Culver Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2020:

CULVER INC.
Comparative Statement of Financial Position
December 31
2020      2019
Cash     $47,775         $25,090     
Accounts receivable   57,930         51,030     
Inventory      39,990         60,070     
Prepaid rent      5,210         4,100     
Equipment      161,990         130,120     
Accumulated depreciation–equipment      (35,210   )      (25,100   )
Goodwill      28,000         68,000     
    Total assets      $305,685         $313,310     
                        
Accounts payable      $46,190         $40,120     
Income tax payable      3,990         6,070     
Salaries and wages payable      8,090         4,090     
Short–term loans payable      7,930         10,030     
Long–term loans payable      68,000         87,000     
Common shares      130,000         130,000     
Retained earnings      41,485         36,000     
    Total liabilities and shareholders’ equity      $305,685         313,310     

CULVER INC.
Income Statement
Year Ending December 31, 2020
Sales revenue               $348,490
Cost of goods sold               165,000
Gross margin               183,490
Operating expenses               120,000
Operating income               63,490
Interest expense      $12,100           
Impairment loss–goodwill      40,000           
Gain on disposal of equipment      (2,400   )      49,700
Income before income tax               13,790
Income tax expense               4,105
Net income               $9,685

Additional information:

1.      Dividends on common shares in the amount of $4,200 were declared and paid during 2020.
2.      Depreciation expense is included in operating expenses, as is salaries and wages expense of $70,000.
3.      Equipment with a cost of $36,000 that was 70% depreciated was sold during 2020.

Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -10,000 or in parenthesis e.g. (10,000).)

(1 point) A researcher is interested in whether the number of years of formal education is related to a person's decision to never smoke, continue to smoke, or quit smoking cigarettes. The data below represent the smoking status by level of education for residents of the United States 18 years or older from a random sample of 475 residents. Round all numeric answers to four decimal places.

1. Select the name of the test that should be used to assess the hypotheses:

?0H0: "Smoking Status" is independent of "Education Level"

??HA: "Smoking Status" is not independent of "Education Level"

A. ?2X2 test of a single variance
B. ?2X2 test of independence
C. ?2X2 goodness of fit

2. Under the null hypothesis, what is the expected number for people with an education of Less than high school and a smoking status of Former?

3. Calculate the ?2X2 test statistic.

4.What was the contribution of Former smokers who attended Less than high school toward this test statistic?

5. What are the degrees of freedom for this test?

6. What is the p-value for this test?

7. Based on the p-value, we have:
A. little evidence
B. some evidence
C. very strong evidence
D. extremely strong evidence
E. strong evidence
that the null model is not a good fit for our observed data.

8. Which of the following is a necessary condition in order for the hypothesis test results to be valid? Check all that apply.

A. There must be at least 10 "yes" and 10 "no" observations for each variable.
B. The population data must be normally distributed.
C. There must be an expected count of at least 5 in every cell of the table.
D. There must be an observed count of at least 5 in every cell of the table.
E. The observations must be independent of one another.

8) (1 point) A researcher is interested in whether the number of years of formal education is related to a person's decision to never smoke, continue to smoke, or quit smoking cigarettes. The data below represent the smoking status by level of education for residents of the United States 18 years or older from a random sample of 200 residents. Round all numeric answers to four decimal places.

1. Select the name of the test that should be used to assess the hypotheses:

H0H0: "Smoking Status" is independent of "Education Level"

HAHA: "Smoking Status" is not independent of "Education Level"

A. X2X2 goodness of fit
B. X2X2 test of a single variance
C. X2X2 test of independence

2. Under the null hypothesis, what is the expected number for people with an education of Less than high school and a smoking status of Former?

3. Calculate the X2X2 test statistic.

4.What was the contribution of Former smokers who attended Less than high school toward this test statistic?

5. What are the degrees of freedom for this test?

6. What is the p-value for this test?

7. Based on the p-value, we have:
A. some evidence
B. strong evidence
C. little evidence
D. extremely strong evidence
E. very strong evidence
that the null model is not a good fit for our observed data.

8. Which of the following is a necessary condition in order for the hypothesis test results to be valid? Check all that apply.

A. There must be an observed count of at least 5 in every cell of the table.
B. The population data must be normally distributed.
C. The observations must be independent of one another.
D. There must be at least 10 "yes" and 10 "no" observations for each variable.
E. There must be an expected count of at least 5 in every cell of the table.

PartA： Jan 1^st, 2020: Tony Inc. buys a machine from Avengers Inc. and will make 3 equal payments of 200,000 over the next 18 months (payments on June 30, 2020; Dec 31, 2020; and June 30, 2021). The interest rate on this annuity is 14%. Record all the journal entries from Jan 1^st 2020 until the expiration of the annuity. (4 points) Assume the machine does not depreciate.

Part B: Create the balance sheet as of December 31^st, 2020 along with the income statement and cash flow statement for the time period of Jan 1^st, 2020 to Dec 31^st,2020 (6 points) (There might have a $1 rounding issue

In the green cells calculate total Gross Profit (i.e., Sales - COGS) using the condition(s) as specified and without creating a helper column, using Filters, or Pivot Tables.

Mayberry Investment Ltd. Price History

Question 1

Kindly calculate the Price Weighted Index for Mayberry Investment Ltd. and Value Weighted Index for Mayberry Investment Ltd ( Jamaica )

EFG Industries began operations with no beginning inventory on 10/1/2020. EFG adopted a Periodic inventory system and a FIFO cost flow assumption.
The following events occurred:
10/1/2020 Purchased 100 units @ $10/unit
10/15/2020 Returned 10 units for full refund
10/30/2020 Sold 60 units @ $14/unit FOB Shipping Point (shipped same day)
11/15/2020 Purchased 200 units @ $12/unit
11/18/2020 Sold 210 units @ $15/unit FOB Destination (arrived at customer 12/15)
12/12/2020 Purchased 100 units @ $14/unit
12/18/2020 Obtained $50 discount on 12/12 purchase
12/30/2020 Sold 50 units @ $16 FOB Destination (in transit at year end)
Based on this information,
1. What is the value of Ending Inventory?
2. What is the value of Cost of Goods Sold?
3. Prepare the adjusting journal enties that would be used to record Cost of Goods Sold on 12/31/2020.

On 1 June2020, Purchase Limited enters into a firm commitment Supply Limited to buy USD 100,000 of
inventory. On 1 July 2020, the Purchase Limited enters into a hedging arrangement which meets the hedge
accounting criteria stipulated by the accounting standards (Australian Accounting Standards Board (AASB) 9).
Purchase Limited has designated the firm commitment hedging arrangement as a fair value hedge. On 1 August
2020, Supply Limited transfers the inventory to Purchase Limited, and on that date, the Purchase Limited makes
the payment. The spot and forward rates are as follows.

Required:
a) Explain at least two determinants of determining an effectiveness of a hedge instrument against a
hedge
5 Marks
b) Provide journal entries to account for the hedged item (firm commitment to buy inventory) 8 Marks
i. On 1 June 2020
ii. On 30 June 2020
iii. On 1 August 2020
c) Provide journal entries to account for the hedge instrument (forward contract) 7 Marks
i. On 1 June 2020
ii. On 30 June 2020
iii. On 1 August 2020

On April 2019, Manama Company opened its first branch. Separate accounting records were established for the branch. Both the home office and the branch used the perpetual inventory system. Among the intercompany transactions were the following: 1. The company transfer $10,000 cash to the branch. 2. Home office shipped merchandise costing $130,300 to branch at a billed price of $162,500. 3. Credit sales by the branch amounted to 80,000, and the cost of goods sold was $56,750. 4. Branch acquired truck for $4,000 cash and a note payable of $11,000; both the truck and the note payable will be carried in the accounting records of the home office. 5. The branch paid operating expenses of $30,000. 6. Operating expenses incurred by the home office and charged to the Branch totaled $4,400. Instructions: Prepare the journal entries on the Company records and on the branch records?