Thank you!

The Australian economy is "weak",with households weighed down by slow wages growth and higher taxes,the OECD has declared in a report that backs lower interest rates,calls for more government spending and paves the way for unconventional monetary policies.In its six-monthly review of the global economy,the Paris-based think tank has sharply downgraded its expectations for Australia while raising serious concerns about the level of debt being carried by households.

The Morrison government this week announced $3.8 billion of infrastructure projects would be pulled forward or given additional funding over the next four years. The decision followed calls from the Reserve Bank of Australia (RBA),which has sliced official interest rates to a record low 0.75 per cent,for a lift in public spending plus productivity-enhancing structural reforms.

But economists have warned the new spending will equate to less than 0.1 per cent of gross domestic product (GDP),arguing much more needs to be done to get the economy growing fast enough to bring down the national unemployment rate.

The Organisation for Economic Co-operation and Development (OECD),which noted the global economy was now growing at its slowest rate since the global financial crisis,said it expected Australian GDP to expand by 2.3 per cent this year and next,well short of the federalgovernment's forecast.

It also expects private consumption,which accounts for about 60 per cent of total economic activity,to barely grow faster than inflation over the next two years.In March,the OECD was expecting unemployment to start edging down. It has now lifted its forecasts,tipping unemployment to average 5.3 per cent in 2020.Economic activity has been weak," the OECD said about Australia. "Private consumption spending has been sluggish,weighed down by slow wage growth and an increase in taxes paid by households."

While the government has argued its recent tax cuts will help households offset slow wages growth,the OECD and other organisations such as the RBA have noted overall tax levels are increasing as the budget returns to surplus.

Research this week from National Australia Bank found Australian household debt was now at a record high of 202 per cent of annual income.The OECD said high household indebtedness could "exacerbate" any economic shock that hit Australia.

It said with the RBA likely to cut interest rates further,which in turn could feed into a lift in house prices,lending standards might have to be tightened to protect households.

"High household indebtedness means that the authorities should stand ready to tighten macro- prudential policy settings if lower interest rates fuel house price inflation through a sharp pick- up in credit," the OECD found.While expecting further rate cuts,the organisation said the Morrison government should "loosen fiscal policy" to help get the economy growing faster.

"Fiscal policy is expected to provide little support to economic growth,in accordance with the federal government's commitment to future budget surpluses," it said. "A more expansionary fiscal stance may be warranted given that the economy is growing well below its potential and the relatively low public debt burden.

"At the same time,growth-enhancing tax reforms should be prioritised. These include shifting the tax mix away from direct taxes and inefficient taxes like real estate stamp duty to the GST and land taxation."Treasurer Josh Frydenberg said the nation's economic fundamentals remained sound,with the country now in its 29th consecutive year of growth.

He said there were "headwinds",particularly due to trade policy tensions that have hit confidence and business investment globally since May,but "the government's focus on productivity-enhancing reform will ensure our economy remains resilient".

"The international challenges are a stark reminder of why we must stick to our economic plan which has delivered lower taxes so you can keep more of what you earn,more infrastructure to boost productivity and which will return the budget back to surplus so we can meet the challenges that lie ahead," he said.

Question：Consider the statement,“In March,the OECD was expecting unemployment to start edging down. It has now lifted its forecasts,tipping unemployment to average 5.3 per cent in 2020.”If the unemployment rate increases,what are the costs to an economy? How does it compare with the natural rate of unemployment? （word limit: 200-300)

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?

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 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?

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.

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

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.

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

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.