1-Search the EDGAR database to find a 10-K that reports a contingent liability. Write a paragraph summarizing one of the liabilities found in the financial statements. Did the company disclose the liability in the footnotes only, or did it recognize the liability in the financial statements?

2-What procedures might the auditors use to search for the contingent liabilities listed in part (1)? Explain the steps in the procedure in detail, as well as how they would provide the outcome desired.

What additional procedure could be performed? List the procedure, explain how it is performed, and discuss why it would be appropriate.

Part 2: You will create five tables in your ColonialAdventureTours database. Please do not write your own SQL Commands for this task, use data found in the following Colonial_create.txt file and copy and paste the commands into MySQL workbench. Then add Primary key, Foreign key, and not null constraints appropriately. Then run your codes. Note: Remember that since you enforced referential integrity (foreign key constraints) that you must create the "primary" tables before you can create the "related" tables in the relationship. [Create tables in right orders].

1. What is a database? Why do today’s Internet Web applications and smartphone apps need databases?
2. For the tables given as: MEMBER (MemberNumber, MemberFirstName, MemberLastName, EmailAddress)

And PAYMENT (PaymentNumber, MemberNumber, PaymentDate, PaymentAmount)

what are the primary keys of each table? Do you think that any of these primary keys could be surrogate keys? Are any of these keys composite keys? Explain how the two tables are related. Which table contains the foreign key, and what it is the foreign key?

3. Define the terms data and information.   Explain how the two terms differ.

Which of the case studies that you read (Walmart, Target or 5 Big Data Industries) caught your attention and why? Before reading the articles, did you think about data being used in the manner that it is? Name one other organization that may be using data warehousing and data mining techniques and explain how it is being used. Or explain how after years of collecting data how the data in the Academic Database that was implemented in Modules 6 and 7 can be useful to the academic institution? Explain your answer in 100 to 150.

• Create a set of use case documents and use case diagrams for a university library borrowing system (Do not worry about catalogue searching etc.)
• The system will record who has borrowed what books. Before someone can borrow a book, he or she must show a valid ID card that is checked to ensure that it is still valid against the student database maintained by the registrar's office.
• The system must also check to ensure that the borrower does not have any overdue books or unpaid fines before he or she can borrow another book.

The cash account for Corey’s Construction Company at August 31, 2018, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2018. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following:

A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared.

Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2018.

The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600.

The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000

The bank credited a deposit of $200 as $2,000 to Corey’s Construction account.

A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank charges associated with NSF cheques are to be recovered from the customer.

A note was collected by the bank of $21,000 on August 31 which included interest of $1,500. A debit memo from the bank showed service charge amounting to $2,500 as at August 31, 2018

Required: 1.Prepare the necessary journal entries for Corey’s Construction Company at August 31, 2018.

2.Prepare Corey’s Construction Company adjusted cash book for August 31st. 2018.

3.Prepare Corey’s Construction Company bank reconciliation statement for August 31, 2018.

JJ produces and sells cotton jerseys. The company uses variable costing for internal purposes and absorption costing for external reporting. At year-end, financial information must be converted from variable costing to absorption costing to satisfy external requirements.

At the end of 2018, management anticipated that 2019 sales would be 20% above 2018 levels. Thus, production for 2019 was increased by 20% to meet the expected demand. However, economic conditions in 2019 kept sales at the 2018 unit level of 40 000. The following data pertain to 2018 and 2019:

2018
2019

Selling price per unit
R20
R20

Sales (units)
40 000
40 000

Beginning inventory (units)
4 000
4 000

Production (units)
40 000
48 000

Ending inventory (units
4 000
?

Production costs per unit (budgeted and actual) for 2018 and 2019 were:
Material R2.25
Labour R3.75
Overhead R1.50
Total R7.50

Annual fixed costs for 2018 and 2019 (budgeted and actual) were:
Production R117 000
Selling and administrative R125 000
Total R242 000

The predetermined OH rate under absorption costing is based on annual capacity of 60 000. Any volume variance is assigned to Cost of Goods Sold.

Required:

3.1 Prepare an Income Statement using variable costing.

3.2 Prepare an Income Statement using absorption costing.

3.3 Reconcile the profits.

Timpanogos Inc. is an accrual-method calendar-year corporation. For 2018, it reported financial statement income after taxes of $1,152,000. Timpanogos provided the following information relating to its 2018 activities:

Required:

1. Reconcile book income to taxable income for Timpanogos Inc. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.
2. Identify each book-tax difference as either permanent (P) or temporary (T).
3. Complete Schedule M-1 for Timpanogos.
4. Compute Timpanogos Inc.’s tax liability for 2018.

At the beginning of 2018, Baker Co. reported the following amounts related to investments:

                                               ASSETS                     

Interest receivable-Black Co. bonds                            20,000

Investment in Blue Co. common stock                  $320,000

Fair value adjustment                                                    (10,000)=$310,000

Investment in Red Co. common stock                       $700,000

Fair value adjustment $20,000= $720,000

Investment in Black Co., 8% bonds-AFS security       $600,000

Fair value adjustment                                                    30,000 = $630,000

Requirement 1: In the space below each item a-d (or on a t-account sheet), record Rockets 2018 transactions/events on the underlined date. Show any computations.

a. On January 31, 2018, received semi-annual interest payment of $24,000 on 8% Black Co. bonds purchased at the $600,000 face value on August 1, 2017. Baker recorded an adjusting entry for interest at the end of 2017.

b. On July 31, 2018, received semi-annual interest payment of $24,000 from Black Co.

c. On November 1, 2018, sold Red Co. common stock for $690,000.

.

d. On December 31, 2018, recorded any necessary adjusting entries related to investments. The following information is available:

Dec. 31, 2018 fair value

Bkue Co. common stock              $270,000

Blue Co. bonds                               674,000

What is net income?

What is comprehensive NI?

Part 1:

On January 1 2018, Louis Company issued bonds with a Par Value of $400,000. The coupon interest rate on the bond is 10%, and it has a maturity of 3 years.

Interest is paid semiannually on June 30^th and December 31 of each year.

Required:

Compute the value of the bond assuming the following market rates of interest:

                                                                                                            [5 points]

Part 2:

From part 1, using the effective interest method, show how the bond premium would be amortized over the life of the bond. Fill in the following table to do this. Please round any amounts to the nearest $.

Part 3:

Show journal entries for the premium bond for the following:

The issue of the bond on January 1^st, 2018

(ii)        The first and second interest dates (June 30^th, 2018 and December 31^st, 2018)

[10 points]