Sassbot and Block Ness Monster play roller derby for the Reservoir Dolls, a roller derby team in Madison, Wisconsin. In a particular bout against the Unholy Rollers, another Madison team, Sassbot is playing the position of jammer: she must pass members of the Unholy Rollers in order to score points. Block Ness Monster is playing as a blocker: she must help Sassbot while also stopping the Unholy Rollers’ jammer. During a crucial moment in the bout, Monster sees that Sass, a few feet in front of her, is about to get hit by Skullz B. Kraken, a member of the Unholy Rollers. Monster reaches Sass quickly and pushes her forward, attempting to give Sass a boost of speed so she is out of the Skullz’s reach. Monster pushes Sass straight forward, delivering the push at Sass’s center of mass, her lower back, so that Sass does not experience any rotation due to the push. Neither Monster nor Sass are using their wheels to brake immediately before, during, or after the push, so the outside forces on them are negligible. Monster’s mass is 82 kg. Sass’s mass is 55 kg. Monster’s speed before the push is 2 m·s−1, and Sass’s speed before the push is 0.75 m·s−1. Monster and Sass have found, in previous practice, that the average coefficient of restitution of this sort of push between them is 0.8. The coefficient of restitution is defined as the ratio of the difference in two objects’ velocities after the collision to that of the difference in the objects’ velocities before the collision. e = v2,f − v1,fv2,i − v1,i At the moment Monster finishes her push, Skullz is 0.75 m to the left and 1.1 m in front of Sass. Skullz is moving laterally (to the right) at a speed of 2.15 m·s−1 in her attempt to hit Sass. Sass is moving directly forward after Monster’s push. Will Sass get hit by Skullz or will she get past her in time?

How long will it take Sass to travel forward past Skullz’s position?

Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Vaughn Company. The following information relates to this agreement.

Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease. Assume the lessee’s annual accounting period ends on December 31. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answers to 2 decimal places, e.g. 5,265.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Ayayai Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account:

INTANGIBLE ASSETS-AYAYAI
July
1,   2019       8-year franchise; expiration date of June 30, 2027       $42,000
Oct.
1           Advance payment on office lease (2-year lease)
28,000
Dec.   31
Net loss for 2019 including incorporation fee, $1,000; related legal fees of organizing, $5,100;
expenses of recruiting and training staff for start-up of new business, $3,700       17,000
Feb.
15,   2020       Patent purchased (10-year life)
74,400
Mar.   1           Direct costs of acquiring a 5-year licensing agreement
75,000
Apr.   1           Goodwill purchased (indefinite life)
278,400
June   1           Legal fee for successful defence of patent (see above)
12,815
Dec.   31           Costs of research department for year
75,000
31           Royalties paid under licensing agreement (see above)
2,775

The new business started up on July 2, 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1, 2020, includes in-process development costs that meet the six development stage criteria, valued at $173,000. The company estimates that this amount will help it generate revenues over a 10-year period.

(a)

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2020

(To clear Intangible Assets account)
Dec. 31, 2020

(To correct for amortization on franchises)
Dec. 31, 2020

(To correct for rent payments)
Dec. 31, 2020

(To record amortization
expense on patents)
Dec. 31, 2020

(To record amortization
expense on licences)
Dec. 31, 2020

(To record amortization expense
on development cost)

In the City of Albany, suppose the mill rate for the property tax is $33 for the year 2020 and the appraised value for your home is $300,000, how much would your property tax be in 2020?

Using the actual/365 convention, calculate the accrued interest based on $60,258 value and a 1.7% coupon.

Accrual begins on 3/12/2020 and ends (and includes) 9/3/2020

Analyse the effectiveness of fiscal and monetary policies employed to fight against the economic slow-down in the March quarter of 2020 and June quarter of 2020; and how they influenced Australia’s economic growth.

Amazonian Corporation has the following tax information:

A. In 2020, Amazonian incurred a net operating loss (NOL) of $350,000, which the company elected to carry back. The statutory corporate tax rate in 2020 and for all future years is 22%. Prepare Amazonian's journal entry to record the effect of the loss carry back.

B. Assume instead that in 2020 Amazonian incurred an NOL of $2,000,000 and that the company elected to carry back the loss. The statutory corporate tax rate in 2020 and for all future years is 22%. Prepare the journal entry to record the effects of the NOL.

The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases made by the company during the month of January 2020 are given below:

Date Description Units   Rate

Jan. 02 Beginning Inventory 300 $10

Jan. 11 Purchased 600 12   

Jan 23 Purchased 700 11

The company sold 1,300 units during the month of January 2020.

Instructions: The company uses periodic inventory system. Compute the cost of goods sold and ending inventory on January 31, 2020 using the following inventory costing methods:

a)    First in, first out (FIFO) method.

b) Weighted Average cost method.

On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation, for $40,000. At the time of the transfer, the asset had an original cost (to Republic) of $60,000 and accumulated depreciation of $25,000. The equipment has a five year estimated remaining life.

Barre reported net income of $250,000, $270,000 and $310,000 in 2020, 2021, and 2022, respectively. Republic received dividends from Barre of $90,000, $105,000 and $120,000 for 2020, 2021, and 2022, respectively.

What was the amount of the gain or loss on the sale of equipment reported by Republic on its pre-consolidation income statement in 2020?

a. $-0-

b. $ 5,000 gain

c. $20,000 loss

d. $35,000 gain