The Prince-Robbins partnership has the following capital account balances on January 1, 2018:

Prince, Capital $ 150,000

Robbins, Capital 140,000

Prince is allocated 60 percent of all profits and losses with the remaining 40 percent assigned to Robbins after interest of 6 percent is given to each partner based on beginning capital balances.

On January 2, 2018, Jeffrey invests $85,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 6 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50 percent), Robbins (30 percent), and Jeffrey (20 percent). In 2018, the partnership reports a net income of $24,000.

a. Prepare the journal entry to record Jeffrey’s entrance into the partnership on January 2, 2018.

b. Determine the allocation of income at the end of 2018.

You are currently employed as partner in United & Party LLC, an accounting firm. The following three different audits were performed by your team for the year ended December 31, 2018:

Peoples Shelter, a non-profit organization. Except for salaries and allowances, the company has not kept vouchers or receipts for more than 60 per cent of its expenses.

Jack Holdings, Inc. Jack Holdings is a major construction company. Jack Holdings also purchases large vacant blocks of land that it later subdivides for the construction of houses and units to compensate for the irregularity of its contracted building projects. These are then sold on its own account. Your evidence strongly shows that the apportionment of costs to houses and units sold has been kept low in order to boost profits. In your opinion, this has resulted in the overvaluation of the unsold properties. The directors of the company do not agree and maintain that the stock of properties is correctly valued.

Vacation Dreamland Ltd. Vacation Dreamland booked a major German group to perform in selected cities in the U.S.A. The contract required that Vacation Dreamland should pay the group in US dollars but, to reduce costs, it did not hedge the amounts. Subsequent to year end, the German Mark fell against the US dollar and a substantial loss relating to the group’s tour was expected. The management of Vacation Dreamland tried unsuccessfully to renegotiate the band’s contract and was not able to obtain finance to cover the expected shortfall. Vacation Dreamland cancelled the tour and expects a substantial claim from the German group. Your analysis indicate that Vacation Dreamland does not have the income, cash or other assets to sustain such a loss.

Required:

Assuming that all amounts involved are material, identify:

The most likely auditor’s opinion that you would issue on each financial report for the year ending December 31, 2018 and

Discuss the justifications for each of the opinions.

Royal Ltd. manufactures equipment that is sold or leased. On 31 December 2017 Royal leased equipment to Water Ltd. for a non-cancelable lease term of three years ending 31 December 2020 at which time possession of leased asset will revert back to Royal Ltd.

The equipment cost $300,000 to manufacture and has an expected useful life of six years. Its normal sales price (fair value) is $365,760. The residual value was guaranteed by Water Ltd. for $10,000 at the end of lease term. Water Ltd. estimated the fair value of the equipment at end of lease term will be around $5,000.

Under the lease, three equal annual payments of $130,960 are due on December 31 of each year. The first payment was made on 31 December 2017. Water Ltd.’s incremental borrowing rate is 12%. Water knows the interest rate implicit in the lease payment is 10%. Both companies use straight-line depreciation and have the fiscal year ended at 31 December of each year. (Please use the discount table provided in your calculation, no decimal points in rounding, for example, 130.7 should be written as 131.)

Required:

1. The present value of the minimum lease payment (PVMLP) is _____.

2. Prepare the appropriate entries for Water Ltd. on 31 December 2017 & 2018. Indicate the date for each entry. Narratives for journal entries are not required.

3. Prepare the appropriate entries for Royal Ltd. on 31 December 2017. Narratives for journal entries are not required.

4. Prepare appropriate entries for Water Ltd. on 31 December 2020. Indicate the date for each entry. Narratives for journal entries are not required.

5. On the statement of financial position, as of 31 December 2018, the balance for current liabilities for Water Ltd. relating to the lease is ______, and noncurrent liabilities relating to the lease is ______.

Write a function double mysqrt( double x ) which computes the value of the square root of x using
the bisection method. First you need to set the left and right bounds for x. If 0<x<1 then lt = x
and rt = 1 and the sqrt(x) is somewhere in between. If x > 1 then lt = 1 and rt = x and sqrt(x)
is somewhere in between. In a loop you need to compute the mid value between lt and rt and
compare the mid square with x. Depending on this comparison, you would need to set either lt or
rt to the mid. The loop executes as long as fabs(rt-lt) > ERR . You can set the const double ERR =
1-10. The function needs to return the mid.

In the main function use a loop to read a double, then print is square root in 2 ways: one using
cmath’s sqrt function and the other using mysqrt. Of course, the code is correct if the 2 values
from the functions are very close to eachother. The loop terminates when the user enters q.

Sample output:
Enter a non-negative real number to compute the square root: 0
sqrt( 0 ) = 0
mysqrt( 0 ) = 0
Enter a non-negative real number to compute the square root: 1
sqrt( 1 ) = 1
mysqrt( 1 ) = 1
Enter a non-negative real number to compute the square root: 2
sqrt( 2 ) = 1.41421356237309514547462185874
mysqrt( 2 ) = 1.41421356232604011893272399902
Enter a non-negative real number to compute the square root: 3
sqrt( 3 ) = 1.73205080756887719317660412344
mysqrt( 3 ) = 1.73205080762272700667381286621
Enter a non-negative real number to compute the square root: 16
sqrt( 16 ) = 4
mysqrt( 16 ) = 4.00000000001091393642127513885
Enter a non-negative real number to compute the square root: 0.26
sqrt( 0.260000000000000008881784197001 ) = 0.509901951359278515774064999277
mysqrt( 0.260000000000000008881784197001 ) = 0.509901951344217785333512438228
Enter a non-negative real number to compute the square root: 0.25
sqrt( 0.25 ) = 0.5
mysqrt( 0.25 ) = 0.500000000029103830456733703613
Enter a non-negative real number to compute the square root: 0.36
sqrt( 0.359999999999999986677323704498 ) = 0.599999999999999977795539507497
mysqrt( 0.359999999999999986677323704498 ) = 0.599999999999999977795539507497
Enter a non-negative real number to compute the square root: q

C++,will leave a like if correct and will appreciate if able to copy and paste.

Three Rivers Inc. provides cable TV and Internet service to the local community. The activities and activity costs of Three Rivers are identified as follows:

a. Identify the cost of quality classification for each activity and whether the activity is value-added or non-value-added.

Feedback

Correct

b. Prepare a cost of quality report. Assume that sales are $1,400,000. If required, round percentages to one decimal place.

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b. Classify each activity as either prevention, appraisal, internal failure or external failure. List the total costs of each of these four categories in a column called quality cost. In a separate column, determine the percent of each quality cost as compared to the total quality costs by dividing individual quality cost categories by the total quality cost. In another column, determine the percent of each quality cost classification as compared to total sales by dividing individual quality cost classes by the total sales amount. Total all columns. Remember that the Percent of total quality cost column should total to 100%.

Learning Objective 1 and Learning Objective 3.

c. Prepare a value-added/non-value-added analysis.

Use this scenario to answer questions below.

The Collins Research Crew (CRC) is interested in examining the number of vape/smoking stores (i.e. stores that sell vaping and cigarette/cigar smoking products) in low-income neighborhoods compared to other types of neighborhoods. CRC's research question is, "Do low-income neighborhoods have more vape/smoke shops than other types of neighborhoods?" Low-income neighborhoods were defined as those where the median household income is less than the U.S. federal poverty line. Non-low-income neighborhoods are those that the median household income is greater than the U.S. federal poverty line.

CRC employed a team of undergraduate researchers to go out and count the number of vape/smoke shops in a random selection of low-income and non-low-income neighborhoods. They define the population as all neighborhoods in King County.

They found a significant difference in the number of vape/smoke shops across neighborhoods. Specifically, low-income neighborhoods had a greater number of vape/smoke shops compared to non-low-income neighborhoods.

Match the null hypothesis, directional hypothesis, and non-directional hypothesis with their most appropriate statement.

Null Hypothesis

      [ Choose ]           

There is a relationship between the average number of vape/smoke shops and neighborhood type..           

There is no relationship between the number of vape/smoke shops and neighborhood type.           

Low-income neighborhoods have more vape/smoke shops than non-low-income neighborhoods.average.      

Directional Hypothesis

      [ Choose ]           

There is a relationship between the average number of vape/smoke shops and neighborhood type..           

There is no relationship between the number of vape/smoke shops and neighborhood type.           

Low-income neighborhoods have more vape/smoke shops than non-low-income neighborhoods.average.      

Non-directional hypothesis

      [ Choose ]           

There is a relationship between the average number of vape/smoke shops and neighborhood type..           

There is no relationship between the number of vape/smoke shops and neighborhood type.           

Low-income neighborhoods have more vape/smoke shops than non-low-income neighborhoods.average.      

Given the research question asked in the scenario above, the best research hypothesis is a non-directional hypothesis.

True OR False

"Specifically, low-income neighborhoods had a greater number of vape/smoke shops compared to non-low-income neighborhoods." What is this sentence indicating?

A. Low-income people vape/smoke at higher levels than the average King County resident

B. Any difference is due to chance and not some systematic influence

C. Any difference is due to some systematic influence and not by chance

D. There is no difference in the number of vape/smoke shops

Karane Enterprises, a calendar-year manufacturer based in College Station, Texas, began business in 2017. In the process of setting up the business, Karane has acquired various types of assets. Below is a list of assets acquired during 2017:

*Not considered a luxury automobile.

During 2017, Karane was very successful (and had no §179 limitations) and decided to acquire more assets this next year to increase its production capacity. These are the assets acquired during 2018:

†Used 100% for business purposes.

Karane generated taxable income in 2018 of $1,732,500 for purposes of computing the §179 expense. (Use MACRS Table 1, Table 2, Table 3, Table 4, Table 5, and Exhibit 10-10.) Assume the 2017 §179 limits are the same as those in 2018.(Leave no answer blank. Enter zero if applicable. Input all the values as positive numbers.)

rev: 09_14_2018_QC_CS-135704

Comprehensive Problem 10-76 Part a

a. Compute the maximum 2017 depreciation deductions including §179 expense (ignoring bonus depreciation).

b. Compute the maximum 2018 depreciation deductions including §179 expense (ignoring bonus depreciation).

c. Compute the maximum 2018 depreciation deductions including §179 expense, but now assume that Karane would like to take bonus depreciation.

The following information relates to the June 2018 cash transactions for Allmar Pty Ltd.

1. The following unpresented cheques (outstanding cheques) appeared on the 31^st May 2018 bank reconciliation:

2. All cheques except for cheque no. 6558 are included in the 30^th June 2018 bank statement. On 31^st May 2018, a deposit of $5,163.00 was outstanding.
3. In the company’s records the cash balance at 31^st May 2018 was $39,659.56 debit.
4. Total cash payments of $99,565.60 were credited to cash at bank for the month of June 2018.
5. Total cash receipts for June were $104,291.40, but $3,964.90 of these were received on 30^th June are outstanding as they have not yet been credited by the bank.
6. The bank statement at 30^th June 2018 shows a closing credit balance of $53,852.26.
7. The following information only appeared on the bank statement in June, service charges of $64.80; a $190.80 returned cheque due to insufficient funds in the drawer’s account; and the 31^st May deposit of $5,163.00 which was credited by the bank on 1^st June.
8. Cheque no. 6585, written for telephone expenses on 20^th June, and recorded by the company at $1,978.00, was correctly paid by the bank as $1,996.00
9. The June bank statement shows a debit of $1,165.00 for a cheque which was not written by Allmar Pty Ltd, but which was incorrectly debited to their account by the bank.
10. The following cheques are included in the company’s records but do not appear on the company’s bank statement for June:

Required:

1. Prepare the cash bank account in the general ledger as a result of the adjustments required to balance the account to the bank statement for the month of June 2018.
2. Prepare the bank reconciliation as at 30^th June 2018.
3. Explain how a dishonoured cheque would be treated by Allmar’s bank and why it is treated this way

Murderer of Love began operations on 1/1/2016. All shares of common and preferred stock were issued on that date. The following information relates to the company as of December 31, 2018:

Balance sheet info 2018

Preferred Stock, Cumulative, Par $5,10% dividend rate $160,000

Additional pain in capital- Preferred stcok 40,000

Common stock par $2 400,000

Additional pain in capital- common stock 3,024,000

Treasury Stock- 1,000 shares repurchased during 2016 (20,000)

Beginning Retained Earnings balance ( as of Jan. 1, 2018) 180,000

Income statement Info 2018

Net income 414,000

During 2018, Murderer of Love declared and paid a cash dividend of $60,000. The only other dividend the company has ever issued was a $20,000 cash dividend declared and paid during 2016.

Required (1):  What should be the company’s ending retained earnings balance (as of December 31, 2018)? Answer below.

Question 2

Required (2):  How many shares of common stock were issued on 1/1/16?

Question 3

Required (3):  How many shares of common stock are outstanding as of December 31, 2018?

Question 4

Required (4):  How much did Murderer of Love receive per share when the preferred stock was issued?

Question 5

Required (5):  How much of the cash dividend declared and paid in 2018 was paid to common stockholders?

Question 6

Required (6):  What is Murderer of Love's earnings per share for the year ended December 31, 2018?

The following information relates to the June 2018 cash transactions for Allmar Pty Ltd.

1. The following unpresented cheques (outstanding cheques) appeared on the 31^st May 2018 bank reconciliation:

2. All cheques except for cheque no. 6558 are included in the 30^th June 2018 bank statement. On 31^st May 2018, a deposit of $5,163.00 was outstanding.
3. In the company’s records the cash balance at 31^st May 2018 was $39,659.56 debit.
4. Total cash payments of $99,565.60 were credited to cash at bank for the month of June 2018.
5. Total cash receipts for June were $104,291.40, but $3,964.90 of these were received on 30^th June are outstanding as they have not yet been credited by the bank.
6. The bank statement at 30^th June 2018 shows a closing credit balance of $53,852.26.
7. The following information only appeared on the bank statement in June, service charges of $64.80; a $190.80 returned cheque due to insufficient funds in the drawer’s account; and the 31^st May deposit of $5,163.00 which was credited by the bank on 1^st June.
8. Cheque no. 6585, written for telephone expenses on 20^th June, and recorded by the company at $1,978.00, was correctly paid by the bank as $1,996.00
9. The June bank statement shows a debit of $1,165.00 for a cheque which was not written by Allmar Pty Ltd, but which was incorrectly debited to their account by the bank.
10. The following cheques are included in the company’s records but do not appear on the company’s bank statement for June:

Required:

1. Prepare the cash bank account in the general ledger as a result of the adjustments required to balance the account to the bank statement for the month of June 2018.
2. Prepare the bank reconciliation as at 30^th June 2018.
3. Explain how a dishonoured cheque would be treated by Allmar’s bank and why it is treated this way