Question: Analyzing, journalizing, and reporting bond transactions
Danny’s Hamburgers issued 6%, 10-year bonds payable at 90 on December 31, 2018.
At December 31, 2020, Danny reported the bonds payable as follows:
Long-term Liabilities:
Bonds Payable $ 600,000
Less: Discount on Bonds Payable (48,000) $ 552,000
Danny’s pays semiannual interest each June 30 and December 31.
Requirements
1. Answer the following questions about Danny’s bonds payable:
a. What is the maturity value of the bonds?
b. What is the carrying amount of the bonds at December 31, 2020?
c. What is the semiannual cash interest payment on the bonds?
d. How much interest expense should the company record each year?
In: Accounting
An automobile insurance company claimed that, because of the Covid-19 pandemic, resulting in less automobile driving, they have reduced the monthly premiums that they charged per automobile by more than $60 per month on average. To test this claim, a random sample of 25 automobile policies were allowed to be looked at. This random sample compared the monthly premiums in June, 2020, with the monthly payment before the pandemic (February, 2020) and it was calculated that the monthly premium in June dropped by an average of $63 and that the standard deviation in this this drop in premiums was calculated to be $10.00. At the .01 level of significance, is there sufficient evidence that the insurance company’s claim is true? In answering this question, complete the following in the spaces provided (including diagrams):
Hypotheses
Test statistic
Decision rule
p-value
Conclusion
In: Statistics and Probability
An automobile insurance company claimed that, because of the Covid-19 pandemic, resulting in less automobile driving, they have reduced the monthly premiums that they charged per automobile by at least $50 per month on average. To test this claim, a random sample of 22 automobile policies were allowed to be looked at. This random sample compared the monthly premiums in June, 2020, with the monthly payment before the pandemic (February, 2020) and it was calculated that the monthly premium in June dropped by an average of $44 and that the standard deviation in this this drop in premiums was calculated to be $12.00. At the .05 level of significance, is there sufficient evidence that the insurance company’s claim is false? In answering this question, complete the following in the spaces provided (including diagrams):
Please provide hypothesis, test staistic, decision rule, p-value, and conclusion.
In: Statistics and Probability
Marin Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $46,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 7%; Marin’s incremental borrowing rate is 9%. Marin is unaware of the rate being used by the lessor. At the end of the lease, Marin has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Marin uses the straight-line method of depreciation on similar owned equipment. Prepare the journal entries, that Marin should record on December 31, 2020.
In: Accounting
Required information
[The following information applies to the questions
displayed below.]
In 2018, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,204,000 | $ | 3,192,000 | $ | 2,424,400 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 2,204,000 | 0 | ||||||
| Billings during the year | 2,140,000 | 3,256,000 | 4,604,000 | ||||||
| Cash collections during the year | 1,870,000 | 3,200,000 | 4,930,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
3. Complete the information required below to
prepare a partial balance sheet for 2018 and 2019 showing any items
related to the contract. (Do not round intermediate
calculations.)
In: Accounting
Pina Colada Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $9.60 million and had an estimated useful life of 8 years with no residual value. In early April 2020, a part costing $840,000 and designed to increase the machinery’s efficiency was added. The machine’s estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Pina Colada’s equipment. Pina Colada’s controller estimates that expected undiscounted future net cash flows on the equipment would be $6.05 million, and that expected discounted future net cash flows on the equipment would be $5.57 million. Fair value of the equipment at December 31, 2020, was estimated to be $5.38 million. Pina Colada intends to continue using the equipment, but estimates that its remaining useful life is now four years. Pina Colada uses straight-line depreciation. Assume that Pina Colada is a private company that follows ASPE.
Prepare the journal entry to record asset impairment at December 31, 2020, if any.
Fair value of the equipment at December 31, 2021, is estimated to be $5.66 million. Prepare any journal entries for the equipment at December 31, 2021.
Repeat part (b), assuming that on December 31, 2021, Pina Colada's management decides to dispose of the equipment. As at December 31, 2021, the asset is still in use and not ready for sale in its current state. In February 2022, Pina Colada's management will meet to outline an active program to find a buyer.
Repeat part (b), assuming that the equipment is designated as "held for sale" as of January 1, 2021, and that the equipment was not in use in 2021 but was still held by Pina Colada on December 31, 2021.
Repeat parts (a) and (b), assuming instead that Pina Colada is a public company that prepares financial statements in accordance with IFRS.
In: Accounting
I have a CSV file with 6 column
| Issue id | action id | Issue category | Issue date | Issue Closed Date | Issue Type |
Please write a code in Python that counts the number of issues in each category and the earliest and latest issue date for each category.
Example of csv
| Issue id | action id | Issue category | Issue date | Issue Closed Date | Issue Type |
| 23 | 1 | Noise Complaint | 7/19/2020 | 7/22/2020 | Client Complaint |
| 24 | 1 | Cleanliness Complaint | 7/19/2020 | 7/23/2020 | Sanitation |
| 25 | 2 | Site Inspection | 7/20/2020 | 7/20/2020 | Patrol |
| 26 | 2 | Noise Complaint | 7/19/2020 | 7/23/2020 | Client Complaint |
In: Computer Science
No handwriting or photo (tax accounting)
a-Explain the different concepts of income from accounting, economics and taxation perspectives
b-What is the difference between deductions for and deductions from adjusted gross income AGI under US tax law? Give two examples of each deduction
In: Accounting
Statistics and Graphical Displays
Valencia Orange Price Comparison
You have been hired as a consultant to determine who ABC Grocery Store should be ordering Valencia Oranges from.
To: Statistician
From: ABC Grocery Store
Please advise us on which company to use as our orange distributor. Three highly recommended distributors have provided us with statistical data on the weekly prices for one load of Valencia oranges per week for a ten-week period last year. Prices fluctuate according to availability, and we would like to use the company with the lowest overall price and the least amount of fluctuation. We would like your written report showing your results and a detailed recommendation as to which company we should choose.
Here are the prices, listed as price in dollars per crate:
|
Week |
The Fruit Guys |
Sunny Oranges |
Tree Groves |
|
1 |
350 |
345 |
345 |
|
2 |
350 |
295 |
340 |
|
3 |
310 |
325 |
310 |
|
4 |
330 |
315 |
290 |
|
5 |
340 |
290 |
305 |
|
6 |
290 |
305 |
290 |
|
7 |
305 |
300 |
320 |
|
8 |
315 |
315 |
320 |
|
9 |
325 |
340 |
300 |
|
10 |
355 |
350 |
359 |
You must type in and analyze the data for each company.
Helpful directions:
| The Fruit Guys | Sunny Oranges | Tree Groves | |
| Mean | 327 | 318 | 317.9 |
| Median | 327.5 | 315 | 315 |
| Mode | 350 | 315 | 290,320 |
| Standard Deviation | 20.761 | 20.273 | 22.421 |
| Range | 65 | 60 | 69 |
| Frequency | 3270 | 3180 | 3179 |
| Relative Frequency | 355 | 350 | 359 |
In: Math
Developing a Promising Manager
Training and development are the second components of the human resource management system and are used to ensure that organizational members develop the skills and abilities that will enable them to perform their jobs effectively in the present and the future. Training and development are ongoing processes because changes in technology and the environment, as well as in an organization's goals and strategies, often require that organizational members learn new techniques, gain new knowledge, and develop new abilities.
In this activity, you will take on the role of Janel, a training and development manager, as she tries to decide on the most appropriate training program for a promising young manager at the hypothetical company, Acme International. Review the training and development section in the text before beginning this activity.
Janel is a training and development specialist at the hypothetical company, Acme International. Acme's organizational goals include continued international expansion and becoming the market leader in their industry for new products. Over the last week, Janel has had several discussions with the West Coast divisional manager about a promising employee, Dena.
Dena earned two bachelor's degrees from a prestigious university five years ago, one in Art and Design and the other in Psychology and Social Behavior. She worked for a marketing firm before joining the West Coast division of Acme International as an assistant manager two years ago. She has impressed her supervisors and moved up steadily in the division. She has shown strong aptitude for leadership and teamwork as well as being a regular contributor of innovative new product and marketing ideas. Although she grew up in New York and attended school in California, her experience with other countries and cultures has been limited to one semester studying in Spain.
The divisional manager initiated the discussions with Janel in order to start mapping out a development plan for Dena. Janel has been reviewing Dena's history and the various development possibilities provided by Acme. Janel's main goal is to prepare Dena to move up in the international product development division. A single developmental program will probably not be enough. What combination of programs will be most effective at filling the gaps in Janel's background and preparing her to manage an international development team?
8.Does Janel need to build a development program for Dena that will provide her with the education necessary to take on new responsibilities and more challenging positions?
A.Yes. Her bachelor’s degrees provide a good foundation, but she’d probably benefit from an MBA.
B.Yes. Her bachelor’s degrees provide a good foundation, but she’d probably benefit from another undergraduate degree in international management.
C. No. Her bachelor’s degrees provide more than enough formal education for direction in which she’s headed.
9.
Dena’s variety of job experiences with Acme and other firms likely has provided her with
A.sufficient technical skill for her advancement with Acme.
B.a chance to broaden her horizons and see the big picture.
C.a background that will help her deal with ethical dilemmas.
10.Dena mostly has worked in line positons. Should Janel rotate her through a staff position?
A.No. The career they envision for her is in line positions.
B.Yes. The career they envision for her is in staff positions.
C.Yes. The career they envision for her requires understanding of all aspects of the organization.
11.If Dena is to be the manager of an international development team, the best thing Janel should try to get Dena is
A.lessons in a foreign language.
B.intensive cross-cultural training.
C.an overseas posting for a few years.
12.Janel sets up a meeting with Dena, and says, “I’ve reviewed your history and qualifications. Based on this _____, I have designed a development plan for you.”
A.needs assessment
B.performance review
C. background check
In: Operations Management