i have 3 assignment i will pay 30 $ for them but please i need the solution on excel sheet for each assignment

assignment ( 1)

Assignment 08

A04 Intermediate Accounting I

Part A (30 points)

The Bravo Company manufactures a single product. On December 31, 2012 Bravo adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was determined to be $500,000. Inventory data for succeeding years are as follows:

Year Ended December 31	Inventory at Respective Year-end Prices	Relevant Price Index (Base Year 2012)
2012	$500,000	1.00
2013	527,000	1.08
2014	635,000	1.15
2015	645,000	1.21

Compute the inventory amount at December 31, 2013, 2014, and 2015 using the dollar-value LIFO inventory method for each year. (Round all amounts to the nearest dollar, 10 points each)

Part B (40 points)

Information from Hope Company?s records for the year ended December 31, 2015 is available as follows:

Net sales	$2,800,000
Cost of goods manufactured:
Variable	$1,260,000
Fixed	$630,000
Operating expenses:
Variable	$196,000
Fixed	$240,000
Units manufactured	70,000
Units sold	60,000
Finished goods inventory, 1/1/2015	$0

Hope had no work-in-process inventories at either the beginning or end of 2015.

What would be Hope?s finished goods inventory cost under the variable (direct) costing method at December 31, 2015? (20 points)

What would Hope?s operating income be under the absorption costing method? (20 points)

Part C (30 points, 10 each)

Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 2015 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows:

Date	Purchases	Sales
January 9		200 @ $75
January 14	100 @ $47
January 23		75 @ $76
January 25	100 @ $48
January 30		75 @ $77

Tool City does not maintain perpetual inventory records. According to a physical count, 150 cordless screwdrivers were on hand at January 31, 2015.

What is the cost of the inventory at January 31, 2015 under the FIFO method?

What is the cost of the inventory at January 31, 2015 under the LIFO method?

What is the cost of the inventory at January 31, 2015 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical coun

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assignment ( 2)

Assignment 04

A06 Intermediate Accounting II

Part A (40 points)

Colorado Company has provided you the following information.

Year Taxable income Income tax rate

2014 $390,000 35%

2015 $320,000 37%

2016 $400,000 40%

2017 ($1,200,000) 40%

Colorado Company has decided to use the loss carryback and carryforward provision as a result of the year 2017 loss. The enacted tax rate remains at 40% after year 2017. Colorado Company has determined that a valuation allowance is not necessary.

Prepare the journal entry on December 31, 2017 to record the carryback and carryforward decision.

Part B (30 points)

The Matrix Company began operations as of the beginning of 2015. During 2015, Matrix reported GAAP (book) income before taxes of $789,500. For income tax purposes, depreciation expense was $150,000; for GAAP (book) purposes, depreciation expense was $74,000. Matrix accrued $900,000 of revenue for GAAP (book) purposes during 2015; $600,000 of the accrued revenue was taxable during 2015. Matrix earned interest of $79,800 from a municipal bond investment during 2015. Matrix?s marginal income tax rate is 40%. Matrix did not make any income tax payments during 2015.

Determine Matrix?s taxable income for the year ended December 31, 2015.

Prepare the 2015 year-end journal entry to record income tax expense.

Part C (30 points)

For each of the items below, determine whether the items are temporary differences or permanent differences. Also, for each temporary difference, you are required to determine whether a deferred tax asset or deferred tax liability is created by the temporary difference described. Assume that each of the temporary differences described is an originating difference.

Municipal bond interest

Accrued warranty expense

Sales revenues received in advance

Prepaid insurance where the tax deduction in future years will be less than the book expense

Tax depreciation expense exceeds GAAP (book) depreciation expense

Accrued bad debt expense

The dividends received deduction

Installment sales revenue (recognized currently for GAAP, recognized for tax purposes when cash is collected in future years)

Life insurance payments for executives for which the company is the beneficiary

Fines paid for law violations

Explain why temporary differences result in deferred tax assets or deferred tax liabilities while permanent differences do not, and describe the difference in the formation of deferred tax assets and deferred tax liabilities.

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assignment (3)

Assignment 08

A06 Intermediate Accounting II

Part A (30 points)

Cannon Company has the following information for the year ending December 31, 2015.

Long-term debt of $18,000 was issued for cash.

Cash paid for labor during 2015 amounted to $489,500.

During the year, Cannon experienced a pension outflow of $14,000.

Dividends of $34,000 were received.

Cannon?s cash balance at the beginning of 2015 was $975,000; at the end of 2015 the cash balance was $839,500.

The company made an investment of $310,000 in an affiliate company.

A lease payment of $110,000 was made on November 1, 2015. There is no asset recorded in connection with the lease.

During the year, Cannon collected $780,000 cash from customers.

Cash paid for income taxes amounted to $56,000 for all of 2015.

During 2015, Cannon discontinued its consumer electronics division. The business was sold resulting in a $12,000 net cash inflow.

Prepare Cannon Company?s statement of cash flows for the year ending December 31, 2015 using the indirect method.

Explain how the indirect statement of cash flows that you prepared would differ under IFRS rules. Assume this is a nonfinancial entity.

Part B (30 points)

The following Income Statement and Operating Cash Flow information pertain to Receivership Inc.?s operations for the year ended December 31, 2014. Prepare the net cash flow from operating activities section of the cash flow statement using the direct method.

Income statement for the year ended December 31, 2014

Revenues 1,328

COGS 587

Rent expenses 152

Wages expenses 136

Insurance expenses 53

Other SG&A (includes depreciation expenses) 198

Interest expenses 30

Gain on sale of asset (5)

1,151

Income before tax 177

Tax 62

Net income 115

Cash flow provided by operating activities (indirect method), for the year ended December 31, 2014

Net income 115

Depreciation 32

Gain on sale of asset (5)

142

Increases/decreases in A/R 26

Inventories (35)

Prepaid rent 13

A/P 28

Wages payable (20)

Tax payable 5

Interest payable (2)

Advances from customers (3)

Other accrued SG&A 5

17

Net cash provided by operating activities 159

Part C (40 points)

The following information and financial statements excerpts pertain to Liquidity Inc.

a. All short term investments (securities available for sale) were purchased on 12/31/14 and sold during 2015.

b. The company entered a lease agreement on 12/31/15.

c. Fixed assets with a net book value of $15 were sold during the year.

d. The company repaid the current portion of long-term debt during the year.

e. Dividend was declared and partially paid.

2014 2015

Assets

Cash 54 45

Short term investments 95 0

Accounts receivable 45 85

Inventory 52 75

Prepaid general expenses 11 15

Fixed assets under capital lease, net 0 50

Fixed assets, net 165 228

422 498

Liabilities and stockowners? equity

Accounts payable 38 48

Wages payable 12 6

Tax payable 3 5

Dividend payable 0 4

Current portion of long term debt 10 12

Obligations under capital leases 0 50

Long term debt 183 180

Common stock 150 163

Retained earnings 26 30

422 498

2014 2015

Revenues, net 426

Cost of goods sold 310

Gross margin 116

General expenses 30

Wages expenses 42

Depreciation expense 24

Interest expense 11

Loss on sale of fixed assets 3

Gain on sale of securities available for sale ?12

Tax expenses 8

106

Net income 10

1. Prepare the statement of cash flows for the year 2015 using the direct method.

2. Reconcile net income and net cash flows from operating activities for the year 2015.

ASSIGNMENT 08 A04 Intermediate Accounting I Part A (30 points) The Bravo Company manufactures a single product. On December 31, 2012 Bravo adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was determined to be $500,000. Inventory data for succeeding years are as follows: Year Ended December 31 2012 2013 2014 2015 Inventory at Respective Year-end Prices $500,000 527,000 635,000 645,000 Relevant Price Index (Base Year 2012) 1.00 1.08 1.15 1.21 Compute the inventory amount at December 31, 2013, 2014, and 2015 using the dollarvalue LIFO inventory method for each year. (Round all amounts to the nearest dollar, 10 points each) Part B (40 points) Information from Hope Company's records for the year ended December 31, 2015 is available as follows: $2,800,000 Net sales Cost of goods manufactured: Variable $1,260,000 Fixed $630,000 Operating expenses: Variable $196,000 Fixed $240,000 Units manufactured 70,000 Units sold 60,000 Finished goods inventory, 1/1/2015 $0 Hope had no work-in-process inventories at either the beginning or end of 2015. a. What would be Hope's finished goods inventory cost under the variable (direct) costing method at December 31, 2015? (20 points) b. What would Hope's operating income be under the absorption costing method? (20 points) Part C (30 points, 10 each) Tool City, Inc. had 300 cordless screwdrivers on hand at January 1, 2015 costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows: Date Purchases Sales January 9 200 @ $75 January 14 100 @ $47 January 23 75 @ $76 January 25 100 @ $48 January 30 75 @ $77 Tool City does not maintain perpetual inventory records. According to a physical count, 150 cordless screwdrivers were on hand at January 31, 2015. a. What is the cost of the inventory at January 31, 2015 under the FIFO method? b. What is the cost of the inventory at January 31, 2015 under the LIFO method? c. What is the cost of the inventory at January 31, 2015 under the FIFO method if only 145 cordless screwdrivers were on hand at the time of the physical count? ASSIGNMENT 04 A06 Intermediate Accounting II Part A (40 points) Colorado Company has provided you the following information. Year 2014 2015 2016 2017 Taxable income $390,000 $320,000 $400,000 ($1,200,000) Income tax rate 35% 37% 40% 40% Colorado Company has decided to use the loss carryback and carryforward provision as a result of the year 2017 loss. The enacted tax rate remains at 40% after year 2017. Colorado Company has determined that a valuation allowance is not necessary. Prepare the journal entry on December 31, 2017 to record the carryback and carryforward decision. Part B (30 points) The Matrix Company began operations as of the beginning of 2015. During 2015, Matrix reported GAAP (book) income before taxes of $789,500. For income tax purposes, depreciation expense was $150,000; for GAAP (book) purposes, depreciation expense was $74,000. Matrix accrued $900,000 of revenue for GAAP (book) purposes during 2015; $600,000 of the accrued revenue was taxable during 2015. Matrix earned interest of $79,800 from a municipal bond investment during 2015. Matrix's marginal income tax rate is 40%. Matrix did not make any income tax payments during 2015. a. Determine Matrix's taxable income for the year ended December 31, 2015. b. Prepare the 2015 year-end journal entry to record income tax expense. Part C (30 points) a. For each of the items below, determine whether the items are temporary differences or permanent differences. Also, for each temporary difference, you are required to determine whether a deferred tax asset or deferred tax liability is created by the temporary difference described. Assume that each of the temporary differences described is an originating difference. 1. Municipal bond interest 2. Accrued warranty expense 3. Sales revenues received in advance 4. Prepaid insurance where the tax deduction in future years will be less than the book expense 5. Tax depreciation expense exceeds GAAP (book) depreciation expense 6. Accrued bad debt expense 7. The dividends received deduction 8. Installment sales revenue (recognized currently for GAAP, recognized for tax purposes when cash is collected in future years) 9. Life insurance payments for executives for which the company is the beneficiary 10. Fines paid for law violations b. Explain why temporary differences result in deferred tax assets or deferred tax liabilities while permanent differences do not, and describe the difference in the formation of deferred tax assets and deferred tax liabilities. ASSIGNMENT 08 A06 Intermediate Accounting II Part A (30 points) Cannon Company has the following information for the year ending December 31, 2015. Long-term debt of $18,000 was issued for cash. Cash paid for labor during 2015 amounted to $489,500. During the year, Cannon experienced a pension outflow of $14,000. Dividends of $34,000 were received. Cannon's cash balance at the beginning of 2015 was $975,000; at the end of 2015 the cash balance was $839,500. The company made an investment of $310,000 in an affiliate company. A lease payment of $110,000 was made on November 1, 2015. There is no asset recorded in connection with the lease. During the year, Cannon collected $780,000 cash from customers. Cash paid for income taxes amounted to $56,000 for all of 2015. During 2015, Cannon discontinued its consumer electronics division. The business was sold resulting in a $12,000 net cash inflow. 1. Prepare Cannon Company's statement of cash flows for the year ending December 31, 2015 using the indirect method. 2. Explain how the indirect statement of cash flows that you prepared would differ under IFRS rules. Assume this is a nonfinancial entity. Part B (30 points) The following Income Statement and Operating Cash Flow information pertain to Receivership Inc.'s operations for the year ended December 31, 2014. Prepare the net cash flow from operating activities section of the cash flow statement using the direct method. Income statement for the year ended December 31, 2014 Revenues COGS Rent expenses Wages expenses Insurance expenses Other SG&A (includes depreciation expenses) Interest expenses Gain on sale of asset 1,328 587 152 136 53 198 30 (5) 1,151 177 62 115 Income before tax Tax Net income Cash flow provided by operating activities (indirect method), for the year ended December 31, 2014 Net income Depreciation Gain on sale of asset Increases/decreases in A/R Inventories Prepaid rent A/P Wages payable Tax payable Interest payable Advances from customers Other accrued SG&A Net cash provided by operating activities 115 32 (5) 142 26 (35) 13 28 (20) 5 (2) (3) 5 17 159 Part C (40 points) The following information and financial statements excerpts pertain to Liquidity Inc. a. All short term investments (securities available for sale) were purchased on 12/31/14 and sold during 2015. b. The company entered a lease agreement on 12/31/15. c. Fixed assets with a net book value of $15 were sold during the year. d. The company repaid the current portion of long-term debt during the year. e. Dividend was declared and partially paid. 2014 Assets Cash Short term investments Accounts receivable Inventory Prepaid general expenses Fixed assets under capital lease, net Fixed assets, net Liabilities and stockowners' equity Accounts payable Wages payable Tax payable Dividend payable Current portion of long term debt Obligations under capital leases Long term debt Common stock Retained earnings 2015 54 95 45 52 11 45 0 85 75 15 0 165 422 50 228 498 38 12 3 0 10 0 183 150 26 422 48 6 5 4 12 50 180 163 30 498 2014 Revenues, net Cost of goods sold Gross margin General expenses Wages expenses Depreciation expense Interest expense Loss on sale of fixed assets Gain on sale of securities available for sale Tax expenses Net income 2015 426 310 116 30 42 24 11 3 -12 8 106 10 1. Prepare the statement of cash flows for the year 2015 using the direct method. 2. Reconcile net income and net cash flows from operating activities for the year 2015