A company purchased a piece of manufacturing equipment for $30,000 on January 1, 2018. At that time, the company estimated the equipment would have a 7-year useful life and no salvage value. The company used straight-line depreciation based on this information through 2019. On December 31, 2020, the company determined the equipment instead has a 10-year useful life, with no salvage value. The company’s tax rate has been 30% since 2015.

What is the necessary adjustment to beginning retained earnings in 2020 for this change?

On November 1, 2020, Victorious, Inc. lends $40,000 to one of its executives in exchange for a 6%, 8-month note receivable. Victorious properly accrued interest on the note at its year-end, December 31, 2020. the journal entries to record the collection of the note principle and interest on the July 1, 2021 maturity date will include a:

Multiple Choice

• credit to Interest Revenue of $1,800

• debit to Note Receivable for $40,000

• credit to Interest Revenue of $1,600

• debit to Cash of $1,200

• credit to Interest Receivable for $400

If I want to show an exception in JAVA GUI that checks if the date format is correct or the date doesn't exist, and if no input is put in how do I do that. For example if the date format should be 01-11-2020, and user inputs 11/01/2020 inside the jTextField it will show an error exception message that format is wrong, and if the user inputs an invalid date, it will print that the date is invlaid, and if the user puts no value inside the text box, it willl print an exception message that there needs to be a value.

Please help.

If I want to show an exception in JAVA GUI that checks if the date format is correct or the date doesn't exist, and if no input is put in how do I do that. For example if the date format should be 01-11-2020, and user inputs 11/01/2020 inside the jTextField it will show an error exception message that format is wrong, and if the user inputs an invalid date, it will print that the date is invlaid, and if the user puts no value inside the text box, it willl print an exception message that there needs to be a value. Please help.

1. Morisot plc supplies mobile phones and network services to retail customers. On 1^st July 2019 it launched its latest model of handset, the Artwork 5. As a promotional offer, customers can sign a three-year contract which provides a free handset at the beginning of the period. The customer then pays £25 per month for unlimited calls, texts and data.

The handsets can be purchased separately for £648 and the monthly plan without the handset is available for £18 per month.

Gurpreet signed a contract on 1^st January 2020.

Requirement

Calculate how much revenue Morisot plc should recognise with respect to Gurpreet’s contract in the year ending 30^th June 2020.   (5 marks)

2. Morisot plc owns a piece of freehold land that it had been using for parking vehicles. However, in order to fund a new strategic development, the directors decided on 18^th June to dispose of the land as it was the only way funds could be raised. The land is carried on the Statement of financial position at the original cost of £60,000 at 30^th June 2020. The directors have appointed an agent to market the property on the company’s behalf. This agent has advised the fair value of the land is £85,000 and is advertising the land at this price. The agent expects in the current market that the sale will be completed within a month. The selling costs are expected to amount to 2% of selling price.

Requirement

Explain, with the aid of calculations, how the transaction should be accounted for in the year ending 30^th June 2020

The following information relates to a company ABC Ltd for the year ended 30 June 2020:

Required:

Prepare the production cost statement, trading statement and the relevant notes for the year ended 30 June 2020.

Boehm Corporation has had stable earnings growth of 6% a year for the past 10 years, and in 2019 Boehm paid dividends of $1 million on net income of $10 million. However, net income is expected to grow by 22% in 2020, and Boehm plans to invest $7.5 million in a plant expansion. This one-time unusual earnings growth won't be maintained, though, and after 2020 Boehm will return to its previous 6% earnings growth rate. Its target debt ratio is 34%. Boehm has 1 million shares of stock.

1. Calculate Boehm's dividend per share for 2020 under each of the following policies:
   1. Its 2020 dividend payment is set to force dividends per share to grow at the long-run growth rate in earnings. Round your answer to the nearest cent.

      $  

   2. It continues the 2019 dividend payout ratio. Round your answer to the nearest cent.

      $  

   3. It uses a pure residual policy with all distributions in the form of dividends (34% of the $7.5 million investment is financed with debt). Round your answer to the nearest cent.

      $  

   4. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy. What will the extra dividend be? Round your answer to the nearest cent.

      $  

2. Which of the preceding policies would you recommend?

   -Select-

Allan set up a trading business, buying and selling goods. The following transactions took place in the first month of its trading, July 2020.

1. Allan introduced $500,000 cash into the business bank account.
2. The business bought a motor vehicle with price of $60,000. The payment was by cheque.
3. The business bought some inventory for $30,000. The payment was by cheque.
4. The entire inventory purchased in transaction #3 was sold $65,000 in cash.
5. Additional inventory was purchased amounting to $100,000 on credit.
6. 50% of the inventory purchased in transaction #5 was sold for $80,000. All these sales were on credit.
7. A payment of $30,000 was made to a supplier for some of the purchases.
8. A payment of $40,000 was received from a customer for some of the sales on credit.
9. Allan draw $10,000 from the bank account for his personal use.
10. The business paid $2,000 for the motor vehicle maintenance using a cheque.
11. The business paid $15,000 by cheque for the premium of one-year insurance policy.
12. The business received a bank loan of $100,000, repayable in two years.
13. Depreciation for motor vehicles should be allocated 10% per annum on costs.

You are required:

1. Post all the transactions to ledger accounts (including the necessary adjustment entries).
2. Prepare a trial balance as at 31 July 2020.

3. Prepare a statement of comprehensive income for the month ended 31 July 2020 and a statement of financial position as at 31 July 2020. (Assume that Allan has closing inventory of $47,000).

Thomas Sdn Bhd is a computer manufacturer. The summarised accounts of Thomas Sdn Bhd for the years 2019 and 2020 are given below.

Thomas Sdn Bhd

Income Statement for the Year Ended 31 December

Thomas Sdn Bhd

Statement of Financial Position as at 31 December

Inventories at 1 January 2019 was RM 50,000.

Required;

a) Calculate the following ratios for 2019 and 2020:

        (i) Current ratio

        (ii)   Acid-test ratio

        (iii) Inventories turnover

        (iv) Accounts turnover

         (v) Gross profit on sales

        (vi) Net profit on sales

b) Explain the possible reasons for and significance of any changes in the ratios shown by your calculations.