Sweet Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Sweet, has gathered the following data concerning inventory.

At May 31, 2020, the balance in Sweet’s Raw Materials Inventory account was $485,520, and Allowance to Reduce Inventory to NRV had a credit balance of $27,670. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Sweet’s May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle.

(a)

Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020.

Whispering Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Whispering, has gathered the following data concerning inventory.

At May 31, 2020, the balance in Whispering’s Raw Materials Inventory account was $424,320, and Allowance to Reduce Inventory to NRV had a credit balance of $27,440. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Whispering’s May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle.

(a)

Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020.

Tamarisk Gas Inc., an oil and gas company had the following information on its financial statements for the fiscal years ended December 31. All figures are in millions of dollars.

A)

Calculate Tamarisk’s (Round answers to 1 decimal place, e.g. 52.7 or 52.7%.)

B)

Determine from the results obtained in part (a) if Tamarisk’s

1. Complete the pension worksheet using the information provided below:

2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan.

ACCOUNT BALANCES (‘000s)    Jan. 1, 2020                Activity (‘000s)                                              2020

Projected Benefit Obligation $300 cr                                    Service cost                                                     $ 50

Plan Assets                             170 dr                                    Contributions                                                  110

Accumulated OCI – PSC            40 dr                                    Actual return on plan assets                                 8

Accumulated OCI - G/L            25 dr                                    Amortization of PSC                                          4

Remaining Service Life              10 years                               Pension benefits paid to retirees                       124

OTHER                                                         

Expected rate of return on plan assets            6%

Discount/Settlement rate                                8%

2. Perform the corridor test of OCI-Gains/Losses. Show your work here:
3. Provide the end of year journal entry based on worksheet amounts.
4. Explain the difference between a defined contribution pension plan and a defined benefit pension plan. Explain how the employer’s obligation differs between the two types of plans.

B Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations.

At December 31, 2020, B Inc. capital accounts were as follows.

B Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since B began operations. The state law permits dividends only from retained earnings.

(a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.)

(b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $104 per share. (Round answers to 2 decimal places, e.g. $38.50.)

can some one check my answer

Bloom, Inc. operates department stores in numerous states. Selected financial statement data are as follows.

Bloom Inc.

                                                                         Balance Sheet (partial)

                          (in millions) 2020 2019

Cash and cash equivalents $ 358 $ 403

Accounts receivable (net) 1,788 684 Inventory 957 997

Prepaid expenses 78 61

Other current assets 181 597

Total current assets $3,362 $2,742

Total current liabilities $1,350 $1,433

Compute liquidity ratios and compare results. For the year 2020, net sales were $8,828, and cost of goods sold was $5,862 (in millions). Instructions

(a) Compute the four liquidity ratios at the end of the year

1 Current ratio of 2019 = current assets/ current liabilities

                                  = $2,742 / $1,433

                                  = $1.91

Current ratio of 2020 = current assets/ current liabilities

                                  = $3,363 / $1,350

                                  = $2.49

2 Acid test (quick) ratio of 2019 = quick assets/ quick liabilities

                                                = ($403 + $684)/ $1,433

                                                = $0.76

Acid test (quick) ratio of 2020 = quick assets/ quick liabilities

                                                = ($ 358+1,788 )/ $1,350

                                               = $1.58

3 Inventory turnover of 2019 = Cost of goods sold / Average Inventory

Inventory turnover of 2020 = Cost of goods sold / Average Inventory

                                                  = $5,862 /((1,788 +684)/2)

                                                  = $6.12                              

4 Account time receivable = net sale / average account receivable

                                       = $8,828/ ((1,788 +684)/2)

                                       =7.14

Sunland Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Sunland, has gathered the following data concerning inventory.

At May 31, 2020, the balance in Sunland’s Raw Materials Inventory account was $505,920, and Allowance to Reduce Inventory to NRV had a credit balance of $27,630. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Sunland’s May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle.

Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020.

For the year ending December 31, 2020, Bad Year, Inc. reported Basis Earnings Per Share in the amount of $ 1.75, which was calculated as Net Income of $ 1,050,000 dividend by 600,000 weighted average commonshares outstanding. Bad Year, Inc. does not have a preferred stock outstanding, and did not pay any common dividends during 2020.
Throughout 2020, employees of Bad Year, Inc. owned 150,000 stock options, which entitled them to purchase 150,000 shares of Bad Year, Inc. common stock at a price of $ 40 per share. The options are currentlyexercisable, and expire on December 31, 2025. During 2020, the average price of Bad Year Common Stock was $ 25 per share.
In addition, Bad Year has Convertible Debt with a face value of $ 8,000,000 outstanding. This debt was issued "at par" on January 1, 2016, it has a coupon rate of 5% per year, and an expiration date of December 31,2030. The conversion option on the debt allows an owner to exchange $ 1,000 of face value debt for 50 shares of Bad Year common stock. Bad Year, Inc. currently pays income tax at a rate of 20%
Based on the information provided above, what is the "Diluted EPS"that Bad Year, Inc. should report for the fiscal year ending December 31, 2020?

A.$1.25

B.$1.37

C.$ 1.75

D.None of the above

On January 1, 2020, Crane Corp., which uses IFRS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement.

calculate the amount of the right-of-use asset and lease liability and prepare the initial entry to reflect the signing of the lease agreement

Prepare the journal entries on Crane Corp.’s books to record the payments and expenses related to this lease for the years 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. Crane does not use reversing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25.)

Ayayai Inc. began operations in January 2018 and reported the following results for each of its 3 years of operations. 2018 $246,000 net loss 2019 $38,000 net loss 2020 $835,000 net income At December 31, 2020, Ayayai Inc. capital accounts were as follows. 8% cumulative preferred stock, par value $100; authorized, issued, and outstanding 5,400 shares $540,000 Common stock, par value $1.00; authorized 1,000,000 shares; issued and outstanding 693,000 shares $693,000 Ayayai Inc. has never paid a cash or stock dividend. There has been no change in the capital accounts since Ayayai began operations. The state law permits dividends only from retained earnings.
(a) Compute the book value of the common stock at December 31, 2020. (Round answers to 2 decimal places, e.g. $38.50.) Book value per share $enter a dollar amount of the book value of the common stock at December 31, 2020 rounded to 2 decimal places.
(b) Compute the book value of the common stock at December 31, 2020, assuming that the preferred stock has a liquidating value of $105 per share. (Round answers to 2 decimal places, e.g. $38.50.) Book value per share $enter the book value per share in dollars rounded to 2 decimal places