Why should companies have strong policies in place to protect personally identifying information?

Use the following information for the Problems below. Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN CORPORATION Comparative Balance Sheets December 31, 2017 and 2016 2017 2016 Assets Cash $ 170,000 $ 113,600 Accounts receivable 92,000 77,000 Inventory 610,000 532,000 Total current assets 872,000 722,600 Equipment 351,100 305,000 Accum. depreciation—Equipment (161,000 ) (107,000 ) Total assets $ 1,062,100 $ 920,600 Liabilities and Equity Accounts payable $ 99,000 $ 77,000 Income taxes payable 34,000 28,100 Total current liabilities 133,000 105,100 Equity Common stock, $2 par value 604,000 574,000 Paid-in capital in excess of par value, common stock 202,000 169,000 Retained earnings 123,100 72,500 Total liabilities and equity $ 1,062,100 $ 920,600 GOLDEN CORPORATION Income Statement For Year Ended December 31, 2017 Sales $ 1,822,000 Cost of goods sold 1,092,000 Gross profit 730,000 Operating expenses Depreciation expense $ 54,000 Other expenses 500,000 554,000 Income before taxes 176,000 Income taxes expense 30,400 Net income $ 145,600 Problem 16-6A Indirect: Statement of cash flows LO P1, P2, P3 Additional Information on Year 2017 Transactions Purchased equipment for $46,100 cash. Issued 12,600 shares of common stock for $5 cash per share. Declared and paid $95,000 in cash dividends. Required: Prepare a complete statement of cash flows; report its cash inflows and cash outflows from operating activities according to the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $118,000 Conversion costs: 20% complete 82,600 Cost of work in process, April 1 $200,600 Costs incurred during production in April Direct materials $944,000 Conversion costs 430,700 Costs incurred in April $1,374,700 Units transferred out totaled 20,060. Ending work in process was 1,180 units that are 100% complete as to materials and 40% complete as to conversion costs. Collapse question part (a) Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April. Materials Conversion Costs The equivalent units of production?

why is it important to have software vendors (such as SAP, Oracle,etc.) use the audit data standards?

I am looking to see how to determine the disposal of noncash assets. They were disposed of for $160,000. The balance before was $150,000. If I am doing a Proposal of Scheduled Liquidation - Subsequent Save House Capital balances would I be putting $10,000 under cash, decrease noncash assets by $150,000 and allocation the difference of $10,000 to the partners?

Jenny Jinglebell has always wished to own her own French macaroons shop. Ever since she tried

her first macaroon, she thought it would be a brilliant idea to have her own shop where she can

sell a multitude of flavors and colors of French macaroons. She purchased a premium site for

the macaroons shop, right across the street from Campus Martius Park in Downtown Detroit.

After extensive research, Jenny decided that it is best for her to open a franchise at first. The

franchise that best fit Jenny’s criteria is François Patisserie. A François Patisserie franchise costs

$30,000, an amount that is amortized over 15 years. As a franchisee, Jenny needs to adhere to

the company’s building specifications. The building would cost an estimated $450,000 and

would result in a $50,000 salvage value at the end of its 15-year life. The equipment needed is

sold as a package by the corporate office at a cost of $200,000, will have a salvage value of

$10,000 at the end of its 5-year life, equipment and must be replaced every 5 years.

Jenny estimates the annual revenue from a François Patisserie franchise at $950,000. Food

costs typically run 36% of revenue. Annual operating expenses, not including depreciation, total

$425,000. For financial reporting purposes, Jenny will use straight-line depreciation and

amortization. Based on past experience, she uses a 16% discount rate.

*Please no handwriting*

Required:

a.

Calculate the shop’s net present value over the franchise’s 15-year life.

b.

Calculate the restaurant’s payback period.

c.

Calculate the restaurant’s simple rate of return.

d.

Should Jenny open a

François Patisserie? Why or why not? Note: for comparison

purposes, you should know that

using Excel or a similar spreadsheet application Jenny

calculates her IRR to be 22.64%.

e.

What potential shortcomings do you see in Jenny’s estimates? How do you recommend she

adjusts her analysis to address those shortcomings?

The information that follows pertains to Richards Refrigeration, Inc.:

1. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the following:

2. No temporary differences existed at the beginning of 2018.
3. Pretax accounting income was $211 million and taxable income was $145 million for the year ended December 31, 2018. The tax rate is 40%.

Required:
1. Complete the following table given below and prepare the appropriate journal entry to record income taxes for 2018
2. What is the 2018 net income?

Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $170,000 of business income from WCC for the year. Jacob’s marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional Medicare tax. (Round your intermediate calculations to the nearest whole dollar amount.)

a. What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income?

b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction?

1.

Problem 10-35 (Algorithmic) (LO. 3, 9)

The JM Partnership was formed to acquire land and subdivide it as residential housing lots. On March 1, 2019, Jessica contributed land valued at $888,000 to the partnership in exchange for a 50% interest. She had purchased the land in 2011 for $621,600 and held it for investment purposes (capital asset). The partnership holds the land as inventory.

On the same date, Matt contributed land valued at $888,000 that he had purchased in 2009 for $1,065,600. He became a 50% owner. Matt is a real estate developer, but he held this land personally for investment purposes. The partnership holds this land as inventory.

In 2020, the partnership sells the land contributed by Jessica for $932,400. In 2021, the partnership sells the real estate contributed by Matt for $843,600.

a. What is each partner's initial basis in his or her partnership interest?

Jessica's initial basis is $............?. Matt's initial basis is $..............?

b. What is the amount of gain or loss recognized on the sale of the land contributed by Jessica? What is the character of this gain or loss?

The amount of the.................? recognized on the sale of the land contributed by Jessica is $,................? and the type is ...................?.

c. What is the amount of gain or loss recognized on the sale of the land contributed by Matt? What is the character of this gain or loss?

The amount of the ...........? recognized on the sale of the land contributed by Matt is $............?, and the type is........? .

d. How would your answer in (c) change if the property was sold in 2026?

The amount of the..........? recognized on the sale of the land contributed by Matt is $.............?, and the type is ...................?.

How to find CVS Health WACC, Cost of Debt, Cost of Equity using CAPM model (Capital Asset Pricing Model) for year 2017?

Prepare a "draft" Will, Trust or Power of Attorney for yourself or a fictitious person. This is called a Draft because it will not be executed and is intended for you to put into practice what you have learned.

1. Follow the legal requirements in your state of Virginia for the making of a Will ,Trust or Power of Attorney and that you are fairly detailed.

Exercise 17-3 Computation and analysis of trend percents LO P1 2017 2016 2015 2014 2013 Sales $ 441,811 $ 292,590 $ 239,828 $ 168,300 $ 127,500 Cost of goods sold 232,292 153,697 128,061 89,366 66,300 Accounts receivable 21,339 17,146 16,428 9,829 8,708

This year, GHJ Inc. received the following dividends.

- BP Inc. (a taxable California corporation in which GHJ holds a 2% stock interest) $21900

- MN Inc. (a taxable Florida corporation in which GHJ holds a 60% stock interest) $83100

- AB Inc. (a taxable French corporation in which GHJ holds a 26% stock interest) $21900

Compute GHJ's dividends-received deduction.

(I keep getting the answer $81810 and it says it's wrong)

The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company’s products is increasing, and management requests assistance from you in determining an economical sales and production mix for the coming year. The company has provided the following data:

The following additional information is available:  

1. The company’s plant has a capacity of 113,140 direct labor-hours per year on a single-shift basis. The company’s present employees and equipment can produce all five products.

2. The direct labor rate of $9 per hour is expected to remain unchanged during the coming year.

3. Fixed manufacturing costs total $630,000 per year. Variable overhead costs are $2 per direct labor-hour.

4. All of the company’s nonmanufacturing costs are fixed.

5. The company’s finished goods inventory is negligible and can be ignored.

Required:

1. How many direct labor hours are used to manufacture one unit of each of the company’s five products?

2. How much variable overhead cost is incurred to manufacture one unit of each of the company’s five products?

3. What is the contribution margin per direct labor-hour for each of the company’s five products?

4. Assuming that direct labor-hours is the company’s constraining resource, what is the highest total contribution margin that the company can earn if it makes optimal use of its constrained resource?

Coolbrook Company has the following information available for the past year:   

   
The company’s hurdle rate is 7.76 percent.

Required:
1. Calculate return on investment (ROI) and residual income for each division for last year. (Enter your ROI answers as a percentage rounded to two decimal places, (i.e., 0.1234 should be entered as 12.34%.))



2. Recalculate ROI and residual income for each division for each independent situation that follows: (Enter your ROI answers as a percentage rounded to two decimal places, (i.e., 0.1234 should be entered as 12.34%.))

a. Operating income increases by 9 percent.



b. Operating income decreases by 9 percent.



c. The company invests $246,000 in each division, an amount that generates $107,000 additional income per division.



d. Coolbrook changes its hurdle rate to 5.76 percent.