The following are the summary account balances from a recent statement of financial position of Modern Sportswear Inc. The accounts are followed by a list of transactions for the month of January 2018. All amounts are shown in millions of dollars:

The accounts have normal debit or credit balances, but they are not necessarily listed in good order. The following additional information is also available:

a. Purchase new equipment costing $150 by issuing long-term debt.

b. Recieved $900 on accounts receivable.

c. Recievedand paid the telephone bills for $1.

d. Earned $500 in sales to customers on account; the cost of sales was $300.

e. Paid employees $100 for wages earned in January.

f. Paid half of the income taxes payable.

g. Purchased inventory for $223 on account.

h. Prepaid rent for february for a warehouse for $12.

i. Paid $10 of long-term borrowings and $1 in interest on the debt.

j. Purchased a patent (an intangible asset) for $8 cash.

Required:

1. Set up T-accounts for the preceding list and enter the respective balances. (you will need additional T-accounts for statement of earnings accounts).

2. For each transaction, record the effects in the T-accounts. label each by using the letter of the transaction. Compute ending balances.

3. Show the effects (dirction and amount) of each transaction on net earnings and cash.

4. Prepare in good form a multiple-step statement of earnings for the month of January 2018 and a classified statement of financial position as at January 31, 2018.

5. Compute the company's total asset turnover ratio. What does this ratio suggest to you about Modern SortswearInc. ?

Tanning Corp. was experiencing cash flow problems and was unable to pay its $123,600 account payable to Sun Corp. when it fell due on September 30, 2017.

Sun Corp. agreed to substitute a one-year note for the open account. The following two options were presented to Tanning Corp by Sun Corp.:

Option 1: A one-year note for $123,600 due September 30, 2018. Interest at a rate of 9% would be payable at maturity.

Option 2: A one-year non–interest-bearing note for $134,724. The implied rate of interest is 9%. Assume that Sun Corp. has a December 31 year end.

A) Assuming Tanning Corp. chooses Option 1, prepare the entries required on Sun Corp.’s books on September 30, 2017, December 31, 2017, and September 30, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

No. Account Titles and Explanation______Debit________-Credit

Need two entries - Date _______________

________________

Need two entries -Date ________________

________________

Need 4 entries Date ________________

_________________

_________________

________________

B) Assuming Tanning Corp. chooses Option 2, prepare the entries required on Sun Corp.’s books on September 30, 2017, December 31, 2017, and September 30, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) (8 entries total)

No. Account Titles and Explanation______Debit________-Credit

Need two entries Date ______________________

______________________

Need two entries Date ______________________

_______________________

Need two entries Date ______________________

_____________________

To record Interest

Need two entries Date __________________

___________________

To record Notes

Use the following balance sheets and income statement to answer this question

Calculate the firm’s free-cash-flow (FCF) for Tully during 2019 and carefully interpret the meaning of free cash flow that you calculated to the firm's investors.

Topic : Consolidation: Non-controlling interests

On 1 July 2016, Poppy Ltd acquired 80% of the issued shares of Sunshine Ltd for $240 000 when the equity of Sunshine Ltd consisted of:

share capital $160000

general reserve $10000

retained earnings $59000

At this date, all identifiable assets and liabilities of Sunshine Ltd were recorded at fair value except for the following.

carrying amount fair value

inventories $ 10000 $14 000

plant (cost $220 000) 90 000 99 000

land 70 000 87 000

Half of the inventories were sold by 30 June 2017 and the remainder by 30 June 2018. The plant has a further 3-year life beyond 1 July 2016, with benefits to be received evenly over this period. The land was sold on 1 March 2020 to an external party. Adjustments for the differences between carrying amounts and fair values are to be made in the consolidation worksheet. Poppy Ltd uses the partial goodwill method. The tax rate is 30%.

During the 4 years since acquisition, Sunshine Ltd has recorded the following annual results and declared the following dividends.

Dividends were paid within 6 weeks of the end of each period. There have been no transfers to or from the general reserve since the acquisition date.

Required:

1. Prepare the consolidation worksheet entries as at 1 July 2016.

2. Prepare the consolidation worksheet entries for the year ended 30 June 2018.

what is need to be done is mentioned in the required field and be able to explain the relationships that exist between a parent company and its subsidiary(ies), an investor and its investee;

(A) Opperman Ltd owns all the share capital of Jewel Ltd. During the year ended 30 June 2018, Opperman Ltd paid a dividend of $20 000, and Jewel Ltd paid and declared dividends of $10 000 and $30 000 respectively. The tax rate is 30%. Explain in detail the journal entries that would be required in preparing the consolidated financial statements for 30 June 2018.

(B) What is a non-controlling interest and how should it be disclosed? Does the existence of the NCI affect the BCVR entries? Why or why not? Using the following information demonstrate how the existence of an NCI affects the pre-acquisition entry. Explain the journal entry in detail, line by line. Harnesh Ltd acquired 80% of Maxima Ltd for $450 000 cash on 1 July 2017. At that date the equity of Maxima included the following: Share Capital $400 000 General Reserve 50 000 Retained Earnings 50 000 500 000 All assets and liabilities of Maxima Ltd are at fair value. The tax rate is 30%.

(C) When calculating the NCI share of equity the step approach is used. Demonstrate the step approach, explaining in detail each journal entry, using the following information: Harnesh Ltd acquired 80% of Maxima Ltd for $450 000 cash on 1 July 2016. At that date the equity of Maxima included the following: Share Capital $400 000 General Reserve 50 000 Retained Earnings 50 000 500 000 All assets and liabilities of Maxima Ltd are at fair value. The partial goodwill method is used. The tax rate is 30%. On 30 June 2018, Maxima Ltd provided the following information: Retained earnings (1/7/17) $ 80 000 General Reserve (1/7/17) 70 000 Profit after tax 50 000 Dividend paid 10 000

ProForm acquired 60 percent of ClipRite on June 30, 2017, for $960,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $700,000 was recognized and is being amortized at the rate of $17,000 per year. No goodwill was recognized in the acquisition. The noncontrolling interest fair value was assessed at $640,000 at the acquisition date. The 2018 financial statements are as follows:

ClipRite sold ProForm inventory costing $76,000 during the last six months of 2017 for $160,000. At year-end, 30 percent remained. ClipRite sells ProForm inventory costing $235,000 during 2018 for $320,000. At year-end, 10 percent is left. With these facts, determine the consolidated balances for the following:

Xie Pte Ltd was incorporated on 2 January 2017 and commenced business on 1 July 2018. The following expenditures were incurred on plant and machinery:

• 2 January 2017 to 31 December 2017 $150,000
• 1 January 2018 to 30 June 2018 $200,000
• 1 July 2018 to 31 December 2018 $300,000

The company’s year-end is 31 December.

(1) On January 1, 2018, Panorama Company acquired 80% of Scann Corporation for $6,400,000.

At the time of the acquisition, the book value of Scann's assets and liabilities was equal to the fair value except for equipment that was undervalued $80,000 with a four-year remaining useful life and inventories that were undervalued $20,000 and sold in 2018. Panorama separate net income in 2018 and 2019 was $1,100,000 and $1,150,000, respectively. Scann separate net income in 2018 and 2019 was $300,000 and $360,000, respectively. Dividend payments by Scann in 2018 and 2019 were $60,000 and $60,000, respectively

Required: Using equity method,

1. Calculate Investment in Scann shown on Panorama's ledger at December 31, 2018 and 2019.
2. Calculate Investment in Scann shown on the consolidated statements at December 31, 2018 and 2019.
3. Calculate consolidated net income for 2018 and 2019.
4. Calculate Noncontrolling interest balance on Panorama's ledger at December 31, 2018 and 2019.
5. Calculate Noncontrolling interest balance on the consolidated statements at December 31, 2018 and 2019.

(Support your answer in all points with detailed calculations and explanation)        

Assume the average age of an MBA student is 34.9 years old with a standard deviation of 2.5 years. ​a) Determine the coefficient of variation. ​b) Calculate the​ z-score for an MBA student who is 29 years old. ​c) Using the empirical​ rule, determine the range of ages that will include 99.7​% of the students around the mean. ​d) Using​ Chebyshev's Theorem, determine the range of ages that will include at least 91​% of the students around the mean. ​e) Using​ Chebyshev's Theorem, determine the range of ages that will include at least 87​% of the students around the mean.

1. Female labor force participation (LFP) tends to be markedly lower in the MENA region when compared to other world regions. Some scholars have claimed that this phenomenon can be traced to the traditional culture and/or the dominant religion (i.e., Islam) in the region. Others attribute the outcome to the presence large natural resource rents.

Some scholars have argued that rather reducing female LFP, natural resource rents may actually be associated with higher female LFP rates. What are the theoretical arguments and the empirical evidence in favor of this hypothesis?