Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Sell product for $40,000 with historical cost of $32,000

What is the final amount in Retained Earnings?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Update the balance sheet above to reflect the transactions below, which occur on January 6, 2020

1. Borrow $52,000 from a bank
2. Purchase equipment for $48,000 in cash

What is the final amount in Cash?

Note: Transaction amounts are provided in dollars but the balance sheet units are thousands of dollars.

Please specify your answer in the same units as the balance sheet (i.e., enter the number from your updated balance sheet).

Presented below are selected transactions at Ridge Company for 2015.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2005. The machine cost $60,190 on that date. It had a useful life of 10 years with no salvage value.

June 30 Sold a computer that was purchased on January 1, 2012. The computer cost $37,090. It had a useful life of 5 years with no salvage value. The computer was sold for $14,160.

Dec. 31 Discarded a delivery truck that was purchased on January 1, 2011. The truck cost $37,100. It was depreciated based on a 6-year useful life with a $3,680 salvage value.

Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Ridge Company uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2014.)

Crane Company had the following assets on January 1, 2017.

During 2017, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $14,640. The truck was discarded on December 31. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2016.

Compute the gain or loss for each of the asset disposals that occurred in 2017. (Hint: Be sure to update depreciation for each asset from January 1, 2017, to disposal date.)

Choose one of the items listed below (you may not choose an item someone else has responded to unless all of them have been addressed.) Include the number of the item in the subject line of your posting. Indicate whether there are any Internal Control violations in the item. If there are, make a suggestion of how to improve the process.

Select Company is a retail company that sells plumbing supplies. It has both cash sales and sales on account. The procedures Select uses to handle cash and checks received for payments on account are described below:

# The checks themselves are sent to the controller’s office. The controller’s office creates the journal entry to update the accounts receivable and record the cash receipts.

# The controller prepares the deposit slip and sends the deposit to the bank. The controller then makes a journal entry to record the cash sales.

# When the bank statement is received, it is sent to the controller, who prepares the bank reconciliation.

Because each industry typically has a different method for recognizing income, revenue recognition is one of the most difficult tasks for accountants, as it involves a number of ethical dilemmas related to income reporting. To provide an industry-wide approach, Accounting Standards Update No. 2014-09 and other related updates were implemented to clarify revenue recognition rules. The American Institute of Certified Public Accountants (AICPA) announced that these updates would replace U.S. GAAP’s current industry-specific revenue recognition practices with a principle-based approach, potentially affecting both day-to-day business accounting and the execution of business contracts with customers.^{1 (Links to an external site.)}What are the requirements of the AICPA and the International Federation of Accountants (IFAC) for professional accountants in regards to new accounting rules and methods of accounting for different transactions, including revenue recognition.

Two years ago, when the market rate was 5%, your company purchased a fixed asset for $50,000. Starting a year after the purchase, fixed asset started to bring in $20,000 annual revenue with annual costs of $8,000. The expected lifetime of the asset is 8 years. You obtained your second cash flow today and due to the changes in the market, you will need to update your revenue, costs, as well as the interest rate.
Going forward, annual revenue will drop by 40% and annual costs will go up by 20%.

a) Assuming that the market rate is still 5% for now and the coming 6 years, if you could sell the asset today at $13,000, should you?
b) Assuming that market rate is now 1% and is expected to stay at 1% for the coming 6 years, then, would you sell the fixed asset at $13,000 today?

1.Logical equivalence of two English statements.

Define the following propositions:

• j: Sally got the job.
• l: Sally was late for her interview
• r: Sally updated her resume.

Express each pair of sentences using a logical expression. Then prove whether the two expressions are logically equivalent.

(a)

If Sally did not get the job, then she was late for interview or did not update her resume.
If Sally updated her resume and was not late for her interview, then she got the job.

(b)

If Sally got the job then she was not late for her interview.
If Sally did not get the job, then she was late for her interview.

(c)

If Sally updated her resume or she was not late for her interview, then she got the job.
If Sally got the job, then she updated her resume and was not late for her interview.

can you please provide a truth table for each?

Definitions:

subject: In the context of access control, an entity capable of accessing objects

object: In the context of access control, a resource to which access is controlled.

role-based access control: Controls access based on the roles that users have within the system and on rules stating what accesses are allowed to users in given roles.

Consider a private organization's information system where local restaurant health grades are processed and stored. Only authorized individuals such as those from the food quality department can update these health grades.

a) List three subjects in this system and identify their roles.

b) List three objects in this system and provide a description of what is stored in each object.

c) Assuming the system uses role-based access control, discuss the three constraints (mutually exclusive roles, cardinality, and prerequisite roles) that should be considered.

Brief Exercise 15-17 Lessor; effect on earnings; Type B lease