Bryan followed in his father’s footsteps and entered into the carpet business. He owns and operates I Do Carpet (IDC). Bryan prefers to install carpet only, but in order to earn additional revenue, he also cleans carpets and sells carpet cleaning supplies. Compute his taxable income for the current year considering the following items:
a) IDC contracted with a homebuilder in December of last year to install carpet in 10 new homes being built. The contract price of $80,000 includes $50,000 for materials (carpet). The remaining $30,000 is for IDC’s service of installing the carpet. The contract also stated that all money was to be paid up front. The homebuilder paid IDC in full on December 28 of last year. The contract required IDC to complete the work by January 31 of this year. Bryan purchased the necessary carpet on January 2 and began working on the first home January 4. He completed the last home on January 27 of this year.
b) IDC entered into several other contracts this year and completed the work before year-end. The work cost $130,000 in materials and IDC elects to immediately deduct his supplies. Bryan billed out $240,000 but only collected $220,000 by year-end. Of the $20,000 still owed to him, Bryan wrote off $3,000 he didn’t expect to collect as a bad debt from a customer experiencing extreme financial difficulties.
c) IDC entered into a three-year contract to clean the carpets of an office building. The contract specified that IDC would clean the carpets monthly from July 1 of this year through June 30 three years hence. IDC received payment in full of $8,640 ($240 a month for 36 months) on June 30 of this year.
d) IDC sold 100 bottles of carpet stain remover this year for $5 per bottle (it collected $500). IDC sold 40 bottles on June 1 and 60 bottles on November 2. IDC had the following carpet cleaning supplies on hand for this year, and IDC has elected to use the LIFO method of accounting for inventory under a perpetual inventory system: Purchase Date Bottles Total Cost November last year 40 $120 February this year 35 $112 July this year 25 $85 August this year 40 $140 Totals 140 $457
e) On August 1 of this year, IDC needed more room for storage and paid $900 to rent a garage for 12 months.
f) On November 30 of this year, Bryan decided it was time to get his logo on the sides of his work van. IDC hired We Paint Anything, Inc. (WPA), to do the job. It paid $500 down and agreed to pay the remaining $1,500 upon completion of the job. WPA indicated it wouldn’t be able to begin the job until January 15 of next year, but the job would only take one week to complete. Due to circumstances beyond its control, WPA wasn’t able to complete the job until April 1of next year, at which time IDC paid the remaining $1,500.
g) In December, Bryan’s son, Aiden, helped him finish some carpeting jobs. IDC owed Aiden $600 (reasonable) compensation for his work. However, Aiden did not receive the payment until January of next year.
h) IDC also paid $1,000 for interest on a short-term bank loan relating to the period from November 1 of this year through March 31 of next year.
In: Accounting
Using PYTHON. Implement the stooge sort algorithm3to sort an array/vector of integers.
Your program should be able to read inputs from a file called “data.txt” where the first value of each line is the number of integers that need to be sorted, followed by the integers
The output will be written to a file called “stooge.txt”.
Stooge sort is a “bad” recursive sorting algorithm. Given an array A, the algorithm can be defined as follows:
Step 1:
If the value at the leftmost position of the array is larger than the value at the rightmost position then swap values.
Step 2: If there are 3 or more elements in the array, then:
Recursively call Stooge sort with the initial 2/3 of the array
Recursively call Stooge sort with the last 2/3 of the array.
Recursively call Stooge sort with the initial 2/3 of the array again.
Examplevalues for data.txt :
4 19 2 5 11
8 1 2 3 4 5 6 1 2
In: Computer Science
(Please explain step by step I have to be able to solve these myself). Write the auto-ionization reaction for water. Identify each conjugate acid-base pairs in the reaction. Derive an expression for the ionic product of water and state what that value is.
In: Chemistry
explain why the change is or is not likely to be a Pareto improvement:Replacing the system of agricultural price supports with a system of income supplements for poor farmers.
In: Economics
our company is considering a machine that will cost $ 6,582 at Time 0 and which can be sold after 3 years for $ 231 . To operate the machine, $ 418 must be invested at Time 0 in inventories; these funds will be recovered when the machine is retired at the end of Year 3. The machine will produce sales revenues of $ 981 /year for 3 years; variable operating costs (excluding depreciation) will be 56 percent of sales. Operating cash inflows will begin 1 year from today (at Time 1). The machine is in the 3-year MACRS class. The MACRS class has depreciation of 33% in year 1, 45% in year 2, 15% in year 3, and 7% in year 4. The company has a 30 percent tax rate, enough taxable income from other assets to enable it to get a tax refund from this project if the project's income is negative, and a 10 percent cost of capital. Inflation is zero. What are the terminal cash flows associated with ending this project?
Note, I want only the Year 3 terminal cash flows, not the year 3 operating cash flows. Show your answer to the nearest $.01 Do not use the $ symbol in your answer.
In: Finance
The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows: Common stock—$5 par value, 150,000 shares authorized, 59,000 shares issued and outstanding $ 295,000 Paid-in capital in excess of par value, common stock 525,000 Retained earnings 675,000 Total stockholders’ equity $ 1,495,000 On February 5, the directors declare a 16% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $46 per share on February 5 before the stock dividend. The stock’s market value is $40 per share on February 28.
One stockholder owned 700 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholder’s shares immediately before and after the stock dividend of February 5.
Compute the total market value of the investor’s shares in part 2 as of February 5 and February 28.
In: Accounting
Linux Create two subprocesses using the system call fork(), and then use the system call signal() to let the parent process capture the interrupt signal on the keyboard (i.e., press the DEL key); The subprocess terminates after the subprocess captures the signal and outputs the following information separately: “Child Process l is Killed by Parent!” “Child Process 2 is Killed by Parent!” After the two child processes terminate, the parent process output the following information and terminate itself: “Parent Process is Killed!” Program with screen shot and explanation. Thank you
In: Computer Science
Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies:
Expected unit sales (frames) for the upcoming months
follow:
| March | 320 |
| April | 340 |
| May | 390 |
| June | 490 |
| July | 465 |
| August | 515 |
Variable manufacturing overhead is incurred at a rate of $0.20 per
unit produced. Annual fixed manufacturing overhead is estimated to
be $7,200 ($600 per month) for expected production of 4,000 units
for the year. Selling and administrative expenses are estimated at
$650 per month plus $0.50 per unit sold.
Iguana, Inc., had $10,500 cash on
hand on April 1. Of its sales, 80 percent is in cash. Of the credit
sales, 50 percent is collected during the month of the sale, and 50
percent is collected during the month following the sale.
Of raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $2,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $240 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment.
Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies:
Expected unit sales (frames) for the upcoming months
follow:
| March | 320 |
| April | 340 |
| May | 390 |
| June | 490 |
| July | 465 |
| August | 515 |
Variable manufacturing overhead is incurred at a rate of $0.20 per
unit produced. Annual fixed manufacturing overhead is estimated to
be $7,200 ($600 per month) for expected production of 4,000 units
for the year. Selling and administrative expenses are estimated at
$650 per month plus $0.50 per unit sold.
Iguana, Inc., had $10,500 cash on
hand on April 1. Of its sales, 80 percent is in cash. Of the credit
sales, 50 percent is collected during the month of the sale, and 50
percent is collected during the month following the sale.
Compute the budgeted cash receipts for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.)
|
April |
May |
June |
2nd quarter total |
|
|
Budgeted Cash Receipts |
Compute the budgeted cash payments for Iguana. (Do not round your intermediate calculations. Round final answers to 2 decimal places.)
|
April |
May |
June |
2nd quarter total |
|
|
Budgeted Cash payments |
Prepare the cash budget for Iguana. Assume the company can borrow in increments of $1,000 to maintain a $10,000 minimum cash balance. (Leave no cell blank enter "0" wherever required. Round your answers to 2 decimal places.)
|
April |
May |
June |
2nd quarter total |
|
|
Beginning cash balance |
||||
|
Plus: Budgeted Cash Receipts |
||||
|
Less: Budgeted Cash Payments |
||||
|
Preliminary Cash Balance |
||||
|
Cash borrowed / Repaid |
||||
|
Ending Cash Balance |
In: Accounting
The system described by the reaction
CO(g)+Cl2(g)?COCl2(g)
is at equilibrium at a given temperature when PCO= 0.31atm
, PCl2= 0.12atm , and PCOCl2= 0.59atm . An
additional pressure of Cl2(g)= 0.39atm is added.
Find the pressure of CO when the system returns to equilibrium. in atm
In: Chemistry
What volume of a 0.305 M nitric
acid solution is required to neutralize
18.3 mL of a 0.112 M
potassium hydroxide solution?
__________ mL nitric acid
In: Chemistry
41. Write a report on advancement in wheel and tyre
technology.Also the report should be consest of 10-12
Page,Advantage disadvantage,Future scope.Plagarsim level should be
Zero.
Please don't answer if you don't know and write the report on 10-12
page minimum.
For small answer or for plagrism I will downrate your answer.So if
you know than only answer it
In: Mechanical Engineering
How can standard enthalpy and gibbs free energy of a reaction be used to determine yield at a particular temperature and pressure? The standard enthalpy of formation at 298K is -45.4 kJ/mol and the standard gibbs free energy at 298K is -7.7kJ/mol. The problem requires that the yield of the reaction be determined at 325K and 50 atm. Any help with this would be greatly appreciated.
In: Chemistry
You may need to use the appropriate appendix table or technology to answer this question. The state of California has a mean annual rainfall of 22 inches, whereas the state of New York has a mean annual rainfall of 42 inches. Assume that the standard deviation for both states is 4 inches. A sample of 32 years of rainfall for California and a sample of 48 years of rainfall for New York has been taken.
b.What is the probability that the sample mean is within 1 inch of the population mean for California? (Round your answer to four decimal places.)
c.What is the probability that the sample mean is within 1 inch of the population mean for New York? (Round your answer to four decimal places.)
d.In which case, part (b) or part (c), is the probability of obtaining a sample mean within 1 inch of the population mean greater? Why?
In: Math
1. According to the Ricardian equivalence theorem, an increase in government spending (G) would:
Increase aggregate demand as consumer spending would not change
Decrease aggregate demand as consumer spending would decrease more than the increase in G
Not change aggregate demand as consumer spending would decrease by the opposite amount as the increase in G
Not change aggregate demand as household savings would decrease
2. From a functional finance perspective, when the economy is in an inflationary gap the government should:
do nothing
run a deficit
run a surplus
run a balanced budget
In: Economics
explain 8 specific example in which lifestyle and the environment contribute to diseases
In: Biology