In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

On December 31, 2020, Petra Company invests $26,000 in Valery, a variable interest entity. In contractual agreements completed on that date, Petra established itself as the primary beneficiary of Valery. Previously, Petra had no equity interest in Valery. Immediately after Petra’s investment, Valery presents the following balance sheet:

Each of the amounts represents an assessed fair value at December 31, 2020, except for the marketing software.

The December 31 business fair value of Valery is assessed at $104,000.

1. If the carrying amount of the marketing software was undervalued by $31,000, what amounts for Valery would appear in Petra’s December 31, 2020, consolidated financial statements?

2. If the carrying amount of the marketing software was overvalued by $31,000, what amounts for Valery would appear in Petra’s December 31, 2020, consolidated financial statements?

If the carrying amount of the marketing software was undervalued by $31,000, what amounts for Valery would appear in Petra’s December 31, 2020, consolidated financial statements? (Input all amounts as positive values.)

If the carrying amount of the marketing software was overvalued by $31,000, what amounts for Valery would appear in Petra’s December 31, 2020, consolidated financial statements? (Input all amounts as positive values.)

Arthur Baxter, a manager in records retention for SWC Company, has ordered seven laptop computers for his department, even though he only has five employees. In addition to each laptop, he ordered extra copies of several software programs. When the equipment arrives, Baxter sends one of the extra laptops to his son who is a freshman at Eastern University and sells three of the original software packages to friends. What offenses could Baxter be charged with and why?

Emory University

Identify the sub-industry or type of organization it belongs to (e.g., home care, hospital) and the financial background of the organization.

 Is Emory University a nonprofit or for-profit?

 What kind of impact do the economic principles of demand and market/consumer behavior have on Emory University's financial statements?

Leisure Limited issued perpetual preferred stock with 7.5% annual dividend. The stock price is HK$115 and its par value is $100.

(a) Required:

(i) What is the current yield of Leisure Limited’s preferred stock? .

(ii) Suppose the market interest rate rises and Leisure’s preferred stock’s yield rises to 8%. What is the price of Leisure’s preferred stock then?

(b) The sales revenue of Carpe Diem Limited for 2019 is $100 million. The CEO told the sales director in December of 2019 that the board had set a target of $150 million in sales revenue for 2022 and expected that there should be stable annual growth of sales over the 3 years. The board expects the growth rate will be maintained continuously in future years. The market has the same expectation of the board. Carpe Diem Limited is expected to pay dividend of $20 per common stock at the end of the year 2020. The market price of the common stock at the beginning of 2020 is $1,000. What is the required rate of return on Carpe Diem Limited’s common stock?

(c) Leisure Limited provided a loan $3,000,000 to its subsidiary Carpe Diem Limited for 5 years which is interest bearing. The annual interest rate is 12% (compound interest method). Carpe Diem Limited has to make equal quarterly payment over the five years. How much should be repaid by Carpe Diem Limited at the end of each quarter?

(d) The investment return of an individual common stock can comprise dividend yield and eventual capital gain. Suppose there are two stocks: one stock with dividend payment and the other stock that does not pay any dividend. Is it possible that both stocks have the same investment returns? Please explain.

The trial balance of Scan House, Inc. included the following selected accounts as of December 31, 2020: Debits Credits Sales Revenue 16,755,000
Interest Revenue 75,000 Gain on sale of investments 150,000 Unrealized gains on investments 200,000 Other Income * 1,200,000 Foreign currency translation losses 125,000 Cost of Goods Sold 11,635,000
Selling expenses 975,000 Goodwill impairment loss 550,000 Interest Expense 60,000 Administrative Expense** 780,000 Loss on sale of land 225,000 Dividends declared 175,000   
Additional information:

* Other Income consists of income from discontinued operations. This includes $900,000 of income from operations and a $300,000 gain on the sale of investments.
** Administrative expense includes a $150,000 expense that was a correction of an error made in the 2018 Income Statement, but discovered during 2020.
Retained Earnings balance: January 1, 2020 = $725,000.
ScanHouse had 600,000 shares of common stock outstanding throughout the year and 1,000,000 shares of common stock authorized. Income tax expense had not yet been accrued. The effective tax rate is 21%.

Required: 1. Prepare a single, continuous 2020 statement of comprehensive income for Scan House, Inc., including income tax expense and Earnings Per Share (EPS). Use a multiple-step income

2. Prepare a 2020 statement of retained earnings for Scan House, Inc.

The following data were taken from the books of Powell Construction Ltd:

REQUIRED:

Prepare in the general ledger of Powell Construction Ltd for the month of August 2020:

a.       the Sales Ledger Control Account            (15 marks)

b.      Purchases Ledger Control Account            

Total 25 marks

How would the trade war actually affect the macroeconomy of the US?

Summarize decade-long macroeconomic data in the US. Analyze US’s economic structure and argue on the severity of those impacts.

Based on your above data analysis, comment on whether President Trump's tariff and tax policies help resolve some underlying structural issues revealed from the trade war