Can somebody please help me with Exercise 13.7 and excercise 13.4 the rest of the questions are on the next page.

E13.7 Apply recognition criteria underlying accounting. LO7 (e) Trade creditors (Obligations for employees' long service leave. (g) Acerued interest liability (h) Mortgage loan (1) Guarantee for another's loan, which will be payable if the other party defaults. Computer Games Ltd reported a profit of $50 560 for the year ending 31 December 2019 How ever, upon closer examination of the accounting records, the chief financial officer noticed the 1. Service revenues included an advance of S20 000 for computer games to be delivered in March of the following year. 2. There was $2300 of advertising supplies on hand at 31 December that was recorded as supplies expense. 3. Prepaid insurance included an amount of $12000, which is the whole amount paid an 1 October 2019 for a 1-year policy. 4. The following invoices had not been paid advertising for week of 24 December, S2500: repairs made on 10 December, $2000: and electricity expense. $800. 5. At 31 December, 2 days' wages had not been accrued or paid, amounting to $400. 6. The business took out a loan of $240 000 on 1 January 2019 at an annual interest rate of 10%. The amount for interest expense for the month of December was not accrued. Required Explain the generally accepted accounting principles that were not followed in preparing the statement of profit or loss and their effect (under or overstatement) on the results. E13.8 Apply recognition criteria as outlined in the Conceptual Framework. LO7 Using the information provided in E13.7 above: (a) Prepare the journal entries to record the missing transactions or events. Ignore GST. (b) What if the accountant had in fact recorded the missing transactions correctly? Calculate the correct income for the year ended 31 December 2019. Show all workings. E13.9 Apply recognition criteria as outlined in the Conceptual Framework. LOG A list of independent transactions is provided below. (a) Steel Tubes Ltd received $200 000 cash from a customer in December 2019 in payment for special-purpose tubing that is to be manufactured and shipped to the customer in February 2020. Ignore GST. (b) Tough Tyres Ltd received an item of equipment as settlement for goods sold on credit for $3000. Ignore GST. (c) The court has ordered Mining Deep Ltd to repair the environmental damage the mining has caused. The company has not yet received a quote of the estimated costs from a specialist environmental repair landscaping company and as such, does not know the cost of the repair. Required Tutiful if an asset, liability, revenue or expense should be recognised in the year ending In moord each transaction. Ignore GST. the cost principle. the entity For each of the situations provided below. Identify, by number the applicable accounting concept principle recognition criterion costruit. Donecach number more than a (a) Plant une were not reported a liquidation value in the entity accounts (Hint: Do not (b) Personal and business record keeping was kept separate for the entity (c) All relevant financial information was reported in the general purpose financial reports for (d) The dollar was used as the measuring stick to report financial performance and position (e) Accounting standards were followed for all items that were reasonably expected to affect ( Information on financial performance was provided for the year ending June 2020, ( Expenses were recorded when the flow of economic benefits from the entity was probable (h) Market value changes subsequent to purchase were not recorded in the financial statements E13.4 Apply the concepts, principles, recognition criteria and constraint underlying accounting. decisions made by users of financial statements and could be reliably measured. LO1, 6,7 A number of accounting reporting situations are provided below. (a) Tick Tock Ltd recognises revenue at the end of the production cycle but before sale has been made. The selling price as well as the canality that can be sold are not certain CHAPTER 13 Analysing and integrating GAAP was CASIO NAT (b) Cap, Caps and Hats Ltd is a medium-sized firm listed on the Australian and New Zealand securities exchanges. It is currently in its third year of operations: however, it has now (c) Books and More Ltd is carrying inventory at its current net realisable value of $90000. one set of financial statements. (Hint: Do not use the full disclosure principle) (d) Aunty Jane's Toy Emporium Ltd reports only current assets and current liabilities on its tory had an original cost of $110000. statement of financial position. Property, plant and equipment and bills payable are reported at the amount for which it could be sold at short notice. Liquidation of the entity is unlikely as current assets and current liabilities, respectively property. Plant and equipment is reported (e) Surf's Up Lid has inventory on hand that cost $400 000. The entity reports inventory on is statement of financial position at its current net realisable value of $425 000. (1) Brad Spit, the manager of Top Time Movies Ltd, purchased a computer for his personal use He paid for the computer with company funds and debited the Computers account. Required For each situation, explain whether a concept, principle, recognition criterion or constraint has been violated. Provide only one answer for each situation. E13.5 Apply the concepts, principles, recognition criteria and constraint underlying accounting. L01, 6,7 A list of concepts, principles and recognition criteria are provided below. 1 2 3 4 5 6 7 8 Accounting entity concept Monetary principle Accounting period concept Cost principle Full disclosure principle Going concern principle Revenue recognition criteria Expense recognition criteria Required For each of the items in the list above, prepare a journal entry (ignore GST) and explain how the journal entry is guided by the accounting concept, principle, recognition criterion or constraint For example, for the accounting entity congon