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Question On July 1st, 20X4, the Yuan Yuan Guo Corporation, a manufacturer and distributor of DVD recorders, entered a lease with Zhiyin Huang Rental Inc. Yuan Yuan Guo agreed to lease 20 DVDs for a period of six years beginning July 1st, 20X4. Other lease terms as follows: Annual Lease Payments beginning 01/07/X4 ………….. $2,003Manufacturing Cost of each DVD ………………………….. 300Normal Selling Price of each DVD ………………………… 525Estimated economic (EUL) for the DVD’s ………………. 9 yearsImplicit rate in the lease (not known by Zhiyin Huang)….. 10%Estimated Residual Value of each DVD at the end of the lease term (not guaranteed by Zhiyin Huang) …………………………. $80Zhiyin Huang can borrow at 12.0 percent and agrees to assume full responsibility for all repairs and maintenance of the machines. Zhiyin Huang will return the DVDs to Yuan Yuan Guo. Since Zhiyin Huang is a good credit risk, Yuan Yuan Guo is certain to collect the lease payments and will not incur any additional costs after the date of the lease agreement. Both Companies follow ASPE Required: -Determine how Yuan Yuan Guo, the lessor, and Zhiyin Huang, the lessee, should classify the lease. -Prepare a required journal entries for the Lessee on July 1st, 20X4. -Prepare the required journal entries for the Lessee on December 31st, 20X4 (assuming a December 31st Fiscal Year End). -Prepare the required journal entries for the Lessee on July 1st, 20X5 -Prepare the required journal entries for the Lessee on December 31st, 20X5 (assuming a December 31st Fiscal Year End). -Assume that when the DVD’s are returned to Yuan Yuan Guo at the end of the lease term, the residual value of each DVD is only $70. Prepare the journal entry to record the return of the machines by Zhiyin Huang.
The following information and transactions took place during 2020: May-18 Declared a $8 per share cash dividend on 20,000
Question The following information and transactions took place during 2020: May-18 Declared a $8 per share cash dividend on 20,000 common shares issued and outstanding.Jul-20 Paid the cash dividends declared on May 18.Aug-31 Preparing closing entries. The balance in the income summary is $45,000 credit.Prepare journal entries for the above transactions. Use the following formate for your answer: DR – account name, amount. CR – account name, amount. (5 points)
Vegas Corporation had the following shares outstanding when the board
Question Vegas Corporation had the following shares outstanding when the board of directors declared a $95,000 cash dividend: $3, Preferred shares, 7,000 shares issued and outstanding equal to $250,000Common shares, 50,000 shares issued and outstanding equal to 500,000Allocate the dividend between the preferred and common shareholders assuming the preferred shares are cumulative and are one year in arrears. In the prior year there was 6,000 preferred shares outstanding. Your answer should indicate the total amount of dividends allocated to each type of shareholder. (5 points)
Question 1On 1st January, Mega Enterprise had the following balances in its Purchases Ledger: Super RM18,000, Fantastic
Question Question 1
On 1st January, Mega Enterprise had the following balances in its Purchases Ledger: Super RM18,000, Fantastic RM30,000 and Grand RM21,000. And the balance of cash and bank account in Cash Book as at 1st January is RM23,000 and RM46,000 respectively.During the month the following transactions took place:Jan 3Purchased RM5,000 goods on credit from Fantastic, received discount 10% from listed price (invoice no 23).Jan 5Returned goods RM500 to Super per credit note no. 876 and paid Super a cheque in settlement of invoice RM10,000, receiving a discount of RM1,000Jan 8Returned goods RM1,000 (credit note no. 098) to Grand due to wrong specificationsJan 10Purchased RM7,000 goods on credit (invoice no. 542) from Super and RM6,000 from Grand (invoice no.421)Jan 12Paid cash to settle invoices RM5,000 to Fantastic and receiving a 10% cash discountJan 15Purchase RM8,000 goods on credit (invoice no 455) from GrandJan 22Returned goods RM3,000 to Fantastic due to wrong design (credit not no. 368)Jan 28Pay cheque to settle an invoice RM2,400 to Grand and receiving a 10% cash discountRequired:(a) Record the above transaction in the books of prime entry;(b) Post the transactions to Purchases Ledger, taking into consideration of the opening balances; and(c) Show the transfer to General LedgerQuestion 2The followings are the transactions of Jaya Trading during the month of May:1 Credit sales to Arumugam Trading (invoice no 120) RM 750 less 10% trade discount5 Credit notes no. 220 to Arumugam Trading for goods returned amounting to RM1208 Sent invoice no 121 to Chop Seng Fatt for goods supplied at the list price amounting to RM900 less trade discount 10 Chop Seng Fatt returns goods amounting to RM150 and credit note no. 221 was issued to him26 Received cheque payment from Chop Seng Fatt being partial payment in settlement of RM500 less cash discount 5%.27 Arumugam Trading makes payment by cash in settlement of RM400 less cash discount 5% to settle part outstanding sumRequired:(a) Record the above transactions in the books of prime entry;(b) Post the transactions in Sales Ledger; and(c) Show the transfers to the General LedgerQuestion 3Jenny has the following purchases for the month of May1 From Ace: 4 DVDs at RM 80 each, 3 mini hi-fi at RM 500 each. Less 20% trade discount (Invoice 1234)2 From Lee: 2 washing machines at RM 2,000 each, 5 vacuum cleaners at RM 1,000 each, 2 kettles at RM 20 each. Less 20% trade discount (Invoice 0001)3 From Bee: 1 hi-fi unit at RM 600 each, 2 washing machine at RM 500 each. Less 25% trade discount (Invoice 4567)4 From Wee: 6 CD/radios at RM 50 each. Less 20% trade discount (Invoice 7299)5 From Fong: 4 kettle at RM 50 each without any trade discount (Invoice 3245)Required(a) Enter up the purchases day book for the month(b) Post the transactions to the suppliers’ account(c) Transfer the total to the purchases accountQuestion 4Record the following transactions into appropriate Books of Prime Entry for Jaya Trading for the month of March1 Purchases of goods from May Bee Sdn Bhd amounting to RM1,350, less trade discount of 20%2 Purchases of goods RM105 from Sin Sin Store on credit3 Received invoice from Sunny Enterprise at list price of RM540, less discount 15%4 Return goods at list price RM180 to Sunny Enterprise5 Purchases of goods RM360 by cash6 Received a credit note from May Bee Sdn Bhd for goods at list price RM135 purchased on 1 MayPost the data from the Books of Prime Entry to General Ledger and Purchase Ledger.Question 5Fu Mey of 10 Jl Bung Raya, KL, is selling the following items at the recommended retail prices as shown: white tape RM 10 per roll, green felt at RM4 per metre, blue cotton at RM6 per sheet, black silk at RM20 per dress length. She makes the following sales:2009May 1 Ali, Setapak: 3 rolls white tape, 5 sheets blue cotton, 1 dress length black silk. Less 5% trade discount, invoice # 10001.May 4 Cheng, Wangsa Maju: 6 rolls white tape, 30 metres green felt. Less 20% trade discount, invoice # 10002.May 5 Ali Setapak: returned 2 sheets blue cotton and order 5 dress length black silk. Less 10% trade discount, invoice #10003. Credit note 0001 issued on the same day.May 8 Cheng, Wangsa Maju: 1 dress length black silk including delivery of RM10 , invoice #10004.Required:(a) Record the above transaction in Sales Journal(b) Post the data from the Sales Journal to General Ledgers and Sales Ledgers.
1 Prepare the cost the reconciliation statement for the question below:
Accounting Assignment Writing ServiceQuestion Question 1 Prepare the cost the reconciliation statement for the question below: C Ltd manufactures a range of products and the data below refer to one product which goes through one process only. The company operates a 13 four-weekly reporting system for process and products costs and the data given below relate to Period 10.There was no opening WIP stock.5,000 units of materials input at £2.94 per unit entered the process.Further direct materials added 13,830 Direct wages incurred 6,555Production overhead 7,470Normal loss is 3% of input.Closing WIP was 800 units but these were incomplete, having reached the following percentages of completion for each of the elements of cost listed:%Direct materials added 75Direct wages 50Production overhead 25270 units were scrapped after a quality control check when the units were at the following degrees of completion.Direct materials added 662/3 Direct wages 331/3Production overhead 162/3Units scrapped, regardless of the degree of complet,are sold for 1$ each and it is cpmpany policy to credit the process account with the scrap value of normal loss units.
Collins Company is preparing its master budget for April. Use the
Question Collins Company is preparing its master budget for April. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.)a. What should total sales revenue be if territories A and B estimate sales of 10,000 and 13,000 units, respectively, and the unit selling price is $43?b. If the beginning finished goods inventory is an estimated 2,000 units and the desired ending inventory is 3,000 units, how many units should be produced?c. What dollar amount of material should be purchased at $4 per pound if each unit of product requires 3 pounds and beginning and ending materials inventories should be 5,000 and 4,000 pounds, respectively?d. How much direct labor cost should be incurred if each unit produced requires 1.5 hours at an hourly rate of $14?e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $52,000 and variable manufacturing overhead is $2.50 per direct labor hour?
UNGRADED HW QUESTION Cahuilla Corporation predicts the following sales in units for the coming four months:
Question UNGRADED HW QUESTION Cahuilla Corporation predicts the following sales in units for the coming four months: April May June July Sales in units380 420 440 380 Each month’s ending Finished Goods Inventory in units should be 40% of the next month’s sales. March 31 Finished Goods inventory is 152 units. A finished unit requires five pounds of direct material B at a cost of $2.00 per pound. The March 31 Raw Materials Inventory has 230 pounds of direct material B. Each month’s ending Raw Materials Inventory should be 30% of the following month’s production needs. The budgeted purchases of pounds of direct material B during May should be:
# 11 Olin Packett has been employed for over 10 years by
Question Question # 11 Olin Packett has been employed for over 10 years by a large Canadian public corporation. He works in their Victoria office. For the 2019 year, his gross salary is $75,000. While he does not receive commissions, he was awarded a bonus of $15,000 during 2019 based on his sales performance. One-half of this is paid in December, 2019, with the balance to be paid in February, 2020. During 2019, Olin’s employer withheld the following amounts from his gross wages: Federal Income Tax $14,350 Employment Insurance Premiums 858 Canada Pension Plan Contributions 2,594 Registered Pension Plan Contributions 3,100 Donations to The United Way 750 Union Dues 275 Payments for Personal Use of Company Car 1,500 Premiums for Group Life Insurance Policy 423 Other Information 1. Olin is provided with a car that the company leases at a rate of $723 per month, including both GST and PST. The company pays for all of the operating costs of the car and these amounted to $4,200 during 2019. Olin drove the car a total of 33,000 kilometers during 2019, 27,500 kilometers of which were carefully documented as employment related travel. While he was in the hospital for 2 months (see Item 4), his employer required that the car be returned to company premises. 2. Olin was granted options to acquire 500 shares of his employer’s common stock at a price of $31.00 per share 2 years ago. On the date the options were granted, the shares were trading at $29.50 per share. These options were exercised by Olin on February 16, 2019, when the shares were trading at $34.75 per share. Olin does not plan to sell the shares for at least 2 years. 3. In order to assist Olin in acquiring a new residence in Victoria, his employer granted him a three-year, interest free loan of $175,000. The loan was granted on July 1, 2019 and, at this point in time, the interest rate on open five-year mortgages was 4.5 percent. Assume the relevant prescribed rate was 2 percent on this date. Olin purchases a house for $327,000 on October 2, 2019. 4. On his birthday, Olin received several gifts including a hoverboard and drone. In his enthusiasm for his new toys, he flew the drone over his neighbor’s swimming pool while maneuvering the hoverboard on the sidewalk in front of the two homes to watch it. The result was a concussion, a broken leg, a shattered wrist and a drowned drone. He was unable to work for a period of two months. As his employer provides disability insurance coverage, he received benefit during this period totaling $8,500. All of the premiums for this insurance plan are paid for by the employer and totaled $560 for 2019. The plan provides periodic benefits that compensate for lost employment income. 5. Olin’s employer made a matching payment to the group life insurance policy. The premiums for 2019 on his behalf totalled $423. Required: Calculate Olin’s Net Employment Income and Taxable Income for the taxation year ending December 31, 2019. Show all of your calculations. Give reasons for items not used in your calculations.
On July 1st, 20X4, the Yuan Yuan Guo Corporation, a manufacturer and
Question On July 1st, 20X4, the Yuan Yuan Guo Corporation, a manufacturer and distributor of DVD recorders, entered a lease with Zhiyin Huang Rental Inc. Yuan Yuan Guo agreed to lease 20 DVDs for a period of six years beginning July 1st, 20X4. Other lease terms as follows: Annual Lease Payments beginning 01/07/X4 ………….. Manufacturing Cost of each DVD ………………………….. Normal Selling Price of each DVD ………………………… Estimated economic (EUL) for the DVD’s ………………. Implicit rate in the lease (not known by Zhiyin Huang) Estimated Residual Value of each DVD at the end of the lease term (not guaranteed by Zhiyin Huang) …………………………. $ 2,003 300 525 9 years 10.0 % $ 80 Zhiyin Huang can borrow at 12.0 percent and agrees to assume full responsibility for all repairs and maintenance of the machines. Zhiyin Huang will return the DVDs to Yuan Yuan Guo. Since Zhiyin Huang is a good credit risk, Yuan Yuan Guo is certain to collect the lease payments and will not incur any additional costs after the date of the lease agreement. Both Companies follow ASPE Required: -Determine how Yuan Yuan Guo, the lessor, and Zhiyin Huang, the lessee, should classify the lease. -Prepare a required journal entries for the Lessee on July 1st, 20X4. -Prepare the required journal entries for the Lessee on December 31st, 20X4 (assuming a December 31st Fiscal Year End). -Prepare the required journal entries for the Lessee on July 1st, 20X5 -Prepare the required journal entries for the Lessee on December 31st, 20X5 (assuming a December 31st Fiscal Year End). -Assume that when the DVD’s are returned to Yuan Yuan Guo at the end of the lease term, the residual value of each DVD is only $70. Prepare the journal entry to record the return of the machines by Zhiyin Huang.

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