At the end of the year, Randy’s Parts Co. had the following items in inventory:

a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item.


b. Provide the adjustment necessary to write down the inventory based on Requirement a. Assume that Randy’s Parts Co. uses the perpetual inventory system.

c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate.

d. Provide the adjustment necessary to write down the inventory based on Requirement c. Assume that Randy’s Parts Co. uses the perpetual inventory system.

QUESTION FIVE

a. You came across a picture of three co-planar forces acting at a point, P. The first force is 200N and acting at 20° to the horizontal; the second 400N and acting at 165° to the horizontal; the third 500N acting at 250° to the horizontal.

Draw what you saw in the picture using an appropriate scale. Use protractor for the angles. AP[8 marks]

b. With the information in a); determine by resolution of forces

i. The magnitude of the resultant of the three co-planar Forces.

ii. The direction of the resultant of the three co-planar forces.

AP [7 marks]

c. A horizontal force with a mass of 100kg is being applied to a body to move it

at a uniform velocity through a distance of 20m in 8 seconds in the direction

of the force.

Determine the value

i.

The Force

ii.

The Work Done

iii.

The Power

Which of the following species has a bond order of 2.5 (assume that the molecular orbital diagram is similar to that shown on page 403 of the text book)?

a) NO–

b) NO+

c) O2+

d) N2

e) CO

Which of the following molecules is paramagnetic (assume that the molecular orbital diagram is similar to that shown on page 403 of the text book)?

a) Li2

b) B2

c) C2

d) N2

e) F2

Which molecule or ion has the shortest bond distance (assume that the molecular orbital diagram is similar to that shown on page 403 of the text book)?

a) NO

b) NO+

c) NO–

d) CO–

e) CO+

Which molecule or ion is paramagnetic (assume that the molecular orbital diagram is similar to that shown on page 403 of the text book)?

a) NO2+

b) NO2–

c) NO

d) OCN–

e) SO3

Question 8

Using a perpetual inventory system, Ace Co. sells some inventory FOB destination. Which account would Ace Co. record the freight charges?

Question 9

If a company lists Merchandise Inventory as $201,000 on its trial balance, but the physical count determines the actual value of inventory on hand is $199,000, the adjusting entry will include:

Question 10

Which of the following accounts is not closed to Income Summary?

1. Tiger Co. issues 10,000 shares of $4 par common stock which is trading for $30 a share. It also issues 2,000 shares of $6 par preferred stock which is trading for $52 a share make either two separate or one combined journal entry.

2. King Co. issues 8,000 shares of $2 stated common stock which is trading for $20 a share. It also issues 1,000 shares of $1 stated preferred stock which is trading for $33 a share make either two separate or one combined journal entry

3. Baskings Co. issues 2,000 shares of common stock trading for $10 a share and 4,000 shares of preferred stock trading for $18 a share make either two separate or one combined journal entry

Narto Co. (a U.S. firm) exports to Switzerland and expects to receive 200,000 Swiss francs in one year. The one-year U.S. interest rate is 5% when investing funds and 7% when borrowing funds. The one-year Swiss interest rate is 9% when investing funds, and 10% when borrowing funds. The spot rate of the Swiss franc is $.80. Narto expects that the spot rate of the Swiss franc will be $.75 in one year. There is a put option available on Swiss francs with an exercise price of $.79 and a premium of $.02.                                                                       

a. Determine the amount of dollars that Narto Co. will receive at the end of one year if it implements a money market hedge.

b. Determine the amount of dollars that Narto Co. expects to receive at the end of one year (after accounting for the option premium) if it implements a put option hedge.

Megan Schmidt works for a Williams and Co, a smaller CPA firm that has a total of 11 professional staff members, including two partners. A financial statement attest client has requested the audit firm to prepare its depreciation schedule. Megan is a new staff member and will be responsible for this work. The client will have someone with suitable skills, knowledge and experience to oversee the preparation of the depreciation schedule. The audit firm has documented its understanding with the client including that the client will take responsibility for the depreciation schedule.

Questions:

 Identify the section in the AICPA Codification that addresses the independence issues associated with the case facts outlined above.

 What are the threats to the independence of Williams and Co?

 What safeguards can Williams and Co. put in place so that the firm's independence is not impaired?

Overall Planning Materiality

Based on the information provided below.

a. Explain why ABC's auditor chose Sales as a Measurement Benchmark in planning Wesly Co. Audit for the year 2018.

b. Explain why ABC's auditor chose Total Assets as a Measurement Benchmark in planning Wesly Co. Audit for the year 2018.

c. Explain why ABC's auditor chose Gross Profit as a Measurement Benchmark in planning Wesly Co. Audit for the year 2018.

Eligibility and Benefits Verification – Before patients are scheduled to be seen, their insurance coverage must be verified.

Co-pay Collection – Collection costs increase when co-pays are not paid upfront.

Patient Financial Counseling – Available to patients who are unable to make their co-pay or at risk for not paying their balance after insurance.

Case Management – A collection of services including utilization management, discharge planning, and care coordination performed by a case manager.

What else can be add it to this

need to add more information