1. Suppose you have been given the following extract from a Statement of Cash flows prepared under AASB standards:

2. The company is an ordinary industrial company.
   
   Which of the following would NOT have to be adjusted for when preparing the reformulated Statement of Cash Flows?

Question 1: Short-term Notes Payable

On October 1, 2019, ABC Company borrowed $100,000 cash on a 6-month note payable. The annual interest rate is 12 percent. The principal and all the interests were paid by ABC at the maturity date, March 31, 2020. What is the journal entry to be recorded for ABC on December 31, 2019?

Question 2: Stock Repurchase and Reissuance

On December 3, 2019, ABC Company reissued 10,000 shares of the treasury stock at $40 per share. Suppose the cost of the treasury stock was $15 per share. What is the journal entry to be recorded for ABC on December 3, 2019?

Venezuela Inc. issued $2,000,000 5-year bonds at 9%. These bonds were issued on January 1, 2017 and pay interest on January 1 and July 1. The YTM of the bond is 11%, i.e. the effective interest rate for the company is 11%.

a. Calculate the value of the bonds and prepare the journal entry to record the issuance of the bonds on January 1, 2017.

b. Prepare a bond amortization schedule up to and including January 1, 2022. c. Assume that on July 1, 2020, the company retires half of the bonds by calling them back at 102%. Prepare the journal entry to record this retirement.

please solve ASAP

2. Suppose you are the newly appointed accountant in National Trading LLC, Oman. The Company received interest on investment OMR 60000 on 1, 4 2020 for one year till 31.03 2021. The Company follows calendar year of accounting. Answer the following Questions (1 mark each) a. Name the adjusting entry related to this transaction and pass entry to record the transaction? b. How will you define this adjusting entry in a single sentence? c. Which accounting concept is most applicable to this adjusting entry? d. How this amount is to be shown in balance sheet/ Income statement? How it will affect the financial statements if this entry is not passed?

On October 1, 2020, Monty Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $193,200, 10% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Monty’s financial statements are prepared on a calendar-year basis.

Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Monty Equipment Company for the entire term of the note. Assume that reversing entries are not made on January 1, 2021 and January 1, 2022. (

On October 1, 2020, Sage Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $135,200, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Sage’s financial statements are prepared on a calendar-year basis. Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Sage Equipment Company for the entire term of the note. Assume that reversing entries are not made on January 1, 2021 and January 1, 2022

At the beginning of 2017, your company buys a $28,000 piece of equipment that it expects to use for 4 years. The equipment has an estimated residual value of 2,000. The company expects to produce a total of 200,000 units. Actual production is as follows: 45,000 units in 2017, 47,000 units in 2018, 53,000 units in 2019, and 55,000 units in 2020.


Required:

1. Determine the depreciable cost.
2. Calculate the depreciation expense per year under the straight-line method.
3. Use the straight-line method to prepare a depreciation schedule.
4. Calculate the depreciation rate per unit under the units-of-production method.
5. Use the units-of-production method to prepare a depreciation schedule.

At the beginning of 2017, your company buys a $34,400 piece of equipment that it expects to use for 4 years. The equipment has an estimated residual value of 4,000. The company expects to produce a total of 200,000 units. Actual production is as follows: 42,000 units in 2017, 53,000 units in 2018, 47,000 units in 2019, and 58,000 units in 2020.


Required:

1. Determine the depreciable cost.
2. Calculate the depreciation expense per year under the straight-line method.
3. Use the straight-line method to prepare a depreciation schedule.
4. Calculate the depreciation rate per unit under the units-of-production method.
5. Use the units-of-production method to prepare a depreciation schedule.

In 2017, Nobles Company paid $975,000 for real estate that included a tract of
land on which two buildings were located. The plan was to demolish Building A,
and build a new store in its place. Building B was to be used as a company
office, and was appraised to have a value of $315,000, with a useful life of 20
years, and a $45,000 scrap value. A lighted parking lot near Building B had
improvements valued at $105,000 that were expected to last another five years,
and have no salvage value. In its existing condition, the tract of land was
estimated to have a value of $630,000.

Nobles company incurred the following additional costs:
(a) Cost to demolish Building A, to make the Land useable............. $71,250
(b) Cost to landscape new building site............................................ $81,000
(landscaping was predicted to last 20 years, no scrap value)
(c) Cost to build new building (Building C) on former site of
Building A, having a useful life of 25 years, and a $75,000
scrap value.................................................................................. $1,125,000
(d) Cost of new land improvements for Building C, which have an
8-year useful life, and no scrap value.......................................... $187,500

i) Prepare a form having the following headings: Land, Building B, Building C,
Land Improvements B, and Land Improvements C. Allocate the costs
incurred by Noble Company to the appropriate columns and total each
column.
ii) Prepare a single journal entry dated July 1, 2017, to record all of the costs
incurred, assuming they were all paid in Cash.
iii) Prepare December 31, 2017, adjusting entries to record depreciation for the
months during 2017 that the assets were in use. Use straight-line
depreciation for your calculations.

3) Parrot Inc. acquired an 85% interest in Sparrow Corporation on January 2, 2014 for $42,500 cash when Sparrow had Capital Stock of $15,000 and Retained Earnings of $25,000. Sparrow's assets and liabilities had book values equal to their fair values except for inventory that was undervalued by $2,000. Balance sheets for Parrot and Sparrow on January 2, 2014, immediately after the business combination, are presented in the first two columns of the consolidated balance sheet working papers.

Required: Compute the following and then complete the attached consolidated balance sheet working papers.

a.) Compute implied FV

b.) Determine the excess of FV over BV acquired (if any)

c.) Allocate any excess of FV over BV acquired as appropriate

d.) Complete the attached Consolidated Balance Sheet immediately after the business combination on January 2, 2014.