In: Nursing
In: Operations Management
Use the following information to answer the questions below.
NUT 250
Exports 500
Net increase in foreign ownership of U.S.based nonreserve assets 400
Net increase in U.S. government’s foreign assets 30
Net increase in U.S. private assets 250
Investment income received in the U.S. 200
Net increase in U.S. ownership of official reserve assets 20
Imports 600
Net increase in foreign ownership of U.S. reserve assets 100
Investment income paid abroad by the U.S. 300
In: Economics
Facts: A South African public company constructed a warehouse during 20X1. Costs involved in building the warehouse (or incurred after construction) included, among others: Payment of wages and benefits to construction workers, who were already employed by the company ($3 million). Exterior paint for the building ($80,000). A test production run, in which the plant tested its ability to produce its products ($100,000). Payment of wages to construction workers for service issues arising after the plant was placed in service ($200,000). In 20X2, an appraisal by the company's local tax assessor indicated that the building's value had increased by $5 million. Required: Determine whether the company is subject to the requirements of IFRS (based on the home country). Cite your source for this determination. Locate the relevant guidance, then determine which of the above-listed costs may be included in the initial measurement (i.e., capitalized value) of the plant when the plant is first recognized in 20X1, citing your sources. Certain costs may be addressed directly by the guidance; others may require judgment in applying principles from the guidance. Determine whether the property's value should be adjusted in year 2 (20X2). Using an IFRS/ U.S. GAAP comparison guide, state how your response to question 3 would differ if this company had been subject to U.S. GAAP. Cite the source for your response.
In: Accounting
When the bank introducer homeloans have fraud and other misconduct， Imagine yourself as the main decision maker of the bank or the financial institution (like the CEO). What would you have done differently at corporate level?
ANS: As the main decision maker of the bank or the financial institution (like the CEO)., we should abide by ethics, do not hire(use) introducer who are not approved and Unsatisfactory , we cannot relaxation the loan policy in order to increase the company's profits, like lend to credit poor consumers.
This answer is correct or wrong？ If the answer is incomplete, please complete it. Thank you.
In: Finance
In: Economics
George Young Industries (GYI) acquired industrial robots at the
beginning of 2018 and added them to the company’s assembly process.
During 2021, management became aware that the $2.8 million cost of
the equipment was inadvertently recorded as repair expense on GYI’s
books and on its income tax return. The industrial robots have
10-year useful lives and no material salvage value. This class of
equipment is depreciated by the straight-line method for financial
reporting purposes and for tax purposes it is considered to be
MACRS 7-year property. Cost deducted over 7 years by the modified
accelerated recovery system as follows:
| Year | MACRS Deductions |
||
| 2018 | $ | 400,120 | |
| 2019 | 685,720 | ||
| 2020 | 489,720 | ||
| 2021 | 349,720 | ||
| 2022 | 250,040 | ||
| 2023 | 249,760 | ||
| 2024 | 250,040 | ||
| 2025 | 124,880 | ||
| Totals | $ | 2,800,000 | |
The tax rate is 25% for all years involved.
Required:
1. & 3. Prepare any journal entry necessary as
a direct result of the error described and the adjusting entry for
2021 depreciation.
2. Will GYI account for the change (a)
retrospectively or (b) prospectively?
In: Accounting
| 8. If Thunder Bay acquired a 20% interest in Fort William on December 31, 2019 for $45,000, and during 2018 Fort William reported net income of $25,000 and paid a total cash dividend of $10,000, applying the equity method would give a debit balance in the Investment in Fort William Corp. account at the end of 2020 of |
| a) $37,000. |
| b) $45,000. |
| c) $48,000. |
| d) $50,000. |
| Use the following information to answer questions 9 and 10 |
| On January 1, 2019, on their issue date, Diogenes Inc. purchased 9%, $200,000, 10-year bonds. Interest is paid annually on December 31. Diogenes uses the amortized cost model and the effective-interest method for amortizing premium or discount. The current market rate was 10% for bonds. On December 31, 2019, the bonds have a market value of $185,000. |
| 9. What is the amount paid for the bond on January 1, 2019 |
| a) $178,711 |
| b) $200,000 |
| c)$187,711 |
| d) $185,000 |
| 10. How much interest would be recorded in 2019? |
| a) $12,289 |
| b) $18,000 |
| c) $20,000 |
| d) $18,771 |
In: Accounting
George Young Industries (GYI) acquired industrial robots at the
beginning of 2015 and added them to the company’s assembly process.
During 2018, management became aware that the $2.0 million cost of
the machinery was inadvertently recorded as repair expense on GYI’s
books and on its income tax return. The industrial robots have
10-year useful lives and no material salvage value. This class of
equipment is depreciated by the straight-line method for financial
reporting purposes and for tax purposes it is considered to be
MACRS 7-year property. Cost deducted over 7 years by the modified
accelerated recovery system as follows:
| Year | MACRS Deductions |
||
| 2015 | $ | 285,800 | |
| 2016 | 489,800 | ||
| 2017 | 349,800 | ||
| 2018 | 249,800 | ||
| 2019 | 178,600 | ||
| 2020 | 178,400 | ||
| 2021 | 178,600 | ||
| 2022 | 89,200 | ||
| Totals | $ | 2,000,000 | |
The tax rate is 40% for all years involved.
Required:
1. & 3. Prepare any journal entry necessary as
a direct result of the error described and the adjusting entry for
2018 depreciation. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
In: Accounting
A British bank issues a $220 million, three-year Eurodollar CD at a fixed annual rate of 5 percent. The proceeds of the CD are lent to a British company for three years at a fixed rate of 7 percent. The spot exchange rate of pounds for U.S. dollars is £1.50/US$.
a-1. Is this expected to be a profitable transaction ex
ante?
Yes
No
a-2.
What are the cash flows if exchange rates are unchanged over the next three years? (Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places. (e.g., 32.16))
Eurodollar CD
British Loan
t Cash Outflow (U.S.$) (£) Cash Inflow (£) Spread
(£)
1 million million million million
2 million million million million
3 million million million million
b.
If the U.S. dollar is expected to appreciate against the pound to £1.65/$1, £1.815/$1, and £2.00/$1 over the next three years, respectively, what will be the cash flows on this transaction? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places. (e.g., 32.16))
Eurodollar CD
British Loan
t Cash Outflow (U.S.$) (£) Cash Inflow (£) Spread
(£)
1 million million million million
2 million million million million
3 million million million million
c.
If the British bank swaps U.S. dollar payments for British pound payments at the current spot exchange rate, what are the cash flows on the swap and on the entire hedged position? Assume that the U.S. dollar appreciates at the same rates as in part (b). (Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places.(e.g., 32.16))
t Cash Flow
(£) Swap Payments
(£) Net Swap
Cash Flow
(£) Total Cash Flow (£)
1 million million million million
2 million million million million
3 million million million million
In: Finance