On 1 Jan. 2015, Miles Ltd. acquired a machine for $300,000 cash. The machine has an estimated useful life of 10 years with no residual value. On 31 December 2016, based on evidence that the machine was impaired, the company estimated the recoverable amount of the machine to be $200,000. On 31 December 2018, there was evidence for reversal of impairment of the machine and the recoverable amount on this date was $170,000. Assume there is no change in the useful life of the machine. Miles Ltd. measured its machines using the cost model and adopts straight-line depreciation for its machines.

Prepare all relevant entries relating to this machine for 2015 to 2018.

1. Laker Company Reported the following January purchases and sales data for its only product.

A. Laker uses a periodic inventory system. Calculate COGS and Ending inventory amounts using LIFO, FIFO, and Average Cost:

At 31 July 20X6, Helios International had non-current assets which had cost $310,000. At the same date, the accumulated depreciation on the assets was $120,000. The company had not disposed of any non-current assets during the year to 31 July 20X7, but acquired an asset at a cost of $79,200 on 1 January 20X7. Helios International depreciates non-current assets at a rate of 25% per annum. What is the company’s depreciation charge for the year to 31 July 20X7 using:

a. The straight line method

b. The reducing balance method Assume that depreciation is charged from the first year of acquisition.

During 2015, Sheridan Company purchased a building site for its proposed research and development laboratory at a cost of $50,000. Construction of the building was started in 2015. The building was completed on December 31, 2016, at a cost of $360,000 and was placed in service on January 2, 2017. The estimated useful life of the building for depreciation purposes was 20 years. The straight-line method of depreciation was to be employed, and there was no estimated residual value.

Management estimates that about 50% of the projects of the research and development group will result in long-term benefits (i.e., at least 10 years) to the corporation. The remaining projects either benefit the current period or are abandoned before completion. A summary of the number of projects and the direct costs incurred in conjunction with the research and development activities for 2017 appears below.

Upon recommendation of the research and development group, Sheridan Company acquired a patent for manufacturing rights at a cost of $116,000. The patent was acquired on April 1, 2016, and has an economic life of 10 years.

If generally accepted accounting principles were followed, how would the items above relating to research and development activities be reported on the following financial statements?

(a)The company's income statement for 2017.

(b)The company's balance sheet as of December 31, 2017.

In 2000, the Gandoff Company purchased all of the outstanding stock of Bilbo Company at book value. Gandoff accounts for its investment in Bilbo under the initial value method and Bilbo pays no dividends

In 2016, Gandoff sold inventory to Bilbo Co for $600,000 on credit. This merchandise had cost Gandoff $300,000. At the end of 2016 Bilbo had not sold any of this merchandise nor had they paid Gandoff for the merchandise

In 2017 Bilbo paid off Gandoff and had sold 70% of the merchandise acquired from Gandoff.

In 2018 Bilbo sold the rest of the merchandise it had acquired from Gandoff

REQUIRED:

A) MAKE THE JOURNAL ENTRY GANDOFF MAKES WHEN IT SELLS THE MERCHANDISE TO BILBO (GANDOFF USES THE PERPETUAL METHOD FOR INVENTORY)

B) MAKE THE JOURNAL ENTRY BILBO MAKES WHEN IT BUYS THE MERCHANDISE FROM GANDOFF (BILBO ALSO USES PERPETUAL INVENTORY METHOD)

C) MAKE ANY NECESSARY WORKSHEET ENTRIES FOR 2016 CONNECTED WITH THIS MERCHANDISE

D)MAKE ANY NECESSARY WORKSHEET ENTRIES IN 2017 CONNECTED WITH THIS MERCHANDISE

E) MAKE ANY NECESSARY WORKSHEET ENTRIES IN 2018 CONNECTED WITH THIS MERCHANDISE

F) IN 2016, GANDOFF REPORTED UNCONSOLIDATED INCOME OF $4,000,000 AND BILBO REPORTED INCOME OF $300,000 WHAT WAS CONSOLIDATED INCOME IN 2016

G) IN 2017, GANDOFF REPORTED UNCONSOLIDATED INCOME OF $4,300,000 AND BILBO REPORTED INCOME OF $333,000 WHAT WAS CONSOLDIATED INCOME IN 2017

H) IN 2018 GANDOFF REPORTED UNCONSOLIDTED INCOME OF $5,000,000 AND BILBO REPORTED INCOME OF $500,000 WHAT WAS CONSOLIDATED INCOME IN 2018?

(a) Prepare a Statement of Cash Flows for the year ended 30 June 2020 using the direct method, ignoring GST.

Show all workings on the Workings page.

(b) Using the relevant information from the question above, identify two (2) specific items (including their values) which causes a difference between Net Profit and Net Cash from Operating Activities and analyse why it causes a difference.

The following financial statements relate to Clarke Ltd for the financial year ended 30 June 2020.

Balance Sheet as at 30 June

Clarke Limited's Income Statement for the year ended June 2020

Additional information:

Interest expense is classified as an operating cash flow.

The company paid dividends in 2020.

Land was revalued during the 2020 financial year.

I am currently completing an assignment for an introduction for accounting.

I have been asked to complete a general journal for the following transactions:

August 2           Sahra paid $30 from the business bank account for dinner at ‘Waves’ a beachside café.

August 3           Deep Sea Cleaning Co cleaned the shop and workshop and left an invoice for $195 on the counter.

August 6           A new range of SPF fabric was purchased from ‘World Fabrics Ltd’ for $6,200. A part-payment of $200 was paid in cash whilst the remaining amount was on credit.  

August 12         Sahra sold 27 long sleeve Rashies for $62 each to ‘The Tornadoes’, a local beach volleyball club on credit.  The terms of the sale require full payment is made within 30 days.

August 20         The business borrowed $4,300 from WAV Bank to purchase and install new lighting for the workshop. $2,300 of this amount paid for the light fittings with the remaining balance to be paid to the electrician for installing the lighting.

August 28         ‘The Tornadoes’ beach volleyball club paid $522 off the amount they owe ‘Vacation’ for the purchase of the Rashies on August 12.                                                          

August 31         The first payment of $500 was paid off the loan that ‘Vacation’ borrowed from WAV Bank on August 20.  

this is what i have done:

General Journal

just wondering if I am on the right track, if not how can I fix it.

thank you!

The Statements of Financial Position for Kiwi Limited as at 30 June 2019 and 30 June 2020 are provided below:

Question One continued on the next page

QUESTION ONE (CONTINUED)

The Statement of Financial Performance for Kiwi Limited for the financial year ended 30 June 2020 is provided below:

Additional Information:

1. New machinery was purchased for cash during the year.

2. Cash dividend was declared and paid during the year.

3. Other Operating Expenses include depreciation expense of $79,000.

4. Additional shares were issued for cash during the year.

5. All sales and purchases are on credit throughout the year ending 30 June 2020.

6. Accounts Payable reflects inventory purchases on credit from suppliers.

REQUIRED:

1. Prepare a fully classified Statement of Cash Flows for Kiwi Limited for the year ended 30 June 2020 using the direct method. Show all workings.

(b) Based on the Statement of Cash Flows for Kiwi Limited that you have prepared,

      provide two key insights about the cash flows for the company in relation to its ability

      to meet its long-term debt obligations. (word limit: 250 words)

extra gold corporation had $ 1290000 8.0 % bond available for issue on sep 1 2020 interest is paid quartely begining nov. 30 all of bonds wes issued at par on oct 1
prepare the appropriate entries
a oct 1 2020
b nov. 30 2020
c dec. 31 2020 extra gold year end
d feb 28 2021