Question 1
Julie Molony opened Julie's Maids Cleaning Service on July 1, 2010. During July, the company completed the following transactions. July 1 Invested $14,000 cash in the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and the balance on account. 3 Purchased cleaning supplies for $800 on account. 5 Paid $1,800 on a one-year insurance policy, effective July 1. 12 Billed customers $3,800 for cleaning services. 18 Paid $1,000 of amount owed on truck, and $400 of amount owed on cleaning supplies. 20 Paid $1,600 for employee salaries. 21 Collected $1,400 from customers billed on July 12. 25 Billed customers $1,500 for cleaning services. 31 Paid gas and oil for the month on the truck, $400. 31 Withdrew $600 cash for personal use. The chart of accounts for Julie's Maids Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation?Equipment, No. 201 Accounts Payable, No. 212 Salaries Payable, No. 301, Julie Molony, Capital; No. 306 Julie Molony, Drawing; No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gas & Oil Expense, No. 634 Cleaning Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries Expense. Instructions (a) Journalize and post the July transactions. Use page J1 for the journal. (b) Prepare a trial balance at July 31 on a worksheet. Trial balance totals $25,700 (c) Enter the following adjustments on the worksheet, and complete the worksheet. 1. Earned but unbilled fees at July 31 were $1,300. 2. Depreciation on equipment for the month was $200. 3. One-twelfth of the insurance expired. 4. An inventory count shows $100 of cleaning supplies on hand at July 31. 5. Accrued but unpaid employee salaries were $500. (d) Prepare the income statement and statement of owner's equity for July, and a classified balance sheet at July 31, 2010. Net income $3,050 Total assets $23,350 (e) Journalize and post the adjusting entries. Use page J2 for the journal. (f) Journalize and post the closing entries, and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31. Trial balance totals $23,550 I have started the assignment but am totally lost now. I have spent 4 days trying to do this.,Thank you so very much!!!!!!!
Question 2
1. Topic: Complete equity method If the parent company uses the complete equity method when accounting for its wholly-owned subsidiary on its own books the parent's total assets will equal consolidated assets. the parent's net income will equal consolidated net income the parent's revenues will equal consolidated revenues. the parent's total long-term assets will equal consolidated long-term assets. 2. Topic: Goodwill impairment A division's goodwill is not impaired, per U. S. GAAP, if: the fair value of the division is less than the book value of the division. the fair value of the division is more than the book value of the division. the fair value of the identifiable net assets of the division is less than the fair value of the division. the fair value of the identifiable net assets of the division is more than the fair value of the division. 3. Topic: Goodwill impairment, IFRS A division's goodwill is not impaired, per IFRS, if: the fair value of the division is less than the book value of the division. the fair value of the division is more than the book value of the division. the fair value of the identifiable net assets of the division is less than the fair value of the division. the fair value of the identifiable net assets of the division is more than the fair value of the division. 4. Topic: Impairment of identifiable intangibles, goodwill Which of the following intangible assets, recognized in an acquisition, are not amortized, but are regularly tested for impairment? only goodwill only goodwill and identifiable intangibles with indefinite lives only identifiable intangibles with indefinite lives only identifiable intangibles with limited lives and with indefinite lives 5. Topic: Goodwill impairment Annual goodwill impairment loss, if significant, must be reported on a company's income statement after income from continuing operations. as part of other comprehensive income. as a separate line item in operating expenses. as a component of selling and administrative expenses. 6. Topic: Revaluation write-offs An acquiring company wants to maximize its consolidated current and future income. It acquires another company for a price well in excess of the company's book value. Which allocation of the excess of acquisition cost over book value will best meet the company's earnings goals? Allocate the excess to goodwill. Allocate the excess to trademarks with indefinite lives. Allocate the excess to land. Allocate the excess to in-process research and development. 7. Topic: Goodwill impairment Goodwill acquired in a merger must be allocated to business units before it can be tested for impairment. How are these "business units" defined? The choice of business units is at the discretion of management. The business units are defined geographically. The business units are defined by product line. The business units are the reportable units used for segment reporting. 8. Topic: Goodwill impairment Which one of the following actions will maximize the amount of reported goodwill impairment? Allocate as much goodwill as possible to the most profitable business units. Allocate as much goodwill as possible to the least profitable business units. Allocate as much excess of acquisition cost over book value as possible to identifiable intangibles. Allocate as much excess of acquisition cost over book value as possible to tangible assets. 9. Topic: Goodwill impairment When SFAS 142 went into effect, requiring companies to report goodwill impairment losses for the first time, many companies reported large impairment losses. Reasons for this include all of the following except: Goodwill reported under previous practice overstated its actual market value. Impairment losses were required to be reported as ordinary operating expenses. Goodwill was allocated to poorly performing reporting units. Acquisition cost exceeded the actual value of the acquired company. 10. Topic: Goodwill impairment For goodwill impairment testing per U. S. GAAP, the fair value of a reporting unit's goodwill is calculated as: the fair value of the unit less its book value. the fair value of the unit's identifiable net assets. the fair value of the unit less the fair value of its identifiable net assets. the fair value of the unit's total assets less the book value of its liabilities. 11. Topic: Revaluations of identifiable net assets, subsequent years In an acquisition, a subsidiary's land, inventory (FIFO), and fixed assets (12 year life) are revalued. It is now 15 years after the acquisition. In consolidation, elimination entry (R) affects none of the assets. only land. only land and fixed assets. land, fixed assets and inventory. 12. Topic: Valuation of noncontrolling interest Which is the best measure of fair value per share for the noncontrolling interest in a subsidiary at the date of acquisition, if the subsidiary's stock is actively traded? The parent's acquisition cost per share. The market value per share. The parent's acquisition cost per share less a discount per share for noncontrolling interest. The present value of the subsidiary's future cash flows, on a per share basis. 13. Topic: Display of noncontrolling interest on consolidated income statement As compared with past practice, SFAS 160 requirements for displaying noncontrolling interests in the consolidated income statement: Reduce consolidated net income Reduce consolidated revenue Increase consolidated net income Increase consolidated revenue 14. Topic: Display of noncontrolling interest on consolidated financial staements Noncontrolling interest is reported on the consolidated financial statements as: An asset on the consolidated balance sheet A distribution of consolidated net income on the consolidated income statement An expense on the consolidated income statement A liability on the consolidated balance sheet 15. Topic: IFRS for noncontrolling interest U. S. GAAP and IFRS can differ on valuation of noncontrolling interests on the consolidated balance sheet. Assume a parent owns 90% of a subsidiary, acquired several years ago. Which statement is true? IFRS allows noncontrolling interests to be reported at the current market value of the shares held by the noncontrolling interests. IFRS requires noncontrolling interests to be reported at fair value at the date of acquisition, adjusted for the accumulated noncontrolling interests' share of the subsidiary's net income and dividends since acquisition. IFRS allows noncontrolling interests to be reported at 10% of the current fair value of the subsidiary's identifiable net assets. IFRS allows noncontrolling interests to be reported at 10% of the fair value of the subsidiary's identifiable net assets at the date of acquisition, adjusted for the accumulated noncontrolling interests' share of the subsidiary's net income and dividends since acquisition. 16. Topic: IFRS for noncontrolling interest Assume a parent acquires 75% of the stock of a subsidiary, in an acquisition in which goodwill is reported. If goodwill is not impaired, on the consolidated income statement the noncontrolling interest in net income as measured by U. S. GAAP is: Always less than noncontrolling interest in net income as measured using IFRS Always the same as noncontrolling interest in net income as measured using IFRS Always greater than noncontrolling interest in net income as measured using IFRS Greater than the noncontrolling interest in net income as measured using IFRS, but only if the alternative valuation method allowed by IFRS is used 17. Topic: Display of noncontrolling interest on consolidated financial statements Noncontrolling interest is reported on the consolidated financial statements as: A revenue on the consolidated income statement An equity on the consolidated balance sheet A reduction in retained earnings on the consolidated statement of retained earnings An expense on the consolidated income statement 18. Topic: Valuation of noncontrolling interest Which statement is true concerning valuation of noncontrolling interests at the date of acquisition per U. S. GAAP? Per-share value of the noncontrolling interest is likely to be higher than the acquisition price per share. Market price per share is the best measure of noncontrolling interest value if the stock is not actively traded. The main difference in per-share value between the controlling and noncontrolling interest is a control premium for the acquirer's interest. The per-share fair value of the controlling and noncontrolling interest is likely to be the same, due to market pressures. 19. Topic: Display of noncontrolling interest on consolidated income statement Where is the noncontrolling interest in consolidated net income reported? As a contra equity account in the equity section of the consolidated balance sheet. As a component of accumulated other comprehensive income. On the consolidated income statement as a distribution of consolidated net income. On the consolidated income statement as an expense, deducted to get consolidated net income. 20. Topic: Noncontrolling interest, bargain purchase, subsequent years An acquired company's assets all have fair values greater than book values. When compared with an acquisition with goodwill, an acquisition reported as a bargain purchase generally results in: Lower revaluation of plant & equipment Lower revaluation of identifiable intangibles Lower consolidated dividends Lower noncontrolling interest in equity,I need these answers in two hours or less. Please let me know if that is possible. Thank you.
Question 3
5 departments of ASI, a nonprofit organization, share a rented building. Four of the departments provide services to educational agencies and have little or no competition for their services. The 5th department, Technical Training, provides educational services to the busienss community in a competitive market with other nonprofit and private orgs. Each department is a cost cetner. Revenues received are based on a fee for services. All 5 departments have dedicated space as listed in the atached table. Common shared space (50,000 sq ft), including hallways, restrooms, meeting rooms, and dining areas, is not included in these allocations. Space is rented at $10 per sq ft. In addition to its assigned space, the tech training department offers training during off hours using many of the areas allocated to other departments. Tech training also uses off-site facilities for the same purpose. About 50% of its training activities are in off-site facilities, which have excess capacity, charge no rent, and are available only during off-hours. The admin department's business manager proposed a rental allocation plan based on each department's % of dedicated sq ft plus the same % of the common space. The technical training department would be charged an additional amount for the space it uses during off-hours that is dedicated to other departments. This additional amount would be based on planned usage per year. The director of technical trianing claims this allocation method will cause her to increase the price of services. As a result, she will lose business to competition. She would rather see the allocation method use the % of department revenue in relation to total revenue (I have added this percentage to the chart). Requirement: Comment on Daniel's and Rciahrd's proposed rent allocation plans. Make appropriatte recommendations. I mainly need to know how to finish the spreadsheet to determine cost.
Question 4
mason company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Determine the reportable segments by performing each applicable test Company total sales to outside parties 1547 intersegment sales 421 interest income - external 97 interest income - intersegment loans 147 assets Expenses: operating expenses 3398 intersegment sales 198 interest expense - external 107 interest expense - intersegment loans 177 income tax expense (savings) 21 general corporate expenses 55 unallocated operating costs 80 Books sales to outside parties 121 intersegment sales 24 interest income - external 60 interest income - intersegment loans 0 assets 206 Expenses: operating expenses 115 intersegment sales 70 interest expense - external 0 interest expense - intersegment loans 21 income tax expense (savings) 12 general corporate expenses 0 unallocated operating costs 0 Computers sales to outside parties 696 intersegment sales 240 interest income - external 0 interest income - intersegment loans 0 assets Expenses: 1378 operating expenses 818 intersegment sales 51 interest expense - external 0 interest expense - intersegment loans 71 income tax expense (savings) (41) general corporate expenses 0 unallocated operating costs 0 Maps sales to outside parties 416 intersegment sales 39 interest income - external 0 interest income - intersegment loans 0 assets 248 Expenses: operating expenses 304 intersegment sales 31 interest expense - external 0 interest expense - intersegment loans 38 income tax expense (savings) 27 general corporate expenses 0 unallocated operating costs 0 Travel sales to outside parties 314 intersegment sales 118 interest income - external 0 interest income - intersegment loans 0 assets 326 Expenses: operating expenses 190 intersegment sales 46 interest expense - external 0 interest expense - intersegment loans 47 income tax expense (savings) 31 general corporate expenses 0 unallocated operating costs 0 Finance sales to outside parties 0 intersegment sales 0 interest income - external 37 interest income - intersegment loans 147 assets 1240 Expenses: operating expenses 33 intersegment sales 0 interest expense - external 107 interest expense - intersegment loans 0 income tax expense (savings) (8) general corporate expenses 0 unallocated operating costs 0,Would it be possible to get a status update on the problem?
Question 5
Subject: Compensation Management Mary is a model employee and works as a supervisor for a construction company. She has been an employee for more than 15 years. Mary is the only female supervisor and one of only a handful of women in a very male dominated company. Her male peers have been there on average five years less and have been promoted much faster than Mary. She is the only one with an advanced degree. Mary likes her job and does not have any complaints about how she is treated. One day after a particularly long hard day at work, Mary and some of her peers decide to go out to dinner. At dinner, a couple of her male co-workers start discussing salary and talking about other job offers with more money. Mary realized that that all of her male counterparts were currently making at least $5,000 more a year than her. After talking with the other supervisors, she determined that she has been making less, with no immediately discernible reason, for at least the last five years. Can Mary bring a claim for gender discrimination? Does the statute of limitations apply? Create a scenario for both before and after the Ledbetter v. Goodyear Tire & Rubber Co. court decision, and its responsive legislation, The Fair Pay Act of 2009. Your response should be at least two pages (double spaced) in length. All references and citations used must be in APA style.
