One item is omitted in each of the following summaries of balance sheet and income statement data for three different corporations, A, B, and C.

Determine the amounts of the missing items.

Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify):

Transactions and events during 2018 (summarized in thousands of dollars) follow:

1. Borrowed $13 cash on March 1 using a short-term note.
2. Purchased land on March 2 for future building site; paid cash, $7.
3. Issued additional shares of common stock on April 3 for $34.
4. Purchased software on July 4, $12 cash.
5. Purchased supplies on account on October 5 for future use, $17.
6. Paid accounts payable on November 6, $14.
7. Signed a $30 service contract on November 7 to start February 1, 2019.
8. Recorded revenues of $140 on December 8, including $30 on credit and $110 collected in cash.
9. Recognized salaries and wages expense on December 9, $75 paid in cash.
10. Collected accounts receivable on December 10, $14.

Data for adjusting journal entries as of December 31:

11. Unrecorded amortization for the year on software, $5.
12. Supplies counted on December 31, 2018, $11.
13. Depreciation for the year on the equipment, $7.
14. Interest of $2 to accrue on notes payable.
15. Salaries and wages earned but not yet paid or recorded, $13.
16. Income tax for the year was $9. It will be paid in 2019.

3. Prepare an unadjusted trial balance. (Enter your answers in thousands of dollars.)

The following trial balance was extracted from the books of Big Bamboo Limited on December 31, 2020               

Additional Information:

1.      Stock at December 31, 2020 $80,000

2.      Payment of $10,100 for insurance relates to the first quarter of 2021.

3.      Wages owing $4,800

4.      Provision for bad debt is to be increased to $1,500

5.      Depreciation on fixed assets:

-          Motor vehicles 10% on cost

-          Buildings 15 % on the reducing balance method

Required:

Prepare for Big Bamboo Limited:

(a)    An income statement for the year ended December 31, 2020                      

(b)   A statement of financial position as at December 31, 2020                          

The Harding Corporation has $50 million of bonds outstanding that were issued at a coupon rate of 10.25 percent seven years ago. Interest rates have fallen to 9 percent. Preston Alter, the vice-president of finance, does not expect rates to fall any further. The bonds have 18 years left to maturity, and Preston would like to refund the bonds with a new issue of equal amount also having 18 years to maturity. The Harding Corporation has a tax rate of 25 percent. The underwriting cost on the old issue was 2.5 percent of the total bond value. The underwriting cost on the new issue will be 1.8 percent of the total bond value. The original bond indenture contained a five-year protection against a call, with an 8 percent call premium starting in the sixth year and scheduled to decline by one-half percent each year thereafter (Consider the bond to be seven years old for purposes of computing the premium). Use Appendix D. (Round "PV factor" to 3 decimal places.) a. Compute the discount rate. (Round the final answer to 2 decimal places.) Discount rate 6.75 6.75 Correct % b. Calculate the present value of total outflows. (Do not round intermediate calculations. Enter the answers in whole dollars, not in millions. Round the final answer to nearest whole dollar.) Total outflows $ 2812500 2812500 Incorrect c. Calculate the present value of total inflows. (Do not round intermediate calculations. Enter the answers in whole dollars, not in millions. Round the final answer to nearest whole dollar.) Total inflows $ 4801477 4801477 Correct d. Calculate the net present value. (Do not round intermediate calculations. Round the final answer to nearest whole dollar.) Net present value $ 1365193 1365193 Incorrect e. Should the Harding Corporation refund the old issue? Yes No

Taxes (LO 5.7)

Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2018 tax year of $35,550. Laura's employer withheld $3,300 in state income tax from her salary. In April of 2018, she pays $600 in additional state taxes for her prior year's tax return. The real estate taxes on her home are $1,750 for 2018, and her personal property taxes, based on the value of the property, amount to $375. Also, she paid $75 for state gasoline taxes for the year.

Complete the taxes section of Schedule A below to report Laura's 2018 deduction for taxes assuming she chooses to deduct state and local income taxes.

If an amount is zero, enter "0". Enter all amounts as positive numbers.

Please answer below two question in your own words and in brief

The following passage summarizes some of the central points in the debate as to the value of corporations to devote significant resources to corporate social responsibility:

Stakeholders Versus Shareholders

Although corporate social responsibility may appear to be an “apple-pie virtue,” it is quite controversial. Below are some of the chief arguments for and against it:

Proponents will claim that it…

• BURNISHES A COMPANY’S REPUTATION. In the wake of corporate scandals, corporate social responsibility builds goodwill—and can pay off when scandals or regulatory scrutiny inevitably arise.
• ATTRACTS TALENT. Many young professionals expect their employers to be active in social issues. Membership in Netimpact.org, a network of socially-conscious MBA graduates, jumped from 4,000 in 2002 to 10,000 in 2004.

On the other hand, Detractors will argue that it…

• COSTS TOO MUCH. Giving by corporate foundations reached an all-time high of $3.6 billion last year. However, it can come at the expense of other priorities, such as research and development, and is rarely valued by Wall Street.
• IS MISGUIDED. Many corporate executives believe, as economist Milton Friedman does, that the role of business is to generate profits for shareholders—not to spend others’ money for some perceived social benefit.

1. What is your view on this issue? Would that view be different if you were a stockholder of a firm?
2. Do you know of any companies that have engaged in Socially Responsible behavior? Please explain, Please use an example.)

distinguish between the roles of an internal and an external auditors

What is involved in job costing? (Hints: You may need to consider, but not be limited to: (a) the definition of job costing, (b) the purposes of job costing, (c) the basic documents used in the job costing system, (d) the major functions of job costing system, and (e) the fundamental components of job costing.)

The Terrapin manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during June ofthe current year. This table summarizes information provided on each sheet:

Questions:

1. What is the cost of the goods in process inventory on June30?
2. What is the cost of the finished goods inventory on June30?
3. What is the cost of goods sold for the month of June?

The following data were taken from the books of Powell Construction Ltd:

REQUIRED:

Prepare in the general ledger of Powell Construction Ltd for the month of August 2020:

a.       the Sales Ledger Control Account            (15 marks)

b.      Purchases Ledger Control Account            

Total 25 marks

Auditors have assessed inherent risk for a particular assertion at 80% and control risk at 5%. In addition they have performed audit procedures that they believe have a 25% risk of failing to detect a material misstatement in the assertion. Calculate the audit risk and explain what the audit risk means

Melanie is employed full-time as an accountant for a national hardware chain. She also has recently started a private consulting practice, which provides tax advice and financial planning to the general public. For this purpose, she maintains an office in her home. Expenses relating to her home for 2020 are as follows:

Melanie's residence cost $397,000 (excluding land) and has living space of 2,000 square feet, of which 35% (700 square feet) is devoted to business. The office was placed in service in February 2019, and under the Regular Method, Melanie had an unused office in the home deduction of $300 for 2019. Assume there is sufficient net income from her consulting practice.

Click here to access the depreciation table to use for this problem. Round your final answer to nearest dollar.

a. What amount can Melanie claim this year for her office in the home deduction under the Regular Method?
$fill in the blank f953e6faefc3fa1_1

b. What is Melanie's office in the home deduction under the Simplified Method?
$fill in the blank e9035cf27fa504b_1

Explain the amortization of a bond premium. Identify and describe the amortization methods available

According to Chapter 16, how many sections the Statements of Cash Flows? Give a brief description of these.