Astrom Ltd. purchased a piece of equipment on May 12, 2020, for $51,200. At the time, management determined that the equipment would have a 4-year useful life and a residual value of $4,400. Astrom uses the straight-line depreciation method for its equipment, and the company has a December 31 year end. Also assume that Astrom sold the equipment on September 25, 2022, for $20,725. Prepare all necessary journal entries for 2020, 2021, and 2022 related to each of the following scenarios:
In: Accounting
on january 1, 2020, Wampum Jewelry company issued deep discount bonds having a total maturity value of 500,000. Wampum received 354,832 from investors on the date of issuance. The bonds mature 5 years from the date of issuance.
a- prepare the journal entry for the issuance of bonds on January 1, 2020
b-calculate the implicit rate of interest on the bonds
c-prepare an amortization schedule for the life of the bonds
d- Record journal entry for interest expense for the year ended dec 31,2023
In: Accounting
You have on your schedule to receive street light products from your regular vendor in July 2020.On the 10th June 2020, you learnt from the news that the Vendor’s warehouse has been destroyed by fire and that they may not be able to recover in the next 12 months.
What type of Risk is this? Mention 4 possible things you will do?
Give 2 examples for each of the followings Risks that may apply to your project, 1Known unknown, 2 Unknown unknowns
In: Operations Management
Roden Ltd. has a December 31 year end. The Company leases its office space under a lease that was signed on January 1, 2016. The lease term is 5 years, with an option to renew at an increased rent for an additional 2 years. In 2016, the Company spent $74,000 renovating the premises. In 2020, changing needs require the Company to spend another $16,000 renovating the space. Determine the maximum amount of Class 13 CCA that the Company can deduct for 2020 and 2021.
In: Accounting
TTT is a television ratings company. TTT announced that on 11th of June 2020, for a specific program on DDD TV channel, 10% of all televisions in NY tuned to DDD TV channel. It is known that the similar specific program will be presented on 25th of June 2020 on DDD TV channel. What is the probability that in a random sample of 20 television sets in NY , 3 or fewer would have been tuned to DDD TV channel? Find the mean and standard deviation. Explain your solution in detail.
In: Statistics and Probability
On January 1, 2020, Pele Industries purchased a machine for use in its production process. Its cash price was R$35,000. Related expenditures included: sales tax R$2,200, shipping costs R$150, insurance during shipping R$80, installation and testing costs R$70, and R$100 of oil and lubricants to be used with the machinery during its first year of operations. Provide the journal entry to record the purchase of this machine on January 1, 2020.
In: Accounting
Assume you have been given $400,000 CAD with access to all listed stocks, bonds, futures, and options worldwide. You can trade in options and futures, in combination with the underlying asset. Assume today is Feb 1, 2020 and you have been given $400,000 CAD fake money to trade until April 20, 2020.
Perform a bear spread (either call or put) strategy.
Describe the trade and provide the reason for such trade.
Please provide table and or/ graph.
In: Advanced Math
Assume you have been given $400,000 CAD with access to all listed stocks, bonds, futures, and options worldwide. You can trade in options and futures, in combination with the underlying asset. Assume today is Feb 1, 2020 and you have been given $400,000 CAD fake money to trade until April 20, 2020.
Perform a butterfly spread (either call or put) strategy.
Describe the trade and provide the reason for such trade.
Please provide table and or/ graph.
In: Finance
Assume you have been given $400,000 CAD with access to all listed stocks, bonds, futures, and options worldwide. You can trade in options and futures, in combination with the underlying asset. Assume today is Feb 1, 2020 and you have been given $400,000 CAD fake money to trade until April 20, 2020.
Perform a bull spread (either call or put) strategy.
Describe the trade and provide the reason for such trade.
Please provide table and or/ graph.
In: Finance
On February 1, 2020, a company agreed to construct a building at a contract price of $35,000. The company estimated the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:
2020 2021 2022
Total costs incurred to date $8,000 $10,000 $22,000
Estimated costs to complete 12,000 6,000 -0-
Customer billings to date 8,000 24,000 29,000
Collections to date 4,000 14,000 25,000
The journal entry to record Billings on Construction in Process in 2021 has the amount of _________.
In: Accounting