You work for ABC financial management. Your client is XYZ company. The CEO contacts you directly on the 1st July, thanking you for the satisfaction of current objectives in line with the financial plan. Current objectives are reporting annual financial reports including preparing the BAS.

The client asks that this now ceases as the finance officer will take over the duties. The client asks that you prepare a manual to assist the finance officer in their new duties. The client also asks that you now assist with preparing for and recording monthly governance board meetings.

Prepare a quarterly financial management questionnaire for the current quarter to show the current and proposed new objectives as if they had been discovered as a result of the quarterly questionnaire process.

Prepare a file note to properly record the main points of your phone call with the CEO.

A company is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. The CEO believes the IRR is the best selection criterion, while the CFO advocates other methods. If the decision is made by choosing the project with the higher IRR, how much, if any, value will be forgone, i.e., what's the:

1. NPV and IRR of the chosen project(s).
2. What is the Payback period, discounted payback period, and the Profitability index?

Discuss your results of these methods and make a recommendation on the projects to the CEO about which one to go for and why? Please include all formulas.

Nash Company asks you to review its December 31, 2020, inventory values and prepare the necessary adjustments to the books. The following information is given to you.

When carrying out the analysis of a company to add to your portfolio what considerations do you take into account? explain how you will build a portfolio based on your knowledge acquired in the last 7 weeks.

Taxpayer, age 19, is a full-time graduate student at State University. During 2017, he received the following payments:

Loan from college financial aid office $ 1,500

Resident adviser housing 2,500

State scholarship for ten months (meals allowance) 6,000

State scholarship (tuition and books) 2,400

Cash award for being the outstanding resident adviser 3,000

Cash support from parents 2,000 $17,400

Taxpayer served as a resident adviser in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Taxpayer 's adjusted gross income for 2017

ABC Company has the following information pertaining to its biological assets for the year 2020:

A herd of 150, 3-year old animals was held at January 1, 2020. Eight animals aged 2.5 years were purchased on July 1, 2020 for P 3,400, and ten animals were born on July 1, 2020. No animals were sold or disposed of during the period. Per unit fair values less estimated point-of-sale costs were as follows:

Instructions:

21. How much is the balance of biological assets as of January 1, 2020?

22. How much of the increase in the fair value of the biological asses due to price change?

23. How much of the increase in the fair value of the biological assets due to physical change?

24. What is the fair value of the biological assets as of December 31, 2020?

25. If four 2.5 years old animal was sold on July 1, 2020, how much is the balance of biological assets as of December 31, 2020?

Acquisition at Other than Fair Value of Net Assets

Mason Corporation acquired 100 percent ownership of Best Company on February 12, 20X9. At the date of acquisition, Best Company reported assets and liabilities with book values of $420,000 and $165,000, respectively, common stock outstanding of $80,000, and retained earnings of $175,000. The book values and fair values of Best’s assets and liabilities were identical except for land which had increased in value by $20,000 and inventories which had decreased by $7,000. The estimated fair value of Best as a whole at the date of acquisition was $295,000.

  Required:

Give the eliminating entries required to prepare a consolidated balance sheet immediately after the business combination assuming Mason acquired its ownership of Best for $280,000.