Consider the following bond issued by Walmart:

coupon rate: 6.541% face value: $1,000

maturity date: July 15, 2040 semi-annual coupons

settlement date: March 8, 2020 yield

(YTM): 5.654%

most recent coupon payment date: January 15, 2020

What is the value of the bond? (Equivalently, we are calculating the “dirty price”.) Express your answer as the dollar and cents price for a bond with $1,000 face value.

Silcon Company issued $500,000 of 6%, 10-year bonds on January 1, 2020 for $431,850 to yield an effective annual rate of 8%. Interest is paid semiannually on January 1 and July 1. Instructions: (a) Prepare the journal entries to record the transactions for 2020 related to this bond issuance assuming the effective interest method of amortization is used. (b) Prepare the journal entries as of January 1, 2021 assuming the interest was paid and then the bond was redeemed at 101.

Critically discuss and recommend how your chosen company can enhance the treatments and disclosures for impairment for the year ended 30 June 2020 so that your company could provide clear disclosure about the adverse impacts on the company from the COVID19 pandemic.

Discuss how the treatments and disclosures about impairment suggested by you for the year ended 30 June 2020 meet the fundamental characteristics of financial reporting as per the Conceptual Framework?

The following are the selected account balances or total as of January 1, 2020:

Accounts receivable                                        $380,000

Merchandise Inventory   $260,000

Current Liabilities $280,000

Selected relationship for the year:

Gross profit rate                                               40%

DSO based on average                                   40 days

Inventory turnover based on COGS 8X

Current ratio                                                      3:1

Acid Test ratio                                                   2:1

The balance of accounts receivable as of December 31, 2020 is

1. $380,000
2. $390,000
3. $400,000
4. $420,000

Brief Exercise 9-7 Elbert Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses are expected to be $26,770 in the first quarter, and $5,240 increments are expected in the remaining quarters of 2020. Fixed expenses are expected to be $41,680 in each quarter. Prepare the selling and administrative expense budget by quarters and in total for 2020. ELBERT COMPANY Selling and Administrative Expense Budget Quarter 1 2 3 4 Year $ $ $ $ $ $ $ $ $ $

Please identify and share your analysis of The Tax Cuts and Jobs Act and the 2020 Coronavirus Relief Law (CARES Act). How does each propose to stimulate the economy? What are the key provisions for taxpayers, small businesses, and corporations? How does each propose to benefit those living at or below the Federal Poverty line? Last, are there any new proposals or additions to either, since March 27, 2020, to stabilize the USA economy?

Below is the leasing footnote disclouse from UPS 2015 10-K report:

The following table sets for the aggregate minimum lease payments under operating leases (in millions): The implicit interest rate is 7%

Year Operating LEase

2016 $324

2017 $263

2018 $197

2019 $125

2020 $84

After 2020 $252

What adjustments would be made to UPS's Balance Sheet to capitalize the operating leases at the end of 2015?

How is the corona virus crisis expected to influence the capital stock of the US economy? Discuss your answers for the given scenarios below. Make sure to clarify the differences between the two scenarios:

-Case 1: We found a cure for the virus in July 2020 and we go back to our lives as of August 2020.

-Case 2: We found a cure for the virus in July 2021 and we go back to our lives as of August 2021.

On April 1, 2020, Larkspur Company sold 16,200 of its 12%, 15-year, $1,000 face value bonds at 97. Interest payment dates are April 1 and October 1, and the company uses the straight-line method of bond discount amortization. On March 1, 2021, Larkspur took advantage of favorable prices of its stock to extinguish 7,500 of the bonds by issuing 247,500 shares of its $10 par value common stock. At this time, the accrued interest was paid in cash. The company’s stock was selling for $32 per share on March 1, 2021.

Prepare the journal entries needed on the books of Larkspur Company to record the following. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)