21.

Required information

[The following information applies to the questions displayed below.]

28.

Required information

21.

Required information

Back in May 2020, an ethanol plant’s risk manager looked at futures prices and considered a hedge to lock in a price on part of her new-crop corn acquisition planned for mid-to-late October 2020. She saw that the December 2020 futures contract was trading at $3.20/bushel and she knew that the basis in mid-October—when she expected to take delivery of the corn in question and to lift the hedge (i.e., to offset her futures position)—has typically (most years) been about 25 cents under December. What net price did she, back in May, expect to pay in October 2020 if she placed this hedge? d. $2.80/bu b. $2.95/bu c. $3.20/bu a. $3.45/bu e. None of the above

(ii) Broadoak acquired a 12-year lease en a property on 1 October 2016 at a cost of S240,000. The company policy is to revalue its properties to their market values at the end of each year. Accumulated amortization is eliminated and the property is restated to the revalued amount. Annual amortization is calculated on the carrying values at the beginning of the year, The market values, of the property on 30 September 2017 and 2018 were $231,000 and $175,000 respectively, The existing balance on the revaluation reserve at 1 October 2016 was S50,000. This related to some non-depreciable land whose value had not changed significantly since 1 October 2016.

Required: Prepare extracts of the Fiancial statements of of Broadoak. (including the movement on the revaluation reserve) for the years to 30 September 2017 and 2018 in respect of the leasehold property

(ii) Broadoak acquired a 12-year lease en a property on 1 October 2016 at a cost of S240,000. The company policy is to revalue its properties to their market values at the end of each year. Accumulated amortization is eliminated and the property is restated to the revalued amount. Annual amortization is calculated on the carrying values at the beginning of the year, The market values, of the property on 30 September 2017 and 2018 were $231,000 and $175,000 respectively, The existing balance on the revaluation reserve at 1 October 2016 was S50,000. This related to some non-depreciable land whose value had not changed significantly since 1 October 2016.

Required: Prepare extracts of the Fiancial statements of of Broadoak. (including the movement on the revaluation reserve) for the years to 30 September 2017 and 2018 in respect of the leasehold property

On October 10, the stockholders’ equity of Sherman Systems appears as follows.
  

1. Prepare journal entries to record the following transactions for Sherman Systems.

a. Purchased 5,900 shares of its own common stock at $34 per share on October 11.

b. Sold 1,225 treasury shares on November 1 for $40 cash per share.

c. Sold all remaining treasury shares on November 25 for $29 cash per share.

2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.

On October 10, the stockholders’ equity of Sherman Systems appears as follows.
  

1. Prepare journal entries to record the following transactions for Sherman Systems.

1. Purchased 6,500 shares of its own common stock at $40 per share on October 11.
2. Sold 1,375 treasury shares on November 1 for $46 cash per share.
3. Sold all remaining treasury shares on November 25 for $35 cash per share.

2. Prepare the revised equity section of its balance sheet after the October 11 treasury stock purchase.

1. On October 2,20x4, Duck corporation borrowed 150,000 British pounds from a London bank, evidenced by an interest-bearing note payable due in one year. the note is payable in pounds. Exchange rates for pounds are: October 2,20x4 $1.60; December 31,20x4 $1.62; October 2,20x5 1.56.

What is the final amount of the loan payable that Duck showed on its books, in dollars, just before it repaid the loan?

2. Operating income and tax rates for C.J Company's first three years of operations were as follows:

Assuming that CJ Company opts to carryback its 2011 NOL, what is the amount of income tax payable at December 31, 2012?

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 97,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 284,000. Units completed and transferred out: 381,000. Ending Inventory: 38,500 units, 40% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300.

Calculate the equivalent units of materials.

Multiple Choice

328,500

396,400

245,500

360,600

384,850

Calculate the equivalent units of conversion.

Multiple Choice

400,550

409,800

340,050

316,400

264,000