Hello, I have 3 separate accounting assignments. I will attach the excel files and PDF files that contain the instructions of each Assignment.
Chapter 12 Noncurrent Assets 504 Case study Cs-1 LO 3 6 7 Upmount Inc. reported the following information on their annual financial statements (all numbers are in millions). Year end september 30, 2018 Year end september 30, 2017 Net Sales $233,715 $182,795 Net Income 53,394 39,510 An excerpt from its balance sheet and notes to the financial statements is presented below. CoNsoliDAteD BAlANCe sHeets (In millions, except number of shares which are reflected in thousands and per value) september 30, 2018 september 30, 2017 Assets Current assets Cash and cash equivalents $21,120 $13,844 Short-term marketable securities 20,481 11,233 Accounts receivable, less allowances of $82 and $86, respectively 16,849 17,460 Inventories 2,349 2,111 Deferred tax assets 5,546 4,318 Vendor non-trade receivables 13,494 9,759 Other current assets 9,539 9,806 Total current assets 89,378 68,531 Long-term marketable securities 164,065 130,162 Property, plant and equipment, net 22,471 20,624 Goodwill 5,116 4,616 Acquired intangible assets, net 3,893 4,142 Other assets 5,556 3,764 total Assets $290,479 $231,839 Property, Plant and equipment Property, plant and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which for buildings is the lesser of 30 years or the remaining life of the building; between one to five years for machinery and equipment; and the shorter of lease terms or 10 years for leasehold improvements. Depreciation and amortization expenses on property and equipment was $9.2 billion, $6.9 billion and $5.8 billion during 2018, 2017 and 2016, respectively. Noncurrent Assets including goodwill and other Acquired intangible Assets Upmount reviews property, plant and equipment, and certain identifiable intangibles, excluding goodwill, for impairment. If property, plant and equipment, and certain identifiable intangibles are considered to be impaired, the impairment to be recognized equals the amount by which the carrying value of the assets exceeds its fair value. Chapter 12Noncurrent Assets 505 Upmount does not amortize goodwill and intangible assets with indefinite useful lives, rather such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. Upmount performs its goodwill and intangible asset impairment tests in the fourth quarter of each year. Upmount did not recognize any impairment charges related to goodwill or indefinite lived intangible assets during 2018, 2017 and 2016. Upmount amortizes its intangible assets with definite useful lives over their estimated useful lives and reviews these assets for impairment. Upmount typically amortizes its acquired assets with definite useful lives over periods from three to seven years. Note 3 – Consolidated Financial statement Details The following tables shows Upmount’s consolidated financial statement details as of September 30, 2018 and September 30, 2017 (in millions): Property, Plant and equipment, Net 2018 2017 Land and buildings $6,956 $4,863 Machinery, equipment and internal-use software 37,038 29,639 Leasehold improvements 5,263 4,513 Gross property, plant and equipment 49,257 39,015 Accumulated depreciation and amortization (26,786) (18,391) Total property, plant and equipment $22,471 $20,624 required a) Noncurrent assets make up what percentage of total assets in 2018? b) What method of depreciation does Upmount use? How many years does Upmount depreciate machinery and equipment? c) What is the value of goodwill in Upmount at the end of 2018? Did Upmount write off any impairment on goodwill in 2018? d) Calculate the return on assets for 2018. What does it mean? e) Calculate the asset turnover for 2018. What does it mean? CH 15 case study ACC 231enter your name here CH 15 Case Study AP-21B on workbook pp 618-619 Part a - Journalize the entries to record all the transactions. DateAccount Title and ExplanationDebitCredit 1/1/18 1/3/18 1/4/18 2/20/18 3/31/18 5/30/18 6/20/18 8/20/18 9/9/18 10/25/18 12/31/18 Part b - Fill in the missing numbers (darker gray shaded areas) for the account balances in the stockholder's equity section of the balance sheet as at December 31, 2018 Prakum Corporation Balance Sheet (partial) As at December 31, 2018 Stockholder's Equity Paid-in Capital Preferred Stock, 10% cumulative, $80 par value, 200000 shares authorized, 4000 shares issued and outstanding Common Stock, $5 par value, unlimited shares authorized, 106040 shares issued, 111040 outstanding Additional Paid-In Capital Total Paid-In Capital$ - 0 Retained Earnings, $50000 restricted by purchase of treasury stock$ 163,320.00 Total Paid-In Capital and Retained Earnings$ 163,320.00 Less: Treasury Stock (5000 shares at cost) Total Stockholder's Equity$ 163,320.00 Chapter 15 Corporations: Stock and Dividends 618 c) Record the treasury stock re-issuance journal entry on December 1, 2018. date account title and explanation debit Credit ap-21B LO 1 4 5 6 7 8 Prakun Corporation was formed on January 1, 2018. The corporate charter authorized the issuance of 10%, $80 par value, 200,000 cumulative preferred shares and unlimited $5 par value common shares. The following transactions occurred between January 1, 2018 and December 31, 2018. Jan 1 Issued 6,400 shares of common stock in exchange for organizational expenses of $2,000 and $30,000 cash Jan 3 Issued 100,000 shares of common stock in return for $800,000 cash Jan 4 Issued 4,000 shares of preferred stock in return for $400,000 cash Feb 20 Purchased 10,000 shares of its own common stock for $10 per share Mar 31 Declared cash dividends of $50,000 to the owners of preferred and common stock as of April 30. The company uses the cash dividends account to record cash dividends. May 30 Paid the cash dividends declared on March 31 Jun 20 Declared 10% common stock dividends to the owners of common stock as of July 20. The market price of common stock on this date is $12 per share. The company uses the retained earnings account to record stock dividends. Aug20 Distributed the stock dividends declared on June 20 Sep 9 Sold 2,000 shares of treasury stock for $11 per share Oct 25 Sold 3,000 shares of treasury stock for $9 per share Dec 31 Estimated income tax expense of $120,000. However, the actual amount of income tax due for this period based on tax laws is determined to be $100,000. required a) Journalize the entries to record all the transactions. date account title and explanation debit Credit Chapter 15Corporations: Stock and Dividends 619 date account title and explanation debit Credit b) Fill in the missing numbers (gray shaded areas) of shares and account balances in the stockholders’ equity section of the balance sheet as at December 31, 2018. prakun Corporation Balance sheet (partial) as at december 31, 2018 stockholders' equity Paid-In Capital Preferred stock, 10% cumulative, $80 par value, 200,000 shares authorized, shares issued and outstanding Common stock, $5 par value, unlimited shares authorized, shares issued, 111,040 outstanding Additional Paid-In Capital Total Paid-In Capital Retained Earnings, $50,000 restricted by purchase of treasury stock 163,320 Total Paid-In Capital and Retained Earnings Less: Treasury Stock (5,000 shares at cost) total stockholders' equity Sheet1 ACC 231NAMEACC 231 CH 19 Case StudyCH 19 Case Study Workbook pp 780-781 CS-1Workbook pp 780-781 CS-1 Part a - Identify the problems with the Statement of Cash Flows that the accounting clerk prepared.Continued Part b - Prepare a corrected Statement of Cash Flows Granite SurfacesGranite Surfaces Statement of Cash Flows - as preparedStatement of Cash Flows - corrected For the month ended 12/31/2018For the month ended 12/31/2018 Cash Flow from Operating Activities Net Income$ 114,140 Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities Depreciation Expense$ 15,300 Changes in Operating Assets and Liabilities Increase in Accounts Receivable$ 31,400 Decrease in Merchandise Inventory$ (38,700) Increase in Accounts Payable$ 41,100 Sale of Equipment$ 36,000 Purchase of Equipment$ (250,000) Net Cash Provided (Used) by Operating Activities$ (50,760) Cash Flow from Investing Activities Proceeds from Notes Payable$ 55,000 Net Cash Provided (Used) by Investing Activities$ 55,000 Cash Flow from Financing Activities Payment of Cash Dividend$ (50,000) Proceeds from Issuance of Common Stock$ 50,000 Net Cash Provided (Used) by Financing Activities$ - 0 Net Increase (Decrease) in Cash$ 4,240 Cash at the Beginning of the Year$ 114,800 Cash at the End of the Year$ 119,040