An Archive of Impeccable Accounting Answers : Page - 31

Question: Question 1 Geoff and Linda live in Glasgow. Both are teachers, with Geoff in full time and Linda in part-time paid employment. When they bought a flat together in June 2018 the mortgage broker talked them through repayment and interest-only mortgages. They decided to use their savings as a deposit and chose a repayment mortgage, which by June 2020 was standing at £100,000. The market value of their flat had increased by 10% ov...

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Question: Notes to the financial statements ¨ During the year ended 31 December 2018, Lisbon Limited disposed of several items of plant and equipment with a net book value of £10,000,000 cash. The loss on disposal of £2,000,000 has been deducted to achieve the operating profit figure. ¨ New property, plant and equipment was bought during the year. ¨ Depreciation charged on property, plant and equipment during the yea...

Part 1: Ask the right questionsPart 1: Ask the right questions  Professionals with an analytics mindset need to develop a strong understanding of the economic and institutional factors that influence the data they are analyzing. They allow that understanding to guide their analysis and interpretation of the data. In this section of the case, we consider the economic, accounting and regulatory factors that could potentially influence bank...

Determining Debit, Credit, or Nil Entries for Balance SheetQuestion 1A.Determine if a debit, credit, or nil entry would be made to the balance sheet:1.Increase Accounts Receivable2.Increase Accounts Payable3.Decrease Mortgage Payable4.Increase Office Supplies5.Decrease Owner’s Capital6.Increase Cash7.Decrease Office Furniture8.Increase Owner’s Withdrawals9.Decrease Unearned Revenue10.Increase RevenueB.Determine if the normal balance ...

Course Code   :  AC325

Course Title   :  requirements for annual report project

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TaskTask: Each team will select a different company to analyze its annual report. There are six components to the project.  Assignments # 4 & 5 culminate in both written and oral reports evaluating the financial strengths and weaknesses of the company.While teams may divvy out various tasks, the entire team is responsible for the whole project.  Given that, it is recommended that for quality control purposes, the team review work...

Presentation of Assets in IFRS: Dairy Farming AssetsConsider a large dairy farming company that reports under IFRS. Beyond manufacturing, farm property, and equipment, the farm’s main assets are the dairy cows and the milk that they produce. Describe how these assets may be presented on the financial statements. Additionally, discuss the accounting treatments of the following events:   a) A new dairy cow is bought by the farm. [2 M...

Course Code   :  ACCT628

Course Title   :  Financial Reporting

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Overview of the Marco Appliances audit engagementTask: After working as a financial accountant for several years, you decide to apply for a position you learned about during a virtual career fair offered by UMGC’s Career Services. The most prestigious accounting firm in the District of Columbia, Levin, Lombard, & Wolod, LLC, were looking to hire several accountants and preferred UMGC graduates given the reputation of its graduate acco...

Analysis of Unadjusted Trial Balance at January 31, 2017Problem 3-7A Adjusting entries (monthly) Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted trial balance at January 31, 2017, the following information was available for the preparation of the January 31, 2017, month-end adjusting entries: a. Equipment purchased on November 1 of this accounting period for $21,600 is estimated to have a usef...

Sales Budget for ColorfulFurniture1.The ColorfulFurniture Company manufactures modern wood frame lounge sofas. Currently the company makes only one size of three-seat sofas, which is 35 inches deep by 90 inches wide. The final product consists of a routed, sanded, assembled, and stained wood sofa. Direct materials include oak wood frames and pre-made cushions. Other materials, such as wood legs, screws, hinges, sand paper, stain, and packaging...

Earnings-based vs. Cash Flow-based Valuation Models a) Discuss. “Earnings-based valuation models are affected by (i) arbitrary accounting choices such as the choice of depreciation policy; (ii) understatement of intangible assets caused by the regulatory framework. Therefore cash flow based valuation methods are more reliable”. b) What are the disadvantages of the DDM (dividend discount model), compared to the other valuation mode...

PromptOne of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakehold...

OrganizationOil Pipeline Software (OPS) delivers pipeline integrity management software and services to midstream pipeline operators. Pipeline operators utilize OPS’ software and services to manage and navigate the regulatory compliance required by the Department of Transportation. OPS was founded as a purely software company in 1992 and for the first 15 years of its life, it was solely focused on selling software products (Exhibit 1: ...

Question: Explain the nature & purpose of financial accounting Record transactions and prepare a Trial Balance using the double entry accounting system Prepare basic financial statements from Trial Balance and Incomplete Records Prepare bank reconciliations Prepare sales ledger and purchase ledger accounts and reconciliations To promote your business, you have agreed to prepare a report for your local Chamber of Commerce.  The ai...

Introduction to Payment Lawn ServiceDave Payment formed a lawn service business, Payment Lawn Service, as a summer job.To start the business on May 1, he deposited $2,500 in a new bank account in the name of the proprietorship. The $2,500 consisted of a $2,000 loan from his father and $500 of his own money, so Dave invested $500 of capital in the business.Dave rented lawn equipment, purchased supplies, and hired high school students to mow and t...

Part A: Financial Statement AnalysisThe following information relates to Harris Corporation. Account Current year Prior year Net sales (all credit) $520,125 $499,500 Cost of goods sold $375,960 $353,600 Gross profit $144,165 $145,900 Income from operations $ 95,500 $ 79,900 Interest expense $ 23,500 $ 19,500 Net income $ 57,600 $ 51,600 Cash $ 30,600 $ 15,900 Accounts receivable, net $ 33,800 $ 23,200 Inventory $ 42,000 $ 30,300 P...