Pineapple Limited is a company listed in Hong Kong. Its financial year-end is on 31 December. In the process of preparing financial statements for the year 2010, problems relating to the accounting treatments of the following activities were identified:Pineapple Limited leased five trucks for the transportation of Pineapples to customers. The lease term was for three years from 1 January 2010 to 31 December 2012. […]

The income statement approach to estimating uncollectible accounts is used by MacDougall Brothers. On January 31 the firm had accounts receivable in the amount of $750 000. The Allowance for Doubtful Accounts had a credit balance of $5 250. The controller estimated that the uncollectible accounts expense would amount to one-half of 1% of the $4 500 000 of net sales made during January. This […]

Case 8-2  Monsanto Company RoundupQuestions:1. What is the underlying accounting and financial reporting concept  at issues as described in EITF Issue No. 01-9 with respect to the way Monsanto accounted for customer rebates?  Explain in your own words how Monsanto’s accounting lead to materially misstated financial statements.2.  Given that Monsanto was under great pressure from competitors that sold generic brands similar to Roundup, would you […]

InstructionsInternational versus U.S. Accounting StandardsFor this assignment, you will research and compare international and U.S. accounting standards. This will enable you to see how the different reporting methods affect business and how product costs are affected by international business.The learning objectives of this report are as follows:Compare and contrast basic U.S. and international financial accounting standards.Explain how key international factors affect business reporting.Identify key compliance […]

On 1 January X company Alpha acquires 80% of the share capital of company Beta. The cost of the investment is 5,000. On the date of de acquisition, company Beta’s owners equity is 5,400. The income statements and the balance sheet of the two companies are reported at the end of the exercise. On the same date the fair value of the assets and liabilities […]

You are considering new elliptical trainers and you feel you can sell 3,000 of these per year for 5 years​ (after which time this project is expected to shut down when it is learned that being fit is​ unhealthy). The elliptical trainers would sell for ​$1,500 each and have a variable cost of ​$750 each. The annual fixed costs associated with production would be​$1,000,000. In​ addition, there would be a​ $7,00,000 initial expenditure […]

Please help me with:b. (17000 (1yr) and 17000 (2-9yrs)c. What is the terminal cash flow in year 10​ (that is, what is the free cash flow in year 10 plus any additional cash flows associated with the termination of the​ project)?d. Using the expected free cash​ flows, what is the​ project’s NPV given a required rate of return of 8 ​percent? What would the​ project’s NPV be if 12,000 skateboards […]

 Barker Corp. received a charter authorizing 120,000 shares of common stock at P15 par value per share. During the first year of operations, 40,000 shares were sold at P28 per share. 600 shares were issued in payment of a current operating debt of P18,600. In the first year, the net income was P 142,000.  During the year, dividends of P36,000 were paid to stockholders. At […]

1. Create a Statement of Cash Flows for fiscal 2017 and 2018 using U.S. GAAP format. Based on the Statement of Cash Flow, analyze Northwest Fitness’ ability to finance an expansion. 2. Prepare and analyze a projected income statement and balance sheet for fiscal 2019.3. Calculate the most important ratios (analyze each of the ratio categories) for Northwest using information from 2016-2019. How do these ratios […]

I need some help on my corporate tax return project with the reconciliation sheet. Here is all the information that provided:The company had the following income and expenses on its GAAP-basis income statement for 2020:Landscaping service income507,813 Cost of Goods Sold(156,250)Muni-bond Interest Income3,125 Capital gain50,000 Salaries & Wage Expense(214,844)Fine(5,000)Advertising Expense(9,375)Entertainment Expense(4,688)Bad Debt Expense(7,500)Depreciation Expense(27,300)Federal income tax expense(29,934)Net book income $     106,047 Other information: 1)     Because of your knowledge of the 2.5-month rule for compensation […]