400 students at Aggie University, 10 are vegetarians. test the claim that the proportion of vegetarians at the university differs from 4%. Use 0.10 as the significance level.
Группа выборов ответов
p-value=0.126, evidence not support claim
p-value=0.000, evidence support claim
p-value=0.250, evidence not support claim
p-value=0.025, evidence support claim
p-value=1.000, evidence not support claim
In: Statistics and Probability
In which case did the taxpayer derive assessable income during the year ended 30 June 2020?
| a. |
Fridge World sells refrigerators. On 30 June 2020, it sells a refrigerator for $2,000. The customer enters into a lay-by arrangement by paying an initial deposit of $400. For the next four weeks, the customer continues to make $400 payments until the final $200 instalment is paid on 2 August 2020; |
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| b. |
Learn to Dance is a dancing school. On 30 June 2020, it receives a non-refundable upfront payment of $150 from a customer for 3 dancing lessons (ie. $50 each). The three dance lessons are conducted on 6 July, 13 July and 20 July 2020; |
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| c. |
Malik received a $10,000 bonus from his employer on 12 July 2020 in appreciation of his hard work for the year ended 30 June 2020; |
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| d. |
Julie, a chartered accountant practicing as a sole practitioner, invoiced some clients $12,000 on 30 June 2020 for services provided up to that date. Julie received this amount in the mail on 10 July 2020. |
In: Accounting
US income growth slowed to 2.7% from 5.3% in the
previous quarter. The 2.7% came in well below the forecasted 3.5%.”
Assume Hong Kong and the US are on a fixed exchange rate regime,
while the US and Europe are on a flexible exchange rate regime. As
income growth in the US decelerates, what do you expect to happen
to
a) The US trade balance with Hong Kong?
In: Economics
Demand and supply. Show in a diagram the effect on the demand curve, the supply
curve, the equilibrium price and quantity of each of the following pairs of events.
a. The market for hand-sanitizers in New York at the beginning of April 2020.
i. The number of Covid-19 cases increases exponentially starting from 1st March 2020;
ii. On March 9, 2020 New York State Governor Andrew Cuomo allowed for state
production of hand-sanitizers.
b. The market for touristic services in Spain in Summer 2020.
i. The European Union imposes travel restrictions to free movement of people (for
leisure) due to the healthcare crisis following the Covid-19 pandemic.
ii. New cleaning protocols require higher standard of sanitization in hotels and public
places to prevent the coronavirus from spreading.
c. The market for real estate in Italy in Spring 2020.
i. Due to the severe restrictions imposed by the lockdown starting from 5th March 2020,
a growing number of families searched for homes with a garden;
ii. The lockdown period produced a GDP fall by 12.4% in second quarter 2020
In: Economics