Sheffield Inc. was authorized to issue 100000 £10 par value ordinary shares. As of December 31, 2020, the company had issued 54000 shares at an average price of £22 per share. During 2020, the company felt that the shares were undervalued so it purchased 9800 treasury shares at £16 per share. When the share price rebounded later in the year, the company sold 4200 of the treasury shares for £24 per share. Retained earnings was £1666000 at December 31, 2020.

Total equity at December 31, 2020 is

£2697200.

£2994000.

£2764400.

£2798000.

Write a program that reads in a single integer.

Display a message depending on what is given:

• When the number is 42, output "42 is the Ultimate Question of Life, the Universe, and Everything."
• When the number is 2020 output "2020 is the current year."
• When the number is greater than 1000 and less than 3000 output "1500 could be a year." where 1500 is the number the user originally inputted
• When none of the above, output "no idea."

One example shown below with the user input highlighted:

Give a number: 2020
2020 is the current year.

Riverbed Company reports pretax financial income of $63,900 for 2020. The following items cause taxable income to be different than pretax financial income.

Riverbed’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.

Compute taxable income and income taxes payable for 2020.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.

Compute the effective income tax rate for 2020.

During 2020, Susan Building Company constructed various assets at a total cost of $12,600,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2020 were $8,138,000. The company had the following debt outstanding at December 31, 2020:

Compute the amounts of each of the following.

Blue Company purchased equipment for $266,000 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,000. Estimated production is 40,000 units and estimated working hours are 20,000. During 2020, Blue uses the equipment for 530 hours and the equipment produces 1,100 units. Compute depreciation expense under each of the following methods. Blue is on a calendar-year basis ending December 31.

During 2020, Maria Building Company constructed various assets at a total cost of $12,600,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2020 were $8,347,000. The company had the following debt outstanding at December 31, 2020:

Compute the amounts of each of the following.

Shanghai Enterprises has asked for your assistance in preparing a cash budget for the month

of December 2020 and has provided projected sales revenue data below

Projected sales:

October 2020

$144,000

November 2020

$205,000

December 2020

$220,000

All sales are on credit with 65% collected during the month of sale, 18% collected during the

month following the sale, 15% during the second month after the sale and 2% uncollectable.

Required:

a) Prepare the cash receipts section of a cash budget for Shanghai Enterprises for the

month of December 2020.

b) Explain how Shanghai Enterprises would go about constructing a cash budget for the first

three months of 2021. Note that Shanghai plans to purchase a major piece of equipment

costing $500,000 in February 2021.

ABC Enterprises has asked for your assistance in preparing a cash budget for the month of December 2020 and has provided projected sales revenue data below:

Projected sales:

October 2020

$144,000

November 2020

$205,000

December 2020

$220,000

All sales are on credit with 65% collected during the month of sale, 18% collected during the month following the sale, 15% during the second month after the sale and 2% uncollectable. Required:

a) Prepare the cash receipts section of a cash budget for ABC Enterprises for the month of December 2020.

b) Explain how ABC Enterprises would go about constructing a cash budget for the first three months of 2021. Note that ABC plans to purchase a major piece of equipment costing $500,000 in February 2021.

1. Glenny’s Glassworks prepares an annual CASH Budget by quarter and uses the following information to estimate the Cash Budget:

On Jan 1, 2020 the Cash Balance is expected to be $47,000.00 and they want a minimum ending balance in cash in any quarter to be $25,000.

2020 Sales are expected as follows:

1^st Q                 $275,000

2^nd Q                $330,000

3^rd Q                 $280,000

4^th Q                 $240,000As

75% of Sales are expected to be collected in the quarter they are made and the remaining 25% in the following Quarter. The 4^th Q 2019 Sales were $165,000.

REQUIRED:

1. Prepare the Cash Receipts Budget by Quarter for 2020.
2. If Glenny spends $1,200,000 in Cash Disbursements during 2020, what would their ending Cash Balance be at Dec 31, 2020? Would they need to borrow any money to maintain their minimum cash requirement?

On june1, 2020 Jetcom inventors Inc. issued a $440,000 12%, three year bond. Interest is to be paid semiannually beginning December 1, 2020.
Required:
a. Calculate the issue price of the bond assuming a market interest rate of 13%.
b. Using the effective interest method, Prepare an amortization schedule.

part 1
Prepare journal entries to the following
a. Issuance of the bonds on January 1, 2020
b. Payment of interest on December 1, 2020
c. Adjusting entry to accrue bond interest and discount amortization on January 31, 2020
Assume Jetcom Inventors Inc. has a January 31 year end

part 2
Show how the bonds will appear on the balance sheet under non- current liabilities at January 31, 2022