Compare and contrast the Principles of effective technology utilization and the principles of effective media utilization using any two of the theories listed below.

Objectivism and behaviourism
Cognitivism
Constructivism
Connectivism

I have chosen to use Objectivism and behaviorism and Constructivism.

On July 1, 2019, the first day of its 2020 fiscal year, the Town of Bear Creek issued at par $4,200,000 of 8 percent term bonds to renovate a historic wing of its main administrative building. The bonds mature in five years on July 1, 2024. Interest is payable semiannually on January 1 and July 1.

As illustrated in the table below, a sinking fund is to be established with equal semiannual additions made on June 30 and December 31. Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. Investment earnings are added to the investment principal.

Required

1.      a-1. Prepare journal entries in the debt service fund for the following: (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

On July 1, 2019, record the budget for the fiscal year ended June 30, 2020. Include all inter-fund transfers to be received from the General Fund during the year. An appropriation should be provided only for the interest payment due on January 1, 2020.

A, Term Bond Debt Service Fund:

On December 28. 2019, the General Fund transferred $517,882 to the debt service fund. The addition to the sinking fund was immediately invested in 8 percent certificates of deposit.

B1. Tern Bond Debt Service Fund: Record the transfer fro the general fund to the debt service fund

B2. Record the investment in the certificates of deposit.

On December 28, 2019, the city issued checks to bondholders for the interest payment due on January 1, 2020.

C. Term Bond Debt Service Fund:

On June 27, 2020, the General Fund transferred $517, 822 to the debt service fund. The addition for the sinking fund was invested immediately in 8 percent certificates of deposit.

D1. Term Bond Service Fund: Record the transfer from the general fund to the debt service fund.

D2. Record the investment in the certificates of deposit

Actual interest earned on sinking fund investments at year end (june 30, 2020) was the same as the amount budgeted in the table. This interest adds to the sinking fund balance.

E. Term Bond Service Fund

Financial information on AAA Ltd. is shown below.

Sales are forecast to increase by 20% in 2020.

Notes Payable, Short-term Debt, Long-term Debt, and Common Share Capital will not change. Net Plant and Equipment is forecasted to be $2,900,000 next year. Short-term investments are expected to be $240,000.

In 2020, the company’s dividend payout ratio will be 40%.

In 2020, cost of goods sold is expected to be 52% of sales. Other expenses will be 23% of sales. Depreciation expense in 2020 is expected to be $90,000.

Cash is expected to be 2% of sales, and inventories will be 30% of sales. Accounts receivable will be 6% of sales. Accounts payable will be 5% of sales. Accruals will be 1% of sales.

The company is expected to pay 4% per year compounded annually on its short-term debt and 6% per year compounded annually on its long-term debt. The interest expense on the short-term debt in 2020 is calculated as: [interest rate on short-term debt * amount of short-term debt outstanding at the end of 2019]. The interest expense on the long-term debt is calculated as: [interest rate on long-term debt * amount of long-term debt outstanding at the end of 2019].

The company’s tax rate is 30%.

Based on the information provided you are to:

1. Complete the pro-forma income statement and balance sheet for 2020.
2. Calculate the amount of Additional Funds Needed in 2020.

Q.

The inventory of Ahrsun Ventures Corporation was destroyed by fire on February 29, 2020. The following data is for the first two months of the year: Sales $51,000, Sales Returns and Allowances $1,000, Purchases $28,200; Freight-In $1,200; and Purchase Discounts $1,400. According to the financial statements at year-end December 31, 2019 the balance of Merchandise Inventory was $20,000. Ahrsun Ventures has a gross profit rate of 30% on net sales and uses the periodic method of inventory.

REQUIRED: Determine the merchandise lost by fire.

Q.

On March 31 2020 the adjusted year-end account balances of ABC Company were as follows:

Required: Prepare, in good form, a classified Balance Sheet. ABC Company uses the perpetual inventory method.

Q.

The March 31, 2019 balance sheet of Kalakaua Corporation had Accounts Receivable of $525,000 and a credit balance in Allowance for Doubtful Accounts of $33,000. During the year ended March 31, 2020, the following transactions occurred: sales on account $1,550,000; sales returns & allowances, $120,000; collections from customers, $1,350,000; accounts written off $41,000; previously written off accounts of $5,000 were collected.

1. Using the above information, what is the balance of Accounts Receivable at March 31, 2020?

2. Suppose that it is the company policy to use the percentage of sales basis to estimate bad debts expense and anticipates 3% of net sales to be uncollectible, what is the adjusting entry at March 31, 2020? (Show calculations.)

3. Ignore the entry made in b) above.

Assume that it is company policy to use the aging of receivables basis to estimate bad debt expense. It determines that uncollectible accounts are expected to be $38,400.   What is the adjusting entry at March 31, 2020?   Assume the March 31, 2020 balance of Accounts Receivable is $575,000 and Allowance for Doubtful Accounts has an existing balance of $3,000 (cr). (Show calculations)

Q. The following figures are provided for Hanauma Marketing Corp. What is gross margin?

Sales revenue                                           $480,000

Cost of goods sold                                      300,000

Sales discounts                                           20,000

Sales returns and allowances                    15,000

Operating expenses                                     85,000

Interest revenue                                             5,000

a) $105,000

b) $140,000

c) $145,000

d) $ 90,000

e) $180,000

Question 1

The following statement of financial position relates to XYZ Ltd for the years ending 30 June 2019 and 30 June 2020.

Additional Information:

1. Gross profit for the year ended 30 June 2020 was $110,500, and consisted of:

Sales Revenue                 $393,500

Cost of Sales                     283,000

2. All purchases and sales of inventory were on credit.
3. Loss for the year ended 30 June 2020 was $18,750, after deducting expenses of $129,250 from the gross profit figure.
4. Expenses of $129,250 comprise of depreciation on Buildings and on Plant & Equipment, a loss on sale of land, $5,000 in interest expense, and other expenses (other expenses relate to Accrued Employee Expenses in the statement of financial position).
5. During the year ended 30 June 2020, cash dividends were paid.
6. The increase in Buildings was due to building extensions which were paid for during the year, and a block of land costing $37,500 was sold for $31,250 cash.
7. No Plant & Equipment was purchased or sold during the year.
8. The revaluation increment on land of $20,000 does not have any effect on profit or loss.

Required:

Prepare the statement of cash flows of XYZ Ltd for the year ended 30 June 2020 based on the direct method of presentation. Ignore tax effects. Notes are not required.

(Total = 16 marks)

Your answers:

Provide your answers from here

Workings:

Provide your workings from here. Please use the blank T-account format (if necessary).

Account name

Copy & pate the T-account above and use them more (if necessary)

3. Job Order Costing – Inventory Accounts; Cost Flows (8pts):   DaleksRUs, Corp. is a manufacturer that uses a job-order costing system. At the beginning of April 2020, DalekRUs had only one job in process, Job 57. During April 2020, DaleksRUs continued working on Job 57, but also began working on 4 additional jobs: Job 58, Job 59, Job 60, and Job 61. Costs for these five jobs are listed below:

DaleksRUs provided additional information for April:

• Job 57 sold for $69,140 on account in April
• Raw materials inventory (direct and indirect), beginning balance on 4/1/2020: $27,800
• Raw materials (direct and indirect) purchased in April 2020: $99,250
• Finished goods inventory, beginning balance on 4/1/2020: $0
• Actual Factory OH costs incurred in April: Indirect materials = $6,425; Indirect labor = $13,880; Factory rent = $12,000; Factory utilities = $1,930; Factory equipment depreciation = $28,890

Prepare journal entries for the month of April to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry).

1. Raw materials purchases (on credit).
2. Direct materials used in production.
3. Direct labor used and assigned to Work in Process Inventory (credit Factory Wages Payable).
4. Overhead costs applied to Work in Process Inventory.
5. Indirect materials used and assigned to Factory Overhead.
6. Indirect labor paid in cash and assigned to Factory Overhead.
7. Actual other overhead costs incurred and assigned to Factory Overhead (assume Factory rent and utilities are paid in cash).
8. Transfer of Jobs 57, 58, and 61 to Finished Goods Inventory.
9. Revenue from the sale of Job 57.
10. Cost of goods sold for Job 57.
11. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account (Assume the amount is not material).

Blossom Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $54,000 in 2021, $58,900 in 2022, and $64,300 in 2023. Blossom’s pretax financial income for 2020 is $272,300, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020.

A. Compute taxable income and income taxes payable for 2020.

B. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

C.

Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

For the following independent situations, assume you are the audit partner and have raised these issues with management as appropriate.

What audit opinion would you recommend (unmodified, qualified, adverse, or disclaimer), and explain what factors have caused this recommendation.

Question 5 continued next page

Question 5 (continued)