Play Company acquired 70 percent of Screen Corporation's shares on December 31, 20x5, at underlying book value of $98,000. At the date, fair value of the noncontrolling interest was equal to 30 percent of the book value of Screen Corporation. Screen's balance sheet on January 1, 20x8, contained the following balances:
Cash 50,000
Accounts Receivable 35,000
Inventory 40,000
Building/Equipment 300,000
Less:Accumulated Depreciation (100,000)
Total Assets 325,000
Accounts Payable 40,000
Bonds Payable 100,000
Common Stock 50,000
Additional Paid-In Capital 75,000
Retained Earnings 60,000
Total Liabilities and Equities 325,000
On January 1, 20x8, Screen acquired 5,000 of its own $2 par value common shares from Nonaffiliated Corporation for $6 per share.
1. Based on the preceding information, what is the increase in the book value of the equity attributable to the parent as a result of the repurchase of shares by Screen Corporation?
2. Based on the preceding information, what will the journal entry to be recorded on Play Company's books to recognize the change in the book value of the shares it holds?
In: Accounting
COMPANY ABC engaged in the following transactions:
It issued $20 million in bonds to purchase a new municipal office building. The proceeds were recorded in a capital projects fund.
It acquired the building for $20 million.
It recognized, as appropriate, $300,000 of depreciation on municipal vehicles.
It transferred $2,060,000 from the general fund to a debt service fund.
It paid $60,000 in interest on long-term debt and repaid $2 million of principal on the same long-term debt.
It sold for $5 million village land that had been acquired for $4 million. The proceeds were recorded in the general fund.
REQUIRED:
Answer the following question based on the transactions outlined:
1. For each of the transactions, prepare journal entries to record them in appropriate governmental funds (which are accounted for on a modified accrual basis).
2. Prepare journal entries to reflect how the transactions would be reflected in government-wide statements (which are prepared on a full accrual basis).
3. How can governments justify preparing two sets of financial statements, each on a different basis?
In: Accounting
Article 2 Improper to raise minimum wage in battered economy, Hong Kong business leader says, warning more unpaid leave could follow move (SCMP, 27 Sep 2020)2 Raising the minimum wage would be inappropriate in a struggling economy, a Hong Kong business leader said on Sunday, despite other places increasing what the lowest paid make per hour. Federation of Hong Kong Industries honorary president Jimmy Kwok Chun-wah defended the sector’s suggestion the benchmark remain at HK$37.50 (US$4.80), and warned more workers could be forced to take unpaid leave, especially now that the government had decided not to extend the wage subsidy scheme. In contrast to Hong Kong, the hourly minimum wage in New York is US$15, and in Britain, the national minimum wage for adults over the age of 21 has been £6.50 (HK$64) an hour since 2014. While commission members from the labour sector called for an increment to at least HK$39, business sector representatives insisted it stay at HK$37.50 or be raised to just HK$38, saying the coronavirus outbreak had battered the economy.
Article 3 Carrie Lam has said Hong Kong will consider a return to rent controls. But what are they? (SCMP, 17 Jan 2020)3 Tenancy control regulations that have been put aside for 16 years in Hong Kong will be reconsidered, city leader Carrie Lam Cheng Yuet-ngor said as she announced a raft of relief measures on Tuesday. Rather than regulating all flats, the government's focus this time will be on subdivided units - the so-called shoebox flats often regarded as the last housing resort for the needy…….. Tenancy controls have been implemented a few times in Hong Kong - from 1921 to 1926, and from 1973 to 2004 - as a short-term measure to counter unusually high rent increases during housing shortages. But research carried out in 2014 by the administration of Leung Chun-ying concluded that imposing tenancy controls again would trigger a lot of controversies. Economically, any rent control measures would only lead to landlords asking for higher starting rents and becoming more selective over tenants, it found. And politically, there is a 50-50 split between tenants and owners in Hong Kong, making it very hard to reach a consensus on the legislation. Countries such as Spain and the Netherlands, as well as four states in the US - California, New York, New Jersey and Maryland -have introduced rent controls. The newest such controls came in Berlin, Germany, passed into law last October. Under the law, landlords cannot charge rent higher than what the previous tenant paid, and tenants can sue landlords if their rent exceeds ceilings set by the government. In the Netherlands, the law strictly prohibits landlords from overcharging tenants for water and power. Electricity and water bills must be separated from rent, and landlords are not allowed to charge tenants more than 20 per cent above the original price for furniture and home appliances.
Question 3: With reference to Article 2 and 3, discuss the consequences of minimum wages and rent controls on different stakeholders in the society.
In: Economics
Suppose your work for the university of Michigan. The university wants to implement an email spam filter. So use the mbox.txt file that we used in class, build a filter system that filters emails into several categories of security levels: level 1 is the email from Uof M (@ umich.edu), level 2 is the email from other North American universities (@ xyz.edu), level 3 is the email from other educational institutions around the world (.uk, .za, etc.), and level 4 is the email from other email services (g m ail, etc). Please print out these 4 levels and also list all the senders (only those in the "From" lines) in each category. Example output: Level 1: zqian@ umich.edu Level 2: louis@ media.berkeley.edu ray@ media.berkeley.edu mmmy@ indiana.edu Level 3: antranig@ caret.cam.ac.uk david.horwitz@ uct.ac.za Level 4: gopal.ramasammycook@ g mail.com
In: Computer Science
Answer both questions
9.) (ch 6) Suppose that Danielle’s wage-schooling locus is given by
|
Years of Schooling |
Earnings |
|
6 |
$10,000 |
|
7 |
12,800 |
|
8 |
16,000 |
|
9 |
18,500 |
|
10 |
20,350 |
|
11 |
22,000 |
|
12 |
23,100 |
|
13 |
23,900 |
|
14 |
24,000 |
a) Derive the marginal rate of return (MRR) schedule. When will Danielle quit school if her discount rate is 10 percent?
b) Suppose the government imposes an income tax of 20% on both labor earnings and interest income. What is the impact ofthis income tax on Danielle’s educational attainment (will itincrease or decrease)? Explain your answer.
10.) (ch 6) Peter has just graduated from HS. He will live for three more periods, and he is considering three alternative education-work options. He can start working right away, earning $100,000 in period 1, $110,000 in period 2, and $90,000 in period 3. He can also go to college in period 1 spending $10,000 in that period, and then earn $150,000 in periods 2 and 3. Finally, he can go to college in period 1 and get an MBA in period 2. This last option will cost him nothing in year 2 (books and tuition are covered by a research assistant position). After getting his MBA, he will earn $300,000 in period 3.
a) If Peter’s discount rate is 0.20, which path will maximize
his net present value of his lifetimeearnings?
b) Why is it realistic that his wage for option one decreases to
$90,000 in year 3?
In: Economics
1.Which of the following scenarios would it be appropriate to use a normal approximation for the sampling distribution of the sample proportion?
Select one:
a.) A researcher wishes to find the probability that more than 60% of a sample of undergraduate students from UNC will be female. She samples the first 42 students that walk into the gym on Monday morning. The population proportion of undergraduate females at UNC is known to be 60.1%.
b.)A researcher wishes to find the probability that less than 5% of a sample of undergraduate students from Appalachian State University will be between the ages of 25 and 34. He randomly samples 50 undergraduate students from the student database. The proportion of undergraduates between the ages of 25 and 34 is 5.3%.
c.)A grad student at NC state wants to know how likely it is that a group of students would be made up of more than 27% graduate students. She will randomly select 38 students and ask them if they are a graduate student or an undergraduate student. The population proportion of grad students at NC state is 26.6%.
d.)A full-time student at Fayetteville State University wants to know how likely it is that a group of students would be made up of less than 70% full-time students. She will ask 30 people that she sees parking in the parking deck if they are full-time or part-time. The population of full-time students at Fayetteville State is known to be 72%.
2. In the general population in the US, identical twins occur at a rate of 30 per 1,000 live births. A survey records 10,000 births during Jan 2018 to Jan 2019 and found 400 twins in total. Which of the following are true?
Select one or more:
The proportion of twin births during Jan 2018 to Jan 2019 is .03.
The proportion of twin births during Jan 2018 to Jan 2019 is .04.
The probability of twin births among the general population is .03.
The probability of twin births among the general population is .04.
Pr(observing a sample proportion of twin births from a random sample of 10,000 live births <= 0.04) = 0.03.
Pr(observing a sample proportion of twin births from a random sample of 10,000 live births <= 0.04) = 0.5.
Pr(observing a sample proportion of twin births from a random sample of 10,000 live births <= 0.03) = 0.04.
Pr(observing a sample proportion of twin births from a random sample of 10,000 live births <= 0.03) = 0.5.
In: Math
5. (a)A sample of 12 of bags of Calbie Chips were weighed (to the nearest gram), and listed, here as follows.
219, 226, 217, 224, 223, 216, 221, 228, 215, 229, 225, 229 Find a 95% confidence interval for the mean mass of bags of Calbie Chips.
[9 marks]
(b) Professor GeniusAtCalculus has two lecture sections (A and B) of the same 4th year Advanced Calculus (AMA 4301) course in Semester 2. She wants to investigate whether section A students maybe ”smarter” than section B students by comparing their perfor- mances in the midterm test. A random sample of 12 students were taken from section A, with mean midterm test score of 78.8 and standard deviation 8.5; and a random sample of 9 students were taken from section B, with mean midterm test score of 86 and standard deviation 9.3. Assume the population standard deviations of midterm test scores for both sections are the same. Construct the 90% confidence interval for the difference in midterm test scores of the two sections. Based on the sample midterm test scores from the two sections, can Professor GeniusAtCalculus conclude that there is any evidence that one section of students are ”smarter” than the other section? Justify your conclusions.
[8 marks]
(c) The COVID-19 (coronavirus) mortality rate of a country is defined as the ratio of the number of deaths due to COVID-19 divided by the number of (confirmed) cases of COVID-19 in that country. Suppose we want to investigate if there is any difference between the COVID-19 mortality rate in the US and the UK. On April 18, 2020, out of a sample of 671,493 cases of COVID-19 in the US, there was 33,288 deaths; and out of a sample of 109,754 cases of COVID-19 in the UK, there was 14,606 deaths. What is the 92% confidence interval in the true difference in the mortality rates between the two countries? What can you conclude about the difference in the mortality rates between the US and the UK? Justify your conclusions. [8 marks]
In: Statistics and Probability
please,short answers
A. Majdi has a degree in accounting from BZU and works for a local accounting office. He was asked by a friend to prepare Financial statements for a small company in Ramallah. To help his friend Majdi prepared the financial statements and a report indicating that the financial statements were audited by him. What standards were violated and why? Is there a violation of the elements of audit quality control, briefly discuss?
b.Mira A Certified Public Auditor licensed in Palestine is the partner in charge of Ooredoo audit. In order to save cost, she hired a group of students from Al-Najah University to help her conduct the audit. A month later Mira received the audited financial statements and the report from the students. She signed it and send it to the board of directors of Ooredoo. What standards were violated and why? Is there a violation of the elements of audit quality control, briefly discuss?
In: Accounting
A. Majdi has a degree in accounting from BZU and works for a local accounting office. He was asked by a friend to prepare Financial statements for a small company in Ramallah. To help his friend Majdi prepared the financial statements and a report indicating that the financial statements were audited by him. What standards were violated and why? Is there a violation of the elements of audit quality control, briefly discuss?
What standards were violated and why?
Is there a violation of the elements of audit quality control, briefly discuss?
In: Accounting
Discuss the pros and cons of a US based domestic company aggressively investing in emerging economies. You may use a particular company (by name) and a particular emerging economy (by name) to provide your examples. (International Management
In: Economics