The Following transactions in this Question pertain to Nishat Electronic Repair Services, our imaginary small sole proprietorship business.
1. January 1, 2019, Mr. Ali Nishat started Nishat Electronic Repair Services by investing $10,000.
2. January 5, Nishat Electronic Repair Services paid registration and licensing fees for the business, $370.
3. January 6, the company acquired tables, chairs, shelves, and other fixtures for a total of $3,000. The entire amount was paid in cash.
4. January 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance will be paid after 60 days.
5. Also January 7, Nishat Electronic Repair Services purchased service supplies on account amounting to $1,500.
6. January 9, the company received $1,900 for services rendered. We will then record an increase in cash (debit the cash account) and increase in income (credit the income account).
7. January 12, the company rendered services on account, $4,250.00. As per agreement with the customer, the amount is to be collected after 10 days. Under the accrual basis of accounting, income is recorded when earned.
8. January 14, Mr. Nishat invested an additional $3,200.00 into the business. The entry would be similar to what we did in transaction #1.
9. January Rendered services to a big corporation on December 15. As per agreement, the $3,400 amount due will be collected after 30 days.
10. January On December 22, the company collected from the customer in transaction #7.
Required:
1. Prepare Journal entries in the books of Mr. Ali.
2. Prepare ledger

Bohemian Company has 500,000 shares of no par common stock with a stated value of $8 per share issued and outstanding as of January 1, originally issued for $14 per share. During 2018, Bohemian Company had the following transactions involving its own stock: On March 6, acquired 27,965 shares of treasury stock at a cost of $12 per share On April 18, resold 5,280 shares of treasury stock at $19 per share. On June 11, resold an additional 2,210 shares of treasury stock at $10 per share If Bohemian uses the cost method of accounting for treasury stock, what will be the balance in additional paid in capital from treasury stock as a result of these transactions?

Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows:

Parade acquired 70 percent of the ownership of Summer on January 1, 20X1, at underlying book value.

Required:
Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4

Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows:

Parade acquired 60 percent of the ownership of Summer on January 1, 20X1, at underlying book value.

Required:
Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4.

Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows:

Parade acquired 70 percent of the ownership of Summer on January 1, 20X1, at underlying book value.

Required:
Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4.

Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows:

Parade acquired 60 percent of the ownership of Summer on January 1, 20X1, at underlying book value.

Required:
Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4.

On January 1, 2017, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000 fair-value consideration. The total fair value of Starr Company was assessed at $1,200,000. Harrison computed annual excess fair-value amortization of $8,000 based on the difference between Starr’s total fair value and its underlying book value. The subsidiary reported net income of $70,000 in 2017 and $90,000 in 2018 with dividend declarations of $30,000 each year. Apart from its investment in Starr, Harrison had net income of $220,000 in 2017 and $260,000 in 2018.

What is the consolidated net income in each of these two years?

What is the balance of the noncontrolling interest in Starr at December 31, 2018?

You are a cybersecurity consultant and just met with the CISO’s team. During this meeting on the cybersecurity readiness of the company, CISO showed you risk matrices that have more colors than the rainbow. Later, during your interviews, you found out that most of the cybersecurity staff is pretty grim and thinks that a breach will lead to a very big loss and bankrupt the company.

Now it is your time to gather your thoughts to write a report for the CEO. You get your Summer Berry Panna Cotta Frappuccino from Starbucks and start formulating some of the key points you’d like to raise. These include: Reason to move away from risk matrices, alternative methods to assess risk, a plan to deal with resistance to using quantitative risk assessment while explaining why there is such a resistance, and activities of a risk management workshop where you get the cybersecurity staff ready for quantitative analysis.

This question covers almost everything the books discusses. Take your time and discuss in depth.

Blossom Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows.

Blossom Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time.

(a)Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.)