can some one check my answer

Bloom, Inc. operates department stores in numerous states. Selected financial statement data are as follows.

Bloom Inc.

                                                                         Balance Sheet (partial)

                          (in millions) 2020 2019

Cash and cash equivalents $ 358 $ 403

Accounts receivable (net) 1,788 684 Inventory 957 997

Prepaid expenses 78 61

Other current assets 181 597

Total current assets $3,362 $2,742

Total current liabilities $1,350 $1,433

Compute liquidity ratios and compare results. For the year 2020, net sales were $8,828, and cost of goods sold was $5,862 (in millions). Instructions

(a) Compute the four liquidity ratios at the end of the year

1 Current ratio of 2019 = current assets/ current liabilities

                                  = $2,742 / $1,433

                                  = $1.91

Current ratio of 2020 = current assets/ current liabilities

                                  = $3,363 / $1,350

                                  = $2.49

2 Acid test (quick) ratio of 2019 = quick assets/ quick liabilities

                                                = ($403 + $684)/ $1,433

                                                = $0.76

Acid test (quick) ratio of 2020 = quick assets/ quick liabilities

                                                = ($ 358+1,788 )/ $1,350

                                               = $1.58

3 Inventory turnover of 2019 = Cost of goods sold / Average Inventory

Inventory turnover of 2020 = Cost of goods sold / Average Inventory

                                                  = $5,862 /((1,788 +684)/2)

                                                  = $6.12                              

4 Account time receivable = net sale / average account receivable

                                       = $8,828/ ((1,788 +684)/2)

                                       =7.14

Metlock Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Metlock entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $10,700 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $8,600. In addition, Walleye agrees to pay an additional $21,400 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract.

Prepare the journal entries for Metlock in 2020 and 2021 related to this service contract. (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.)

Prepare the journal entries for Metlock in 2022 related to the modified service contract, assuming a prospective approach. (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.)

Repeat the requirements for part (b), assuming Metlock and Walleye agree on a revised set of services (fewer bookkeeping services but more tax services) in the extended contract period and the modification results in a separate performance obligation. (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.)

During 2019 (its first year of operations) and 2020, Fieri Foods used the FIFO inventory costing method for both financial reporting and tax purposes. At the beginning of 2021, Fieri decided to change to the average method for both financial reporting and tax purposes.

Income components before income tax for 2019, 2020, and 2021 were as follows:

Dividends of $39 million were paid each year. Fieri’s fiscal year ends December 31.

Required:
1. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle. (Ignore income taxes.)
2. Prepare the 2021–2020 comparative income statements.
3. & 4. Determine the balance in retained earnings at January 1, 2020 as Fieri reported using FIFO method and determine the adjustment of balance in retained earnings as on January 1, 2020 using average method instead of FIFO method.

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:

   
Required:
2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Question 2: Porter, a public limited company, is the parent of a listed group of companies which have a year end of 30 April 2020. Porter’s functional currency is the pound (£) and presents its individual and consolidated financial statements in £. The statements of financial position for two entities as at 30 April 2020 are presented below:

Additional information

1. Porter acquired 75% of Belobe on 1 May 2019 for £9,150,000 when the retained reserves of Belobe were 3,155,000 Crowns. The functional currency of Belobe is Crowns.

2. The group policy is to value non-controlling interest at the proportionate share of the fair value of the net assets at acquisition.

3. Belobe made a profit of 3,575,000 Crowns for the year ended 30 April 2020.

4. The exchange rates between the £ and Crowns are as follows:

1 May 2019 £1: 0.69 Crowns

30 April 2020 £1: 0.62 Crowns

Average rate for the year ended 30 April 2020: £1: 0.64 Crowns

YOU ARE REQUIRED TO:

(a) Prepare the consolidated statement of financial position for the Porter group as at 30 April 2020.

(b) Prepare a reconciliation of the consolidated retained reserves figure showing the exchange gains and losses.

(c) Explain your calculation of goodwill and the treatment of exchange differences on goodwill for the year ended 30 April 2020. Your answer should refer to the relevant International Financial Reporting Standards (IAS/IFRS).(maximum word count 200 words) TOTAL 50 MARKS

Accounting Cycle Review 11-01 a,b, c1-c3

Morgan Company’s balance sheet at December 31, 2019, is presented below.

During January 2020, the following transactions occurred. (Morgan Company uses the perpetual inventory system.)

Adjustment data:

A)Prepare journal entries for the transactions listed above and the adjusting entries.

B)Prepare an adjusted trial balance at January 31, 2020.

C)Prepare an income statement.

D)Prepare an owner’s equity statement for the month ending January 31, 2020.

E)Prepare a classified balance sheet as of January 31, 2020

1.Mental health. The National Survey on Drug Use and Health reports that 18.1% of all adults in the United States had a mental illness in 2014. Among adults with a substance use disorder, 39.1% had a mental illness. By comparison, only 16.2% of adults without a substance use disorder had a mental illness. The report also states that 3.3% of American adults had both a mental illness and a substance use disorder. Use the notation MI and SUD for mental illness and substance abuse disorder, respectively.

1. Express the four percents cited here as probabilities for a randomly selected American adult. Use proper probability notation.

2. Obtain the probability P(SUD|MI). Write a sentence reporting this probability in context.

3. Explain in context why P(SUD|MI) and P(MI|SUD) are not the same thing.

Prior to 1970, maternity was usually treated differently from other medical expenses, either excluded entirely from coverage or subject to a flat lump-sum cash (indemnity) benefit. Why? During the 1970s, 23 states mandated that treatment related to pregnancy be covered the same as any other type of treatment, and in 1978, such coverage became uniform throughout the United States. Would mandated maternity benefits make working in a salaried position more or less attractive to women? Would it make women of childbearing age more or less attractive as employees? Would it increase or decrease the number of births performed by cesarean section? Whom do you think bore the expense of implementing this mandate? (For a discussion of these issues see Jonathan Gruber, “The Incidence of Mandated Maternity Benefits,” American Economic Review 84, no. 3 (1994): 622–641.

True or false to these questions

An executive's discretion and impact on a public policy issue increases as the issue matures over time.

Under the business judgment rule, all states prevent officers and directors from taking into account stakeholders (employees, customers, etc.) when determining whether a decision was made in the best interests of the company.

No state in the United States allows an executive to favor the interests of a stakeholder (e.g., employees) over the interest of shareholders.

Independent negligent acts by two different parties can each be held liable if each was a proximate cause of another's injuries.

The holding of the Dodge v. Ford case was that Ford's planned expansion of the business, to that extent, would be considered as acting within the best interests of the company.

Limited partners of a limited partnershiop never risk more than their investment in the partnership.

All choices of business entity allow the avoidance of double taxation of earnings.