Footloose Limited acquired furniture and fittings on 1 July 2019 for $42 000.... Footloose Limited acquired furniture and fittings on 1 July 2019 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2025 for $18 000. The journal entry to reflect the sale is:

Jericho Company recently acquired three businesses, recognizing goodwill in each acquisition. The acquired goodwill was allocated to the three reporting units: Apple, Banana, and Carrot. Jericho provides the following information in performing the 2012 annual review for impairment.

Required:
A: Which of Jericho's reporting units require both steps to test for goodwill impairment?
B: How much goodwill impairment should Jericho report for 2012?

Reid acquired two assets in 2017: computer equipment (5-year property) acquired on August 6th with a basis of $510,000 and machinery (7-year property) on November 9th with a basis of $510,000. Assume that Reid has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (but not bonus expensing). 1-Section 179 expense? 2-Depreciation on computer? 3-Depreciation on machinery? 4-Total maximum depreciation expense including §179 expense?

On January 1, 2020, Bronson Corporation had the following information available
regarding its stockholders' equity:

4%, $50 par, cumulative Preferred Stock, 300,000 shares authorized 9,000,000 $
Paid-in Capital in Excess of Par - Preferred Stock 1,440,000
Common Stock, $3 par, 1,000,000 shares authorized, 530,000 shares issued, ?
510,000 shares outstanding
Paid-in Capital in Excess of Par - Common Stock 4,770,000
Paid-in Capital from Treasury Stock Transactions 55,000
Treasury Stock (held at cost) 180,000
Retained Earnings 17,210,000

The following transactions affecting stockholders' equity took place during 2020:
2/4/2020 Issued 170,000 shares of common stock for $13/share.
3/17/2020 Issued 40,000 shares of preferred stock for $54/share.
4/24/2020 Declared a cash dividend to shareholders of record on May 15, 2020 payable on
May 31, 2020. The preferred shareholders are to receive their contractual preference
(no dividends are in arrears) and the common shareholders are to receive $0.30/share.
Use separate payable accounts for preferred and common dividends.
5/31/2020 Paid the cash dividend.
7/3/2020 Sold all of the treasury stock for $7/share.
8/15/2020 Declared a 3:1 stock split on the common stock. Authorized shares were adjusted
to accommodate the split.
9/10/2020 Declared a 10% stock dividend on the common stock for shareholders of record
September 30, 2020, to be issued on October 15, 2020. The market price of the
common stock on September 10, 2020 was $6/share.
10/15/2020 Issued the shares in conjunction with the stock dividend.
11/18/2020 Repurchased 30,000 shares of its own common stock for $5/share.
12/14/2020 Closed out any and all dividend accounts.
12/31/2020 Closed $500,000 of revenues and 265,000 of expenses for fiscal 2020.
Instructions

YOU MUST COMPLETE THE PROJECT BY COMPUTER AND IT MUST BE FORMATTED TO PRINT CORRECTLY!
1) Open T-accounts for the stockholders' equity accounts that contain balances on January 1, 2020 and
insert the appropriate balance labeling it 1/1/20.
2) Record formal journal entries for the 2020 transactions. Journal descriptions are not required.
3) Post the 2020 journal entries to the stockholders' equity T-accounts (or create new stockholders'
equity T-accounts if necessary) labeling each entry with the appropriate date.
4) Prepare the stockholders' equity section of the balance sheet at December 31, 2020.

Question 4

Consider each of the following independent and material situations, identified below (i-vi). In each case:

• the balance date is 30 June 2020;
• the field work was completed on 12 August 2020;
• the Directors’ Declaration and the Audit report were signed on 20 August 2020;
• the completed financial report accompanied by the signed Audit report were mailed to the shareholders on 26 August 2020.

1. On 26 September 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 2 September 2020. The debt had appeared collectible at 30 June 2020 and 20 August 2020.

2. On 12 August 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 5 August 2020. The cause of the bankruptcy was an unexpected loss of a major lawsuit by the debtor on 15 July 2020.

3. On 14 August 2020, you discovered that a debtor had gone bankrupt on 5 August 2020. The sale took place on 2 July 2020. The cause of the bankruptcy was a major uninsured fire at one of the debtor’s premises on 30 June 2020.

4. On 19 August 2020, the company settled a legal action out of court that had originated in 2016 and was listed as a continent liability at 30 June 2020.

5. A draft investigative report commissioned by a government enquiry was leaked to the media on 10 August 2020. The report has questioned the continued need for a segment of your client’s business. Accordingly, there is a significant uncertainty regarding the future necessity for one of the services offered by your client and its industry colleagues. There have been significant media attention and speculation on this issue.

6. Your client, BHP Mining, owns a mineral exploration licence in Western Australia. At 30 June this licence was valued by an independent expert at $20,000,000. This valuation is reflected in the financial report. On 17 August BHP Mining received notice that a claim was being lodged under the Native Titles Act for land which included that subject to the exploration licence. If the claim is successful, the exploration licence will be worthless.

Required:

1. For each of the situations described above (i-vi), select the appropriate action from the list below, and justify your response.

1. Adjust the 30 June 2020 financial report.
2. Disclose the information in the notes to the 30 June 2020 financial report.
3. Request that the client recall the 30 June 2020 financial report for revision.
4. No action is required.                                                                                                  (6*2= 12 marks)

If no action is taken by management for each of the events described above (i-v), determine the most appropriate audit opinion to be issued.            

Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2020:

Pharoah follows IFRS.

QUESTIONS:

A) Prepare a continuity schedule for 2020 for the defined benefit obligation.

B) Prepare a continuity schedule for 2020 for the plan assets.

C) Calculate pension expense for the year 2020.

D) Prepare all pension journal entries recorded by Pharoah in 2020.

E) What pension amount will appear on Pharoah’s SFP at December 31, 2020?

1. Which of the following statements is (are) correct?
(x) Charles and Beatrice are American residents. Charles buys stock of a corporation in Germany. Beatrice opens a coffee shop in Germany. Both actions decrease Germany’s net capital outflow.
(y) Theodore a U.S. citizen, buys stock in a Japanese car producing company. This purchase is an example of saving for Theodore and foreign portfolio investment for the United States.
(z) A U.S. firm buys bonds issued by a car producer in Italy. This purchase of bonds is an example of U.S. foreign portfolio investment. By itself it is an increase in U.S. holdings of foreign bonds and decreases U.S. net capital outflow.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only

4. Which of the following statements is (are) correct?
(x) During some year a country had exports of $60 billion, imports of $70 billion, and domestic investment of $90 billion. Its saving during the year was $100 billion.
(y) If a country has 50 billion euros of imports, 30 billion euros of exports, and sells 40 billion euros of assets to foreigners, then domestic residents purchased 20 billion euros of foreign assets.
(z) The country of Greatland has net capital outflow of $100,000, government purchases of $500,000 and consumption of $2,000,000. If its domestic investment is $200,000, then its GDP is $2,800,000.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (y) only

5. , which of the following statements is (are) correct?
(x) From 1960 to about 1975 in the United States, net capital outflow was small and sometimes negative and sometimes positive.
(y) Most of the change from 1991 to 2000 in U.S. net capital outflow as a percent of GDP was due to a decrease in U.S. investment
(z) In the U.S. from 2000 to 2006, net capital outflow as a percent of GDP became a larger negative number because of a large trade deficit and a large net capital inflow.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only

One of the important factors in auto safety is the weight of the vehicle. Insurance companies are interested in knowing the average weight of cars currently licensed in the United States; they believe it is 3000 pounds. To see if that estimate is correct, they checked a random sample of 91 cars. For that group, the mean weight was 2919 pounds, with a standard deviation of 531.5 pounds. Is this strong evidence that the mean weight of all cars is not 3000 pounds? What best describes the p-value and what tail of the t distribution that the p-value lies in? a. p-value=0.1494 This p-value lies in the lower tail of the t distribution. b. p-value=0.1494 This p-value lies in the upper tail of the t distribution. c. p-value=0.1494 Half the p-value lies in the lower tail and half the p-value lies in the upper tail of the t distribution. d. Both answers a and c. Select the best interpretation of the p-value. 14.94% of the time we would have seen data like the data we got in our sample, if Ha was true. 14.94% of the time we would have seen data like the data we got in our sample, if Ho was true. I'm 95% confident that the population mean is within 14.94% of our sample mean. I'm 95% confident that the population mean is within 14.94% of 3000. One of the important factors in auto safety is the weight of the vehicle. Insurance companies are interested in knowing the average weight of cars currently licensed in the United States; they believe it is 3000 pounds. To see if that estimate is correct, they checked a random sample of 91 cars. For that group, the mean weight was 2919 pounds, with a standard deviation of 531.5 pounds. Is this strong evidence that the mean weight of all cars is not 3000 pounds? Select the best statistical decision. Accept Ho. Fail to Reject Ho. Reject Ho. Reject Ha. Accept Ha. Fail to Reject Ha. Select the best conclusion. There is enough evidence that the population mean weight of cars is not equal to 3000. There is not enough evidence that the population mean weight of cars is not equal to 2919. There is enough evidence that the population mean weight of cars is not equal to 2919. There is not enough evidence that the population mean weight of cars is not equal to 3000.

Please i need this answered in 10 minutes!!

5. Explain how a technological advance can contribute to economic growth. Also, explain how better-quality education for young people today can increase economic growth in the future.

6. Suppose that nominal gross domestic product (GDP) in the United States grew by 6%. Given that prices increased by 2% and the population grew by 1%, How much did per capita real GDP grow? In other words, what Is the economic growth rate for the United States?

7. Using the rule of 70 formula from Chapter 11(Please show your work and calculations below to receive credit), fill in the blanks below

Question: Which country will experience economic growth sooner, country A, B or C? What factors, do you think, would contribute to high economic growth and for real GDP to double in size sooner for that particular country than for the other countries? What policies can the countries who are experiencing real GDP to double in size later to shorten the years in doubling real GDP in size and promote economic growth sooner? Explain.

8. Suppose we have the following table and figures below for the following countries. Please answer the questions, 5a and 5b. Please show your work and calculations.

6a. Calculate Real GDP per capita for each country. Please show your work and caluclations

6b. Looking at the Per Capita GDP figures you calculated and the economic growth rate, which country has a higher standard living and has a higher economic growth rate and why? Give some reasons and some factors why this particular country has a higher Per capita GDP and a higher economic growth rate than the other two countries.

1. Ambulatory Care refers to

1. Emergency Care done in an ambulance
2. First Aid performed by an EMT
3. Cannot be covered by medical insurance
4. Is another term for Outpatient Services

2. The increase in the elderly population in the United States will be a factor

1. In increasing the cost of health care
2. In decreasing the cost of health care
3. Will have no effect on the cost of health care
4. In lowering health insurance premiums

3. Primary Health care is regarded as
   1. Essential Health Care
   2. Specialty Care
   3. Rehabilitative Services
   4. Allied Health Care

4. The supplemental insurance that is part of the Medicare program is known as
   1. Medicare Part A
   2. Medigap
   3. Medicare Part B
   4. Medicaid

5. The term used to describe medical tests and services that are not medically justified or billing for a higher priced service
   1. Primary Care
   2. Defensive Medicine
   3. Inpatient Care
   4. Fraudulent Care

6. A characteristic that is needed to be considered a hospital
   1. Is a license from the Federal Government
   2. That you provide a minimum of five specialty services
   3. Registered Nurses must supervise continuous nursing care
   4. You must have access to Public Transportation

7. One of the needed criteria that is necessary to be labeled a Critical Access hospital is
   1. It is located in a rural area
   2. It has over 100 beds
   3. It is located in an urban area
   4. It only takes Health Market Place insurance

8. The Primary Care Physician provides the following service
   1. Specialty Care
   2. Rehab Services
   3. “Gatekeeping”
   4. Tertiary Care

9. State sponsored anti-smoking programs is an example of this type of Determinant of Health
   1. Co-Payment
   2. Policy Making
   3. Individual Behavior
   4. Health Disparities

10. Which Health Market Place plan provides the best cost coverage from the Insurance Carrier
    1. Bronze
    2. Gold
    3. Silver
    4. Platinum

11. A veterans administration or military hospital is an example of
    1. A teaching hospital
    2. A Public, Federal hospital
    3. A propriety hospital
    4. A non-profit community hospital

12. Health Insurance Companies are regulated by the
    1. Federal Government
    2. American Medical Association
    3. Hospital Associations
    4. State that they serve

13. A factor in the high cost of health care in the United States is
    1. Electronic Medical Record Keeping
    2. A Multipayer system and administrative costs
    3. The Social Security Act
    4. The TriCare Medical System

14. Eating, Bathing, and Dressing are considered
    1. Activities of Daily Living
    2. A Determinant of Health
    3. Macroview Evaluations
    4. Instrumental Activities of Daily Living