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Question: Orica Ltd acquired an item of equipment and enters into a non-cancellable lease agreement with Sm...

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Orica Ltd acquired an item of equipment and enters into a non-cancellable lease agreement with Smart Equipment Ltd on 1January 2015. The lease consists of the following:

Date of inception 1/1/2015

Duration of lease: 4 years

Life of leased asset: 5 years

Lease payments (annual) $160,000 (annual) which include $20,000 for maintenance and insurance costs per annum

Guaranteed residual value (added to final payment) $60,000

Interest rate 10%

Required:

a) Determine the present value of minimum lease rental payment.

b) Prepare the journal entries for the Lessee using the Net Method for the following i. Transfer of control ii. Payment of annual payments for 2015 and 2016

c) How will the lease be shown in the financial statement of lessee at the end of 2016?

d) What exemptions are available under AASB 16 that would allow a lessee not to capitalise lease assets and lease liabilities?

e) Provide an overview of how accounting for leases was changes as result of the release of AASB 16 Leases.

1.

Short and long reflexes in the gastrointestinal track get their names due to the fact that short reflexes activate their downstream effectors for shorter periods of time.

Select one:

True

False

2.

Which of the following examples of applied immunology are correctly matched? Select all that apply.

Select one or more:

A. Receiving plasma from a COVID-19 survivor :: artificially acquired passive immunity

B. Receiving a vaccine :: artifically aquired active immunity

C. Surviving infection with chicken pox :: naturally acquired passive immunity

D. A baby nursing from their mother :: naturally acquired active immunity

3.

Which of the following glands is not involved in semen production?

Select one:

A. Greater vestibular gland

B. Seminal gland

C. Prostate gland

D. Bulbo-urethral gland

4.

Order the following processes of respiration in the correct sequence:

1) Transport of respiratory gases
2) External Respiration
3) Internal Respiration
4) Pulmonary Ventilation

Select one:

A. 4, 2, 1, 3

B. 1, 2, 4, 3

C. 2, 4, 1, 3

D. 2, 4, 3, 1

E. 1, 4, 3, 2

F. 4, 1, 2, 3

a- A tax payer acquires an asset through manufacturing it and he incurred the following costs: direct material SR 100,000, direct labor SR 50,000 and manufacturing overhead SR 50,000. After 3 years the taxpayer disposed of that assets for SR250,000 cash

Required: Compute the taxable gain or loss.

b- A tax payer acquired a non-depreciable asset for SR 200,000 and he incurred subsequent expenses for SR 30,000 to alter and improve that asset, after 2 years the tax payer disposed of that asset for SR 215,000 cash.

Required: Compute the taxable gain or loss.

c- A tax payer acquired an asset for SR 100,000 and subsequently he disposed of that assets as a gift.

Required: how much is taxable gain if the market value of that assets at date of disposing for SR120,000.

d- A tax payer acquired an asset for SR 150,000 through borrowing and he subsequently disposed of that assets when the market value of the asset was SR 140,000 and value of the debt was SR 150, 000.

Required: Compute the taxable gain or loss.

e- A tax payer incurred expenses of SR 75,000 to purchase equipment used for research and development and incurred Research and development expenses connected with the earning of taxable of SR 50,000.

Required: which of the two expenses are deductible under Saudi Tax law?

2. Vel Corporation had the following information on December 31, 2020:

- Assess = $350,000

- Liabilities = $100,000

- Stockholder's Equity:

Contributed Capital = $200,000

Retained Earnings = ?

On December 31, 2020, Vel Corporation's Retained Earnings is:

Group of answer choices

A) $250,000

B) $50,000

C) $150,000

D) Cannot be determined from the information.

Examine the second plan to increase the current minimum wage of $8.70 by 2.1% per year.

Write a formula to model what the federal minimum wage, W, should be t years after 2020.

What would minimum wage be in 2025? Round to the nearest cent.

In what year will minimum wage be at least double the 2020 value?

In 2020, Peterson Corporation incurred research costs as follows:

These costs relate to a product that Peterson expects to market in 2021. It is estimated that these costs will be recouped by December 31, 2023. How much of these costs could be capitalized in 2020?

Margarita, a single taxpayer, operates a sole proprietorship that reports $100,000 of qualified business income after deducting salaries of $300,000 in 2020. The sole proprietorship is not a specified service business. Assume her taxable income before the QBI deduction is $160,000. Margarita's QBI deduction for 2020 is:

a.$-0-.

b.$60,000.

c.$20,000.

d.$32,000.

ABC receives 500000 dollar on december 31, 2019 when it issue a 10 year 6% mortgage note payable to finance the construction of a building. the terms provide for monthly installement paymenets.

prepare a journal entries required for the first 2 installment payment on january 31, 2020 and febuary 29, 2020. if the blended monthly payment is $4861.