Bonita Inc. had the following long-term receivable account balances at December 31, 2019.

Transactions during 2020 and other information relating to Bonita’s long-term receivables were as follows.

Exercise 2

The following data represent the mutual fund prices reported at the end of the week for selected 42 nationally sold funds.

10        17        15        18        22        19        10        17        18        25        11        13        35        28

27        29        39        31        35        33        22        24        28        35        45        50        47        38

41        31        21        11        49        38        35        25        33        42        27        15        28        34

1. Organize the data.
2. Present the data.

Exercise 3

Twenty MBA students have got the following marks out of 100 in three courses in the first semester.

1. Organize the above data in meaningful form.
2. Present the data.
3. Analyze and compare performance of students in three courses.

Exercise 4

A random sample of 8 MBA students from two sections of same batch are selected from of a B-School. The marks scored by these students are given below;

On the basis of sample statistic find out (show working),

1. Which section is more consistent?                                                           
2. Which section’s overall performance is better and why?

A sample of 17 states found that the average cigarette tax was 91.06 cents with a standard deviation of 38.37 cents. Find the 90% confidence interval for the cigarette tax in all 50 states. Then find the 95% confidence interval for the cigarette tax in all 50 states. How do the confidence intervals compare?

Read the article titled, “Auto Insurance Costs: Where Does Your State Rank?” Be prepared to discuss. https://www.cbsnews.com/news/auto-insurance-costs-where-does-your-state-rank/ Please respond to one (1) of the following two (2) bulleted items: • From the activity, the table shows Average Insurance Costs by State. Select two (2) states that are of interest to you. Next, speculate on three (3) possible reasons why the states you have chosen would have a difference in average insurance costs. • From the activity, select ten (10) states and calculate the mean and standard deviation for average insurance costs. Next, calculate the mean and standard deviation for average insurance costs for all 51 states (including Washington, D.C.). Compare and contrast the means and standard deviations for the ten (10) states you selected and all 51 states.

The current dollar−pound exchange rate is $2 per British pound. A U.S. basket that costs $100 would cost $140 in the United Kingdom. For the next year, the U.S. Fed is predicted to keep U.S. inflation at 2% and the Bank of England is predicted to keep U.K. inflation at 3%. The speed of convergence to absolute PPP is 15% per year.

1. (Scenario: Monetary Approach in the Long-run) What is the current U.S. real exchange rate with the United Kingdom? A) 1.4 B) 0.8 C) 0.71 D) 1.2

2. (Scenario: Monetary Approach in the Long-run) What do you predict the U.S. real exchange rate with the United Kingdom will be in one year’s time? A) 1.34 B) 0.86 C) 1.17 D) 1.2

3. (Scenario: Monetary Approach in the Long-run) What is the expected rate of real
depreciation for the U.S. (versus the United Kingdom)?
A) -4.3%.
B) -2.5%
C) -3%
D) -1%.

4. (Scenario: Monetary Approach in the Long-run) What is the expected rate of nominal
depreciation for the U.S. (versus the United Kingdom)?
A) -3.5%
B) -1.3%
C) 0.5%.
D) -5.3%

5. (Scenario: Monetary Approach in the Long-run) What do you predict will be the
dollar price of one British pound a year from now?
A) $1.5
B) $1.89
C) $1.93
D) $2

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows:

1. The inventory at January 1, 2019, had a retail value of $50,000 and a cost of $36,200 based on the conventional retail method.
2. Transactions during 2019 were as follows:

Sales to employees are recorded net of discounts.

3. The retail value of the December 31, 2020, inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level.
4. The retail value of the December 31, 2021, inventory was $53,350, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 110% of the January 1, 2020, price level.

Required:
3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021.

QUESTION 2

1. Noor Corp.'s statements of financial position at December 31, 2020 and 2019 and information relating to 2020 activities are presented below:

       December 31, ___

      2020                       2019

   Assets

            Cash.............................................................................................    $ 110,000               $ 50,000

            Temporary investments.................................................................          150,000                            —

            Accounts receivable (net)..............................................................          255,000                255,000

            Inventory......................................................................................       345,000                300,000

            Long-term investments..................................................................       100,000                150,000

            Property, plant and equipment......................................................      850,000                500,000

            Accumulated depreciation............................................................       (225,000)             (225,000)

            Goodwill.......................................................................................             45,000                   50,000

                      Total assets............................................................................   $ 1,630,000         $ 1,080,000

   Liabilities and Shareholders' Equity

            Accounts payable..........................................................................       $ 415,000             $ 360,000

            Long-term note payable................................................................          145,000                            —

            Common shares............................................................................          600,000                475,000

            Retained earnings.........................................................................          470,000                245,000

                      Total liabilities and shareholders' equity................................   $ 1,630,000         $ 1,080,000

   Other information relating to 2020 activities:

   1.      Net income was $ 375,000.

   2.      Cash dividends of $ 150,000 were declared and paid.

   3.      Equipment costing $ 250,000, with a book value of $ 80,000, was sold for $ 90,000.

   4.      A long-term investment was sold for $ 80,000. There were no other transactions affecting long-term investments.

   5.      5,000 common shares were issued for $ 25 a share.

   6.      Temporary investments consist of treasury bills maturing on June 30, 2020

   Required

   A. Calculate the cash used in investing activities in 2020

   B. Calculate the cash provided by financing activities in 2020

Zdon Inc. reports an accounting income of $105,000 for 2020, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements.1- Capital cost allowance (on the tax return) is greater than depreciation on the income statement by $16,000. 2- Rent revenue reported on the tax return in $24,000 higher than rent revenue reported on the income statement. 3- non-deductible fines appear as an expense of $15,000 on the income statement. 4- Zdon's tax rate is 30% for all years and the company expects to report taxable income in all future years. Zdon report under IFRS

Instructions:

a. Calculate taxable income and income tax payable for 2020.

b. Calculate any deferred tax balances at December 31, 2020.

c. Prepare the journal entries to record income taxes for 2020.

d. Prepare the income tax expense section of the income statement for 2020, beginning with the line "Income before income tax"

e. reconcile the statutory and effective rates of income tax for 2020. Round rates to one decimal place.

f. Provide the SFP presentation for any resulting deferred tax accounts at December 31, 2020. Be specific about the classification.

g. Repeat part (f) assuming Zdon follow ASPE

1.

a) Anaylze the flow of units:

b) Compute equivalent units:

c)Compute the per units:

d)The value of Goods-inProcess in the cutting Department on 1/31/2020:

e)The value of Goods-In-Process transferred to the Stiching Department is:

On March 1, 2020, Reed hired a contractor to construct a new office building. The construction work commenced on April 1, 2020, and it is expected to continue through July 31, 2022, the estimated completion date. Reed made progress payments to the contractor in 2020 as follows:

As stated in A5 above, Reed took a 1-year, 9%, $225,000 construction loan to help fund the work on this project. The company also has a 6-year, 5%, $559,165 loan that is not related to the construction project. Give the adjusting entry needed at December 31, 2020 to record the capitalization of interest for this project.

(A5)The Notes Payable balance of $784,165 results from two loans the company has taken. On September 1, 2019, Reed took a 6-year, 5%, $559,165 loan. The interest on this loan is payable annually, on each August 31. Also, on April 1, 2020, Reed took a 1-year, 9%, $225,000 construction loan (see A7 below). The interest on the construction loan is payable on the loan’s maturity date, March 31, 2021. (Note – Reed already recorded the interest paid on these loans in 2020. For this adjustment, consider any accrued interest on the loans at the December 31, 2020 reporting date.)