On January 1, 2020, Perfection Company issued $400,000 of 10%, 6-year bonds dated January 1, 2020, with interest payments every June 30 and December 31. The bonds were issued at $382,762 when the market rate was 11%. Perfection Company amortizes any premium or discount using the EFFECTIVE-INTEREST-RATE method. Round all numbers to the nearest whole number.  

1-Using proper formatting (eliminating the date), prepare the journal entry on January 1, 2020 to record the issuance of the bonds.

2-Using proper formatting (eliminating the date), prepare the journal entry on June 30, 2020 to record the first interest payment

3-Determine the amount of interest expense that will be recorded on December 31, 2020. Show your work for full credit and clearly label your answer.

4-Determine the amount of total interest expense that Perfection Company will recognize over the life of the bonds if the bonds are not redeemed until maturity. Show your work for full credit and clearly label your answer. ( IS THE ANSWER FOR THIS PART IS THIS

20,000x12= 240,000

+ 17,238= 257,238 OR 17,238 AND WHY )

5. Determine the amount of interest expense Perfection Company would have recorded on June 30, 2020 (first interest payment) if they had used the STRAIGHT-LINE METHOD to amortize any premium or discount, instead of the effective-interest-rate method, as described above. Show your work for full credit and clearly label your answer.

Except for the earnings per share statistics, the 2019, 2020, and 2021 income statements for Ace Group Inc. were originally presented as follows:


Required:
1. Calculate the 11 missing amounts. (Loss should be indicated by a minus sign.)

Answer is complete and correct.

Use the following charts to answer the questions below:

1. For each country, report the stock index values and ex-rates for February, 2019 and February, 2020.

2. Calculate the annual percentage return for each stock market from February, 2019 - February, 2020, measured in local currency. Use the standard percentage return formula: [(P2 - P1)/P1] x 100.

3. For each currency, calculate the annual percentage change from February, 2019 to February, 2020 using the exchange rate exactly as quoted, and for each currency separately, clearly explain in a full sentence or two whether each of the foreign currencies appreciated or depreciated versus the dollar.

4. Calculate the effective, annual US dollar return for a U.S. investor who had invested money in the stock markets of each of the five countries last year (February 2019 - February 2020), using the formula: Effective dollar return = % foreign stock market return +/- %CHG in the foreign currency.

Problem 5-7

Bramble Inc. had the following balance sheet at December 31, 2019.

During 2020, the following occurred.

Prepare a statement of cash flows for the year 2020 for Bramble. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Prepare the unclassified balance sheet as it would appear at December 31, 2020. (List Assets in order of liquidity.)

Compute Bramble’s free cash flow and current cash debt coverage for 2020. (Round current cash debt coverage to 2 decimal places, e.g. 0.56. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Information concerning Concord Corporation’s intangible assets is as follows. 1. On January 1, 2020, Concord signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $60,000. Of this amount, $12,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $12,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 12% (the implicit rate for a loan of this type) is $36,450. The agreement also provides that 8% of the revenue from the franchise must be paid to the franchisor annually. Concord’s revenue from the franchise for 2020 was $850,000. Concord estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.) 2. Concord incurred $75,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2, 2020. Legal fees and other costs associated with registration of the patent totaled $20,000. Concord estimates that the useful life of the patent will be 8 years. 3. A trademark was purchased from Shanghai Company for $35,000 on July 1, 2017. Expenditures for successful litigation in defense of the trademark totaling $10,200 were paid on July 1, 2020. Concord estimates that the useful life of the trademark will be 20 years from the date of acquisition.

Prepare a schedule showing the intangible assets section of Concord’s balance sheet at December 31, 2020.

On 1/1/2016, XYZ Corporation purchased 75% of the outstanding voting stock of Sally Corporation for $2,400,000 paid in cash.  On the date of the acquisition, Sally’s shareholders’ equity consisted of the following:

Common stock, $10 par                 $1,000,000

APIC                                                   600,000

Retained Earnings                               800,000

Total SE                                         $2,400,000

The excess fair value of the net assets acquired was assigned 10% to undervalued Inventory (sold in 2016), 40% to undervalued PPE assets with a remaining useful life of 8 years, and 50% to Goodwill.

Comparative trial balances of XYZ Corporation and Sally Corporation at December 31, 2020, are as follows:

Required:

Determine the amounts that would appear in the consolidated financial statements of XYZ Corporation and its subsidiary for each of the following items:

1. Goodwill at December 31, 2020. (2 points)
2. Income to Non-controlling interest for 2020. (3 points)
3. Consolidated retained earnings at December 31, 2019. (2 points)
4. Consolidated retained earnings at December 31, 2020. (2 points)
5. Controlling share of consolidated Net Income for 2020. (3 points)
6. Non-controlling interest at December 31, 2020. (3 points)

Oliver Corporation decided on January 1, 2020, that its Canadian subsidiary’s functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amounted to C$20,000,000 and to $11,000,000 when remeasured; the exchange rate was $0.75/C$. During 2020, the Canadian subsidiary reported net income of C$2,500,000 and declared and paid dividends of C$1,000,000. No other changes in owners’ equity occurred.

Required

Calculate the translation gain or loss for 2020, and the cumulative translation gain or loss at December 31, 2020. Relevant exchange rates were $0.78/C$ (average); $0.77/C$ (dividend declaration date); $0.79/C$ (December 31, 2020).

Instructions for Translation Gain or Loss table:

1. Use negative signs with answers to indicate a negative exposed position balance.
2. Use negative signs with answers to indicate an amount that reduces the exposed position balance.
3. Using the drop-down menu, select the appropriate answer to indicate a translation gain or loss and a cumulative translation gain or loss.
4. Do not use a negative sign with your translation gain or loss and cumulative gain or loss answers.
5. Enter answers using all zeros (do not abbreviate to millions or thousands).

Over the past year, the vice president for human resources at a large medical center has run a series of three-month workshops aimed at increasing worker motivation and performance. To check the effectiveness of the workshops, she selected a random sample of 35 employees from the personnel files. She collected the employee performance ratings recorded before and after workshop attendance and stored the paired ratings on sheet Ratings.

Compute descriptive statistics and perform a paired ttest.

State your findings and conclusions in a report to the vice president for human resources.

Thank you!

Mr. Jones wanted to check if there was an observable impact of a particular worksheet on his students’ test scores for Chapter 1. His idea was to test if there was a significant variation in the average test score of the class that used the worksheet in comparison to the class that did not. In the class before lunch, he used the worksheet but not the one after lunch. He has 23 students in each class. Their test scores are below:

1. Which test are you using?
2. What are your H0 (null hypothesis) and Ha (alternative hypothesis)?
3. Calculate your statistic.
4. What decision does this inform you to make and why? (You may use the critical value in the chart or the calculated p-value, but you must indicate what you are doing.)
5. Write a one to two sentence conclusion that correctly responds to the question.

Buffers

Q1:

a.  Write the balanced chemical equation for the reaction of HCN with water. HCN + H₂ O----> CN^- + H₃O Do not answer this

b. What is the pH and concentration of CN^– in a 0.100M solution of HCN? [CN^-]=7.87 x 10^-6Do not answer this

c. What would happen if the equilibrium [CN^–] that you calculated in (b) was changed by adding 0.00500 moles of solid NaCN to 100.0 mL of the solution? (Which direction is the reaction going to “go” to minimize the disturbance?) pH: 5.10 Do not answer this

d. Determine the pH of the solution in (c) . Assume that the addition of solid NaCN does not change the volume of solution. pH:8.91 Do not answer this

e. What is the name of this type of solution?

f. Determine the pH of the solution from (c) AFTER 10.0 mL of 0.100M HNO₃ is added.

g. Determine the pH of the solution from (c) AFTER 10.0 mL of 0.100M KOH is added.

h. How many moles of strong acid could you reasonably expect to add to the solution in (c) before the pH would change drastically?

i. How many moles of strong base could you reasonably expect to add to the solution in (c) before the pH would change drastically?