October

1. S. Erickson invested $5 0,000 cash, a $16,000 pool equipment, and $12,000 of office equipment in the company.

2. The company paid $4,000 cash for five months’ rent.

3. The company purchased $1,620 of office supplies on credit from Todd’s Office Products.

5. The company paid $4,220 cash for one year’s premium on a property and liability insurance policy.

6. The company billed Deep End Co $4,800 for services performed in installing a new pool

8. The company paid $1,620 cash for the office supplies purchased from Todd’s Office Products on October 3.

10. The company hired Julie Kruit as a part-time assistant for $136 per day, as needed.

12. The company billed Deep End Co another $1,600 for services performed.

15. The company received $4,800 cash from Deep End Co as partial payment on its account.

17. The company paid $750 cash to repair pool equipment that was damaged when moving it.

20. The company paid $1,958 cash for advertisements published in the local newspaper.

22.The company received $1,600 cash from Deep End Co. on its account.

28. The company billed Happy Summer Corp $6,802 for consulting services performed.

31. The company paid $952 cash for Julie Kruit’s wages for seven days’ work.

31. S. Ericksonwithdrew $3,500 cash from the company for personal use.

November

1. The Company reimbursed S. Erickson in cash for business automobile mileage allowance (Ericksonlogged 1,500 miles at $0.32 per mile).

2. The company received $5,630 cash from Underground Inc. for consulting services performed.

5. The company purchased office supplies for $1,325 cash from Todd’s Office Products.

8. The company billedSlides R Us $7,568 for services performed.

13. The company agreed to perform future services for Henry’s Pool and Spa Co. No work has been performed.

18. The company received $2,802 cash from Happy Summer Corp as partial payment of the October 28 bill.

22. The company donated $450 cash to the United Way in the company’s name.

24. The company completed work and sent a bill for $4,800toHenry’s Pool and SpaCo.

25. The company sent another bill to Happy Summer Corp for the past-due amount of $ 4 000.

28. The company reimbursed S. Erickson in cash for business automobile mileage(1,300 miles at $0.32 per mile).

30. The company paid cash to Julie Kruit for 14 days’ work.

30. S. Erickson withdrew $1,500 cash from the company for personal use

December

2. Paid $1,200 cash to West Side Mall for Splashing Around’s share of mall advertising costs.

3. Paid $350 cash for minor repairs to the company’s pool equipment

4. Received $4,800 cash from Henry’s Pool and Spa Co. for the receivable from November.

10. Paid cash to Julie Kruit for six days of work at the rate of $136 per day.

14. Notified by Henry’s Pool and Spa Co. that Splashing Around’s bid of $ 10,000 on a proposed project has been accepted. Henry’s paid a $ 6,500 cash advance to Splashing Around

15. Purchased $1,400 of office supplies on credit from Todd’s Office Products.

16. Sent a reminder to Slides R Us to pay the fee for services recorded on November 8.

20. Completed a project for Underground Inc and received $6,545 cash.

22–26 Took the week off for the holidays.

28. Received $4,500 cash from Slides R Us on its receivable.

29. Reimbursed S. Erickson for business automobile mileage (500 miles at $0.32 per mile).

31. S.Erickson withdrew $ 2,500 cash from the company for personal use.

Adjusting Entries

The following additional facts are collected for use in making adjusting entries prior to preparing

financial statements for the company’s first three months:

a. The December 31 inventory count of office supplies shows $1800 still available.

b.Three months have expired since the 12-month insurance premium was paid in advance.

c. As of December 31, Julie Kruit has not been paid for four days of work at $136 per day.

d.The pool equipment, acquired on October 1, is expected to have a four-year life with no salvage value.

e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value.

f.Three of the five months’ prepaid rent has expired

just the adjusting entries journalized.

Jeffery Company purchased 10% of the outstanding common stock (75,000 shares) of Another Company on January 1, 2020 for $750,000. The investment was not sufficient to give Jeffery Company the ability to significantly influence the operations of Another Company. On January 1, 2020, the fair value of the percentage of Another Company’s net assets purchased by Jeffery Company exceeded book value by $20,000. The difference was attributable to plant assets with remaining useful life of five years. During 2020, Another Company reported net income of $150,000 and paid dividends of $40,000. The fair value of Another Company’s common stock on December 31, 2020 was $15 per share.

The entry to record the purchase of the stock on January 1, 2020 would include?

The entry to record the dividends Jeffery Company received from Another Company would include? check figure; A credit to investment revenue for $4,000

As a result of the investment, Jeffery Company's income before income tax for the year ended December 31, 2020 would increase by? check figure;$379,000

The entry on December 31, 2020 to recognize changes in fair value would include? check figure: A credit to unrealized holding gain for $375,000

Jeffery Company would report an investment in Another Company on the balance sheet as of December 31, 2020 of?

Please explain in detail the answers I would appreciate the help thanks.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys equity securities as noncurrent investments. None of Ornamental’s investments are large enough to exert significant influence on the investee. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

Q1)The following information summarizes all cash-related transactions for BBB.Ltd in 2018:
1. BBB. Ltd had $25,000 cash in its Bank account at the start of 2018.
2. On 1 January 2018 the company took out a $75,000 loan from Arab Bank. The loan
has an annual interest rate of 15%. The interest on the loan was paid on time in 2018.
BBB .Ltd sells its products to customers on credit (the agreed credit term is 30 days).
During 2018, it received $850,000 from customers in respect of sales of inventory
made to them.
3. BBB. Ltd purchased components for its products on credit (the agreed credit term is
also 30 days). During 2018, it paid $550,000 to suppliers for purchases of components.
4. A new production line was acquired in the year at a cost of $120,000.
5. Salaries paid for the year amounted to $40,000. Various other operating expenses paid
for by the business amounted to $75,000 for the year.
6. $25,000 was paid to shareholders as dividends.
7. Last year’s tax liability to BBB.Ltd of $22,000 was settled in 2018.
Required:
Prepare BBB.Ltd’s statement of cash flows for the year to 31 December 2018 using the
direct method.

Q2)The following information had been prepared for XYZ Limited for the year to 31 December
2019.

Complete the following table below assumes that the XYZ Company adapts the flexible
budget method based on 120 % of its operating activities costs. Indicate whether the variance
is a favorable or adverse under each budgeting system (fixed and flexible budget)

(1) (2) (3) (4) (5) (6) (7)

Activity Level Fixed Budget
Flexible
Budget
(120%)

Actual Costs Fixed-
Actual

Favorable/
Adverse

Flexible-
Actual

Favorable
/Adverse

US$ US$ US$ US$ US$

Direct Materials 100,000 115,000
Direct Labor 150,000 185,000
Variables Overhead 50,000 55,000
Total Variables Costs 300,000 355,000
Fixed Costs 60,000 65,000
Total Costs 360,000 420,000

The CEO of JP Morgan analyzed the data for exchange rates between Japanese Yen and US Dollars for the past 12 months and found the first three autocorrelation coefficients to be 0.75, 0.37 and 0.10 respectively (i.e. r1 = 0.75, r2 = 0.37 and r3 = 0.10). Based on his findings, he believes that the exchange rate can be predicted using lagged data. (a) Set up a hypothesis and test for the significance of r1 (i.e. H0 : r1 = 0). What is your conclusion? (b) Set up a joint hypothesis to test H0 : r1 = r2 = r3 = 0 and compute associated LBQ statistic. What is your conclusion on the hypothesis? (c) Based on your findings, what are your suggestions to the CEO?

Finalize your interview protocol for the interview with a professional in a health science career. Meet with the instructor to have it approved. Finalize who you will interview, how you will contact the person, and how you will conduct the interview

The accompanying table shows the annual​ salaries, in thousands of​ dollars, earned by a sample of individuals who graduated with MBAs in the years 2012 and 2013. Perform a hypothesis test using α equals= 0.05 to determine if the median salary for 2012 MBA graduates is lower than 2013 MBA graduates.

Salaries​ (in thousands of​ dollars) for 2012 MBA graduates

Salaries​ (in thousands of​ dollars) for 2013 MBA graduates

Identify the test statistic.

___ ​(Round to two decimal places as​ needed.)

Calculate the​ p-value.

​p-value equals=____ (Round to three decimal places as​ needed.)

In a effort to better predict the demand for courses offered by a certain MBA program, it was hypothesized that students' academic backgrounds affect their choice of MBA major, thus, their course selection. A random sample of last year's MBA students was selected. The results are shown below. (A) State the null hypothesis and alternative hypothesis. (B) USING EXCEL Can we infer that undergraduate degree affects MBA students' course preferences?

Multiple Choice

1. Investor is not a parent entity if

1. The investor has power over the investee
2. Investors have the ability to influence investment returns
3. The investor has the right to the investee's variable returns
4. The investor has significant influence over the investee

2. The accounting method applied for business combinations in accordance with PSAK 22 / IFRS 3 is:

1. Acquisition method
2. The pooling of ownership method
3. Proportional consolidation method
4. Equity method

3. A is a newly formed entity to acquire B and C an existing entity prior to the business combination. The acquirer is

1. C
2. B or C
3. B
4. A

4. The requirements for disclosing financial statements in PSAK 67 / IFRS 12 are exempted in the event that the entity has an interest in

1. Unconsolidated structured entities
2. Child entity
3. Joint measurement
4. The association entity held for sale

5. The following are not business combination transactions of entities under common control

1. The parent company exchanges its ownership in a portion of the net assets of its subsidiary for additional shares issued by another subsidiary.
2. The parent company transfers a portion of the net assets of its subsidiary to the assets of the parent
3. The parent company purchases the net assets or part of the ownership rights of non-controlling shareholders
4. The parent company transfers part of its ownership rights in one subsidiary to another subsidiary

6. The following factors are not relevant in determining the entity's functional currency

1. The currency in which funding is generated
2. The currency in which funding is generated
3. The currency in which the proceeds from operating activities are held
4. Currency that affects the entity's costs
5. The most accepted international currency for trading

7. In a joint arrangement, A has 50% of the voting rights, B has 30% and C has 20%. The arrangement provides that at least 75% of the voting rights are paid to make decisions about relevant activities. The following entities have control over the joint arrangement

1. B
2. A
3. C
4. A and B

8. An entity imports 4 million Euros worth of merchandise from a European country. The entity's functional currency is US Dollars. Goods ordered on 31 March 2020, shipped on 7 April 2020, and received on 8 April 2020. Entity receives invoice on 28 May 2020. Terms of sale are FOB destination. The exchange rate used to record the transaction is the rate on the date

1. March 31, 2020
2. 7 April 2020
3. 28 May 2020
4. 8 April 2020

9. Goodwill arising in the acquisition of associates

1. Tested for impairment separately from other assets
2. Charged in profit or loss in each reporting period
3. Not recognized separately from the carrying amount of the investment
4. Amortized in each reporting period including the interim period

10. In separate financial statements, investments in subsidiaries that are not classified as held for sale are recorded in

1. Using the equity method or PSAK 71 / IFRS 9
2. Cost or equity method
3. In accordance with PSAK 71 / IFRS 9 or PSAK 58 / IFRS 5
4. Cost or in accordance with PSAK 71 / IFRS 9

11. An investment entity is an entity that is

1. Aim to develop a product together with the investee
2. Have a plan to invest in unlimited
3. Can have a strategy for investing in more than one investee
4. Transact with investees

12. The following statements are true

1. Separate financial statements are the financial statements of a business group presented as a single economic entity
2. Separate financial statements can only be presented as additional information in the consolidated statements
3. Separate financial statements must be presented to record the investment in the subsidiary at cost
4. Separate financial reports can be presented as general purpose financial reports

13. The building was purchased on December 31, 2017 for MU 20 million. On that date, the consumer price index in the country was 60.1. As of December 31, 2019, the consumer price index ballooned to 240.4. What was the carrying value of the building as of December 31, 2019?

1. MU 4,808 million
2. MU 1,202 million
3. MU 80 million
4. MU 20 million

14. A trading entity in Indonesia. After a while, the entity expanded and exported its products to Singapore. Business is conducted through a subsidiary in Singapore. The subsidiary is an extension of the entity's business and the entity's directors are also directors of the subsidiary. The functional currency of the subsidiary is.

1. Rupiah
2. Rupiah or Singapore Dollar
3. Singapore Dollar
4. Rupiah and Singapore Dollar

15. A structured entity is an entity

1. With broad and well-defined goals
2. Who receive funding from third parties
3. Which has various activities
4. With the determination of controllers not dominated by voting rights

16. PSAK 15 / IAS 28 does not require the application of the equity method if the associate acquired will be held for sale within a specified period of time. This time period is

1. Six months
2. Twelve months
3. In the near future
4. Two years

17. The following assets or liabilities are non-monetary assets or liabilities

1. Accruals and other payables
2. Tax debt
3. Accounts receivable
4. Prepaid expense

18. Joint ventures recognize its interest in joint ventures as

1. Net assets, which include their share of any assets that are jointly owned
2. Net assets that include all assets that are jointly owned
3. Investments are accounted for using the equity method
4. Investments are accounted for using the proportional consolidation method

19. An Indonesian entity generates and receives cash from sales denominated in Singapore Dollars. The main expenses consist of raw materials which are also obtained in Singapore Dollars, however salary expenses are paid in Indonesian Rupiah. Which of the following statements is true?

1. The entity's functional currency is Indonesian Rupiah
2. The entity's functional currency may be selected Singapore Dollar or Rupiah
3. The entity's functional currency is the Singapore dollar
4. The entity's functional currency is US Dollars

20. The difference between the consideration transferred and the carrying amount of the business combination transactions of entities under common control is recognized in

1. Liabilities
2. Asset
3. Profit and loss
4. Equity

Business Combination

On 1 July 2020, Tall Ltd acquired all of the assets and liabilities of Blacks Ltd. In exchange for these assets and liabilities, Tall Ltd issued 100 000 shares that at date of issue had a fair value of $6.30 per share. Costs of issuing these shares amounted to $1000. Legal costs associated with the acquisition of Blacks Ltd amounted to $4200.

The asset and liabilities of Blacks Ltd at 1 July 2020 were as follows:

                                                                                               Carrying amount                               Fair value

Assets

             Cash                                                                                              $1 000                                      $1 000

             Accounts receivable                                                               10 000                                      10 000

             Inventory                                                                                    64 000                                      68 000

             Equipment                                                                               320 000                                    232 000

             Accumulated depreciation – equipment                    (96 000)                                              —

             Patents                                                                                      240 000                                    280 000

Liabilities

             Accounts payable                                                                 (16 000)                                   (16 000)

             Debentures                                                                            (64 000)                                   (64 000)

The accountant for Tall Ltd, Mr Spencer, knows that AASB 3 has to be applied in accounting for business combinations. However, he is confused as to how to account for the goodwill, what recognition criteria is applied to assets and liabilities acquired in the business combination, and how the varying dates such as the date of exchange and acquisition date will affect the accounting for the business combination.

Provide Mr Spencer with advice on the issues that are confusing him.

Required

1. Explain how to account for goodwill.                                                                                         

2. Discuss the importance of identifying the acquisition date                                                                   

3. What recognition criteria is applied to assets and liabilities acquired in the businesscombination. Explain.                                                                                                         

4. Prepare the acquisition analysis at 1 July 2020 for the acquisition of Blacks Ltd by Tall Ltd.                                                                                                                                                                         

5. Prepare the journal entries in the records of Tall Ltd at 1 July 2020.