William's nominal income in 2010 was $72,500. How much was his real income if 2010 was the base year?
In: Economics
On 1 November 2018, ACP imported a new multi-colour printing machine (No-10) for $68,300 cash. In addition, ACP paid $6,500 of import duties and $1,200 of transport costs for the machine on 3 November 2018. The useful life of the machine and the residual value were estimated to be 8 years and $7,000 respectively. ACP decides to depreciate the machine using a straight-line basis. The company’s financial year-end is 30 June.
On 30 June 2019, Auckland City Printers revalued the machine to $73,000 following a review by an independent valuer.
On 1 July 2019, due to the changes in technology caused the company to revise the estimated useful life of the printing machine from 8 years to 6 years. On the same day, it was also determined that the residual value of the machine is nil.
On 30 June 2020, the printing machine has been revalued at a fair value of $55,200.
On 30 September 2020, the accountant believes that the value of the printing machine has declined substantially. The value in use is nil, but it is estimated that the company may be able to sell the printing machine for $35,000 to a purchaser and the costs associated with making the sale would be $2,000.
On 1 October 2020, Auckland City Printers sold the printing machine for $32,000 cash.
Required:
(a) Prepare relevant journal entries to record the depreciation expense for the year ended 30 June 2019 and revaluation entries on 30 June 2019.
(b) Prepare relevant journal entries to record the
depreciation the year ended 30 June 2020 and revaluation entries on
30 June 2020.
(c) Explain the accounting treatment for the transaction on 30
September 2020 in respect of the printing machine with reference to
the relevant accounting standards. Prepare the journal entry
required.
(d) Prepare the journal entry required on 1 October 2020 to
reflect the disposal of the printing machine. Show all
workings.
In: Accounting
On 1 November 2018, Auckland City Printers (ACP) imported a new multi-colour printing machine (No-10) for $68,300 cash. In addition, ACP paid $6,500 of import duties and $1,200 of transport costs for the machine on 3 November 2018. The useful life of the machine and the residual value were estimated to be 8 years and $7,000 respectively. ACP decides to depreciate the machine using straight-line basis. The company’s financial year-end is 30 June.
On 30 June 2019, Auckland City Printers revalued the machine to $73,000 following a review by an independent valuer. On 1 July 2019, due to the changes in technology caused the company to revise the estimated useful life of the printing machine from 8 years to 6 years. On the same day, it was also determined that the residual value of the machine is nil.
On 30 June 2020, the printing machine has been revalued at a fair value of $55,200.
On 30 September 2020, the accountant believes that the value of the printing machine has declined substantially. The value in use is nil, but it is estimated that the company may be able to sell the printing machine for $35,000 to a purchaser and the costs associated with making the sale would be $2,000.
On 1 October 2020, Auckland City Printers sold the printing machine for $32,000 cash.
Required:
(a)Prepare relevant journal entries to record the depreciation expense for the year ended 30 June 2019 and revaluation entries on 30 June 2019.
(b)Prepare relevant journal entries to record the depreciation the year ended 30 June 2020 and revaluation entries on 30 June 2020.
(c) Explain the accounting treatment for the transaction on 30 September 2020 in respect of the printing machine with reference to the relevant accounting standards. Prepare the journal entry required.
(d) Prepare the journal entry required on 1 October 2020 to reflect the disposal of the printing machine. Show all workings.
In: Accounting
On 1 November 2018, Auckland City Printers (ACP) imported a new multi-colour printing machine (No-10) for $68,300 cash. In addition, ACP paid $6,500 of import duties and $1,200 of transport costs for the machine on 3 November 2018. The useful life of the machine and the residual value were estimated to be 8 years and $7,000 respectively. ACP decides to depreciate the machine using straight-line basis. The company’s financial year-end is 30 June.
On 30 June 2019, Auckland City Printers revalued the machine to $73,000 following a review by an independent valuer.
On 1 July 2019, due to the changes in technology caused the company to revise the estimated useful life of the printing machine from 8 years to 6 years. On the same day, it was also determined that the residual value of the machine is nil. On 30 June 2020, the printing machine has been revalued at a fair value of $55,200.
On 30 September 2020, the accountant believes that the value of the printing machine has declined substantially. The value in use is nil, but it is estimated that the company may be able to sell the printing machine for $35,000 to a purchaser and the costs associated with making the sale would be $2,000.
On 1 October 2020, Auckland City Printers sold the printing machine for $32,000 cash.
Required: (a)Prepare relevant journal entries to record the depreciation expense for the year ended 30 June 2019 and revaluation entries on 30 June 2019.
(b)Prepare relevant journal entries to record the depreciation the year ended 30 June 2020 and revaluation entries on 30 June 2020.
(c) Explain the accounting treatment for the transaction on 30 September 2020 in respect of the printing machine with reference to the relevant accounting standards. Prepare the journal entry required.
(d) Prepare the journal entry required on 1 October 2020 to reflect the disposal of the printing machine. Show all workings.
In: Accounting
Record the following transactions for Redeker Group in the general journal.
| 2020 | ||
| May 1 | Received a €9,000, 12‐month, 10% note in exchange for Mark Chamber's outstanding accounts receivable. | |
| Dec. 31 | Accrued interest on the Chamber note. | |
| Dec. 31 | Closed the interest revenue account. | |
| 2021 | ||
| May 1 | Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) | |
instructions
1. provide the 1 May 2021 journal entry
2. provide the journal entry under this “what if” scenario: What if the note was dishonoured on 1 May and that collection is not expected in the future? Assume the Allowance method is used by Redeker Group.
3. prepare journal entries for notes recievables
In: Accounting
Westby Corp., a high school uniform manufacturer, was authorized
to issue an unlimited number of common shares. During January 2020,
its first month of operations, the following selected transactions
occurred:
Jan. 1 1,000 shares
were issued to the organizers of the corporation. The total value
of the shares was determined to be $11,700.
5 15,000 shares were
sold to various shareholders for $13.20 each.
15 The board of
directors declared a cash dividend of $0.72 per common share to
shareholders of record on January 19, payable January 31.
20 4,000 shares were
issued in exchange for land valued at $46,800. The shares were
actively trading on this date at $11.20 per share.
31 Closed the Income
Summary account, which showed a credit balance of $162,000.
31 Paid the dividends
declared on January 15.
Required:
a. Journalize the above transactions. The Company does not use a
Cash Dividends Account.
Prepare the equity section of Westby’s balance sheet at January 31, 2020.
What was the average issue price per common share?
In: Accounting
Consider a portion of monthly return data (In %) on 20-year Treasury Bonds from 2006–2010.
| Index | Month | Year | Return |
| 1 | Jan | 2006 | 3.34 |
| 2 | Feb | 2006 | 3.13 |
| 3 | Mar | 2006 | 4.67 |
| 4 | Apr | 2006 | 3.51 |
| 5 | May | 2006 | 3.8 |
| 6 | Jun | 2006 | 5.42 |
| 7 | Jul | 2006 | 4.6 |
| 8 | Aug | 2006 | 4.69 |
| 9 | Sep | 2006 | 4.62 |
| 10 | Oct | 2006 | 4.28 |
| 11 | Nov | 2006 | 5.08 |
| 12 | Dec | 2006 | 3.34 |
| 13 | Jan | 2007 | 3.91 |
| 14 | Feb | 2007 | 5.02 |
| 15 | Mar | 2007 | 3.91 |
| 16 | Apr | 2007 | 4.03 |
| 17 | May | 2007 | 4.85 |
| 18 | Jun | 2007 | 5.39 |
| 19 | Jul | 2007 | 4.66 |
| 20 | Aug | 2007 | 4.96 |
| 21 | Sep | 2007 | 4.82 |
| 22 | Oct | 2007 | 3.61 |
| 23 | Nov | 2007 | 3.23 |
| 24 | Dec | 2007 | 3.13 |
| 25 | Jan | 2008 | 5.31 |
| 26 | Feb | 2008 | 4.81 |
| 27 | Mar | 2008 | 5.06 |
| 28 | Apr | 2008 | 5.21 |
| 29 | May | 2008 | 3.83 |
| 30 | Jun | 2008 | 4.98 |
| 31 | Jul | 2008 | 4.7 |
| 32 | Aug | 2008 | 4.22 |
| 33 | Sep | 2008 | 4.36 |
| 34 | Oct | 2008 | 5.3 |
| 35 | Nov | 2008 | 4.72 |
| 36 | Dec | 2008 | 4.24 |
| 37 | Jan | 2009 | 5 |
| 38 | Feb | 2009 | 4.03 |
| 39 | Mar | 2009 | 5 |
| 40 | Apr | 2009 | 5.38 |
| 41 | May | 2009 | 3.61 |
| 42 | Jun | 2009 | 4.91 |
| 43 | Jul | 2009 | 3.81 |
| 44 | Aug | 2009 | 3.1 |
| 45 | Sep | 2009 | 3.88 |
| 46 | Oct | 2009 | 4.47 |
| 47 | Nov | 2009 | 3.39 |
| 48 | Dec | 2009 | 5.3 |
| 49 | Jan | 2010 | 4.98 |
| 50 | Feb | 2010 | 3.61 |
| 51 | Mar | 2010 | 3.94 |
| 52 | Apr | 2010 | 4.49 |
| 53 | May | 2010 | 4.49 |
| 54 | Jun | 2010 | 3.54 |
| 55 | Jul | 2010 | 4.17 |
| 56 | Aug | 2010 | 5.03 |
| 57 | Sep | 2010 | 3.79 |
| 58 | Oct | 2010 | 4.47 |
| 59 | Nov | 2010 | 4.74 |
| 60 | Dec | 2010 | 3.92 |
Estimate a linear trend model with seasonal dummy variables to make forecasts for the first three months of 2011. (Round answers to 2 decimal places.)
In: Statistics and Probability
You are the controller of a company that has just switched to IFRS. For the area of PP&E you have asked the programmer for the PP&E system to include a routine that forces users to re-enter information each year. For which field would it be appropriate to include in this routine.
a. Residual value
b. Asset name
c. Cost
d. Date placed in service
In: Accounting
(General guidance: in responding to the following four questions, do not simply provide pseudo-code. Rather explain the main insight in such a way that an experienced programmer could devise an implementation of the algorithm on the basis of your explanation. Indeed, pseudo-code may not be necessary at all.)
Give an algorithm that takes as input a string and returns the length of its longest palindromic subsequence.
In: Computer Science
In an event-driven program, you design the screens, define the objects, and define how the screens will connect. Within an event-driven program, a component from which an event is generated is the source of the event.
In: Computer Science