Task: You are employed to Peter Pan Ltd a company owned by Peter Pantry, a merchandiser involved in the business of selling baking utensils and equipment. On January 1st, 2018 you were appointed to the position of Chief Financial Officer which made you responsible for the maintenance of the company’s accounting records, internal control and preparation of the financial statements. The following trial balance was extracted from the books of Peter Pan Ltd, at June 30, the end of the company’s fiscal year.
Peter Pan Ltd Trial Balance as at June 30, 2018
| A/C Name | DR $ | CR$ |
| Cash | 440,000 | |
| Accounts receivable | 530,000 | |
| Allowance for bad debts | 40,000 | |
| Merchandise Inventory | 320,000 | |
| Store Supplies | 10,000 | |
| Prepaid rent | 280,000 | |
| Furniture & Equipment | 600,000 | |
| Accumulated Depreciation- Furniture & Equipment | 120,000 | |
| Accounts Payable | 145,000 | |
| Wages payable | ||
| Notes payable-Long Term | 510,000 | |
| Unearned Sales Revenue | 260,000 | |
| Peter Party, Capital | 1,900,000 | |
| Peter Party, Withdrawal | 75,000 | |
| Sales Revenue Earned | 1,095,000 | |
| Cost of goods sold | 645,000 | |
| wages Expense | 525,000 | |
| Rent Expense | 210,000 | |
| Utilities Expense | 230,000 | |
| Depreciation Expense-Furniture & Equipment | ||
| Store Supplies Expense | 160,000 | |
| Bad Debt Expense | ||
| Interest Expense | 45,000 | |
| Total | 4,070,000 | 4,070,00 |
The following additional information is available at June 30, 2018:
(i) Eight (8) months’ rent amounting to $280,000 was PAID IN ADVANCE on January 1, 2018
(ii) The Furniture and equipment is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $80,000.
(iii) Wages earned by employees NOT yet paid amounted to $35,000 at June 30, 2018.
(iv) A physical count of inventory at June 30, 2018, reveals $290,000 worth of inventory on hand.
(v) On January 1, 2018 the company received $260,000 IN ADVANCE for sales to be provided evenly from January 1, 2018, through October 31, 2018. None of the revenue from this client has been recorded.
(vi) The aging of the Accounts Receivable schedule at June 30, 2018 indicated that the Allowance for Bad-Debts should be $65,000.
Required:
a) Prepare the necessary adjusting journal entries on June 30, 2018. [Narrations are not required]
b) Prepare the company’s multiple-step income statement for the year ended June 30, 2018.
c) Prepare the company’s statement of owner’s equity for the year ended June 30, 2018.
d) Prepare the company’s classified balance sheet as at June 30, 2018.
In: Accounting
Match the following strengths and weakness with (a) between-group design or (b) within-group design. ____ More susceptible to individual characteristics that might confound an association (e.g., age, gender, genetic susceptibility). ____ More susceptible to confounding from time-related factors (e.g., learning effects, external factors). ____ Outcome of interest is compared before and after the intervention in a single cohort.
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Draw a Lorenz curve diagram representing the cumulative share of income as a function of the cumulative share of the population from the lowest to the highest individual income level. Explain how economic inequality using the Gini coefficient can be illustrated using this diagram. What would you expect the impact on inequality of the decrease in productivity to be? Illustrate using the Lorenz curve and explain.
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• What are the biggest problems with making financial decisions based on anecdotal, crowdsourced info?
• Is it possible for an individual to independently and accurately predict his or her odds of getting approved for a given credit card and receiving a certain spending limit? Is it worth trying?
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Mercury vapor emits lights as several wavelengths, but the primary ones are 365.4 nm, 404.7 nm, and 435.8 nm. Assuming all the energy from a 100 W bulb is released equally across these three wavelengths, how many photons per second are emitted for each wavelength, and what is the energy of individual photons (in J and kJ/mol) for each wavelength?
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Explain when an expenditure should be capitalized
based upon accounting principles. From time to time, it is
suggested that all business expenditures should be deducted when
incurred for tax purposes. Do you agree with this proposition, and
if so, why?
In addition, can an individual take a medical deduction for a
capital improvement to his or her personal residence? If so,how is
it calculated?
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Reaction times are normally distributed with mean 100 seconds and standard deviation of 10 seconds.
a) What is the probability that a randomly chosen individual has reaction time of more than 45 seconds?
b) In a random sample of 36 individuals from the above population of reaction times, what is the probability that the sample mean reaction time is more than 45 seconds
In: Statistics and Probability
When distinguishing care management from case management, the nurse realizes that case management is primarily:
1.A tool for health maintenance organizations.
2.Targeted toward a specific segment of the population
3.Implemented with individual clients
4. Used to measure health care....
4. Used yt
3.Used to measure the health status of the aggregate population
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Write a paragraph for each question no less than 4 sentences, and no more than 10 sentences.
In: Nursing
2 peas are generated from parents having the green/yellow pair of genes, so there isa 0.75 probability that an individual pea will have a green pod. Find the probabilitythat the number of peas that has a green pod is
(a) at most 8
(b) fewer than 10
(c) more than half of the 12 peas
(d) between 7 to 10 (inclusive)
In: Statistics and Probability