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Presentation/PPT
27/08/2022
1.The condensed balance sheet and income statement for Marjoram Company are presented below. Marjoram Company Balance Sheet At December 31, 2009Cash $19,000 Temporary investments in marketable securities 35,000Accounts receivable (net) 48,400Merchandise inventory 70,600Property, plant and equipment (net) 250,000Intangible assets 12,400Total assets $435,400 Current liabilities 108,40011% Bonds payable, long-term 100,000Paid-in capital 70,000Retained earnings 157,000Total liabilities and equity $435,400 Marjoram Company Income Statement For the Year ended December 31,2009Sales $704,000 Cost of goods sold 422,400Gross profit 281,600Operating expenses 166,200Operating income 115,400Interest expense 11,000Income before income taxes 104,400Income taxes 31,320Net income $73,080 a. Compute the current ratio for Marjoram Company b. Compute the acid-test ratio for Marjoram Company c. Compute the debt-to-equity ratio for Marjoram Company d. Compute the time interest earned ratio for Marjoram Company e. Compute the return on shareholder’s equity ratio for Marjoram Company 2.Statement of cash flows (indirect method).The following information is taken from Miller Corporation’s financial statements:December 31 2010 2009 Cash $90,000 $ 27,000Accounts receivable 92,000 80,000Allowance for doubtful accounts (4,500) (3,100)Inventory 155,000 175,000Prepaid expenses 7,500 6,800Land 90,000 60,000Buildings 287,000 244,000Accumulated depreciation (32,000) (13,000)Patents 20,000 35,000$705,000 $611,700Accounts payable $ 90,000 $ 84,000Accrued liabilities 54,000 63,000Bonds payable 125,000 60,000Common stock 100,000 100,000Retained earnings—appropriated 80,000 10,000Retained earnings—unappropriated 271,000 302,700Treasury stock, at cost (15,000) (8,000)$705,000 $611,700For 2010 YearNet income $58,300Depreciation expense 19,000Amortization of patents 5,000Cash dividends declared and paid 20,000Gain or loss on sale of patents nonePrepare a statement of cash flows for Miller Corporation for the year 2010. (Use the indirect method.)3.Scape Corp manufactures telephony equipment. Scape leased equipment it User, Inc. on January 1, 2011. Scape produced the equipment at a cost of $5,000,000. $522,064.00- beginning of each periodLease term5yrs (20qtrs)No residual value ; No BPO5yrsImplicit interest rate and12%$8,000,000Collectability of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred. Required: Prepare appropriate entries for both User and Scape from the inception of the lease through the second rental payment on April 1, 2011. Depreciation is recorded at the end of each fiscal year (December 31). 4.The following information relates to Hatami Company’s defined benefit pension plan during the current reporting year: 600,000,00050,000,00040,000,00090,000,000 year end032,000,00060,000,000Required: Determine the balance of pension plan assets at fair value on December 31. 5.Green Co. has signed a long-contract to build a new sports arena. The total revenue related to the contract is $520 million. Estimated costs for the building the arena are $180 million in the first year and $130 million in both the second and third year. The costs cannot be reasonably estimated. How much revenue should Green Co. report in their first year under iGAAP.6.A few years ago, Brown Corp. purchased equipment for $20,000,000. Western uses straight-line depreciation for financial reporting and MACRS for tax purposes. At December 31, 2008, the carrying value of the equipment was $18,000,000 and its tax basis was $15,000,000. At December 31, 2009, the carrying value of the equipment was $16,000,000 and the tax basis was $11,000,000. There were no other temporary differences and no permanent differences. Pretax accounting income for the current year was $25,000,000. A tax rate of 35% applies to all years. Required: Prepare one journal entry to record Brown’s income tax expense for the current year. Show well-labeled computations for the income tax payable and the change in the deferred tax account.
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