CONVEX Ltd. is a new company that was established on 1st January, 2020 to oversee theproduction of coronavirus vaccines for Ghana. On 1st July, 2020, CONVEX Ltd. acquired 75%shares in CONCAVE Ltd., a pharmaceutical company, to speed up the vaccine production. As anew graduate
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- Chainsaw Ltd is one of the largest and fastest growing companies in the timber industry in the Limpopo province. It was incorporated in 2015 and has a 31 December financial year end. Chainsaw Ltd is a registered VAT vendor and so are all other entities trading with it. VAT is levied at 15%. The following is an extract from Chainsaw Ltd's asset register for the year ended 31 December 2019: Land and Buildings On 1 February 2018, Chainsaw Ltd bought a residential property from Mrs Sprucewood at a cost of R 3 800 000 (Excluding VAT). Transfer duty of R 200 000 (Excluding VAT) was paid on the same date. Of the total cost of the property, 75% was attributable to the buildings and the rest to the land. Chainsaw Ltd wanted to convert the property into an office building. The following expenses were incurred evenly to convert the property: • Painting • Plumbing • Room improvements Transportation of materials used R2 300 Incl. VAT R1 150 Incl. VAT R5 750 Incl. VAT R 11 500 Incl. VAT On 30 June…AristoPleb Ltd is an ASX-listed company that specialises in mobile gaming technology. It was founded in 1996 by Ken Gainsworth and is the only Australian company specialising in the mobile gaming industry. Ken Gainsworth is a director in AristoPleb and the inventor of several mobile technology patents that he sold to AristoPleb. In 2020, Ken Gainsworth decides to set up a new company called Gainsworth Technology Pty Ltd in which he will be both a director and a major shareholder. Ken intends that his new company will specialise in mobile gaming technology and become a possible rival to AristoPleb in the future. Ken has not had time to tell anyone at AristoPleb about his new company, and so the market is unaware of Ken's activities. Ken also gifts his technology patents to Gainsworth Pty Ltd. Has Ken Gainsworth breached his directors duties? Make sure that you use I.R.A.C.(Issue, Rule Application, conclusion) structure for your answerCrane Inc. earns $400000 and pays cash dividends of $100000 during 2020. Blossom Corporation owns 60000 of the 200000 outstanding shares of Crane Inc.How much revenue from investment should Blossom report in 2020? $30000 $150000 $90000 $120000
- As an analyst for a big technology company. The company has decided that this is the time to retire some of its debt. The company has decided the best way to do this is if us government bonds are used to match the principle as well as the interest payments on the liabilities chosen. Set up a strategy to accomplish this showing your work and discussion your result. do you think this process is reasonable and why/whynot? September 2019 $4,500,000 September 2020. $5,050,000 September 2021. $3,750,000 September 2022 $6,450,000 The Government debt 1.50% coupon due September 2019 1.75% coupon due September 2020 2.35% coupon due September 2020 2.6% coupon due September 2021At their last quarterly meeting, the management of Noble Agro Processing & Manufacturing Company, a Public Limited Liability Company incorporated in 2018 to produce assorted Agriculture implements, and processing of Agric aw materials into semi-finished products discussed the future prospects of the Company after the Covid 19 Economic down turn. This was particularly with regards to their plans to extend their sales beyond the frontiers of Ghana and to strive hard to capture at least 20% of the total market share of the industry within the East African sub region by the year 2025. To successfully carry out this aggressive mission, there was the need for inject of fresh capital which management agreed as follows: 1. To issue 400,000 Equity Shares of no par Value at the price of GH¢1.00 per Share 2. 10% Debenture Loan to the tune of GH¢600,000.00 On the basis of the available capital anticipated, management has come out with two possible strategies to enter the East African Market.…GoMo Ltd is a UK registered company which commenced trading in the UK on 1 March 2020 as a manufacturer of mopeds (small motorbikes). GoMo Ltd prepared its first accounts for the period 1 March 2020 to 31 December 2020. The following information is available: B6) Calculate the capital gains tax Mr Smith will owe to HMRC following the incorporation of ‘MoFin Ltd’ in the tax year 2020/21. Your answer should take into consideration any incorporation and business asset disposal (entrepreneur’s) relief which are available to Mr Smith.
- NGD Corp, a publically traded company, is a manufacturer of electrical supplies. Its main headquarters is based in Salt Lake City, Utah, and the company has been operating since 1977. The company sells its products to the retail market on a world-wide basis. Its major clientele is Home Depot and Lowes and has captured about 10 percent of the world market of light bulbs sales. Their financial statements presented below, for the Year Ending December 31, 2019, have been prepared using US GAAP. The controller would like to begin to see the effects of using IFRS on the Income Statement and Balance Sheet and you has been assigned to help with this task. The company would like to adapt IFRS by as early as next year as it is considering a new stock issue in the London Stock Exchange, which requires IFRS compliance. ADDITIONAL INFORMATION 1. NGD Corp. uses the LIFO method to account for its inventory. The LIFO reserve was $30,000 at the beginning of the year and $40,000 as of year-end. 2.…Ridgeway Ltd is a company that has manufactured steel shelving systems for sale to retail customers. In 2017 the directors decided following the Brexit vote to expand into the industrial market. On 1 April 2018 it raised a five year loan of £6.4m at 8% interest +with repayments starting on 1 April 2019, invested £8m in new plant which became fully operational on that date and undertook an advertising campaign in trade journals. Sales increased and the company paid a dividend of £524,000 on 1 October 2018. Draft statements of financial performance and position are as follows: Required (a) Prepare a statement of cash flows for the year ended 31 March 2019. (b) Explain the points you would raise when approaching the bank seeking to maintain the bank overdraft at its current level.A company prepares its financial statements according to International Financial Reporting Standards. During 2024 the company incurred $1,265,000 in research expenditures to develop a new product. An additional $776,000 in development expenditures were incurred after technological and commercial feasibility was established and after the future economic benefits were deemed probable. The project was successfully completed and the new product was patented before the end of the 2024 fiscal year. Sale of the product began in 2023. What amount of the above expenditures would be expensed in the 2024 income statement?
- Required information While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat (GTE), specializes in custom-sculpted cakes for weddings, birthdays, and other celebrations. James and Paul formed the business at the beginning of 2023, and each contributed $80,000 in exchange for a 50 percent ownership interest. GTE also borrowed $320,000 from a local bank. Both James and Paul had to personally guarantee the loan. Both owners provide significant services for the business. The following information pertains to GTE's 2023 activities: • GTE uses the cash method of accounting (for both book and tax purposes) and reports income on a calendar-year basis. • GTE received $600,000 of sales revenue and reported $280,000 of cost of goods sold (it did not have any ending inventory). • GTE paid $45,000 compensation to James, $45,000 compensation to Paul, and $55,000 of…During the 2021/2022 financial year, the company had following events. On 1 April 2022, ABC Industry purchased additional 30,000 allowances on the market as the initially granted emission allowances seemed insufficient to settle their obligations (emission liabilities). On this date, the fair value of an allowance was $60. 1) How to recognise the Purchased emission allowances? As an intangible asset, inventory, debtor? Your team need to explain why the emission allowances should be recognised as such.Enoch Mabena is one of the successful Tenderprenuers in South Africa who owns Royal Projects, a company that supplies personal protective equipment (PPE). Enoch founded the company in March 2020. In its mission statements it emphases that it supplies superior, affordable and consistently high-quality PPE. In April 2020, the company successfully beat its rivals by securing a 4-year tender to supply PPE to the Gauteng department of health to be used by frontline doctors, nurses and occupational therapists. The project will add revenue amounting to R2 900 000 annually. Royal Projects accepts projects that have a payback period of two years or less. In order to establish the viability of the project, market research was conducted at a cost of R190 000. The expenses involved in the project would be substantial, and new equipment would need to be purchased at a cost of R3 000 000. The equipment could be financed by a loan from Standard Bank at 10% interest per annum. For tax purposes the…