On 1 November 2020, Bermuda Ltd acquired all the assets and liabilities (other than cash) of Triangle Ltd. The details on the assets and liabilities of Triangle Ltd were as follows:   Carrying Amount Fair Value Cash 30,000 30,000 Equipment 120,000 140,000 Accounts Receivable 25,000 25,000 Furniture 35,000 25,000 Accounts Payable 10,000 10,000 Income tax Payable 19,000 19,000 Annual Leave Payable 14,000 14,000 In addition to the above items Triangle Ltd had an internally generated brand name with a fair value of $75,000 that was not recognised in its accounts. The consideration Bermuda Ltd paid to Triangle Ltd was $80,000 cash and 20,000 shares. The fair value of each Bermuda Ltd share is $10. Bermuda Ltd paid $20,000 in acquisition related costs. Tax rate is 30%.

Action, Inc. acquired the following assets and assumed the related liabilities of Slacker Corp. in a transaction completed on February 16, 2023: Accounts receivable, net Inventories Property, plant & equipment Non-amortizable intangible assets Carrying value for Slacker Current liabilities Noncurrent liabilities $ 11,000 $ 50,000 $ 100,000 $ 200,000 Fair Value $ 10,000 $ 50,000 $ 150,000 $ 225,000 $ (40,000) $(200,000) $ (40,000) $(200,000) Action paid $205,000 in cash for all of the above from Slacker. a) Determine if Action must record any goodwill. Show any calculations. b) Record the acquisition in Action's general journal on Feb. 16, 2023. Show: any calculations. c) Prepare any adjusting entry for amortization required as of the fiscal year end, December 31, 2023. If no amortization is required, explain why.

A-5

Excelsior Corporation has the following headings on its December 31, 2019 Balance Sheet: Total Current Assets $200,000 Total Assets $500,000 Total Current Liabilities $169,000 Total Non Current Liabilities $300,000 On January 2020 Excelsior sells temporary investments to pay off $56,400 in long term debt Required 1: How much will working capital increase (decrease) by when comparing December 2019 with January 2020?   Required 2: If no other transaction took place in January 2020, the current ratio at the end of January 2020 is:    Required 3: If no other transaction took place in January 2020, the debt to equity ratio at the end of January 2020 is:  Required 4: If no other transaction took place in January 2020, the financial leverage in January 2020  is (calculate the Equity Ratio and not the Equity Ratio percentage):  Required 5: If last 12 month sales as of January 2020 amount to $480,000, the working capital turnover for the period ended January 31st 2020 is:

Rivendell Corporation uses the accrual method of accounting and has the following assets as of the end of 2020. Rivendell converted to an S corporation on January 1, 2021. (Leave no answer blank. Enter zero if applicable.)Asset    Adjusted Basis    FMVCash    $ 40,000    $ 40,000Accounts receivable    30,000    30,000Inventory    130,000    60,000Land    100,000    125,000Totals    $ 300,000    $ 255,000                                                                                                                                      b. Assuming the land was valued at $200,000, what would be Rivendell’s net unrealized gain at the time it converted to an S corporation?                                                                                                                                      c. Assuming the land was valued at $125,000 but that the inventory was valued at $85,000, what would be Rivendell’s net unrealized gain at the time it converted to an S corporation?

ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres: Interest income from OCBC Bank                      $5,000Dividend income from DBS Bank                      $3,000Rental from investment property                        $20,000 What is ABC's taxable income for the Year of Assessment 2021? Group of answer choices a) $100,000 b) $97,000 c) $92,000 d) None of the above

Mumtaz Bhd is a listed company engaged in developing housing and industrial estate. Below is the trial balance as at 30 June 2020.     Debit Credit   RM’000 RM’000 Investment property at fair value 28,660   Intangible assets on 1 July 2019 18,800   Tax recoverable on 1 July 2019 800   Revenue   158,920 Freehold land at valuation 13,400   Buildings at cost 28,400   Plant and machinery at cost 204,400   Accumulated depreciation as at 1 July 2019:     - building   4,260 - plant and machinery   85,140 Inventory on 30 June 2020 4,300   Trade receivables 7,860   Cash at bank 10,900   Ordinary shares of RM1 each   60,000 Distribution costs 4,460   Retained earnings as at 1 July 2019   6,380 Asset revaluation reserve   12,700 Cost of sales 43,780   Administrative expenses 8,560   10% Debentures   31,660 Finance costs…

Taballa Ltd owns all the share capital of Amaroo Ltd. The income tax rate is 30%. The following transactions took place during the periods ended 30 June 2023 or 30 June 2024. (a) On 1 May 2023, Amaroo Ltd sold inventories costing $600 to Taballa Ltd for $1 200 on credit. On 30 June 2023, only half of these goods had been sold by Taballa Ltd, and Taballa Ltd had paid $600 to Amaroo Ltd. All remaining inventories were sold to external entities by 30 June 2024 and Taballa Ltd paid the outstanding amount to Amaroo Ltd on 5 May 2024. (b) On 1 January 2023, Taballa Ltd sold an item of plant to Amaroo Ltd for $10 000. Immediately before the sale, Taballa Ltd had the item of plant on its accounts for $ 12 000. Taballa Ltd depreciated items at 5% p. a. on the diminishing balance and Amaroo Ltd used the straight-line method over 10 years. (c) An inventories item with a cost of $4 000 was sold by Taballa Ltd to Amaroo Ltd for $3 600 on 1 January 2024. Amaroo Ltd intended to use this item as…

Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90

H