Prepare necessary adjusting entries to correct the errors on all issues (ii) to (v) in the financial statements of GHL for the year ended 31 March 2020 in accordance with relevant HKFRSs.
(ii) At 1 April 2019 there was a deferred tax liability of $6.6 million in the statement of financial position and no adjustments have been made to this figure at 31 March 2020. This deferred tax liability was solely in relation to the differences between the carrying amount ($90 million) and the tax based ($57 million) of plant and equipment. At 31 March 2020 these figures were $96 million and $54 million respectively for the carrying amount and tax base of plant and equipment. The applicable income tax is 20%. GHL accounts for plant and equipment using cost model under HKAS 16 ‘Property, Plant and Equipment’.
The first tax loss carried forward in respect of the year ended 31 March 2020 is $24 million. GHL has reliable budgets for a total taxable profit of $12 million for the next two financial years. Tax losses can be carried forward indefinitely under the tax law. Fanny used the full amount of tax loss to determine the deferred tax amount and has been reflected in the draft financial statements.
(iii) On 31 March 2020 GHL issued $15 million 5% convertible bonds at par. Interests on the bonds are payable annually in arrears with first payment on 31 March 2021. Issue costs payable to professional advisers were $600,000. The bond can, at the choice of the holders, be redeemed at par on 31 March 2023; or converted on 31 March 2023 into ordinary shares in GHL at the rate of three ordinary shares for every $10 bond held.
In the draft financial statements, the proceeds from the bond issue have been recognized as bonds payable. The issue costs have been classified as an administrative expense. Cash received and paid has been recognized. No other entries have been made. The prevailing market interest rate for similar bonds for equivalent risk, but without conversion rights, is 8% per annum.
(iv) On 1 April 2019, GHL entered into a sale and leaseback agreement for its manufacturing plant. The plant was originally acquired by GHL on 31 March 2009 for $8,910,000, at which point the plant had a useful life of 30 years with no residual value. The sale proceeds of plant from the sale and leaseback agreement were $11.25 million, which is higher than the fair value of the plant of $9.0 million. The plant was leased back on a 20-year lease from 1 April 2019 at an annual rental of $1,105,350 to be paid annually in arrears at 31 March 2020. The sale satisfies HKFRS 15 "Revenue from Contracts with Customers", however, she insisted to account for it as a financing arrangement. The first lease rental is paid and charged to the statement of profit or loss. The sales proceed was treated as a financial liability. The incremental borrowing rate is 15% per annum.
(v) GHL purchased a factory site in Malaysia on 1 April 2019 with intention for industrial use. Land prices in the area had increased significantly in the years immediately prior to 31 March 2020. Nearby sites had been acquired and converted into residential use. It is felt that, should the GHL's site also be converted into residential use, the factory site would have a market value of $27 million. $1.5 million of costs are estimated to be required to demolish the factory and to obtain planning permission for the conversion. GHL was not intending to convert the site at 1 April 2019 and had not sought planning permission at that date. The current replacement cost and carrying amount of the factory site are correctly calculated as $25.1 million and $28 million respectively as at 31 March 2020 before revaluation. Fanny did not reflect the change in fair value of the factory site even the factory site is measured using the revaluation model under HKAS 16.
In: Accounting
From a sample of 36 graduate students, the mean number of months of work experience prior to entering an MBA program was 36.95. The national standard deviation is known to be 19 months. What is a 95% confidence interval for the population mean? A 95% confidence interval for the population mean is left bracket nothing comma nothing right bracket . (Use ascending order. Round to two decimal places as needed.)
In: Statistics and Probability
1. Compute the Mean and Median. Explain the meaning of these statistics. Which measure is more appropriate for this sample? Explain why
The starting annual salaries of a sample of 20 recent MBA graduates are recorded. The data is presented below.
|
285 |
283 |
285 |
277 |
290 |
265 |
285 |
291 |
279 |
291 |
|
|
281 |
282 |
266 |
699 |
279 |
283 |
287 |
291 |
291 |
968 |
In: Statistics and Probability
| Country Burkina Faso Ethiopia Myanmar Ghana Kenya India Nicaragua Tunisia Guatemala Algeria Ecuador Peru Colombia Lebanon China Brazil Mexico Turkey Argentina Venezuela, RB Greece Portugal Malta Spain Italy Israel Japan France New Zealand United Arab Emirates Belgium United Kingdom Canada Germany Finland Austria Netherlands Ireland Australia Sweden United States Denmark Iceland Luxembourg Switzerland Norway |
Average Income 640 660 1190 1380 1380 1680 2050 3690 3790 4270 5820 5950 6320 7680 8260 8840 9040 11180 11960 12500 18960 19850 24140 27520 31590 36190 38000 38950 39070 40480 41860 42390 43660 43660 44730 45230 46310 52560 54420 54630 56180 56730 56990 76660 81240 82330 |
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In 2016, the global average annual income worldwide was estimated to be $10,850[1]. (This includes all countries of the world, not just the countries in the data table.)
[1] Source: Organization for Economic Co-operation and
Development (OECD).
A) construct an 80%, 90%, 95%, 98%, 99% confidence interval to
estimate the proportion of countries in the world with an average
income greater than the global average. Calculate the
Margin of Error for each confidence
interval.
B) As the confidence level increases, what happens to the width of the interval? (Note: the width of the interval is the difference between the upper and lower limits.)
C) As the confidence level increases, what happens to the margin of error?
In: Statistics and Probability
Question 1: Below is a dataset for a sample of 33 countries with indicators of Obesity Prevalence and GDP Per Capita for each country. How much variance in Obesity Prevalence is explained by GDP Per Capita? (Question pertains to Coefficient of Determination)
|
Country |
Obesity prevalence (% of adults are obese) |
GDP per capita (international-$) |
|
Qatar |
33.90 |
118,207 |
|
Luxembourg |
24.20 |
94,921 |
|
Singapore |
6.60 |
82,622 |
|
Brunei |
14.70 |
71,789 |
|
Kuwait |
37.00 |
68,862 |
|
United Arab Emirates |
29.90 |
67,706 |
|
Norway |
25.00 |
64,160 |
|
Ireland |
26.90 |
63,227 |
|
Switzerland |
21.20 |
57,422 |
|
United States |
37.30 |
53,399 |
|
Saudi Arabia |
35.00 |
50,423 |
|
Netherlands |
23.10 |
47,270 |
|
Sweden |
22.10 |
46,568 |
|
Denmark |
21.30 |
45,991 |
|
Iceland |
23.10 |
45,631 |
|
Australia |
30.40 |
44,493 |
|
Austria |
21.90 |
44,464 |
|
Germany |
25.70 |
44,432 |
|
Bahrain |
28.70 |
43,643 |
|
Canada |
31.30 |
43,238 |
|
Belgium |
24.50 |
42,084 |
|
Oman |
22.90 |
39,884 |
|
Finland |
24.90 |
39,659 |
|
United Kingdom |
29.50 |
39,309 |
|
South Korea |
4.90 |
35,020 |
|
Italy |
22.90 |
34,655 |
|
Spain |
27.10 |
33,320 |
|
Israel |
26.70 |
32,688 |
|
Czech Republic |
28.50 |
31,339 |
|
Cyprus |
22.60 |
31,331 |
|
Slovenia |
22.50 |
29,930 |
|
Trinidad and Tobago |
19.70 |
29,541 |
|
Slovakia |
22.40 |
29,212 |
Question 2. Below is a crosstab table for the number of smokers among males and females in a sample of 100 people. Is there a statistically significant association between Gender and Smoking? (Use Chi-Square).
|
Male |
Female |
Total |
|
|
Smoking |
22 |
18 |
40 |
|
Not smoking |
26 |
34 |
60 |
|
Totals |
48 |
52 |
100 |
In: Statistics and Probability
You have just been hired by the U.S. government to analyze the following scenario. Suppose the U.S. manufacturing industry is concerned about competition from overseas low-cost producers exporting their goods to the United States, a practice that hurts domestic producers. Lobbyists claim that implementing a tariff on imports would shrink the size of the trade deficit. The following exercise will help you to analyze this claim.
The following graph shows the demand and supply of U.S. dollars in a model of the foreign-currency exchange market.
Shift the demand curve, the supply curve, or both to show what would happen if the government decided to implement the tariff.

Given this change, the dollar _______ .
Fill in the following table with the effect of a tariff on the following items:

In: Economics
7) T/F In a price-taker market, each firm's short run supply curve is its marginal cost curve, above its minimum average total cost.
8) T/F The limited liability of stockholders in the corporate business structure makes it harder to raise equity capital.
9) T/F In the year 2008, nearly three out of four business firms in the United States were organized as proprietorships.
10) T/F When demand is relatively price inelastic, price and total revenue will change in the same direction.
11) T/F As business firms exit a perfectly competitive market, this will typically decrease the profits of those firm who remain in the market.
In: Economics
Rick Rocker, a nonresident alien, is interested in performing a rock concert in Chicago. A promoter in the United States ("Promoter") has agreed to pay $1 million to Rocker to perform. Rocker himself incurs $400,000 in expenses in connection with the concert. Which of the following statements is true?
Question 18 options:
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In: Accounting
by utilizing this chi-Square Test answer the following question and explain what the table means.
Are Americans in favor of the use of unmanned drones by police agencies in the United States?
Table 4
Chi-Square Test for Association: Gender, Opinion
|
Gender |
-1 |
0 |
1 |
Total |
|
39 |
17 |
44 |
100 |
|
|
Male |
39.2 |
25.13 |
35.68 |
|
|
0.0010 |
2.6278 |
1.9409 |
||
|
39 |
33 |
27 |
99 |
|
|
Female |
38.8 |
24.87 |
35.32 |
|
|
0.0010 |
2.6544 |
1.9605 |
||
|
Total |
78 |
50 |
71 |
199 |
Note. Possible responses (-1, 0, and 1). -1 = Oppose, 0 = Not Sure, +1 = Favor. Columns represent observed, expected, and contribution to Chi-Square. p < 0.010.
In: Statistics and Probability
thoroughly discuss the pros and cons of the plea bargain as used in the American court system, and to describe why the plea bargain is used so often, the mechanics of how a plea bargain comes about, and what some of the positive and negative outcomes of using it are.
For reference material, use at least your text and two or more of the following sources, and remember to identify passages in your essay where you are quoting, paraphrasing, or summarizing as well as the source you are using:
Justice Department of United States Government can you answer please be 500 words or more thank you
Department of Homeland Security
National Institute of Justice
National Criminal Justice Reference Services
Federal Bureau of Investigation (FBI)
In: Accounting