User Account

All Pages

How each would impact Lifetime Tours financial report

Assignment Help Accounting Basics
Reference no: EM132815326

Question - Tours Ltd for the year ended 30 June 2018. The financial report will be approved and signed by the directors on 30 July 2018, with the auditor's report signed on the same date. The audited financial report will be issued on 12 August 2018. The following information came to light:

1. On 15 July 2018, one of Lifetime tour clients, Jungle Adventures, went into liquidation. Jungle Adventures purchased travel packages in bulk. A letter from the solicitor dated 30 July 2018 indicated that creditors were likely to receive $0.10 in the dollar. At 30 June 2018 Jungle Adventures owed lifetime tours $1,200 000 and Lifetime Tours had provided for 10% of the money owed as a doubtful debt.

2. On 10th August 2018, a private bus transporting a Lifetime Tours tour group in New Zealand crashed. Some passengers on board the bus including the Lifetime tours Guide and the driver had minor injuries. Lifetime Tours is concerned about the negative publicity relating to the crash.

Required For each situation above, assess the type of subsequent event and how each would impact Lifetime Tours' financial report for the year ended 30 June 2018, if at all.

Reference no: EM132815326

Questions Cloud

What should ajax do to account for the granted stock option : Ajax Corporation, The options vest in three years. At the end of the first year, what should Ajax do to account for these granted stock options?
Compute the profitablity of each type of chair : Compute the profitablity of each type of chair (please show all the computational steps). (Negative values should be indicated by a minus sign
Kimberle crenshaw brings up the idea of frames : In her TED Talk, Kimberlé Crenshaw brings up the idea of "frames." Both required texts analyze systems of domination.
Why observational learning occurs : There are two main theories on why observational learning occurs: Bandura's social cognitive model and the operant learning model.
How each would impact Lifetime Tours financial report : Required For each situation above, assess the type of subsequent event and how each would impact Lifetime Tours' financial report for year ended 30 June 2018
Describe how you would formulate the team : During the first IEP meeting, the lead person (in most instances it is an administrator) will introduce each person and provide the reason they are included.
Find ajax inc treasury stock account shows a balance of : Find Ajax, Inc.'s treasury stock account shows a balance of? When it began business in 2026, Ajax, Inc. issued 150,000 shares of $1 par stock for $1,500,000.
Compute the profitability of each type of chair : Compute the profitability of each type of chair - Prepare a table listing the different activities, costs associated with each activity, the appropriate
Prepare the journal entries to record the bond retirement : Assume the company retires the bonds on June 30, 2017, at 102 plus accrued interest. Prepare the journal entries to record the bond retirement

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd