c) Prepare all the journal entries for Kingdom for 2012. Assume a calendar year fiscal year. Correct Answer: The lease is a sales-type lease because: (1) the lease term exceeds 75% of the asset’s estimated economic life, (2) collectibility of payments is reasonably assured and there are no further costs to be incurred, and (3) Kingdom Leasing Inc. realized
The Coca-Cola Company and PepsiCo, Inc. Comparative Analysis Case (a) What formats did these companies use to present their balance sheets? PepsiCo presents its balance sheet in its annual report as a consolidated balance sheet. Coke’s 2011 annual report only presents their balance sheet data in a small section titled “Balance Sheet Data,” in which they only include total assets and long-term debt. (b) How much working capital did each of these companies have at the end of 2011?
Box G7 or Box G18 Activity 5.7 In Activity 5.1 you used the BAS worksheet to complete the quarterly BAS for The Nice Scent Shoppe. Now we will give you some further information for that quarter and you are to complete the BAS Summary report using Option 2 for PAYG income tax instalment. 1. The FBT instalment has been notified as $2400. The firm requires this to be varied to an annual FBT payable of $12 000.
dividends received. : 4 5 of 5 Question 13. Question : (TCO 4) Which is a shareholders’ equity account in the balance sheet? Accumulated depreciation Paid-in capital Dividends payable Marketable securities : 3 5 of 5 Question 14. Question : (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared?
Use the “Business Plan Financials Guide” (see: Course Required Files in Week 1) to support your development of the Marketing Budget. 6. Complete the Marketing Budget worksheet for your company. o Hints: The goal of the marketing budget is to help you determine how much it will cost you to reach your market and achieve your sales goals. Hints: When filling out the “Marketing Budget” worksheet in the Excel spreadsheet: o Begin in the current year and complete a marketing budget for the first year of your business.
• What amount of accounts payable did the company have at the end of its 2 most recent annual reporting periods? Accounts payable are the obligation the organization has to its creditors. Any money that is owed, invoices, bills, and statements that are owed to by outside contractors are accounts payable. In June 11, 2011, the accounts payable amounts for PepsiCo were 3,865.00. In March 19, 2011 the accounts payable were 2,881.00.
Team Research Project Part III (Walgreens) Team 4 Rasmussen College Author Note This research is being submitted on September 08, 2013 for Steve Johnson’s B 233 Section 11 Principles of Management course. Team 4 Research project Part III September 08, 2013. Gregory D. Wasson is president and chief executive officer of Walgreen Co., and has served on the company’s board of directors since 2009. Wasson joined Walgreens as a pharmacy intern in 1980 while a student at Purdue University’s School of Pharmacy in West Lafayette, Ind. After earning his bachelor’s degree in pharmacy in 1981, he managed several Houston Walgreens drugstores before being promoted to district manager in 1986.
Case 6-1: Income Analysis For Ace Company, determine core income and comprehensive income for all three years. (1) Core income -- excludes all non-recurring items from income from continuing operations. It starts from income from continuing operations and excludes restructuring charges, asset impairments/write-offs, gain/losses from sale of assets, and any other special, non-recurring items. | 2012 | 2011 | 2010 | Income from continuig operations (a) | 447 | 451 | (155) | Pre-tax adjustments: | | | | Inventory write-off | 45 | | | Restructuring charge | 0 | 0 | 765 | Goodwill impairment | 23 | 0 | 0 | Loss on early extinguishment of debt | 13 | 0 | 0 | Gain/loss from sale of business units | (80) | 0 | 0 | Gain/loss from sale of marketable securities | (122) | (55) | 11 | Unrealized gain/loss on trading securities | (11) | 6 | (2) | Early retirement charge | 34 | 0 | 0 | Total pre-tax adjustments | (98) | (49) | 774 | Tax effects (35%) | 34 | 17 | (271) | Total after-tax adjustments (b) | (64) | (32) | 503 | Core Income (a+b) | 383 | 419 | 348 | Core Income = Income from continuing operations – non-recurring items = Income from continuing operations + Pre-tax adjustments + Tax Effect (2) Comprehensive income --includes most changes to equity that result from non-owner sources; it is actually the bottom line measure of income; is the accountant's proxy for economic income. | 2012 | 2011 | 2010 | Net Income | 578 | 497 | (100) | Other comprehensive income: | | | | Foreign currency translation gains | 23 | 4 | 55 | Unrealized gain/loss on available sale for securities | 23 | (33) | (40) | Postretirement benefit adjustment | 173 | 345 | (433) | Comprehensive income | 767 | 812 | (518) | Comprehensive Income = Net Income + Other Comprehensive
ACCT 310 Auditing Audit Assignment 2 Audit Risk and Materiality (Submission: By 11 April 2012, Wednesday) Messier’s Chapter 3: Question 3-16 (30%) Question 3-19 (70%) Question 3-16 Assume that you are the new audit senior on the LV Drug Corporation (LVD) engagement. LVD is a pharmaceutical company that has three successful drugs and a number of drugs in progress in its research and development pipeline. You are considering detection risk at the financial statement level and it is important to identify the inherent risks and control risks that LVD has and how they relate to audit risk. Required: For each of the following factors, indicate whether it is an inherent risk or a control risk factor, and its effect on detection risk. In answering this question, assume that each factor is independent of the others.
Firm has only two long term debt, which are specifically the two bonds issued. To find the before tax cost of long term debt, there are two different way which can prove the same results. Let’s start by calculating each of them one by one: 1. A) before tax cost of debt for the first bond = 8.25% x $133 million = $10,972,500 B) After tax cost of debt: i x (1- tax*) = 8.25% x (1- 0.3879) = 0.050498 $133million x 0.050498 = $6,716,234 ―» before tax cost of debt: $6,716,234/ (1- 0.3879) = $10,972,445 or approximately $10,972,500 2. A) Before tax cost for the second bond = 9.375% x $100 million = $9,375,000 B) After tax cost of debt: 9.375% (1- 0.3879*) =0.05738 0.05738 x $100million = $5,738,000 ―» before tax cost of debt = $5,738,000/ (1- 0.3879) = $9,374,300 or approximately