In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins on September 1 of this year. This amounts to $485 per month. Jasmine is a calendar-year taxpayer. What amount of the $15,520 payment, if any, must Jasmine recognize this year if she uses the accrual method of accounting?

Canberra acquired all of the equity shares in Yass on 1 October 2019, for consideration of $2,150 million. The carrying amount of identifiable net assets at acquisition was $2,130 million, which was the same as the fair value. Canberra is actively selling its entire shareholding in Yass as a single transaction and has classified the investment as a disposal group held for sale, in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, for the year ended 30 September 2020. The carrying amounts of the net assets of Yass in the individual financial statements of Canberra at 30 September 2020, before classification as held for sale, were ($ million):

Canberra measures properties at fair value, in accordance with IAS 16 Property, Plant and Equipment. No revaluations had been recognised on acquisition, when the estimated fair values were substantially the same as the carrying amounts. Properties with a carrying amount of $630 million were revalued to fair value of $680 million, at 30 September 2020. This fair value change has not been recognised in the financial statements. The total fair value less costs to sell of the disposal group was estimated as $2,140 million, at 30 September 2020. No impairments had been recognised previously, to the goodwill of Yass.

Yass owns and operates private hospitals and the medical sector is highly regulated. Canberra is confident that the sale of Yass will be agreed shortly after 30 September 2020. Any purchaser will require regulatory approval, which could delay completion of the sale until after 30 September 2021. Regulatory approval cannot be sought by a purchaser until a contract of sale had been agreed. Yass will continue to operate the hospitals until the sale is completed. Canberra will sell all of the shares in Yass to the purchaser, who would obtain all of Yass’s rights and obligations. Yass does not intend to sell or acquire any significant assets or liabilities prior to completion of the sale, as that would affect the value of the shares being sold.

Required:

Discuss the correct recognition and measurement of the investment in Yass in the consolidated financial statements, for the year ended 30 September 2020. Provide calculations.                 

1. The bank statement of Green’s Floral shows a final balance of $8,966 as of October 3 The present balance of the cash account in the ledger, after Green’s accountant has posted from the journal, is $8,030.50. The accountant took the following steps: 1) Verified that canceled checks were recorded correctly on the bank statement. 2) Discovered that a deposit of $1,003 made on Oct 31 was not recorded on the bank statement. 3) Noted outstanding checks: no. 1916, $461; no. 2022, $119; no. 2023, $827; no. 2024, $67. 4) Noted that a credit memo for a note collected by the bank from Lee and Brock, $600 principle plus $6 interest, was not recorded in the journal. 5) Found that check no. 2001 for $523 payable to Davis, Inc., on account, was recorded in the journal as $532. (The correct amount is $523.) 6) Noted that a debit memo for a collection charge and service charge of $5.50 was not recorded in the journal. 7) Noted that a debit memo for an NSF check for $125 from M.D. Scott was not recorded. 8) Noted that a $20 monthly bank fee, was not recorded.

How much cash does Green’s Floral have at the end of October. You must support your answer. Journalize any and all necessary journal entries.

Buckeye Creek Amusement Park is open from the beginning of May to the end of October. Buckeye Creek relies heavily on the sale of season passes. The sale of season passes brings in significant revenue prior to the park opening each season, and season pass holders contribute a substantial portion of the food, beverage, and novelty sales in the park. Greg Ross, director of marketing at Buckeye Creek, has been asked to develop a targeted marketing campaign to increase season pass sales. Greg has data for last season that show the number of season pass holders for each zip code within 50 miles of Buckeye Creek. he has also obtained the total population of each zip code from the U.S. Census bureau website. Greg thinks it may be possible to use regression analysis to predict the number of season pass holders in a zip code given the total population of a zip code. If this is possible, he could then conduct a direct mail campaign that would target zip codes that have fewer than the expected number of season pass holders.

1. Did the estimated regression equation provide a good fit?

2. Use residual analysis to determine whether the assumed regression model is appropriate.

3. Discuss if/how the estimated regression equation should be used to guide the marketing campaign.

4. What other data might be useful to predict the number of season pass holders in a zip code?

Problem 1:

The bank reconciliation for Weez Ltd as at 31 October 2017 was as follows.

The November bank statement had a balance of $17 069.40 and revealed the following cheques and deposits:

The cash records for Weez Ltd for November showed a general ledger balance of $10 846.90 and the following summaries of cash payments and receipts:

Additional Information:

The bank statement contained the following direct debit and credit memoranda:

A credit of $1 505.00 for the collection of a $1 400 note for Weez Ltd plus interest of $120 and less a collection fee of $15. On October 31, 2017, with an adjusting journal entry, Weez Ltd had accrued $100 interest on the note.

A debit for the printing of additional company cheques $72.00.

A debit for an NSF cheque for $130. The company immediately called the customer and was assured that the cheque would now clear. As a result, the cheque was redeposited on 30/11 and is included in the $1 338.00 Cash Receipts above.  

Cheque #2479 was a cash payment for equipment. The company’s records are correct.

The cash receipt dated 20/11 was from a large cash sale of merchandise. The company’s records are incorrect.

Required:

(a)     In the general journal, prepare the required entries based on your review of the above data. Assume immediate posting of these journal entries, as well as the updating of the Cash GL account—you are not required to prepare the posting. Ignore GST.

(b)     Prepare a bank reconciliation as at 30 November, beginning with Balance per Bank Statement.

On October 17, 2007, the classified ads on the web site of The Seattle Times listed the following 13 used Toyota Prius automobiles for sale; the data set below shows the year, color, mileage (in miles) and asking price (in U.S. dollars) for each car:

year     color      mileage     price
2006     green        17043     25995
2007     gray         12628     24980
2005     maroon       24039     24885
2005     silver       48226     23995
2006     black        10522     22995
2004     silver       66345     21995
2007     white         5611     21995
2005     gold         24479     21595
2004     white        14618     20995
2005     silver       53699     20980
2004     silver       47649     17995
2003     white        39600     17500
2005     black       103126     16995

We wish to investigate a possible association between the mileageof each Prius and its price. You should construct a scatterplot of this data.

assume that a linear model is appropriate, regardless of your answer to the previous question.

1. Find the equation of the regression line for this data that predicts price based upon mileage:

2. Use the model to predict the asking price of a Toyota Prius with 450,000 miles, or explain why such a prediction is not appropriate:

3. Use the model to predict the asking price of a Toyota Prius with 45,000 miles, or explain why such a prediction is not appropriate:

4. Compute the residual for the green Prius:

Buckeye Creek Amusement Park is open from the beginning of May to the end of October. Buckeye Creek relies heavily on the sale of season passes. The sale of season passes brings in significant revenue prior to the park opening each season, and season pass holders con- tribute a substantial portion of the food, beverage, and novelty sales in the park. Greg Ross, director of marketing at Buckeye Creek, has been asked to develop a targeted marketing campaign to increase season pass sales. Greg has data for last season that show the number of season pass holders for each zip code within 50 miles of Buckeye Creek. he has also obtained the total population of each zip code from the U.S. Census bureau website. Greg thinks it may be possible to use regression analysis to predict the number of season pass holders in a zip code given the total population of a zip code. If this is possible, he could then conduct a direct mail campaign that would target zip codes that have fewer than the expected number of season pass holders. *I only need help with #5,6,7 thank you

Managerial Report

1. Compute descriptive statistics and construct a scatter diagram for the data. Discuss your findings.

2. Using simple linear regression, develop an estimated regression equation that could be used to predict the number of season pass holders in a zip code given the total population of the zip code.

3. Test for a significant relationship at the .05 level of significance.

4. Did the estimated regression equation provide a good fit?

5. Use residual analysis to determine whether the assumed regression model is appropriate.

6. Discuss if/how the estimated regression equation should be used to guide the marketing campaign.

7. What other data might be useful to predict the number of season pass holders in a zip code?

Muggsy Bogues Company purchased equipment for $280,350 on October 1, 2014. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $21,000. Estimated production is 39,900 units and estimated working hours are 20,500. During 2014, Bogues uses the equipment for 520 hours and the equipment produces 1,000 units. Compute depreciation expense under each of the following methods. Bogues is on a calendar-year basis ending December 31.

(a) Straight-line method for 2014 (Round answer to 0 decimal places, e.g. 45,892.) $

(b) Activity method (units of output) for 2014 (Round rate per unit to 2 decimal places, e.g. 5.35 and final answer to 0 decimal places, e.g. 45,892.) $

(c) Activity method (working hours) for 2014 (Round rate per hour to 2 decimal places, e.g. 5.35 and final answer to 0 decimal places, e.g. 45,892.) $

(d) Sum-of-the-years'-digits method for 2016 (Round answer to 0 decimal places, e.g. 45,892.) $

(e) Double-declining-balance method for 2015 (Round answer to 0 decimal places, e.g. 45,892.) $

Jose, age 70 and ½ in October of this year, worked for several companies over his lifetime. He has worked for the following companies (A – E), and still has the following qualified plan account balances at those companies. Jose is currently employed with Company E. What is his required minimum distribution for the current year from all plans? Life expectancy tables are 27.4 for age 70 and 26.5 for age 71.