Accounting Equation Dividend Calculation Homework Help
- November 24, 2017
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- Category: Accounting
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1.Boehm corporation has had stabke earnings growth of 8% a year for thee past 10 years and in 2013 Boehm paid dividends of $2.6 millions on net income of $9.8 million. However, in 2014 earnings are expected to jump to $12.6 million, and Boehm plans to invest $7.3 million in a plant expansion. This one time unusual earnings growth won’t be maintained, though, and after 2014 Boehm will return to its previous 8% earnings growth rate. Its target debt ratio is 35%.
a. Calculate Boehm’s total dividends for 2014 under each of the folowing policies:
1. its 2014 dividend payment is set to force dividends to grow at the long run growth rate in earnings.
2. It continues the 2013 dividend payout ratio
3. It uses a pure residential policy with all distribution in the form of dividends (35% of the $7.3 million investment is financed with debt)
4. It employs a regular divided plus extras policy, with the regular dividen being based on the long run growth rate and the extra dividend being set according to the residual policy.
b. Which of the preceding policies would you recommend? Restrict your choices to the ones listed, but justify your answer.
c. Does a 2014 dividend of $9 million seem reasonable in view of your answer to parts a and B? if not, should the dividend be higher or lower?
2.Ore Body Corp. (OBC) runs an open-pit copper mine on land leased from the provincial government. OBC constructed several outbuildings on the mine site at a total cost of $15 million, all of which were ready for use on January 1, 20X3.
• When OBC is finished mining, a term of the lease requires OBC to remove all buildings and remediate the land by creating a nature park. The estimated cost of removal and remediation is $8 million.
• OBC reports its financial results in accordance with IFRS. Its year end is December 31.
• OBC depreciates the buildings on a straight-line basis over the 10-year useful life of the mine. The expected salvage value is nil.
• OBC uses a discount rate of 6%, which is an appropriate rate for this type of obligation.
What is the net amount that OBC will report as an outbuilding asset on its statement of financial position as at December 31, 20X3?
3. Hughes Excavating Corp. (HEC) sold an excavator to Boon Docks Inc. (BDI). HEC agreed to accept $15,000 cash and a recreational property with a small cabin on it as payment for the excavator. Pertinent details follow:
• The sale of the excavator was incidental to HEC’s primary revenue-generating activities of excavating building sites.
• HEC reports its financial results in accordance with IFRS.
• The transaction is deemed to have commercial substance.
• HEC originally paid $130,000 for the excavator. Its net book value at the time of the exchange was $84,000.
• There is an active market for the excavator that HEC sold to BDI. Based on recent, similar transactions, the fair value of the excavator is estimated to be $96,000.
• The latest government-assessed value of the land and buildings was $90,000 —$60,000 allocated to land and $30,000 to the cabin. While government assessments are prepared for the purpose of assessing property taxes rather than estimating actual market values, they are frequently used to estimate relative fair values of the component parts. There have not been any recent sales of similar properties in the area.
When HEC prepares the journal entry to record the transaction, at what amount will the company debit the land account?
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4.With regard to the Government Auditing Standards:
a. Differentiate among the different types of professional engagements.
b. Assume you are auditing a city that has a summer youth employment program. List some factors you might investigate in terms of
(1) financial statement audits and
(2) performance audits
5.Using the information prepare a schedule showing the status of the appropriation at the end of the first quarter.
Assume a federal agency has the following events:
1. Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000.
2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
3. The director of the agency allots $590,000 to program units.
4. Program units place orders of $550,000.
5. Supplies ($100,000) and services ($320,000) are received during the first quarter. Supplies of $80,000 were used in the quarter.
Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is a budgetary or proprietary type.
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