Nina's Construction Bonds carry a 4% coupon, mature on 4/1/2030 and pay coupons on 10/1 and 4/1 each year using a 30/360 accrual convention.

Given this information, what is the accrued interest if you owned $30,000 par value as of the end of the day
March 15th, 2024?

Give an example of proof by construction.

For example, prove that for every well-formed formula f in propositional logic, an equivalent WFF exists in disjunctive normal form (DNF).
HINT: Every WFF is equivalent to a truth function, and we can construct an equivalent WFF in full DNF for every truth function. Explain how.

In a survey on supernatural experiences, 600 of 3000 randomly selected adult Americans surveyed reported that they had seen a ghost. Construct and interpret a 99% confidence interval for the proportion of all adult Americans who have seen a ghost. (Be sure to check all conditions necessary to your construction and interpret your interval in a sentence!)

1. A statistics student takes a poll five randomly selected coffee shops, then randomly selects 6 customers from each coffee shop to find out if they support the President’s decision for declaring the construction of a southern border wall a national emergency.

Why wouldnʹt this sample be representative of the entire US voting population?

5. How can you reduce the quantity of granular materials for construction of pavements to be constructed on marine clay deposits in coastal areas of Australia?

6. You may notice some distresses in bituminous pavements in your local suburb. Include the site photographs of at least 2 types of distress, and explain their possible causes.

The BakFirn Corporation, a publicly traded firm, has contracted with YOUCPA, your public accounting firm, for an audit. The BakFirn Corporation manufactures specialty construction tools. The tools are used in the unique construction of homes, warehouses, and multiunit dwellings. The prices range from $1,000 to $5,000 per unit.

During the audit, the audit team has determined the risk assessment of the client. Consequently, the audit has to respond to the assessed risks of material misstatement at the financial statement and assertion levels. The YOUCPA audit team has asked you, the auditor, to prepare a list of actions that you will take to assess the audit risk.

The following information is available in the year just finished:

• The BakFirn Corporation end-of-year is 12/31/20XX.
• Sales for the previous year were $10,000,000. Sales this year are coming in at $9,500,000.
• The firm is in the construction machine industry, making specialty tools.
• Account receivable days sales outstanding (DSO) has been averaging 90–120 days. The year before, it was 80–90 days.
• Inventory turns have decreased from 3 to 2 per year.
• Account receivable and inventory make up 80% of total assets.
• Internal auditing has been reduced by one person to reduce costs.
• An initial test of controls in cash receipt indicated a lack of following procedures.
• The construction industry is in the third year of a downturn. It is forecasted to last two more years.
• The audit team has defined materiality to be focused on account receivable and inventory with $3,000 being the initial threshold. Net income for last year was $1,000,000.
• Inventory at the end of the year was $2,500,000.
• Account receivable at the end of the year was $2,740,000, or 100 DSO.
• The previous auditors did not disclose any fraud or any management issues at the meeting with BakFirn and YOUCPA. The reason for the auditor change was explained as a costs reduction program.

Audit Plan Evidence

1. Would you plan to put reliance on prior-year evidence? Why, or why not?
2. Would your evidence come from observation, analytical procedures, or other means? Explain your reasoning.
3. Would the evidence prove or disprove an assertion on the reliance of a specific balance sheet account or financial statement account? Explain your reasoning

Question:

Large Mart has recently finished building a new factory for computers in Armidale. Large Mart was using its own staff and several items of its own machinery/equipment that were specifically acquired to undertake parts of the building works. The overall construction work took a total of 15 month, with Large Mart staff working on the project throughout this time.

The Large Mart Finance Department has calculated that during the 15 month construction time, the following expenditures occurred (please note that not all expenditures of the construction project are listed).

Total depreciation of the “Machinery/Equipment” account of $30,000. With $20,000 of this amount being for the depreciation of machinery/equipment that was specifically acquired for the project and that was not used in any other Large Mart activities;

Total interest payments made by Large Mart during the construction of the factory of $100,000. Of this amount $16,000 relate to a loan (with an overall loan value of $300,000 and a repayment duration of 5 years) that Large Mart took out to finance components used in the factory’s production line. The remaining interest payments during this time related to a different loan that was used to purchase an office building in a previous year.

The CFO is not sure how to treat these expenditures in the books of Large Mart, and has asked you to investigate, and write a report about, the following questions:

a)     What are the accounting requirements for reporting entities in Australia regarding the accounting treatment(s) of the depreciation that was calculated by the Finance Department (your report should NOT discuss different methods to calculate depreciation!!!)? In your answer you should discuss (1) what relevant requirements exist in relation to the accounting treatment(s) of all components of the depreciation calculated by the Finance Department, and (2) how Large Mart should apply these requirements in the given situation. (500 Words)

b)     What are the accounting requirements for reporting entities in Australia regarding the accounting treatment(s) of all components of the interest expenditures calculated by the finance department? In your answer, you should discuss (1) what relevant requirements exist in relation to the accounting treatment(s) of all components of the interest calculated by the Finance Department, and (2) why the accounting treatment(s) you have identified are required in the given situation. (500 Words)

Learning Objectives 4, 5, 6: Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books; construct and use a trial balance) During the first month of operation of Gordon Construction, Inc., completed the following transactions: June 2 Gordon received $55,000 cash and issued common stock to the stockholders. 3 Purchased supplies, $3,000, and equipment, $5,200, on account. 4 Performed services for a client and received cash, $6,300. 7 Paid cash to acquire land, $37,000. 11 Performed services for a customer and billed the customer, $1,200. Johnson expects to collect within one month. 16 Paid partial for the equipment purchased June 3 on account $2,800. 17 Paid the telephone bill, $230. 18 Received partial payment from customer on account, $700. 22 Paid the water and electricity bills, $400. 29 Received $5,000 cash for repairing the pipes of a customer. 30 Paid employee salary, $4,300. 30 Declared and paid dividends of $3,000. ▸Requirements • 1. Record each transaction in the journal. Key each transaction by date. Explanations are not required. • 2. Post the transactions to the T-accounts, using transaction dates as posting references. • 3. Prepare the trial balance of Gordon Construction, Inc., at June 30, 20xx. • 4. The manager asks you how much in total resources the business has to work with and, how much it owes. Case Study 1 (Part B) Requirement 2 (Learning Objectives 3, 4: Adjust the accounts; construct the financial statements) Record the following month end adjusting entries for Gordon Construction, Inc. at June 30, 20xx Month end accruals at June 30, 20xx: • a. Accrued advertising revenue at June 30, $3,100. • b. Supplies used during June, $2,300. • c. Accrued salary expense at June 30 for Monday, Tuesday, and Wednesday. The five-day weekly payroll is $6,100 and will be paid on Friday. Requirement 2 Prepare adjusted trial balance for Gordon Construction at June 30, 20xx. How much are the total resources? How much does the business owe? How much profit was made in June?

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The “Ricardian equivalence” concept is based on the idea that: