P7.2 (LO 2, 3), AN As a supervisor in Wealth Health Services, you oversee the investment activity of a number of clients as well as train interns and new staff in the company. Cole, a college junior, is in just the second week of his 12-week internship. He is helping a client evaluate an asset replacement decision while following a similar example from a different client. He presents the asset replacement information, along with his analysis to you, as follows. Original cost of existing asset Market value of existing asset today Book value of existing asset today $ 80,000 $ 5,000 $ 5,000 New replacement asset cost $150,000 New replacement asset useful life (years) 10 $ 5,000 $ 25,000 Estimated salvage value of new replacement asset at end of useful life Estimated additional operating cash inflows from new replacement asset Minimum required return 10% Effective tax rate 28% Cole's Analysis $ Proceeds from sale of existing asset Cost of new replacement asset 5,000 $ (150,000) Present value of new asset's operating cash flows $25,000 ordinary annuity, n = 10, i = 10% $25,000 x 6.14457 $153,614.25 $ 8,614.25 Total NPV of replacement Based on his analysis, Cole suggests moving forward with this asset replacement.

Subject - account  Please help me.  Thankyou.

Derek Dingler conducts corporate training seminars on managerial accounting techniques all around the country. An upcoming training seminar is to be held in Philadelphia. Just prior to that engagement, Derek will be in New York City. He plans to stay in Philadelphia the night of the seminar, as the next morning he plans to meet with clients about future training seminar possibilities. One travel option is to fly from New York to Philadelphia on the first flight on Friday morning, which will get him to Philadelphia two hours before the start of his seminar. The cost of that flight is $287. Uber fees for his time in Philadelphia will cost $68. His meal per diem is $40 for each full day and $25 for each half day. The hotel cost is $225 per night. His second option is to rent a car and drive the two hours to Philadelphia from New York City the afternoon before the seminar. The cost of the rental car including gas is $57 per day and the car will be needed for two full days. At the end of…

After numerous campus interviews, Alex Sanchi, a student at BC, received two office interview invitations from the Orlando offices of two large firms. Both firms offered to cover her "out-of-pocket expenses" (travel, hotel, and meals). She scheduled the interviews for both firms on the same day, one in the morning and one in the afternoon. At the conclusion of each interview, she submitted to both firms her total out-of-pocket expenses of $296 for mileage, hotel, meals, parking and tolls. She believes this approach is appropriate. If she had made two trips, her cost would have been two times $296. She is also certain that neither firm knew she had visited the other on that same trip. Within ten days Alex received two checks in the mail, each in the amount of $296. Did Alex handle the situation properly? If not what should she have done?

(The following information applies to the questions displayed below.] While completing undergraduate school work in information systems, Dallin Bourne and Michael Banks decided to start a technology support company called eSys Answers. During year 1, they bought the following assets and incurred the following start-up fees: Year 1 Assets Purchase Date Basis Computers (5-year) Office equipment (7-year) Furniture (7-year) Start-up costs October 30, Year 1 October 30, Year 1 $ 15,000 10,000 October 30, Year 1 October 30, Year 1 3,000 17,000 In April of year 2, they decided to purchase a customer list from a company providing virtually the same services, started by fellow information systems students preparing to graduate. The customer list cost $10,000, and the sale was completed on April 30. During their summer break, Dallin and Michael passed on internship opportunities in an attempt to really grow their business into something they could do full time after graduation. In the summer,…

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Make sure all parts are DONE!! (use link at the bottom of question to complete certain parts) Project - Comprehensive Problem                                                                     For the past several years, Kell Dice has operated a part-time consulting business from his home. As of June 1, 2020, Kell decided to move to rented quarters and to operate the business, which was to be known as Dice Consulting, on a full-time basis. Dice Consulting entered into the following transactions during June. Transactions: June: Kell Dice deposited $55,000 into Dice Consulting as the sole owner. Dice Consulting purchased supplies, $3,500; and office equipment, $17,500 with a 3 year note payable of $10,000 and the remainder in cash. Paid three months’ rent on a lease rental contract, $ 6,000. Paid the yearly premium on property and casualty insurance policies, $3,000. Paid cash for a newspaper advertisement, $120. Received cash from clients as an advance payment for services to be…

Derek Dingler conducts corporate training seminars on managerial accounting techniques all around the country. An upcoming training seminar is to be held in Philadelphia. Just prior to that engagement, Derek will be in New York City. He plans to stay in Philadelphia the night of the seminar, as the next morning he plans to meet with clients about future training seminar possibilities. One travel option is to fly from New York to Philadelphia on the first flight on Friday morning, which will get him to Philadelphia two hours before the start of his seminar. The cost of that flight is $287. Uber fees for his time in Philadelphia will cost $68. His meal per diem is $40 for each full day and $25 for each half day. The hotel cost is $225 per night. His second option is to rent a car and drive the two hours to Philadelphia from New York City the afternoon before the seminar. The cost of the rental car including gas is $57 per day and the car will be needed for two full days. At the end of…

Question 2 Jacobsen is a new employee at the accounting firm of North Island LLP. Jacobsen has been hired as a junior human resources associate who will assist with recruitment of new accountants to the firm. Part of Jacobsen's contract reads as follows: "As a new member of the firm, we want to advise you of a few obligations which all employees are expected to follow. While you will be employed on a full-time basis (minimum 40 hours per week), your hours of work will vary higher from time-to-time; as such, you consent to working greater hours than those normally required without receiving extra compensation. As compensation for all time worked, you will receive a total of $15.50 per hour. For the duration of your employment, you will receive your vacation pay at a rate of 4% and be entitled to four weeks of vacation time. Further, you are entitled to all ten statutory holidays as well as paid holidays for Boxing Day and your birthday. As part of your normal duties, you be entitled to…

Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statements. Brain just entered his CPA certificate, and Louise Michneor was one of his first clients. Louise employs a bookkeeper, Martha Hailing, who does the daily journal entries and prepares a year-to-date trial balance at the end of the of each month. Martha gives the December 31 trial to a CPA to make adjustments and generate the financial statements. As Brian was looking through Louise Michenor’s books, he noticed two things. First, in each of the last three years, a different COA had prepared the financial statements. Second, the amount shown on the December 31 trial balance for miscellaneous expense was quite high this year compared to prior years. Brian called Martha to find out is she new why miscellaneous expense had such a high balance. Martha’s response was “ I just do what Louise tells me to do. If she wants to charge personal expenses to the company, it’s none of my business “.…