Financial Accounting Foundations

Find the audited financial statements of Beyond Meat Inc. as at/for the year ended December 31 2019 (fiscal “2019”). Answer the questions below: MAKE SURE YOUR NUMBERS ARE REPORTED CORRECTLY. I.e. thousands (000s) è Include the page # where you found your answer. a)Who were the auditors? b)What are the total assets of Beyond Meat Inc. at December 31 2019? c)What is the largest revenue channel for 2019 for Beyond Meat Inc. (name and amount)? Do you think this changed in 2020? Why or why not? d)What is the largest expense item for 2019 for Beyond Meat Inc. (name)? e)Research and development equipment (a capital asset) is amortized over how many years? f)What is the net book value of plant and equipment at December 31 2019? g)What was Beyond Meat Inc.’s provision (allowance) for doubtful accounts at March 31 2019? You are the Finance Manager of Sackville Inc. a residential and commercial property restoration company. Your staff accountant has prepared draft financial statements as at/for the year ended December 31 2020. (i.e. all entries are done except for any corrections you propose.) On review of the statements you note the following items relating to events occurring in 2020: Q2 A.Sackville signed a four-year lease in December 2020 for five new trucks starting January 1 2021. Upon signing the lease Sackville paid a damage deposit of $6250. The accountant recorded this amount as rent expense in 2020. Dr security Deposit 6250 Cr rent 4250 B.Sackville purchased inventory from Insolvent Ltd. at its liquidation sale in December 2020 for $51000. The value of this inventory was estimated at $95000. The accountant recorded the inventory at $95000 and recorded the $44000 difference between the amount paid and the value as a gain in the 2020 statements. The inventory has not yet been sold. Dr Profit and loss 4400 Cr inventory 4400 C.Sackville purchased $15000 of marble tiles in December. $10000 worth was installed in the entrance of the company’s office. The remaining $5000 worth was installed in the CEO’s home as a holiday gift for their spouse. The $15000 plus the cost of labor to install the tiles at both the office and the CEO’s residence were all capitalized as leasehold improvements by Sackville. They will be amortized over the 7 years remaining on Sackville’s office lease. Dr D.Sackville provides a service where it will deep clean customers’ homes/businesses for potential COVID-19 contamination. On December 20 2020 the property manager for an apartment building purchased this service for five apartments with new tenants moving in early in 2021. Sackville agreed to do the cleanings on January 2. The $6000 received on December 20 was booked as 2020 revenue as the service was non-cancellable. E.Sackville was served with a lawsuit during 2020 for faulty renovation. The claim is $325000. Sackville’s lawyer made an offer to settle the claim for $100000 which was rejected. Sackville’s lawyer estimates that it is highly likely/probable they will have to pay $150000 for this claim. Nothing has been recorded in the financial statements related to the lawsuit since it will not go to court until 2022. Required (State any assumptions needed): For each letter item above prepare the following: i)Prepare any necessary journal entries for 2020 for Sackville to correct any of the above treatments. If no adjustment is necessary you must indicate “No Entry”. (Always show any calculations.) ii)EXPLAIN why you made the adjustment (or no adjustment) in (i) using and applying at least one FOUNDATIONAL principle or ELEMENT characteristic from the conceptual framework to the situation as support.

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