Explain the impact on US export and import if the US dollar has appreciated in comparison with other currencies. For example, the exchange rate for the Mexican peso was 10.97 per dollar in 2003. Now in 2020, it is 20.86 Mexican pesos per dollar under this case the dollar has appreciated almost twice. Also, when the dollar appreciated slightly which is the case of the British pound from 0.62 in 2003 to 0.76 in 2020 per dollar. Also, when there is not either appreciation or depreciation from 2003 to 2020 which is the case of the Saudi Arabia currency its exchange rate remains the same 3.75 Riyals per dollar since 2003 . Then explain the impact of exports and imports under these scenarios.
In: Economics
High Class Painting purchased a 1-year insurance policy on 1 March 2020. The entire premium of $9000 was recorded by debiting Prepaid Insurance. Ignore GST.
Required
(a) Give the adjusting entry at 30 June for the financial year
ending 30 June 2020.
(b) What amount should be reported in the 30 June 2020 Statement
of Financial Position for Prepaid Insurance? What type of account
should this be? Show calculations.
(c) If no adjusting entry was made on 30 June, by how much would profit be overstated or understated? Would assets be overstated or understated? Explain.
(d) What would your adjusting entry in requirement A be if the premium of $9000 was recorded by debiting Insurance Expense?
In: Accounting
Aikman Corporation has the following cost records for June 2020:
Indirect factory labour $ 4,500 Direct materials used 25,000 Work in process (6/1/16) 3,000 Work in process (6/30/16) 2,800 Finished goods (6/1/16) 5,000 Finished goods (6/30/16) 9,500 Factory utilities $ 400 Depreciation, factory equipment 1,400 Direct labour 30,000 Maintenance, factory equipment 1,800 Indirect materials 2,200 Factory manager's salary 3,000
Instructions
(a) Prepare a cost of goods manufactured schedule for June 2020
(b) Prepare an income statement through gross profit for June 2020, assuming net sales are $87,100.
In: Accounting
In 2020, Ace Corporation reports gross income of $200,000 (including $150,000 of profit from its operations and $50,000 in dividends from less-than-20%-owned domestic corporations) and $230,000 of operating expenses.
A. What is Ace’s NOL for 2020
B. Assume that Ace expects 2021’s taxable income to be $20,000 and 2022’s taxable income to be $100,000, both before any NOL deduction in the carryover year. What NOL deductions can Ace expect to claim in 2021 and 2022
C. How would your answer to Part b change if, in addition to the 2020 NOL, Ace also had a $5,000 NOL carryover from a loss occurring before 2018?
In: Accounting
On 1 August 2020, Candy Ltd issued a disclosure document inviting applications for 10,000 of $80 debentures at par, payable in full on application. The debentures carry an 8% annual interest charge and will be redeemed at nominal value in 5 years. The interest payment is made semi-annually on 31 December and 30 June each year. By 30 September 2020, Candy Ltd received application money for 11,000 debentures. On 1 October 2020, Courtney Ltd issued 10,000 debentures and refunded monies to 1,000 unsuccessful applicants. Required: Prepare a general journal template as per example below based on the information above, for Candy Ltd for the year ended 30 June 2021. Include a narration.
In: Accounting
Course:Business Law
On 15 September 2020, Tammy purchased from CC two tickets to the Ed Shearer concert in Brisbane on 07 January 2021. The reality is that as at 15 September 2020, due to the current COVID – 19 pandemic, it was highly unlikely that the Ed Shearer concert would proceed.
Jane purchased 3 tickets to the same concert as Tammy however unlike Tammy, Jane purchased her tickets in January of 2020, at a time when there was every
expectation that the Ed Shearer concert would proceed as expected as at that time, the future impact of the pandemic had not been fully realised.
Has CC acted in breach of the ACL by selling Tammy and/or Jane
tickets to the Ed Shearer concert?
Explain your answer
In: Accounting
Bob Arnold is a well-known real estate developer in Santa Fe, New Mexico. He wants to remodel a building and convinces George Mitchell, a local businessperson, to contribute the capital to form a partnership. On January 1, 2020, Mitchell invests a building worth $162,000 and equipment valued at $32,000 as well as $25,000 in cash. Although Arnold makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances.
Required:
(A). Prepare the January 1, 2020 journal entry to record the formation of the partnership assuming the bonus method is used.
(B). Prepare the January 1, 2020 journal entry to record the formation of the partnership assuming the goodwill method is used.
In: Accounting
The prevalence of obesity remains high and affects Americans of all ages.
Review the following resource:
· United States Department of Health and Human Services (2017). 2020 Topics and objectives: Nutrition and weight status (Links to an external site.)Links to an external site.. Retrieved from: https://www.healthypeople.gov/2020/topics-objectives/topic/nutrition-and-weight-status
Initial Discussion Post:
· Identify two (2) contributing factors to childhood obesity.
· List three (3) ways the nurse could intervene to promote the nutrition and weight status objectives for Healthy People 2020.
· Discuss why these objectives are important for individuals or communities.
· Identify two (2) contributing factors to adult obesity.
Note: Please include reference
In: Nursing
On January 1, 2020, Marigold Company purchased 12% bonds having a maturity value of $270,000, for $290,470.00. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Marigold Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.
1.Prepare the journal entry at the date of the bond purchase.
2.Prepare a bond amortization schedule.
3.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2020.
4.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2021.
In: Accounting
M&N company issues $20 million of ten-year, 7 per cent, semi-annual coupon debentures to public which pay interest each six months. The market also requires a rate of return of 7 per cent. Assume that the monies come in and the debentures are allocated on the same day 30 June 2020. Required: a) Provide the accounting entries at 30 June 2020, 31 December 2020. Narrations are required. b) Discuss what factors may cause a debenture is issued at discount, premium and par value. (7 marks. Word limit for part b: minimum 120 to maximum 250 words) please provide a unique answer than other.
In: Accounting