Novak Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of the year.
|
Date |
Voucher |
Terms |
Units |
Unit Invoice |
Gross Invoice |
|||||||||
| 1/15 | 10624 | Net 30 | 75 | $32 | $2,400 | |||||||||
| 3/15 | 11437 | 1/5, net 30 | 90 | 25 | 2,250 | |||||||||
| 6/20 | 21332 | 1/10, net 30 | 115 | 24 | 2,760 | |||||||||
| 9/12 | 27644 | 1/10, net 30 | 109 | 19 | 2,071 | |||||||||
| 11/24 | 31269 | 1/10, net 30 | 101 | 17 | 1,717 | |||||||||
| Totals | 490 | $11,198 | ||||||||||||
A physical inventory on December 31, 2020, reveals that 119
footballs were in stock. The bookkeeper informs you that all the
discounts were taken. Assume that Novak Football Shop uses the
invoice price less discount for recording purchases.
Compute the December 31, 2020, inventory using the FIFO method.
| Ending Inventory using the FIFO method |
$ |
Compute the 2020 cost of goods sold using the LIFO method.
| Cost of Goods Sold using the LIFO method |
$ |
What method would you recommend to the owner to minimize income taxes in 2020 based on the inventory info?
In: Accounting
Question 1
The following balances have been extracted from the accounts of
Peya, a sole trader, for the period ended 31 March 2020.
N$
Sales 427,726
Carriage inwards 476
Wages and salaries 64,210
Carriage outwards 829
Purchases 302,419
Rent and rates 12,466
Heat and light 4,757
Stock at 1 April 2019 15,310
Drawings 21,600
Equipment at cost 102,000
Motor vehicles at cost 43,270
Provision for depreciation
– equipment 22,250
– motor vehicles 8,920
Debtors 50,633
Creditors 41,792
Bank 3,295 cr
Sundry expenses 8,426
Cash 477
Capital 122,890
The following information as at 31 March 2020 is also
available:
(1) N$350 is owing for heat and light
(2) N$620 has been prepaid for rent and rates
(3) Depreciation is to be provided for the year as follows:
equipment at 10% on cost and motor vehicles at 20% on cost
(4) Stock at 31 March2020 isN$16,480
Required:
(a) Prepare the trial balance for Peya (before any adjustments) as
at 31 March 2020.
(b) Prepare the trading and profit and loss accounts for Peya for
the year ending 31 March 2020.
(c) Prepare the balance sheet for Peya as at 31 March 2020.
(Total 31 marks)
Due Date:
In: Accounting
#1) Write down sample nursing diagnoses,
interventions, and expected outcomes for the following
client:
Elaina, 27 years old, visits a prenatal clinic to
confirm a positive pregnancy test. Elaina tells the nurse that she
is not married and has no support system. She also states that she
is making minimum wage at a restaurant with no health insurance and
cannot afford prenatal care. She intends to keep the baby and would
rather not tell her partner because “they don’t have that kind of a
relationship.” Elaina asks the nurse “If I take good care of
myself, why do I need prenatal care?”
#2) Explain how the fetus is affected by tobacco use
during pregnancy. Keeping in mind the 2020 National Health Goals,
what are some things you can do as a nurse to promote these goals
and carry your ideas out into the community.
#3) You are asked to perform an assessment of a
pregnant woman and her family. Prior to the assessment, devise a
list of interview questions to use to assess the woman’s readiness
for parenthood and current health status as well as her goals for
the pregnancy.
#4) For each of the following QSEN competencies write
a list of nursing interventions for promoting fetal and maternal
health related to each competency:
Patient centered care
Teamwork and collaboration
Evidence-based practice
Quality improvement
Safety
Informatics.
#5) List the four major hormones produced in early
pregnancy. Describe what each one does.
In: Nursing
Assume that in an annual audit of Sandhill Inc. at December 31, 2020, you find the following transactions near the closing date. Assuming that each of the amounts is material, state whether the merchandise should be included in the client’s inventory. Transactions 1. A special machine, fabricated to order for a customer, was finished and specifically segregated in the back part of the shipping room on December 31, 2020. The customer was billed on that date and the machine excluded from inventory although it was shipped on January 4, 2021. select an option 2. Merchandise costing $5,740 was received on January 3, 2021, and the related purchase invoice recorded January 5. The invoice showed the shipment was made on December 29, 2020, f.o.b. destination. select an option 3. A packing case containing a product costing $6,970 was standing in the shipping room when the physical inventory was taken. It was not included in the inventory because it was marked “Hold for shipping instructions.” Your investigation revealed that the customer’s order was dated December 18, 2020, but that the case was shipped and the customer billed on January 10, 2021. The product was a stock item of your client. select an option 4. Merchandise received on January 6, 2021, costing $1,394 was entered in the purchase journal on January 7, 2021. The invoice showed shipment was made f.o.b. supplier’s warehouse on December 31, 2020. Because it was not on hand at December 31, it was not included in inventory. select an option 5. Merchandise costing $1,476 was received on December 28, 2020, and the invoice was not recorded. You located it in the hands of the purchasing agent; it was marked “on consignment.” select an option
In: Accounting
Financial Statement Analysis
The financial statements of Gelato Corporation show the following information:
Statement of Financial Position
December 31, 2020
Assets 2020 2019
Cash $257,000 $263,000
Accounts receivable 128,000 163,000
Fair value through net income investments 120,000 119,000
Inventory 320,000 361,000
Plant assets (net) 398,000 418,500
Intangible assets 102,000 128,500
Total Assets $1,325,000 $1,453,000
Liabilities and Equity
Accounts payable $240,000 $303,500
Long-term debt 60,000 137,500
Share capital 293,000 293,000
Retained earnings 732,000 719,000
Total Liabilities and equity $1,325,000 $ 1,453,000
Income Statement
Year Ended December 31, 2020
2020 2019
Net sales $725,000 $703,000
Cost of goods sold (474,000) (477,000)
Gross profit 251,000 226,000
Selling and admin expenses (126,000) (100,000)
Other expenses, net (106,000) (99,000)
Income before income tax 19,000 27,000
Income tax (5,400) (8,100)
Net income $13,600 $18,900
REQUIRED: Show all calculations. Round percentages to one decimal place.
A. Using horizontal analysis, analyze Gelato Corporation’s change in liquidity, solvency, and profitability in 2020.
B. Using vertical analysis, analyze Gelato Corporation’s decline in net income in 2020
C. Identify at least two profitability ratios that are obtained from the vertical analysis performed in part (b). Is profitability improving or deteriorating based on these ratios? Briefly explain
In: Finance
Except for the earnings per share statistics, the 2019, 2020,
and 2021 income statements for Ace Group Inc. were originally
presented as follows:
Required:
1. Calculate the 11 missing amounts. (Loss should
be indicated by a minus sign.)
Answer is complete and correct.
|
| Shares outstanding on December 31, 2018 | 38,800 | |||||||||
| Purchase and retirement of shares on March 1, 2019 | − | 4,880 | ||||||||
| Sale of shares on June 1, 2019 | + | 16,480 | ||||||||
| Share dividend of 5% on August 1, 2019 | + | 2,520selected answer correct | ||||||||
| Shares outstanding on December 31, 2019 | 52,920selected answer correct | |||||||||
| Sale of shares on February 1, 2020 | + | 7,760 | ||||||||
| Purchase and retirement of shares on July 1, 2020 | − | 2,440 | ||||||||
| Shares outstanding on December 31, 2020 | 58,240selected answer correct | |||||||||
| Sale of shares on March 1, 2021 | + | 20,560 | ||||||||
| Purchase and retirement of shares on September 1, 2021 | − | 6,600 | ||||||||
| Share split of 3:1 on October 1, 2021 | + | |||||||||
| Shares outstanding on December 31, 2021 | ? | |||||||||
|
2. Calculate the weighted-average number of
common shares outstanding during the following years: (Do
not round intermediate calculations. Round your
answers to nearest whole number.)
|
In: Accounting
Indicate how each of the following transactions is entered into the US balance of payments with double-entry bookkeeping:
• A U.S. firm exports $500 of goods to an Australian retired man who pays with his bank account savings from his Australian Bank
• A U.S. economics major purchases a travel service for $200 to Italy and pays it with money from his U.S. bank account
• The U.S. government gives $100 from a US bank to Cuba to favor greater economic growth
• A U.S. resident purchases a foreign stock for $400 and pays for it by increasing bank balances in the United States
• A foreign investor purchases $300 of U.S. treasury bills and pays by drawing down his bank balances in the United States by the same amount
--> Using this information, calculate the U.S. balance of payments
In: Accounting
Example: Starbucks buys coffee from an Indonesian farmer for USD 50 K who in return acquires fertilizer from a US manufacturer
US Current Account (CA):
Trade: -50 K (import of coffee)
Trade: +50 K (export of fertilizer)
1. Alaska Airlines purchases its first Embraer jet from Embraer in Brazil for USD 65M. Embraer uses the receipt of USD 65M to reduce its outstanding USD loan with Bank of America in New York.
2. A Washington State farmer sells apples to a Canadian supermarket chain. The farmer is paid CAD 15M, which the farmer keeps in CAD in her bank account with a Canadian. Assume the spot exchange rate is 0.80 CAD/USD. Express your answer in USD at the current exchange rate.
In: Economics
Listed below are the yields of various Treasury securities on separate days over the last five years.
(1) Provide an explanation of the evolution of the Treasury yield curve from 2018 to 2020.
(2) Focusing on the 2020 yield curve, provide an interpretation of the curve? (What do you infer from it)
|
Date |
1 yr |
2 yr |
5 yr |
7 yr |
10 yr |
20 yr |
30 yr |
|
|
(1) |
10/05/20 |
0.12 |
0.14 |
0.27 |
0.46 |
0.68 |
1.23 |
1.45 |
|
(2) |
10/05/18 |
2.64 |
2.88 |
3.07 |
3.18 |
3.23 |
3.34 |
3.40 |
|
(3) |
10/05/15 |
0.26 |
0.61 |
1.35 |
1.74 |
2.07 |
2.52 |
2.90 |
In: Finance
Currently, the annual personal income tax per capita is lower than 30ghc and this is considered woefully inadequate.
Meanwhile, many in the formal sector has been over burdened with income tax, some paying above 10,000ghc a year in tax. Nevertheless, those in the informal sector are left to hide in the underground economy .
The government needs more tax revenues from the informal sector to reduce budget deficit and associated borrowing.
In the 2020 fiscal policy, government proposes to rope many hitherto out of the tax net into the tax net so as to increase taxes from the informal sector.
Required
Suggest to Government four policy measures it should implement in
order to achieve the 2020 fiscal policy objective
In: Accounting