ABC Pty Ltd is an Australian resident private company and on 1 July 2019 its franking account balance was $35,000. ABC paid PAYG instalments of income tax during the year ended 30 June 2020 as follows: 21 July 2019 -- $35,000 21 October 2019 -- $35,000 21 January 2020 -- $35,000 21 April 2020 -- $26,000 A refund of income tax of $22,500 was received by ABC from the ATO on 1 April 2020. ABC paid GST of $65,000 on 28 October 2019 and FBT of $57,000 on 30 April 2020. ABC received a fully franked dividend of $21,000 on 1 November 2019 and an unfranked dividend of $33,000 on 12 December 2019. ABC paid a 75% franked dividend of $120,000 on 1 February 2020and a 50% franked dividend of $70,000 on 1 June 2020. Prepare a franking account for ABC for the year ended 30 June 2020.

On January 1, 2014, Paterson Company purchased 70% of the common stock of Smith Company for $420,000. At that time, Smith’s stockholders’ equity consisted of $80,000 of Common stock, $60,000 of Other contributed capital, and $240,000 of Retained earnings. Any difference between implied and book value relates to Smith’s land. Paterson uses the cost method to record its investment in Smith. Its fiscal year ends on December 31. Additional information for both companies for 2020 follows:

Required:

A)Prepare all the necessary eliminating entries on a consolidated statements workpaper on 12/31/2020.

B) Calculate the consolidated net income for 2020.

C) Calculate the non controlling interest in net income for 2020.

The Meals for the Homeless is a private, not-for-profit organization that provides free meals for the destitute in a large city. The following transactions took place in the accounts of Meals for the Homeless during 2020.

1.         Restricted Cash gifts of $80,000 that were received last year (in cash)         were spent on food (this year) in 2020.

2.         Unrestricted Cash of $200,000 was received as a donation in 2020.

Additional Information: The January 1, 2020 balances from the Statement of Financial Position (balance sheet) were as follows:

a)         Cash $700,000 (debit)

b)         Net Assets Unrestricted By Donor $500,000 (credit)

c)         Net Assets Restricted By Donor $200,000 (credit)

Required:

A)        Record the two transactions above in journal entry form.

B)        Prepare a Statement of Activities for the year 2020.

C)        Prepare a Statement of Changes in Net Assets for 2020.

D)        Prepare a Statement of Financial Position (balance sheet) as of December 31, 2020.

Deal or No Deal
Assignment
Have you watched the gameshow Deal or No Deal? We are going to design a smaller version of it.
Parameters
•   We’ll have 25 differing dollar amounts from $1 to $1,000,000. (Let’s use 25, not 26; drop the 1 cent value in the original game values.) Each dollar amount is randomly placed in one of 25 briefcases, and none of the game players know the locations.
•   We’ll only implement 1 Round with 4 states:   
1.   Player makes guess of Prize briefcase
2.   Player opens N other briefcases
3.   Banker makes an offer to buy back Prize briefcase
4.   Player responds – and wins or looses   
Board Presentation
Show the 25 briefcases as a 5x5 grid. (You can hardcode the 25 and 5x5 – these parameters don’t change.) Each cell of the grid represents a briefcase. The contents of the cell can display 1 of 2 things: either a closed briefcase or an opened briefcase. If closed, then just show the briefcase number; if opened then display the dollar amount inside.   

Also show the remaining Cash Values still in play. I used a 2-row table where the values opened have a grey background. The other values are in the closed briefcases and one is the Prize Briefcase.
  
      
Rules of Play
There are 2 participants: The Player and The Banker. The Player wants to make as much money as possible, and The Banker wants to keep as much money as possible.
We’ll only do 1 Round. So, we’ll have 4 steps or 4 States to our game.
1.   Initialize: This is the setup for the board and initializing the State Variables (hiddens).
2.   Prize Briefcase selection: The player first picks their prize briefcase. In the picture above, the player selected Case #17. That selection must be stored in a State Variable for the entire game – so the game can “remember” it. (The dollar amount contents of the Prize Briefcase is not displayed, of course, so keep the case “closed.”)
3.   Open N other briefcases: Now the player picks N other briefcases to open. For our miniature game with only one round, N=6. After the user selects 6 briefcases, they are opened and the dollar contents displayed to everyone.
4.   Accept or reject The Offer from the Banker: The game pauses. The Banker now makes an offer by buy back the Prize Briefcase from the player –with unknown contents to all. The Banker doesn’t know contents of the Prize Briefcase but doesn’t want it to be big. So, the Banker offers a price somewhere in the middle of the range of the remaining dollar amounts.   

The Player can accept or reject the offer from The Banker. In our game, either way, this is the end of the game. In the real game, if the offer is not selected, then the next round continues with N=N-1 briefcases opened until there is only 2 left.   
State Variables
I had 3 State Variables.
•   $state – this is an integer. It goes from 0 to 3.
•   $caseCash – this is a 1-D array of length 25. Each cell is a briefcase. The value of the array is the cash in the briefcase.
•   $caseState – this is also a 1-D array of length 25. Each cell is a briefcase. The value is a string representing the status of the briefcase. There are 3 options: closed, opened, or the 1 Prize Briefcase. In my game:
o   A dot ‘.’means the briefcase is closed. o An ‘o’ means that the briefcase is opened.
o   The string ‘prize’ means that The Player has selected that briefcase for their prize at the end.

The Banker
The job of The Banker is to “save” money. He knows The Player will get the cash in the Prize Briefcase. The Banker’s job is to “buy” the Briefcase back from The Player, hopefully for less money than is in the Prize Briefcase. Neither party know the contents of the Prize Briefcase, so both parties are gambling.
A very simple algorithm for The Banker is simply to take the average() of all the unopened, remaining briefcases. The Average will be right in the middle. That makes it a 50% chance that The Banker does better and a 50% chance that The Player does better. You are free to make The Offer using any function you want. Have fun.   

Shoaib, Qamar and Azhar are partners of a firm (Platinum Trading LLC) that deals in used cars, car parts, services, renting cars for private and public sectors and maintenance service including on call services. Their business is running successfully, and they are planning to expand the business in similar verticals to gain larger market share. Everything was going well but after the sudden demise of Shoaib things are difficult to manage for them. Shoaib wife has been appointed as his legal representatives to receive his share. Sharing profit and losses in the ratio of 3:2:1. Qamar and Azhar collect the below details of Assets, liabilities and Capital balances but some information is missed. Name of Accounts OMR Name of Accounts OMR Cash at Bank 41,963 Shoaib Capital 142,311 Sundry Debtors 31,016 Qamar Capital 114,031 Stock 32,841 Azhar Capital 72,068 Lease Hold Premises 45,612 General Reserve A/c ? Machinery 136,837 Sundry Creditors 27,367 Building 91,225 Mr. Shoaib died on 31st March 2020. The legal representative of the deceased partner entitled to receive his share after the following adjustments. a. Goodwill be valued at 3 year’s purchase of the average profit of the last four years, Which were 2016 OMR 40,500; 2017 OMR 50,000; 2018 OMR 54,000; 2019 OMR 60,500. b. Building to be appreciated by 25%. c. Provision for doubtful debts to be made at 4% on Sundry Debtors. d. The assets are to be valued as, Machinery be valued at OMR 120,000 and Stock at OMR 20,000. e. For the purpose of calculating Shoaib’s share in the profit of 2020, the profit in 2020 should be taken to have been earned on the same as in 2019. f. A sum of OMR15,000 is to be paid immediately to the executors of Shoaib and the balance transferred to his loan account. You are required to pass necessary Journal entries with narrations to record the above transactions, prepare the Revaluation Account and Shoaib executors account.

extra gold corporation had $ 1290000 8.0 % bond available for issue on sep 1 2020 interest is paid quartely begining nov. 30 all of bonds wes issued at par on oct 1
prepare the appropriate entries
a oct 1 2020
b nov. 30 2020
c dec. 31 2020 extra gold year end
d feb 28 2021

Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash                                                                    $     3,700

Accounts receivable                                                   5,900

Supplies inventory                                                    29,300

Land                                                                        168,500  

Buildings                                                                 116,500

Accumulated depreciation, buildings                       37,500   

Equipment                                                                 58,500

Accumulated depreciation, equipment                     18,000

Accounts payable                                                      25,200

Income tax payable                                                   16,600

Interest payable                                                           4,200

Wages payable (due in 2020)                                    15,700                                         

9% Notes payable ($10,000 due June 30, 2021,

     balance due June 30, 2022)                                  61,500

Common shares                                                       151,500

Retained earnings, Dec. 31, 2019                              52,200         

Transactions during 2020:

1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remains to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.

8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

    Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in cash in the amount of $ 7,200.

The information available for year-end adjusting entries:

12.•Supplies inventory was counted on December 31, 2020, and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. •Annual depreciation on the buildings is $ 6,000.

14•Annual deprecation on the equipment is $ 5,500

15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.

17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.

Question: Prepare a classified statement of financial position for Marmidan Mold Shop Inc. as at December 31, 2020 .

Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash                                                                    $     3,700

Accounts receivable                                                   5,900

Supplies inventory                                                    29,300

Land                                                                        168,500  

Buildings                                                                 116,500

Accumulated depreciation, buildings                       37,500   

Equipment                                                                 58,500

Accumulated depreciation, equipment                     18,000

Accounts payable                                                      25,200

Income tax payable                                                   16,600

Interest payable                                                           4,200

Wages payable (due in 2020)                                    15,700                                         

9% Notes payable ($10,000 due June 30, 2021,

     balance due June 30, 2022)                                  61,500

Common shares                                                       151,500

Retained earnings, Dec. 31, 2019                              52,200         

Transactions during 2020:

1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remains to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.

8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

    Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in cash in the amount of $ 7,200.

The information available for year-end adjusting entries:

12.•Supplies inventory was counted on December 31, 2020, and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. •Annual depreciation on the buildings is $ 6,000.

14•Annual deprecation on the equipment is $ 5,500

15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.

17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.

Question: Prepare a statement of retained earnings for Marmidan Mold Shop Inc. for the year ended December 31, 2020.

Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash                                                                    $     3,700

Accounts receivable                                                   5,900

Supplies inventory                                                    29,300

Land                                                                        168,500  

Buildings                                                                 116,500

Accumulated depreciation, buildings                       37,500   

Equipment                                                                 58,500

Accumulated depreciation, equipment                     18,000

Accounts payable                                                      25,200

Income tax payable                                                   16,600

Interest payable                                                           4,200

Wages payable (due in 2020)                                    15,700                                         

9% Notes payable ($10,000 due June 30, 2021,

     balance due June 30, 2022)                                  61,500

Common shares                                                       151,500

Retained earnings, Dec. 31, 2019                              52,200         

Transactions during 2020:

1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remains to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.

8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

    Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in cash in the amount of $ 7,200.

The information available for year-end adjusting entries:

12.•Supplies inventory was counted on December 31, 2020, and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. •Annual depreciation on the buildings is $ 6,000.

14•Annual deprecation on the equipment is $ 5,500

15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.

17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.

Question: Prepare a single step income statement for Marmidan Mold Shop Inc. for the year ended December 31, 2020.

Marmidan Mold Shop Inc. designs and builds molds for the automotive and aircraft industries. The account balances in the company’s general ledger on January 1, 2020 (first day of the new annual fiscal year) were as follows (all account balances are in their normal position):

Cash                                                                    $     3,700

Accounts receivable                                                   5,900

Supplies inventory                                                    29,300

Land                                                                        168,500  

Buildings                                                                 116,500

Accumulated depreciation, buildings                       37,500   

Equipment                                                                 58,500

Accumulated depreciation, equipment                     18,000

Accounts payable                                                      25,200

Income tax payable                                                   16,600

Interest payable                                                           4,200

Wages payable (due in 2020)                                    15,700                                         

9% Notes payable ($10,000 due June 30, 2021,

     balance due June 30, 2022)                                  61,500

Common shares                                                       151,500

Retained earnings, Dec. 31, 2019                              52,200         

Transactions during 2020:

1.The company provided sales services to customers, on credit, for $ 210,300. In addition, the company produced cash sales to customers of $ 62,300.

2.Accounts receivable from customers of $ 15,600 remain to be collected at December 31, 2020.

3.Inventory of $ 62,900 was purchased on credit and debited to the supplies inventory account.

4.Minor parts were purchased with cash for $ 7,400 and debited to the supplies inventory account.

5.Wages payable at the beginning of 2020 were paid early in 2020. In addition, wages were earned by employees and paid during 2020 in the amount of $ 112,000.

6.Income tax payable at the beginning of 2020 was paid early in 2020.

7.Payments of $ 73,000 were made to creditors for supplies previously purchased on credit.

8.One year’s interest at 9% was paid on the notes payable at July 1, 2020.

9. During 2020, Don Tallint, the principal shareholder, purchased a new car for his wife

    Debbie. The new car cost $ 45,000 and was paid for with cash from personal sources.

10.Property taxes were paid on the land and buildings in the amount of $ 17,000 with cash.

11.Dividends were declared and paid in cash in the amount of $ 7,200.

Information available for year end adjusting entries:

12.•Supplies inventory was counted on December 31, 2020 and it was determined the supplies inventory still on hand at yearend was $ 31,900.

13. •Annual depreciation on the buildings is $ 6,000.

14•Annual deprecation on the equipment is $ 5,500

15•Additional wages of $4,000 were earned but are unpaid and unrecorded at December 31, 2020.

16•Interest for six months at 9% per year on the notes payable is unpaid and unrecorded at December 31, 2020.

17•Income taxes of $ 16,500 were unpaid and unrecorded at December 31, 2020.

Required:

Prepare a classified statement of financial position for Marmidan Mold Shop Inc. as at December 31, 2020. (Please record on the electronic worksheet)