ACCT 7080 Project 2 Fall 2023

Part One DaYs Sales Outstanding Data: 2018: 26.05 2019: 32.25 2020: 29.69 2021:36.43 2022: 35.05   Based on your analysis from Part One, which of the following transactions and events would result in an improvement in Days Sales Outstanding in year 2022? A) recognising the impairment of plant & equipment B) the recognition of income tax expense owing at the end of the period C) recognising the increase in market value of land D) A and B only E) A and C only F) B and C only G) All of the above H) None of the above

Q6. Identify the correct statement in each group? Note: There is one correct answer in each group of 3 - select the appropriate letter(i) If Property, plant and equipment is revalued upwards at the start of the year it will resultin:A. A higher profit for the yearB. No change to profit for the yearC. A lower profit for the year(ii) Property, plant and equipment revaluations:D. The revaluation gain is released to the Statement of profit or loss when the asset is soldE. PPE can only be revalued if a fair value can reliably be determinedF. Where a policy of revaluation is chosen, the asset must be revalued each year

question 1  part 1 A company resident in Trinidad and Tobago purchased the following assets in 2022: Asset Cost $ USDHonda Motor car purchased in May 2022 38,000Heavy Equipment 50,000Computer (CPU) 4,000Factory Buildings 72,000i. What would be the difference in capital allowances for 2023 if this company was resident in Jamaica instead of Trinidad and Tobago. ii. State two reasons for the difference. iii. Explain two circumstances in which obtaining capital allowances on the reducing balance basis may be more beneficial than on the straight-line basis.  Part BOMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A…

1  part 1 A company resident in Trinidad and Tobago purchased the following assets in 2022: Asset Cost $ USDHonda Motor car purchased in May 2022 38,000Heavy Equipment 50,000Computer (CPU) 4,000Factory Buildings 72,000i. What would be the difference in capital allowances for 2023 if this company was resident in Jamaica instead of Trinidad and Tobago. ii. State two reasons for the difference. iii. Explain two circumstances in which obtaining capital allowances on the reducing balance basis may be more beneficial than on the straight-line basis.  Part BOMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal fees amounted to $1,500,000. b. A motor…

Part C1 and C2 C1 Assume that this equipment account represents the cost of 5 identical machines. Prepare the horizontal model for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2, 2021, for $60,000. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) C2 Assume that this equipment account represents the cost of 5 identical machines. Prepare the journal entry for the sale of the machine to calculate the gain or loss on the sale of one of the machines on January 2, 2019, for $60,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019:    December 31, 2020 December 31, 2019 Equipment, less accumulated depreciation of $212,625 at December 31, 2020, and $151,875 at December 31, 2019. $ 273,375   $ 334,125

QUESTION 3 MacPro Property Bhd acquired an investment property on 1 January 2015 and measured it using the cost model. On 1 January 2018, MacPro Property Bhd changed the accounting policy and used the fair value model to measure investment property. The acquisition cost of the property was RM70 million and the estimated useful life was 35 years.   The fair values of the property were measured as below:   Date RM (in million) 31/12/2015 72 31/12/2016 74 31/12/2017 78 31/12/2018 83 Profit after depreciation on investment property but before tax for 2017 and 2018 were RM80 million and RM95 million, respectively. Retained earnings brought forward on 1 January 2017 and 2018, were RM150 million and RM210 million, respectively. Assume that tax rate for 2017 and 2018 was 25%.   REQUIRED:   Discuss the accounting treatment of the above transaction in accordance to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors. Prepare the…

1. ANEMONE Company engaged your services to compute the goodwill in the purchase of another company which provided the following:   Net income Net assets 2018 P 2,000,000 P 7,800,000 2019    2,500,000    8,700,000 2020    3,900,000    9,000,000 Goodwill is measured by capitalizing excess earnings at 25% with normal on average net assets at 20% How much is the goodwill?

Question 1Part 1A company resident in Trinidad and Tobago purchased the following assets in 2022: Asset Cost $ USDHonda Motor car purchased in May 2022 38,000Heavy Equipment 50,000Computer (CPU) 4,000Factory Buildings 72,000i. What would be the difference in capital allowances for 2023 if this company was resident in Jamaica instead of Trinidad and Tobago. (16 marks)ii. State two reasons for the difference. ( 2 marks)iii. Explain two circumstances in which obtaining capital allowances on the reducing balance basis may be more beneficial than on the straight-line basis. (2 marks).20 marks Part BOMG is in a country which has a capital gains tax, conducted the following transactions: a. Purchased a building in February 2018 for $26,000,000. In March 2019, the companyspent $2,000,000 to install solar panels for electricity in the building. The building was sold for $28,500,000 in 2021. The annual maintenance cost was $500,000. The cost of advertising the sale of the building and the legal…

Question 1                                                                                                          ABC Ltd has the following land and buildings in its financial statements as of 30 June 2022:   Residential land, at cost 2,305,483 Factory land, at valuation 2020 2,074,935 Buildings, at valuation 2020 1,844,386 Accumulated depreciation -230,548   On 30 June 2022, the balance of the revaluation surplus is $922 193, of which $691 645 relates to the factory land and $230 548 to the buildings. On this same date, independent valuations of the land and buildings are obtained. In relation to the above assets, the assessed fair values on 30 June 2022 are:   Residential land, previously recorded at cost 2,536,031 Factory land, previously revalued in 2020 1,613,838 Buildings, previously revalued in 2020 2,074,935   Required: Provide the journal entries to account for the revaluation on 30 June 2022. ABC Ltd classifies residential…

q15 Which of the following are circumstances that may indicate that the asset may be impaired? (i) A motor vehicle has been damaged in an accident (ii) A debtor is in financial difficulty (iii)Consumer tastes have changed in the market and sales prices of the inventory have been reduced so that the goods will have to be sold at much lower prices, if at all (iv) Cost prices of raw materials used in production have increased Select one: a. (i), (ii), (iii) and (iv) b. (i), (ii), (iv) only c. (i) and (iv) only d. (iv) only

When an asset is held for sale:   Question 10 options:   the asset is remeasured at the lower of carrying (book) value and fair value less costs to sell.   it must related to discontinued operations.   the company continues to record depreciation on the asset.   the asset is remeasured at the lower of fair value and carrying (book) value. The matching principle is best demonstrated by:   Question 11 options:   measuring expenses correctly.   not recognizing any expenses until some revenue has been received.   recognizing prepaid rent as revenue.   associating effort (expenses) with accomplishment (revenues).

1-What will be the total operating expense? a.41200 b.53200 c. 19700 d. 21500   2-What will be the net income? a. 56000 b. 338000 c. 16000 d. 72000   3-What will be the total Selling and distribution expense? a. 41200 b. 17200 c. 19700 d. 14800   4-What will be the Gross Profit at the end of the year December 2019 a. OMR 338,000 b. OMR 16000 c. OMR 336,000 d. OMR 56000   5-What is the Gross Margin in terms of Percentage? a. Cannot be determined b. 20.66 c. 16.66 d. 16.56

Question # 6                                                                                                                    Waqar is a sole trader. He provides the following financial information in respect of his business.   Income statement for the year ended 31 December 2019                       Sales      3380000             Cost of sales   (2000000)           Expenses   (1200000)           Profit for the year   180000             Statements of financial position at:                     31 December 2018 31 December 2019           Non-current assets                     Freehold land   2000000   3500000 Plant and machinery at cost 900000           1020000       Less: depreciation (500000)       (470000)       Net book value   400000   550000…

May I ask for an explanation and solution to the question for a better understanding. Thank you! 3. Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The decrease in gross profit due to decrease in selling price must be: a. P72,000 b. P79,200 c. P81,000 d. P90,000

EIL.25 (LOS)) (Revaluation Accounting) Pengo Ltd. owns land that it purchased at a cost of V400 million in 2017. The company chooses to use revaluation accounting to account for the land. The land's value fluctuates as follows (all amounts in thousands as of December 31): 2017, V450,000; 2018. V360,000, 2019, V385,000; 2020, ¥410,000, and 2021, V460,000. Instructions Complete the following table below. Value at       Other Comprehensive    Accumulated Other        Recognized December 31            Income              Comprehensive Income    Net Income 2017 2018 2019 2020

Question C5 Majan Ltd income statement for the year ended 31st Dec 2020 and the balance sheets as at 31st Dec 2009 and 2019 are as follows:                                                     Income statement    OMR in million  Revenue    312  Cost of sales   (177)  Gross profit  135  Distribution expenses  (36)  Administrative expenses  (15)    84  Rental income  14  Operating profit  98  Interest payable  (13)  Profit before taxation   85  Taxation   (18)   Profit for the year  67    Balance sheet as at 31st Dec 2020 and 2019    2020  2019    OMR in million  OMR in million  Non – current assets       Property, plant and equipment      Land and buildings  155  155  Plant and machinery  157  163    312  318  Current assets      Inventories  18  21  Trade receivables  73  70        Current liabilities…

1. A restaurant has traditionally used the straight line method to depreciate all its heavy duty kitchen equipment. This year it decides to start using the double declining balance depreciation method on the same equipment. This change must be announced in the financial statements due to the _______ principle. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers

part 1 A company resident in Trinidad and Tobago purchased the following assets in 2022:  Asset Cost $ USD Honda Motor car purchased in May 2022 38,000 Heavy Equipment 50,000 Computer (CPU) 4,000 Factory Buildings 72,000 i. What would be the difference in capital allowances for 2023 if this company was  resident in Jamaica instead of Trinidad and Tobago.  ii. State two reasons for the difference.  iii. Explain two circumstances in which obtaining capital allowances on the reducing balance  basis may be more beneficial than on the straight-line basis.   FIND SWFT Comprehensive Volume 2019 42nd Edition ISBN: 9780357233306 Author: Maloney Publisher: Cengage bookmark_border       expand_more Chapter 16 : Accounting Periods And Methods     expand_more Section: Chapter Questions       format_list_bulleted Problem 4RP   See similar textbooks Practice Packs Accounting and Expanded Equation 5 QUESTIONS 0 START PRACTICE   Bad debt expense 5…

Question 5 of 5 View Policies Current Attempt in Progress Suppose in its 2025 annual report that McDonald's Corporation reports beginning total assets of $28.46 billion, ending total assets of $30.22 billion, net sales of $22.74 billion, and net income of $4.55 billion. (a) Compute McDonald's return on assets. (Round return on assets to 2 decimal places, e.g. 5.12%.) McDonald's return on assets % (b) Compute McDonald's asset turnover. (Round asset turnover to 2 decimal places, e.g. 5.12.) McDonald's asset turnover times

Question 3 On 1 April 2018, Accra Ltd acquired office accommodation at a cost of GH¢45 million with a 30- year estimated useful life. During the year, the property market in the area slumped and the fair value of accommodation fell to GH¢37.5 million at 31 March 2019 and this was reflected in the financial statements. However, the market unexpectedly recovered quickly due to the announcement of major government investment in the area’s transport infrastructure. On 31 March 2020, the valuer advised Accra Ltd that the offices should now be valued at GH¢52.5 million. Accra Ltd has charged depreciation for the year but has not taken account of the upward valuation of the offices. Accra Ltd uses the revaluation model and records any valuation change when advised to do so. Required: Show how the above issues will be accounted for in the year ending 31 March, 2020 in the income statement and the statement of financial position

Question 20 - A printer that cost $600 and has been owned for 2 years is traded in for a new one. Depreciation in the amount of $120 had been taken each year. The new printer has a fair market value of $1,250. A trade-in allowance of $400 is granted, and the balance is paid in cash. The transaction to enter the exchanges of these two assets would result in the recognition of   a gain of $40.   a loss of $40.   a gain of $200.   neither a gain nor a loss.