Compute taxable income and income taxes payable for 2021.
Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes. (Credit account titles are automatically indented when 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.)

Prepare the bottom portion of Concord’s 2021 income statement, beginning with “Income from continuing operations before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet.

Question 8

The following information has been obtained for Concord Corporation.

1. Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred taxes. (Credit account titles are automatically indented when 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.)

2. Prepare the bottom portion of Concord’s 2021 income statement, beginning with “Income from continuing operations before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

3. Indicate how deferred income taxes should be presented on the December 31, 2021, balance sheet.

Question 1:
Use the following information about the economy of Guyana in 2018 to answer the below question (NOTE - values are in Guyanese dollars):

2018 GDP - $689 billion

2018 Taxes - $117 billion
2018 Investment - $345 billion
2018 Government Spending - $144 billion
2018 Consumption - $454 billion

What was the value of net capital inflow in 2018? (You can assume no transfer payments.)

(Answers should be in the form "Z billion." Just enter "Z.")

Question 2:
In November, 2019, the IMF announced that it believed Guyana could see economic growth of 86% in 2020 (this was before the current crisis), driven by its new discovery of oil and creation of an oil export sector. The Bank of Guyana therefore expected the overall price level to _____.

However, one of the Bank of Guyana's stated policy objectives is stable prices. As a result, it was anticipating conducting _____ monetary policy.
       
a) fall; contractionary
b) fall; expansionary
c) rise; contractionary
d) rise; expansionary
Question 3:
Use the following information about the economy of Guyana in February 2020 to answer the below question (NOTE - values are in Guyanese dollars):

Deposits in checking accounts - $133 billion
Deposits in savings accounts - $210 billion
Deposits in other, illiquid accounts - $112 billion
Small time deposits - $9 billion
Currency - $116 billion
Bank reserves - $92 billion

What is the size of the monetary base in Guyana for February 2020?

(Answers should be in the form "Z billion". Just enter "Z".)

Problem 7-5

1. William Company’s balance sheet at the end of 2019 (beginning of 2020) reported Accounts Receivable of $314,200 and Allowance for Doubtful Accounts of $4,710 (credit balance).
2. The company’s total sales during 2020 were $3,340,000. Of these, $501,000 were cash sales the rest were credit sales.
3. The company also wrote off an account for $4,152.
4. By the end of the year, the company had collected $2,516,680 of the credit sales.

Requirements

1. Create T-accounts for Accounts Receivables and the Allowance for Doubtful Accounts. Post the information from Item 1.
2. Prepare journal entries for Items 2, 3, & 4.
3. Post the journal entries. Calculate William Company’s balances for Accounts Receivable and the Allowance for Doubtful Accounts at the end of 2020, before the adjusting entry is made.
   1. What is the net realizable value at this point?
4. For each of the following separate scenarios, prepare the adjusting entry for bad debt.
   1. Williams Company estimates that 0.3% of credit sales will be uncollectible.
   2. Based on an aging of receivable, Williams Company estimates that $9,500 of the accounts will be uncollectible.
   3. Instead of the write-off being for $4,152, as stated in Item 3, the write-off was $5,152. Recalculate the balances in the Allowance for Doubtful Accounts and Accounts Receivable. Based on an aging of receivable, Williams Company estimates that $9,500 of the accounts will be uncollectible.
5. Based on the journal entry for each of the 3 scenarios in d., calculate the net realizable value that will be reported on the Balance Sheet. Also provide the amount of Bad Debt Expense that will appear on the Income Statement in the Operating Expenses section.

E13.13 (LO 3), AP The condensed financial statements of Ness Company for the years 2021 and 2022 are presented below.

Compute ratios.

Compute the following ratios for 2022 and 2021.

• a. Current ratio.
• b. Inventory turnover. (Inventory on December 31, 2020, was $340.)
• c. Profit margin.
• d. Return on assets. (Assets on December 31, 2020, were $1,900.)
• e. Return on common stockholders' equity. (Equity on December 31, 2020, was $900.)
• f. Debt to assets ratio.
• g. Times interest earned.

Grouper Corporation was incorporated and began business on January 1, 2020. It has been successful and now requires a bank loan for additional capital to finance an expansion. The bank has requested an audited income statement for the year 2020 using IFRS. The accountant for Grouper Corporation provides you with the following income statement, which Grouper plans to submit to the bank: Grouper Corporation Income Statement Sales revenue $ 846,000 Dividend revenue 32,000 Gain on recovery of earthquake loss (unusual) 25,000 Unrealized holding gain on FV-OCI equity investments 5,000 908,000 Less: Selling expenses $ 109,000 Cost of goods sold 516,000 Advertising expense 12,000 Loss on inventory due to decline in net realizable value 35,000 Loss on discontinued operations 46,000 Administrative expenses 73,000 791,000 Income before income tax 117,000 Income tax expense 23,400 Net income $ 93,600 Grouper had 100,000 common shares outstanding during the year and has an effective tax rate of 20%. Gains/losses on FV-OCI equity investments are not recycled through net income. (b) Prepare a revised single-step statement of comprehensive income. (Round percentage to 0 decimal places for intermediate calculations, e.g. 52% and per share answers to 2 decimal places, e.g. 52.75.) Grouper Corporation Statement of Comprehensive Income For the Year Ended December 31, 2020 Sales Revenue $ 846000 $ $ $. i need solution asap

FINANCIAL ACCOUNTING

Flemington Bikes sells racing bikes on credit. It uses the ageing of accounts receivable method for estimating bad debts. On 30 June 2020, the Allowance for Doubtful Debts account had a balance of $8,800 CR before any adjustments. An ageing analysis of the account receivable balance as at 30 June 2020 is provided below. The uncollectable percentages for each age group are based on past experience and are shown next to the respective aged balances. Flemington Bikes is registered for goods and services tax (GST).

REQUIRED:

1. Using the ageing of accounts receivable method, calculate the estimated bad debts expense from the above information. Show all workings. (Hint: The company is registered for GST).

2. Prepare the general journal entry to record bad debts expense.

(Narrations are not required).   

3. Assume that Flemington Bikes uses the direct write-off method to account for bad debts. Prepare the general journal entry to write-off an account receivable from Bill Murray for $2,750 (GST inclusive) on 31 August 2020.

4. Explain how the direct write-off method differs from the allowance method when recording bad debts expense and why the direct write-off method violates the matching principle. (word limit 150).

QUESTION TWO

Flemington Bikes sells racing bikes on credit. It uses the ageing of accounts receivable method for estimating bad debts. On 30 June 2020, the Allowance for Doubtful Debts account had a balance of $8,800 CR before any adjustments. An ageing analysis of the account receivable balance as at 30 June 2020 is provided below. The uncollectable percentages for each age group are based on past experience and are shown next to the respective aged balances. Flemington Bikes is registered for goods and services tax (GST).

REQUIRED:

1. Using the ageing of accounts receivable method, calculate the estimated bad debts expense from the above information. Show all workings. (Hint: The company is registered for GST).

2. Prepare the general journal entry to record bad debts expense.

(Narrations are not required).   

3. Assume that Flemington Bikes uses the direct write-off method to account for bad debts. Prepare the general journal entry to write-off an account receivable from Bill Murray for $2,750 (GST inclusive) on 31 August 2020.

4. Explain how the direct write-off method differs from the allowance method when recording bad debts expense and why the direct write-off method violates the matching principle. (word limit 150).

In a Heckscher-Ohlin model, suppose there are two countries: Scotland and Portugal. Two goods are produced in this world: cheese ( C) and wine (W). Cheese and wine are both produced using two factors of production: labour (L) and land (T). Wine is land-intensive while cheese is labour-intensive. Suppose that Scotland and Portugal have the exact same quantity of labour, but Scotland has more land than Portugal. Assume that the post-trade world relative price of cheese is the mean (average) of the two countries’ pre-trade relative prices, so that world relative prices converge exactly towards the middle of the two countries’ prices.

a) Draw Scotland and Portugal’s RS curves on a RS-RD diagram, clearly labelling each curve, each country’s pre-trade relative prices and quantities of cheese, as well as the world post-trade relative price and quantities of cheese. Briefly describe, in one or two sentences, why the RS curves of each country are located where you have drawn them.

b) Scotland suddenly receives an increase in labour. Assume that Scotland does not trade before or after the increase in labour, and that output prices do not change either. Describe what happens to Scotland’s production of each good, its factor prices, and input mix in each sector. Draw Scotland’s PPF before and after the increase in labour, with cheese on the horizontal axis and wine on the vertical axis.

c) Take the same increase in labour for Scotland from the previous part. Assume now that Scotland DOES participate in international trade both before and after the increase in labour, and that output prices can change as well. What happens, before and after the labour increase (assuming Scotland traded with Portugal both before and after), to: 1) Scotland’s RS curve (draw the RS-RD diagram with Scotland’s new and old RS curves, Portugal’s RS curve, and the RD curve), 2) Scotland’s production (using a PPF diagram), exports, and imports, and 3) Scotland’s output prices, factor prices, and input mixes. Hint: you may find that there is ambiguity about what happens because you do not know exactly how much labour is added, and that there are a few different scenarios that could occur, depending on how much labour is added. For full marks, you should describe what happens in each of those cases.