Heavy Duty Gym Equipment Pty Ltd sells gym equipment and personal trainer lessons. On 1 June 2020, Heavy Duty Gym Equipment Pty Ltd signs an agreement with Burwood Fitness Club to provide 2 personal training sessions for 10 weeks and 5 items of gym equipment. The contract price amounted to $44,000 (GST inclusive), on credit terms n/30 for the equipment and the personal training lessons. This amount also includes one free service for the equipment to be performed twelve months after the delivery of equipment to Burwood Fitness Club.

The stand-alone price for the 20 personal training sessions is $2,200 (GST inclusive). The personal training sessions lessons will start on 8 June 2020.

The stand-alone price of the equipment is $55,000 (GST inclusive). The twelve-month service fee for the equipment is usually $880 (GST inclusive).

Burwood Fitness Club paid the full amount on 20 June 2020 for the equipment and personal training lessons. The equipment was delivered on 28 June 2020. By 30 June 2020, 7 personal training lessons had been held.

How should Heavy Duty Gym Equipment Pty Ltd allocate the transaction price to the distinct performance obligations in this contract based on IFRS 15/AASB 15 Revenue with Contracts from Customers?            

The Village of Hawksbill issued $4100,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 101. A fiscal agent is not used. Resources for principal and interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments are to made on June 30, 2020. Hawksbill has a calendar fiscal year.

1. A capital projects fund transferred the premium ( in the amount of $ 41,000) to the debt service fund.

2. On December 31, 2019, funds in the amount of $102,500 were received from the General Fund and the first interest payment was made.

3.The books were closed for 2019

4. On June 30, 2020, funds in the amount of $266,500 were received from the General Fund and the second interest payment ($102,500) was made along with principal payment ( $205,000)

5. On December 31, 2020 funs in the amount of $ 97,375 were received from the General Fund and the third interest payment was made ( also in the amount of $ 97,375)

6.the books were closed for 2020

A. Prepare journal entries to record the events above in the debt service fund

B. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31, 2019

C. Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the debt service fund for the year ended December 31 2020

Garda World Security Corporation has the following shares, taken from the equity section of its balance sheet dated December 31, 2020.

*All shares were issued during 2018.

During its first three years of operations, Garda World Security Corporation declared and paid total dividends as shown in the last column of the following schedule.

Required:

Part A
1. Calculate the total dividends paid in each year to the preferred and to the common shareholders.

Year Preferred Dividend Common Dividend Total Dividend

2018 $164,000

2019 $404,000

2020 $564,000

Total for three years $1,132,000

2. Calculate the dividends paid per share to both the preferred and the common shares in 2020. (Round the final answers to 2 decimal places.)

Part B
1. Calculate the total dividends paid in each year to the preferred shares and to the common shareholders assuming preferred shares are cumulative.

2. Calculate the dividends paid per share to both the preferred and the common shares in 2020 assuming preferred shares are cumulative. (Round the final answers to 2 decimal places.)

Condensed financial data of Bonita Company for 2020 and 2019 are presented below.

Additional information:

During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold in 2020.

Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2018 through 2021 except for differences in depreciation on an operational asset. The asset cost $210,000 and is depreciated for income tax purposes in the following amounts

: 2018 $ 69,300

2019 92,400

2020 31,500

2021 16,800

The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes. Income amounts before depreciation expense and income taxes for each of the four years were as follows. 2018 2019 2020 2021 Accounting income before taxes and depreciation $ 115,000 $ 135,000 $ 125,000 $ 125,000 Assume the average and marginal income tax rate for 2018 and 2019 was 30%; however, during 2019 tax legislation was passed to raise the tax rate to 40% beginning in 2020. The 40% rate remained in effect through the years 2020 and 2021. Both the accounting and income tax periods end December 31. Required: Prepare the journal entries to record income taxes for the years 2018 through 2021

1.Record 2018 income taxes.

2Record 2019

3.record 2020

4.record 2021

Note: Enter debits before credits.

Brady Construction Company contracted to build an apartment complex for a price of $6,300,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars. Estimated Costs to Complete Costs Incurred During Year (As of the End of the Year) Situation 2018 2019 2020 2018 2019 2020 1 1,630 2,520 1,290 3,810 1,290 — 2 1,630 1,290 2,920 3,810 2,920 — 3 1,630 2,520 2,640 3,810 2,540 — 4 630 3,130 1,260 4,410 940 — 5 630 3,130 2,210 4,410 2,540 — 6 630 3,130 3,100 5,855 2,870 — Required: Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)

Shamrock Leasing Company agrees to lease equipment to Bridgeport Corporation on January 1, 2020. The following information relates to the lease agreement.

(Assume the accounting period ends on December 31.)

1.Calculate the amount of the annual rental payment required.

Can you explain to me what the differnce is between 1 and 2

3.Prepare the journal entries Bridgeport would make in 2020 and 2021 related to the lease arrangement.

4.Prepare the journal entries Shamrock would make in 2020 and 2021 related to the lease arrangement.

Depreciation Methods

On January 2, 2018, Skyler, Inc. purchased a laser cutting machine to be used in the fabrication of a part for one of its key products. The machine cost $120,000, and its estimated useful life was four years or 920,000 cuttings, after which it could be sold for $5,000.

Required

a. Calculate each year’s depreciation expense for the machine's useful life under each of the following depreciation methods (round all answers to the nearest dollar):

1. Straight-line.
2. Double-declining balance.
3. Units-of-production. (Assume annual production in cuttings of 200,000; 350,000; 260,000; and 110,000.)

1. Straight-Line

2. Double-declining balance

3. Units of Production

b. Assume that the machine was purchased on July 1, 2018. Calculate each year’s depreciation expense for the machine's useful life under each of the following depreciation methods:

1. Straight-line.
2. Double-declining balance.

1. Straight-Line

2. Double-declining balance (Round answers to the nearest whole number, when appropriate.)

Suppose that you are a dealer in sugar. On 26^th March 2020 you hold 200,000 pounds of sugar in inventory that is worth $0.0379 per pound. The current price of a futures contract expiring 3 months later in June is $0.0450 per pound. Each futures contract is written on 100,000 pounds of sugar. You have decided to sell two June 2020 futures contract to hedge your planned sale of sugar later. Assume a zero interest rate so that you can ignore the cost of any initial margin or variation margins. The futures contract is cash settled.

Required:

1. Calculate the original basis. Also calculate your net proceeds (from both the sale of sugar and the cash settlement of the futures contract if settlement of the futures contract takes place on the mandatory close out date). Assume the “type” of sugar and the sugar quality that underlies the futures contract exactly matches the physical sugar you hold as part of your inventory. Original Basis is: ? Net proceeds from sugar sale and settlement of any gain or loss on the two futures contract at maturity date or the mandatory close out date of the futures contract is: ?
2. Now assume that the sugar is sold and the hedge is closed on 10^th April 2020, when the spot price is $0.0474 and the June 2020 futures price is $0.0490. Calculate the net proceeds from both the sale of sugar and the cash settlement of the two futures contracts on 10^th April 2020.