Abebio Limited is a listed company with a year end of 31 December 2019. A director of the company has a number of questions relating to the application of International Financial Reporting Standards (IFRS Standards) in its financial statements for the year ended 31 December 2019. The questions appear in notes 1–3.
Note 1 – Pending legal cases
At a recent board meeting, we discussed legal cases which customers A and B are bringing against Abebio in respect of the supply of products which were allegedly faulty. We supplied the goods in the last three months of the financial year.
We have reliably estimated that if the actions succeed, we are likely to have to pay out GHS10 million in damages to customer A and GHS8 million in damages to customer B. Also, Abebio’s legal advisers have reliably estimated that there is a 60% chance that customer A’s claim will be successful and a 25% chance that customer B’s claim will be successful.
I know we have insurance in place to cover us against claims like this. It is highly probable that any claims which were successful would be covered under our policy. Therefore, I would have expected to see a provision for legal claims based on the likelihood of the claims succeeding. However, I would also have expected to see an equivalent asset in respect of amounts recoverable from the insurance company. The financial statements do contain a provision for GHS10 million but no equivalent asset. Disclosure of the information relating to both of the claims and the associated insurance is made in the notes to the financial statements.
Required:
Given the above facts, discuss the correct accounting treatment of the pending legal cases.

a) The financial data of DAMANGO FORESST RESERVE for the year ended 2019 is set
below
Income statement for the year ending 31/12/2019
GHS GHS
Sales 120,000
COGS:
Inventory @ beginning 16,000
Purchases 76,000
Closing inventory (12,000)

?
Gross profit............... ?
Estimate:
i) The stock turnover ratio (2marks)
ii) The Margin (2marks)
iii) Returns on cost of sales (2marks)

b) Siaw Ltd has been legally permitted to offer 1,000,000 shares of Gh¢1.50 each. The company
has issued 700,000 shares. None of the shares has been fully paid up. So far the entity has made
calls of 80pesewas (GH¢0.80) per share. All the calls have been paid by holders except for
200,000 owing from one shareholder.
Required: Estimate the following
i) Paid up capital (1mark)
ii) The unpaid up capital (1mark)
iii) Value of shares floated (1mark)
iv) The unissued share capital (1mark)
v) The uncalled up capital (1mark)
vi) Authorized share capital (1mark)

A family has a $ 113,739 25​-year mortgage at 5.4 % compounded monthly. ​(A) Find the monthly payment and the total interest paid. ​(B) Suppose the family decides to add an extra​ $100 to its mortgage payment each month starting with the very first payment. How long will it take the family to pay off the​ mortgage? How much interest will the family​ save? ​(A) Monthly​ payment: ​$ nothing ​(Round to two decimal​ places.)

At the end of last year, Roberts Inc. reported the following income statement (in millions of dollars):

Looking ahead to the following year, the company's CFO has assembled this information:

• Year-end sales are expected to be 5% higher than the $3 billion in sales generated last year.
• Year-end operating costs, excluding depreciation, are expected to equal 80% of year-end sales.
• Depreciation is expected to increase at the same rate as sales.
• Interest costs are expected to remain unchanged.
• The tax rate is expected to remain at 25%.

On the basis of that information, what will be the forecast for Roberts' year-end net income? Enter your answer in millions. For example, an answer of $25,400,000 should be entered as 25.40. Do not round intermediate calculations. Round your answer to two decimal places.

$    million

The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.  

  
Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system.
  
Additional Information:

Store supplies still available at fiscal year-end amount to $1,750.

Expired insurance, an administrative expense, for the fiscal year is $1,400.

Depreciation expense on store equipment, a selling expense, is $1,525 for the fiscal year.

To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $10,900 of inventory is still available at fiscal year-end.

Required:

1. Using the above information prepare adjusting journal entries:
2. Prepare a multiple-step income statement for fiscal year 2017.
3. Prepare a single-step income statement for fiscal year 2017.

4. current ratio, Acid test ratio, Gross margin ratio

Milea Inc. experienced the following events in 2018, its first year of operations:

1. Received $14,500 cash from the issue of common stock.
2. Performed services on account for $45,000.
3. Paid the utility expense of $1,200.
4. Collected $30,150 of the accounts receivable.
5. Recorded $7,100 of accrued salaries at the end of the year.
6. Paid a $1,100 cash dividend to the stockholders.

2. Prepare the income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for the 2018 accounting period.

• Req B1
• Req B2
• Req B3
• Req B4

Prepare the income statement.

• Req B2
• Req B3
• Req B4

Prepare the statement of changes in stockholders’ equity.

Prepare the balance sheet.

Prepare the statement of cash flows for the 2018 accounting period. (Amounts to be deducted should be indicated with a minus sign.)

Widmer Watercraft’s predetermined overhead rate for the year 2017 is 200% of direct labor. Information on the company’s production activities during May 2017 follows.

Purchased raw materials on credit, $200,000.
Materials requisitions record use of the following materials for the month.

Job 136 $ 48,000
Job 137 32,000
Job 138 19,200
Job 139 22,400
Job 140 6,400
Total direct materials 128,000
Indirect materials 19,500
Total materials used $ 147,500

Paid $15,000 cash to a computer consultant to reprogram factory equipment.
Time tickets record use of the following labor for the month. These wages were paid in cash.

Job 136 $ 12,000
Job 137 10,500
Job 138 37,500
Job 139 39,000
Job 140 3,000
Total direct labor 102,000
Indirect labor 24,000
Total $ 126,000

Applied overhead to Jobs 136, 138, and 139.
Transferred Jobs 136, 138, and 139 to Finished Goods.
Sold Jobs 136 and 138 on credit at a total price of $525,000.
The company incurred the following overhead costs during the month (credit Prepaid Insurance for expired factory insurance).

Depreciation of factory building $ 68,000
Depreciation of factory equipment 36,500
Expired factory insurance 10,000
Accrued property taxes payable 35,000

Applied overhead at month-end to the Work in Process Inventory account (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.

2. Prepare journal entries to record the events and transactions a through i.

please do not make any mistake on the assignment

A financial institution has entered into a 10-year currency swap with company Y. Under the terms of the swap, the financial institution receives interest at 3% per annum in Swiss francs and pays interest at 8% per annum in U.S. dollars. Interest payments are exchanged once a year. The principal amounts are 7 million dollars and 10 million francs. Suppose that company Y declares bankruptcy at the end of year 6, when the exchange rate is $0.80 per franc. What is the cost to the financial institution? Assume that, at the end of year 6, the interest rate is 3% per annum in Swiss francs and 8% per annum in U.S. dollars for all maturities. All interest rates are quoted with annual compounding.

A 25-year-old female client presents to the clinic for evaluation of itching and discomfort in the genital area, accompanied by painful urination. The client states that the symptoms started about a week ago and have been getting progressively worse. During the interview, the client states that she had a urinary infection a few months ago. She is sexually active. Upon physical examination, the nurse notes mild reddening of the vaginal walls and a foul-smelling discharge. The nurse asks the client what form of contraception she uses. The client tells the nurse that she has been using a diaphragm for about a year, but she is not totally sure she is using it correctly. She still has difficulty inserting and removing it, and, at times, she feels it inside. The nurse practitioner (NP) she saw at the time told her she wasn’t supposed to feel it if it was positioned correctly. Along with the diaphragm, she requests her partner to use a condom as well for added protection. She has an appointment to go back to the NP for a follow-up. The client stated that she gets yearly Pap smears because her mother had cervical cancer.

Questions:

8. To complete an accurate nursing history, what additional data does the nurse need to obtain?

9. The nurse develops a teaching plan for this client. What information needs to be included?

Suppose there are only two countries in our world Australia and New Zealand. In a year Australia can produce 100 Sheep or 500 BBQs while New Zealand can produce either 150 Sheep or 400 BBQs. What is the PPC curve? If they were to specialise who would and in what BBQs or Sheep? If both countries were to spend half the year producing each of their products- explain how specialization and trade would benefit each?