Problem 17-16 (Static) Comprehensive—reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8]

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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021:

($ in millions)

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022:

($ in millions)

Problem 17-16 (Static) Part 5

5. Determine the new gains and/or losses in 2022, and prepare the appropriate journal entry(s) to record them. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Using T-accounts, determine the balances at December 31, 2022, in the net loss—AOCI and prior service cost—AOCI. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service cost—AOCI, the net loss—AOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.)

Problem 17-16 (Static) Comprehensive—reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8]

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[The following information applies to the questions displayed below.]

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021:

($ in millions)

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022:

($ in millions)

Problem 17-16 (Static) Part 3

3. Prepare a pension spreadsheet to assist you in determining end of 2021 balances in the PBO, plan assets, prior service cost—AOCI, the net loss—AOCI, and the pension liability. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign.)

4-a. Determine Lakeside’s pension expense for 2022.
4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees.

Problem 17-16 (Static) Comprehensive—reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8]

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[The following information applies to the questions displayed below.]

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021:

($ in millions)

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022:

($ in millions)

4-a. Determine Lakeside’s pension expense for 2019. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
  

4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)

2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry(s) to record them. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

P15-17 Partnership Formation, Operation, and Changes in Ownership LO 15-3, 15-4, 15-5, 15-6 The partnership of Jordan and O’Neal began business on January 1, 20X7. Each partner contributed the following assets (the noncash assets are stated at their fair values on January 1, 20X7): Jordan O’Neal Cash $ 61,400 $ 50,900 Inventories 80,200 –0– Land –0– 131,500 Equipment 101,100 –0– The land was subject to a $50,300 mortgage, which the partnership assumed on January 1, 20X7. The equipment was subject to an installment note payable that had an unpaid principal amount of $21,100 on January 1, 20X7. The partnership also assumed this note payable. Jordan and O’Neal agreed to share partnership income and losses in the following manner: Jordan O’Neal Interest on beginning capital balances 3 % 3 % Salaries $ 13,500 $ 13,500 Remainder 60 % 40 % During 20X7, the following events occurred: 1. Inventory was acquired at a cost of $31,300. At December 31, 20X7, the partnership owed $7,400 to its suppliers. 2. Principal of $6,800 was paid on the mortgage. Interest expense incurred on the mortgage was $2,100, all of which was paid by December 31, 20X7. 3. Principal of $3,300 was paid on the installment note. Interest expense incurred on the installment note was $2,100, all of which was paid by December 31, 20X7. 4. Sales on account amounted to $162,500. At December 31, 20X7, customers owed the partnership $21,900. 5. Selling and general expenses, excluding depreciation, amounted to $34,100. At December 31, 20X7, the partnership owed $6,800 of accrued expenses. Depreciation expense was $6,600. 6. Each partner withdrew $220 each week in anticipation of partnership profits. 7. The partnership’s inventory at December 31, 20X7, was $21,600. 8. The partners allocated the net income for 20X7 and closed the accounts. Additional Information On January 1, 20X8, the partnership decided to admit Hill to the partnership. On that date, Hill invested $93,480 of cash into the partnership for a 20 percent capital interest. Total partnership capital after Hill was admitted totaled $452,000. Required: a. Prepare journal entries to record the formation of the partnership on January 1, 20X7, and to record the events that occurred during 20X7. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round the final answers to nearest dollar amount)

Physiology

☆Acid-base balance Normal plasma pH ranges from 7.35-7.45, changes in plasma pH may disturb metabolism and many body functions.

1- Describe in detail the role of the kidney in adjusting blood pH either in acidosis or alkalosis.

2- Differentiate between metabolic and respiratory acidosis and alkalosis.

3- Explain in full details the endocrinal causes of metabolic acidosis.

4- Formulate a case for a patient with metabolic acidosis demonstrating possible signs, symptoms and laboratory investigations.

5- Referring to five recent publication (2015-2020), explain the pathophysiology and treatment of diabetic ketoacidosis.

6- Construct 5 MCQ about Addison's disease

E6-4 Analyzing Changes in Price, Cost Structure, Degree of Operating Leverage [LO 6-4, 6-5]

Cove’s Cakes is a local bakery. Price and cost information follows:

Required:
1. Calculate Cove’s new break-even point under each of the following independent scenarios: (Round your answer to the nearest whole number.)

a. Sales price increases by $1.50 per cake.



b. Fixed costs increase by $475 per month.



c. Variable costs decrease by $0.25 per cake.



d. Sales price decreases by $0.40 per cake.



2. Assume that Cove sold 355 cakes last month. Calculate the company’s degree of operating leverage. (Do not round intermediate calculations. Round your answer to 2 decimal places.)



3. Using the degree of operating leverage calculated in Requirement 2, calculate the change in profit caused by a 6 percent increase in sales revenue. (Round your final answer to 2 decimal places (i.e. .1234 should be entered as 12.34%.))

You have been conducting an audit of the financial reports of Rainbow Forest Ltd (Rainbow Forest). Rainbow Forest Ltd is a publishing company, specialising in books and other promotional material for special industry sectors and professional bodies. Over the last three years Rainbow Forest has been experiencing difficult trading conditions resulting in operating losses and deferred dividends.

In particular, Rainbow Forest has had difficulty managing its cash flow. Book sales are down on the prior year and longstanding customers are no longer making bulk purchases, but instead they are producing e-books which are emailed to members on the mailing list.

Whilst Rainbow Forest can still provide online technical support services and web design advice, they have lost a major source of revenue and 20% of employees have been made redundant.

You have been told by different sources that Senior Management is under a lot of pressure to turn this difficult situation around and improve both sales and profitability. You note that some of the reports you have been provided are either incomplete or are not consistent with what you have been told. Based on your initial understanding of the entity and its environment, you have concluded that Rainbow Forest Ltd is a going concern risk.

Required:

1. Based on the concept of professional scepticism, what indicators are most relevant when evaluating Rainbow Forest’s ability to continue as a going concern?
2. Assume Rainbow Forest Ltd is a subsidiary of a parent company based in London, UK, what steps should be taken by the auditor to confirm the appropriateness of the going concern assumption when an entity is dependent on its parent entity for financial support?
3. Assuming that the financial statements of Rainbow Forest Ltd were prepared on a “going concern” basis, discuss the effect on the audit opinion, if this assumption was now in dispute?

Assignment Topic – Auditors and Legal Liability
Read the following extract from the ACCA (the Association of Chartered Certified Accountants)
website, which is the global body for professional accountants, as stated:
“Over the past two decades the bill for litigation settlements of Big Four audit firms alone has run
into billions of dollars. Examples include Deloitte’s 2005 settlement of $250m regarding its audit of
insurance company Fortress Re and PwC’s $229m settlement in the lawsuit brought by the
shareholders of audit client Tyco in 2007.”
“Auditor liability is increasingly concerning, both in terms of audit quality and the reputation of the
profession but also in terms of the cost to the industry and the barriers this creates to competition
within the audit market.” (Source: www.accaglobal.com)
Required
Given the importance of professional liability to auditors and the negative publicity this creates for
the profession as a whole, research a recent case (Post 2000) where an auditor/audit firm was sued
for professional negligence. Students may research cases from the UK, USA, NZ or Canada in addition
to Australian cases.
With reference to the facts of the selected case, the significant Auditing and Accounting issues and
the final judgement handed down in your selected case:
• Provide a brief description of the key events and the factual issues behind the case
• Explain the culpability or which parties were deemed responsible and why. Outline the
damages imposed or the penalties and consider whether they were appropriate.
• investigate and explain the relevant issues in Auditing and Accounting raised by the case,
• The root-cause of the issues such as; market pressure, organisational culture, fraud etc.
• any problems, mistakes or misrepresentations made by the defendants, which contributed to
the adverse judgement and the awarding of damages,
• Finally, provide recommendations and possible improvements to:
o the Audit Strategy,
o the Audit Program,
o Other effective measures;
which would prevent the recurrence of the same litigation in the future and maintain
the professional reputation of auditors

1. The data below shows the life expectancy of men and women in different countries:

LifeExpMale

LifeExpFemale

Argentina

74

67

Bangladesh

53

54

Brazil

68

62

Canada

80

73

China

72

68

Colombia

74

68

Egypt

61

60

Ethiopia

53

50

France

82

74

Germany

79

73

India

58

57

Indonesia

63

59

Iran

65

64

Italy

82

75

Japan

82

76

Kenya

63

59

Korea.North

73

67

Korea.South

73

67

Mexico

76

68

Morocco

66

63

Burma

56

53

Pakistan

57

56

Peru

67

62

Philippines

67

62

Poland

77

69

Romania

75

69

Russia

74

64

South.Africa

67

61

Spain

82

75

Sudan

54

52

Taiwan

78

72

Tanzania

55

50

Thailand

71

66

Turkey

72

68

Ukraine

75

66

UK

79

73

USA

79

72

Venezuela

78

71

Vietnam

67

63

Zaire

56

52

a. what test should you use to test the two data sets (male and female life expectancy) for normality and why? (2 points)

b. Run that test on both variables.   Report the results below (2 points).  

3. What do you conclude in each case. Explain! (2 points)

4. Should you use a Pearson’s or a Spearman’s Rank Correlation for this data? Why? (2 points)

e. Calculate the correlation coefficient using SPSS. What is the value of r for this data set? (2 points)

6. What do you conclude about the type of correlation (positive / negative, significant / non-significant)? Explain using information from the SPSS output (3 points)