Questions
Is my writing for this email correct? I mean academy and grammar. (you can edit and...

Is my writing for this email correct?

I mean academy and grammar. (you can edit and add any sentence)

Dear sir/madam,

UK Visas and Immigration

I hope you are doing well.

I am working hard to provide evidence from The University of Sydney confirming my new admission dates commencing within 3 months according to your e-mail request on October 2, 2020. Noting that my Visa Application( GWF0565848 ) was to get an alternate visa with new entry dates because I could not to enter UK during the period shown by previous visa (from 21/03/2020 to 20/04/2020) due to lockdown caused by the Coronavirus (Covid-19).

I will send you a copy of the evidence once I receive it.

Thanks, and Best regards

Rakan

In: Economics

Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:...

Sandox Retail has the following unadjusted trial balance as at 30 June 2020 in the table:

Debit ($) Credit ($)
Cash 8,524
Accounts Receivable 7,000
Supplies 15,000
Prepaid Insurance 300
Insurance Expense 600
Equipment 27,000
Accumulated Depreciation 12,000
Other Assets 5,100
Wages Payable 1,500
Accounts Payable 7,500
Income Tax Payable 3,150
Share Capital (3000 shares outstanding all year) 16,000
Retained Profit 10,300
Sales Revenue 95,000
COGS 32,900
Wages Expense 18,000
Supplies Expense 25,680
Income Tax Expense 5,346
Total 145,450

145,450

Required:
a) Prepare an Income Statement for Sandox Retail for the financial year 2019-2020.
b) Prepare a Balance Sheet as of 30 June 2020.
c) Prepare the closing journals for Sandox Retail.

In: Accounting

Suppose on 31-Dec-2019 you entered into a forward contract to buy one share of stock XYZ...

Suppose on 31-Dec-2019 you entered into a forward contract to buy one share of stock XYZ for delivery price = L = $50 with delivery date 31-Dec-2020.  You enter t and S(t) into your formula for V(S,t) to figure out today’s value of the contract.  Now suppose you learn to your surprise that interest rates are not constant; they can change in an uncertain way over the time period from today to 31-Dec-2020.

[A]  Assume that today’s stock price and the interest rates that prevail today have not changed.   Will the forward price that you compute today (for delivery date 31-Dec-2020) change because of your revised view that future interest rates are uncertain?

[B]  Will V(S,t), the value of the forward contract, change?  Why or why not?

In: Finance

1. Given:        2019 Sales = $213,346       2020 Sales = $292,969       2019 Operating Income...

1.

Given:       

2019 Sales = $213,346
      2020 Sales = $292,969
      2019 Operating Income = $106,282
      2020 Operating Income = $179,533
      2019 Net Income = $59,413
      2020 Net Income = $81,936
Calculate DOL (Enter your answer with 2 decimal places.)

2. Total variable costs are $13,137, sales $57,179, and fixed costs $15,517. Calculate DOL. (Enter your answer with 2 decimal places)

3. Calculate the effective annual interest rate of foregoing the discount and paying on the 45th day when the terms are 3/13, n 45. Use a 365 day year: (Enter answer as a percentage number with 2 decimal places.)

4. You are getting a discount interest loan of $27,411 for one year. The stated rate of interest is 8%. Calculate the effective interest rate: (Enter answer as a percentage number with 2 decimal places)

In: Finance

Cullumber Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020,...

Cullumber Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $38,000 each, beginning September 1, 2020. In addition, Cullumber guarantees the lessor a residual value of $27,000 at lease end. The equipment has a useful life of seven years.

Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease and prepare Cullumber’s September 1, 2020 journal entry assuming an interest rate of 12%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)

In: Accounting

Mac Leasing Company (lessor) and Ash Corporation (lessee) signed a four-year lease on January 1, 2020....

Mac Leasing Company (lessor) and Ash Corporation (lessee) signed a four-year lease on January 1, 2020. The underlying asset has an estimated life of six years, and the property reverts to Mac at the end of the lease term. Lease payments of $34,577 are payable on January 1 of each year and were set to yield Mac a return of 8%, which was known to Ash. The estimated residual value at the end of the lease term is $29,000 and is guaranteed by Ash Corporation. Ash expects the estimated residual value at the end of the lease term to be $29,000. The lease contains no purchase option.

a) Prepare an amortization schedule of the lease liability.

b)Prepare the entries for Ash Company for 2020.

c)Let’s now assume that Ash Corporation expects the estimated residual value at the end of the lease term to be $10,150 instead. Prepare the entries for Ash Corporation for 2020.

In: Accounting

(NOL Carryforward, Valuation Account Needed) Topper Company reported the following pretax financial income (loss) for the...

(NOL Carryforward, Valuation Account Needed)

Topper Company reported the following pretax financial income (loss) for the years 2018 through 2022:

2018 $ 70,000

2019 45,000

2020 (260,000)

2021 90,000

2022 215,000

Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 30% for 2018 through 2020, and 20% for 2021 and thereafter.

Instructions

(a) Prepare the journal entries for the years 2018 through 2022 to record income tax expense, income tax payable (refund- able), and the tax effects of the loss carryforward, assuming that based on the weight of available evidence, it is more likely than not that 60 percent of the benefits of the loss carryforward will not be realized.

(b) Prepare the income tax section of the 2020 income statement beginning with the line “Income (loss) before income taxes.”

In: Accounting

T received restricted stock in 2019 from his employer for services rendered. The restriction required T...

T received restricted stock in 2019 from his employer for services rendered. The restriction required T to remain employed for one additional year, otherwise the stock would be forfeited. T was prohibited from selling the stock during that one-year period. The value of the stock at the time received was $8,000. In 2020, when the restrictions lapsed, the stock was worth $50,000. T has not sold the stock.

A. Assuming no §83(b) election was made, indicate the amount of income, if any, that would be taxable in each year: (Put a $0 on the line if no income needs to be reported.) 2019 Taxable Income ________________ 2020 Taxable Income ________________

B. Assuming T made the §83(b) election, indicate the amount of income, if any, that would be taxable in each year: (Put a $0 on the line if no income needs to be reported.) 2019 Taxable Income_______________ 2020 Taxable Income_______________

In: Accounting

Carla Company has the following two temporary differences between its income tax expense and income taxes...

Carla Company has the following two temporary differences between its income tax expense and income taxes payable.

2020

2021

2022

Pretax financial income

$864,000

$949,000

$920,000

Excess depreciation expense on tax return

(30,800)

(41,000)

(9,600)

Excess warranty expense in financial income

20,900

10,500

8,300

Taxable income

$854,100

$918,500

$918,700


The income tax rate for all years is 20%.

Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022.

Indicate how deferred taxes will be reported on the 2022 balance sheet. Carla’s product warranty is for 12 months.

Prepare the income tax expense section of the income statement for 2022, beginning with the line “Pretax financial income.”

In: Accounting

Computing Partial Period Depreciation under Multiple Depreciation Methods To demonstrate the computations involved in several methods...

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.

Cost and residual value Estimated service life
Acquisition cost $20,000 Years 5
Residual value $800 Service hours 16,000
Productive output (units) 38,400

Required

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

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

2020 2021 2022 2023 2024 2025
Answer Answer Answer Answer Answer Answer

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

2020 2021 2022 2023 2024 2025
Answer Answer Answer Answer Answer Answer

In: Accounting