The accompanying data show spot speeds collected at a section of highway located in a residential area. (i) Using the student’s t test, determine whether there was a statistically significant difference in the average speeds at the 95% confidence level. (ii) Also report for before and after the following: mean speed, standard deviation, 85^th percentile speed and percentage of traffic exceeding the posted speed limit of 30 MPH. (iii) using the data, draw the histogram frequency distribution, cumulative percentage distribution for each set of data and determine: (a) average speed (b) 85^th percentile speed, (c) 15^th percentile speed, (d) mode (e) median and (f) pace[the most common 10 MPH range].

A stationary bicycle wheel of radius 0.7 m is mounted in the vertical plane (see figure below). The axle is held up by supports that are not shown, and the wheel is free to rotate on the nearly frictionless axle. The wheel has mass 4.1 kg, all concentrated in the rim (the spokes have negligible mass). A lump of clay with mass 0.5 kg falls and sticks to the outer edge of the wheel at the location shown. Just before the impact the clay has speed 6 m/s, and the wheel is rotating clockwise with angular speed 0.29 rad/s. (Assume +x is to the right, +y is upward, and +z is out of the page. Assume the line connecting the center to the point of impact is at an angle of 45° from the horizontal.)

(a) Just before the impact, what is the angular momentum (magnitude and direction) of the combined system of wheel plus clay about the center C?

(b) Just after the impact, what is the angular momentum (magnitude and direction) of the combined system of wheel plus clay about the center C?

(c) Just after the impact, what is the angular velocity (magnitude and direction) of the wheel?

I’m a Lumberjack and I’m OK Co. (Lumberjack) has the following temporary tax differences:

1. Lumberjack collected rents of $100,000 total for 4 years at the beginning of 2019. For tax purposes, rent revenue is recognized when collected. For financial reporting purposes, the lease is classified as an operating lease and rent revenue is recognized on a straight-line basis over the lease term.

2. Lumberjack has equipment that cost $1,120,000 with an estimated useful life of 7 years. At the end of 2019, the accounting carrying value for the equipment was $480,000 and the tax basis was $349,888. During 2020, the MACRS rate for tax purposes is 8.93%; straight-line depreciation is used for financial reporting purposes.

3. Lumberjack has a defined benefit pension plan for its employees. The accrual basis is used for financial reporting purposes, whereas for tax purposes, deductions are allowed as the plan is funded. As of the end of 2019, pension expense for financial reporting has been $500,000 greater than tax deductions allowed for funding contributions. For 2020, the pension expense recorded for financial reporting purposes was $70,000 and the amount deducted for tax purposes was $30,000.

REQUIRED: Complete the following schedules for each temporary difference to compute current year and future taxable (deductible) amounts for 2020.

The following shows the unadjusted Trial Balance of Services as at 31 August 2020 is as follows:

The following adjustments have not been considered for the year ended 31 August 2020:

· Provision for doubtful debts is to be estimated at 4% of total Debtors.

· Accrued Salaries Expenses, RM5,000.

· Insurance paid in advance for the month has expired. RM36,000 insurance was paid in advance for twelve (12) months period starting 1st January 2020.

· Furniture was purchased on 1 January 2019. Depreciation on the Machinery is required to be recorded using the straight-line method. Assume a useful life of five years with a zero-salvage value.

· RM12,000 unearned revenue has been earned during the period.

· Interest Expense for the month of July and August has not been recorded yet.

Required:

1) Prepare the adjusting entries for the above adjustments. (Show workings)

2) Prepare Services Statement of Comprehensive Income (Income Statement) for the year ended 31 August 2020.                 

3) Prepare Services Statement of Financial Position as at 31 August 2020.

Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 12,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 12,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various dates are as follows:

Icebreaker must close its books and prepare financial statements at December 31.

1. a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars.

2. a-2. What is the impact on 2020 net income?

3. a-3. What is the impact on 2021 net income?

4. a-4. What is the impact on net income over the two accounting periods?

5. b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency receivable, prepare journal entries for the sale and foreign currency forward contract in U.S. dollars.

6. b-2. What is the impact on 2020 net income?

7. b-3. What is the impact on 2021 net income?

8. b-4. What is the impact on net income over the two accounting periods?

Journalize the adjusting entry needed on December 31, 2020 the company’s year end, for each of the following independent cases. Adjusting entries are only made on December 31 in this company.

1. Details of the Prepaid Rent Expense account are shown:

The company pays office rent semi-annually on March 31 and September 30. At December 31, part of the last payment is still available to cover January to march of the next year. No rent expense has been recorded for the year yet.

2. The company pays its employees each Friday. The amount of the weekly payroll is $12,500 for a five day work week. December 31 is on a Wednesday, the employees will be paid on Friday, January 2.

3. The company purchased equipment on March 1, 2020 for $120,000. The equipment has a useful life of 5 years and a residual value of $0. No depreciation has been recorded yet this year.

4. On May 1 the company received $36,000 for services to be provided from May 1, 2020 to April 30, 2021. The company provided its services from May 1-December 31, 2020.

5. The company provided services valued at $15,000 for a customer in December but has not yet sent out a bill or received any cash.

6. The beginning balance of Supplies on January 1, 2020 was $6,400. During 2019 the company purchased supplies costing $18,200. On December 31, 2020, there were $8,000 worth of supplies remaining.

Assume that in an annual audit of Sandhill Inc. at December 31, 2020, you find the following transactions near the closing date. Assuming that each of the amounts is material, state whether the merchandise should be included in the client’s inventory. Transactions 1. A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2020. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2021. select an option 2. Merchandise costing $5,740 was received on January 3, 2021, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2020, f.o.b. destination. select an option 3. A packing case containing a product costing $6,970 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2020, but that the case was shipped and the customer billed on January 10, 2021. The product was a stock item of your client. select an option 4. Merchandise received on January 6, 2021, costing $1,394 was entered in the purchase journal on January 7, 2021. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2020. Because it was not on hand at December 31, it was not included in inventory. select an option 5. Merchandise costing $1,476 was received on December 28, 2020, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.” select an option

Templar Inc. is currently preparing its financial statements for 2020 and is currently working on its cash flow statement. Templar's balance sheets for 2020 is as follows:

In addition, during 2020, Templar:

• had net income of $31,000.
• sold land with a book value of $7,000 for a gain of $3,000.
• paid dividends of $8,000.
• issued common stock with a fair value of $50,000 in exchange for a building.
• purchased some equipment, but had no other activity related to property, plant and equipment besides the land sale and building purchase noted above (and depreciation).

Below, prepare Templar's 2020 full statement of cash flows, including all section headers and subtotals. (Don't worry about precise formatting; for each line, just put the text for that line followed by any amount necessary.) Use the indirect method for the operating cash flows section.

Computing Partial Period Depreciation under Multiple Depreciation Methods

To demonstrate the computations involved in several methods of depreciating a fixed asset, the following information is provided.

Required

Compute the annual depreciation using each of the following methods assuming that the asset was purchased on August 1, 2020.

a. Straight-line depreciation: Compute the annual depreciation rate and amount for each year.

b. Units-of-production method using service hours as a measure of input: Compute the depreciation rate and amount for the first partial year assuming 4,500 service hours of actual operation.

c. Units-of-production method using units produced as a measure of output: Compute the depreciation rate and amount for the first partial year assuming 9,000 units of output.

d. Sum-of-the-years’-digits method: Compute the depreciation amount for each year.

e. Double-declining-balance method: Compute the depreciation amount for each year.

On 1 July 2020 Tran’s Hardware Pty Ltd had an accounts receivable ledger balance of $75,000 debit and a credit balance in the allowance for doubtful debts ledger account of $15,000.

On 3 July Tran’s was contacted by Nails and Hammers Pty Ltd to notify that the business had been declared bankrupt and that they would not be able to pay the $5,500 owing to Tran’s Hardware from a previous credit sale made to them in June 2020.

The business received notification from Panda House Pty Ltd on 25 July 2020 that, $1,100 (GST inclusive) that had previously been written off as uncollectible in May 2020 would be paid in full in August 2020.

On 31 July 2020 Management reassessed the allowance for doubtful debts at year end and decided on a closing balance of $12,200 (GST exclusive) under the ageing of receivables approach.

Required:

1. Prepare journal entries for each of the above events. Narrations are not required.

b. The owners have approached you, the businesses accountant and asked if, for the financial year ending 30 June 2021, you would change to the direct write-off method for recording bad debts. How does changing the measurement of bad debts from the allowance method to the direct write-off method influence the usefulness of financial information? Ensure you reference the fundamental qualitative characteristics of information prescribed by the Conceptual Framework for Financial Reporting in your response.