1. In females, the urethra opens:

   		at the tip of the clito ris
   		posterior to the an us
   		between the vag ina and an us
   		between the clito ris and the vagi na
   		anterior to the clito ris

1 points   

QUESTION 17

1. The labia major develops from the same source as the _____ in males.

   		prostate
   		scr otum
   		urethra
   		glans

1 points   

QUESTION 18

1. Most tissues of the gonad develop from the:

   		epimere
   		hypomere
   		ectoderm
   		mesomere
   		endoderm

1 points   

QUESTION 19

1. Urine in the collecting duct then proceeds to the:

   		calyxes
   		renal pelvis
   		ureter
   		distal convoluted tubule

1 points   

QUESTION 20

1. In females, the gonad is the:

   		mammary glands
   		ov ary
   		vagi na
   		ute rus

ABC, Inc. provides its employees with a defined benefit pension plan. In 2020, the company made the mistake of not amortizing the cost of prior period services (PSC). Which of the following statements is correct?

a. Total equity is underestimated.

b. The company's net income is overstated.

c. Total debt is overstated.

d. The company's net income is underestimated.

QUESTION 2 In Derry v Peek 14 App.Cas. 337 (House of Lords, 1889) the Court held that there was not a fraudulent representation made by the tramway company. With reference to the issues before the court in that case, do you think that in 2020 it would be more desirable to sue under S 18 of the Australian Consumer Law? Explain your reasons.

On January 1, 2019, Seek Company purchased a copy machine. The machine costs $960,000, its estimated useful life is 8 years, and its expected salvage value is $60,000.

What is the depreciation expense for 2020 using double-declining-balance method?

Select one:

A. $157,500

B. $ 105,000

C. $180,000

D. $240,000

Buzzy Company sold $400,000 worth of 10%, ten year bonds on July1st, 2019, at a time when the market rate of interest on similar investments was 12%. The semiannual bonds pay interest on December 31st and June 30th .Using the interest method of bond amortization, journalize the payments of interest on December 31, 2019 and June 30, 2020

Abbotsford Tile Ltd. (ATL) is a wholesaler of high quality glass, ceramic and marble tiles. In November 2019 the owner of ATL agreed to sell the company to Barrie Tile Inc. (BTI) another tile wholesaler. Each company is owned and operated by a single individual who originally founded his company. The owner of ATL decided to sell his business because he was beginning to get too old to run the store. The owner of BTI wants to purchase ATL to expand the size of his business. The two men agreed over lunch that BTI would buy ATL for an amount equal to five times ATL’s net income before tax for the year ended December 31, 2019. The deal is to be finalized on March 1, 2020. Closure of the deal requires that BTI approve of the financial statements prepared by ATL. The two men agreed that any disputes regarding the financial statements would be settled by negotiations and, if necessary, by arbitration by an independent third party. It is now January 15, 2020. You have been called by BTI’s owner to help him understand and assess a number of transactions that are reported in ATL’s December 31, 2019 financial statements. The owner of BTI explained that he does not have much experience working with financial statements but based on his examination, along with information obtained from other sources, he is concerned about a number of transactions reported in ATL’s statements. The owner has asked you for a detailed report explaining the impact of each event on the purchase price of ATL and your assessment of each of the issues. BTI’s owner said that he would like a full explanation of the implications of each event, your evaluation of the accounting used by ATL, and your supported recommendation of the appropriate treatment for each event. Your explanations are important because they will be used in negotiations with the owner of ATL and, if necessary, presented to the arbitrator.

The owner of BTI provided you with the following information about the events that are of concern to him:

a) GTL paid a $60,000 non-refundable fee on October 15, 2019 to their delivery company as a prepayment for services from November 1 2019 – November 1, 2020. The contract between the delivery company and GTL is for 2 years. The delivery company charges GTL $20,000 each month, less $5,000 which has been paid up front as the deposit. The $60,000 has been recorded as a prepaid asset. The delivery expense for the year ended December 31, 2019 totaled $30,000.

b) In August 2019, ATL entered into a long term contract with another tile retailer, Great Tile Ltd (GTL). As part of the agreement, GTL agreed to order products from ATL on a monthly basis. In November 2019 GTL placed a large tile order that will be delivered evenly over a 5- month period. The order totaled $350,000, and GTL paid an upfront non-refundable deposit of $150,000. The fee was recorded as revenue. The first order, with $70,000 worth of goods was shipped to GTL on November 20, 2019. The second order was scheduled to ship on December 20, however, due to the busy holiday season and staffing issues, GTL requested that the order be held at ATL’s facility until after the winter break. Since the shipment was ready to go, ATL placed the tiles in a separate part of their facility. ATL recognized revenue for both the November and December orders in 2019, totaling $140,000.

Highland, Lowland and Midland are three countries in a continent. The countries engage heavily in trade with each other and have almost identical facilities provided to consumers by both the private sector and public sector. In 2005, Highland had a Nominal bill of its Economy which amounted to 750 million Krona out of which 89% are from traded goods, Midland had a Nominal bill that amounted to 1.4 trillion Dinar out of which 78% are from traded goods and Lowland had a Nominal bill which amounted to 300 million Rand out of which 100% is from traded goods. The following information is given:

E (KRONA|DINAR) = 0.7

E (DINAR|RAND) = 0.495

E (RAND|US DOLLAR) = 1.2

All the above rates are official exchange rates.

Globally, the living standards of all the countries are measured against the living standards in the United States. In order to see that, the BIG MAC Index is used to determine how much the MAC would cost in each of these countries in USD. In Highland, a MAC approximately costs 2 Krona, in Midland, a MAC costs twice as much as in Highlands, In Lowland, a MAC costs around 1.2 Rand and In US, the MAC costs around $6.32.

1. Calculate the Exchange rate of all the currencies per US Dollar at the official rates.
2. Calculate the Nominal GDP and PPP GDP of Highland, Midland and Lowland in US Dollars.
3. What can you conclude from your answers in part B.?
4. In 2006, Highland and Midland jointly invaded Lowland and took over the country. If Highland took 60% of the Nominal GDP and Midland took 40% of the Nominal GDP. What are the percentage increases in their PPP GDP? (Assume all the exchange rates are unchanged)

Vita Water purchased a used machine for $117,800 on January 2, 2020. It was repaired the next day at a cost of $5,663 and installed on a new platform that cost $1,537. The company predicted that the machine would be used for six years and would then have a $21,320 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year’s depreciation was recorded on December 31, 2020. On September 30, 2025, it was retired.

Required:
1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid.

2. Prepare entries to record depreciation on the machine on December 31 of its first year and on September 30 in the year of its disposal. (Round intermediate calculations to the nearest whole dollar.)

3. Prepare entries to record the retirement of the machine under each of the following unrelated assumptions:

a. It was sold for $24,000.

b. It was sold for $27,000.

c. It was destroyed in a fire and the insurance company paid $27,000 in full settlement of the loss claim.

Richard and Rachel operate a coffee shop, Richell Coffee Roaster Pty Ltd, with a financial year ending 30 June. On 1 July 2017, they purchased a new espresso machine for $23,000 (ignore GST). They then paid a further $500 (ignore GST) for delivery of the machine and $900 (ignore GST) to have it installed. All amounts were paid in cash. The company estimates that the machine has a 4 years useful life, and a residual value of $4,400 (ignore GST). They intend to depreciate the machine using the straight-line method.

On 30 June 2020, the company sold the espresso machine for $10,000 cash (ignore GST).

REQUIRED:

1. Calculate the cost of the espresso machine.
2. Prepare a depreciation worksheet covering the entire useful life of the machine.
3. Show the required journal entries to record:

1. 1. the acquisition of the machine (combine as 1 entry)
2. 2. the annual depreciation charge (note: only 1 entry required, as the journal entry will be the same each year, only with different dates)
3. 3. the disposal of the machine on 30 June 2020.

Narrations are not required.