In 2020, Pina Ltd., which follows IFRS, reported accounting income of $1,178,000 and the 2020 tax rate was 20%. Pina had two timing differences for tax purposes:

CCA on the company’s tax return was $476,500. Depreciation expense on the financial statements was $283,000. These amounts relate to assets that were acquired on January 1, 2020, for $1,906,000.

Accrued warranty expense for financial statement purposes was $138,100 (accrued expenses are not deductible for tax purposes). This is the first year Pina offers warranties.

Both of these timing differences will fully reverse over the next four years, as follows:

Year		Depreciation Difference		Warranty Expense		Rate
2021		$67,500		$19,100		20%
2022		51,500		28,600		20%
2023		40,500		40,000		18%
2024		34,000		50,400		18%
		$193,500		$138,100

Prepare the journal entries to record income taxes for 2020

In 2021 the government announced a further tax rate reduction will be effective for the 2024 taxation year. The new rate will be 15%. Prepare the journal entry to adjust deferred taxes for the reduced rate.

RECORD IN JOURNAL ENTRY FORM

1. Record the journal entry for paying off a supplier invoice of $10,000 for raw materials on September 28th:

2. Record the journal entry for receive cash from a new shareholder who gave your company $300,000 in exchange for 3,000 shares of common stock, where the current market price is $100 per share.

3. Your company wants to expand your company to Seattle and lease office space downtown. You find an office building where you want your office to be for new employees, the landlord makes you pay 1 year of rent in advance for discount pricing at total cost of $225,000 for the year. Record the journal entry on day 1 when you sign the lease on 1st of October and pay in cash for the new office in Seattle:

Your Professional Experience assignment is to develop a promotional message. This can be an email, letter, info graphic, image, or any other relevant material that answers why should students take a Professional Communications course.

*Answer all of the questions, they are all necessary.

Prepare Adjusting Entries

1. Panda Corporation paid cash of $144,000 on June 1, 2020 for one year’s rent in advance and recorded the transaction with a debit to Prepaid Rent.
   • Prepare the December 31, 2020 adjusting entry
     1. (Clearly show debit and credit – debits are left and credits are right
     2. Do a journal entry
2. During the first year of Wilkinson Co.'s operations, all purchases were recorded as assets. Supplies in the amount of $28,800 were purchased. Actual year-end supplies amounted to $6,600.
   • Prepare the December 31^st adjusting entry
     1. (Clearly show debit and credit – debits are left and credits are right
     2. Follow the “Journal Entry”

3. Create a Financial Planner. The adjusted trial balance of Ryan Financial Planners appears below.

Using the information from the adjusted trial balance, you are to prepare for the month ending December 31, 2020:

• Remember, Assets = Liabilities + Stockholder’s Equity

         1.      an income statement.

         2.      a retained earnings statement.

         3.      a balance sheet.

                                                                                                                    Debit                  Credit

Cash                                                                      .............................      $ 4,900

Accounts Receivable..........................................................................          2,200

Supplies.............................................................................................          1,800

Equipment .........................................................................................        20,000

Accumulated Depreciation—Equipment..........................................                                 $ 5,000

Accounts Payable..............................................................................                                     3,800

Unearned Service Revenue...............................................................                                     5,000

Common Stock..................................................................................                                   11,000

Retained Earnings..............................................................................                                     4,400

Dividends...........................................................................................          2,000

Service Revenue................................................................................                                     8,700

Supplies Expense...............................................................................             600

Depreciation Expense........................................................................          3,500

Rent Expense.....................................................................................          2,900               ______

                                                                                                                 $37,900              $37,900

1.                                                RYAN FINANCIAL PLANNERS

Income Statement

For the Month Ended December 31, 2020

2.                                                RYAN FINANCIAL PLANNERS

Retained Earnings Statement

For the Month Ended December 31, 2020

3.                                                RYAN FINANCIAL PLANNERS

Balance Sheet

December 31, 2020

Assets

Liabilities and Stockholders’ Equity

[The following information applies to the questions displayed below.]

Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit Bank to see if they could borrow an additional $1 million, but unfortunately the bank turned them down as too risky. Undeterred, they promoted their idea to close friends they had made through the outdoor clinics and TEAM events. They decided to go ahead and sell shares of stock in the company to raise the additional funds for the camp.

Great Adventures has authorized $1 par value common stock. When the company began on July 1, 2021, Tony and Suzie each purchased 10,000 shares (20,000 shares total) of $1 par value common stock at $1 per share. The following transactions affect stockholders’ equity during the remainder of 2022:

November	5		Issue an additional 128,000 shares of common stock for $10 per share.
November	16		Purchase 12,800 shares of its own common stock (i.e., treasury stock) for $29 per share.
November	24		Resell 6,800 shares of treasury stock at $30 per share.
December	1		Declare a cash dividend on its common stock of $14,760 ($0.10 per share) to all stockholders of record on December 15.
December	20		Pay the cash dividend declared on December 1.
December	31		Pay $870,000 for construction of new cabins and other facilities. The entire expenditure is recorded in the Buildings account.

2. Great Adventures has net income of $40,604 in 2022. Retained earnings at the beginning of 2022 was $34,850. Prepare the stockholders’ equity section of the balance sheet for Great Adventures as of December 31, 2022. (Amounts to be deducted should be indicated with a minus sign.)

	GREAT ADVENTURES, INC. Balance Sheet (Stockholders' Equity Section) December 31, 2022 Stockholders' equity: Common Stock $148,000 Additional Paid-In Capital Total paid-in capital 148,000 Retained Earnings Treasury Stock Total stockholders' equity $148,000

2012 Corporate Tax Rate Schedule (partial)
Taxable Income Greater Than	But Less Than Or Equal To	Tax Is	Of the amount exceeding
$0	$50,000	15%	$0
$50,000	$75,000	$7,500 + 25%	$50,000
$75,000	$100,000	$13,750 + 34%	$75,000
$100,000	$335,000	$22,250 + 39%	$100,000

JKEB Corporation has the following revenues and expenses for the current tax year:

Sales revenue, net of returns . . . . . . . . . . . . . . . . . . . . . . . . . . .        $100,000

Dividend Income (less than 20% owned investees) . . . . . . . . . .         25,000

Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           30,000

Normal business expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .         40,000

1.      What is JKEB Corporation’s dividends-received deduction for the current tax year?

2.      Assuming that JKEB Corporation’s normal business expenses were $82,000 instead of $40,000, compute its dividends-received deduction for the current tax year.

JKEB Corporation incurred the following capital gains and losses in tax year 2012:

Short Term Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           $ 20,000

Short Term Capital Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           (10,000)

Long Term Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 5,000

Long Term Capital Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .           (28,000)

JKEB’s prior corporate tax returns reflect the following net capital gain/ (loss):

2008 - $6,000 gain

2009—$8,000 gain

2010—($3,000) loss

2011—$1,000 gain

3.      Calculate the net capital gain (loss) for 2012. How is this reported on the 2012 Form 1120?

4.      Calculate the amount of capital loss carryback (if any) to tax years 2008 through 2011 inclusive.

5.      Calculate the amount of capital loss carryforward (if any) to 2013. How will this loss be treated in 2013 (i.e., as a short-term or long-term capital loss)?

JKEB Corporation had the following items during its 2012 tax year:

Net income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000

Dividends received (from less than 20% owned investees). . . . . . . . . . .      10,000

Charitable contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     30,000

Net operating loss carryover from 2011 . . . . . . . . . . . . . . . . . . . . . . . . . .     30,000

Long-term capital gains. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       8,000

Long-term capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      6,000

Short-term capital gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .       3,000

Capital loss carryover from 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .     9,000

Tax Credit…………………………………………………………………    4,500

6.      Compute JKEB Corporation’s 2012 taxable income and income tax liability before tax credits.

7.      What are the nature and amount of any carryovers to 2013?

8.      What is the taxable amount due after using the tax credit?

Analyzing Accounts Using Adjusted Data Selected T-account balances for Fields Company are shown below as of January 31, 2014; adjusting entries have already been posted. The firm uses a calendar-year accounting period but prepares monthly adjustments. Supplies (A) Jan.31 Bal 3,200 Supplies Expense (E) Jan.31 Bal 3,840 Prepaid Insurance (A) Jan.31 Bal 2,296 Insurance Expense (E) Jan.31 Bal 328 Wages Payable (L) Jan.31 Bal 2,000 Wages Expense (E) Jan.31 Bal 12,800 Truck (A) Jan.31 Bal 34,800 Accumulated Depreciation-Truck (XA) Jan.31 Bal 9,860 (a) If the amount in Supplies Expense represents the January 31 adjustment for the supplies used in January, and $2,480 worth of supplies were purchased during January, what was the January 1 beginning balance of Supplies? $Answer 4,560 (b) The amount in the Insurance Expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year, what was the amount of the premium and on what date did the insurance policy start? $Answer 3,936 May 1, 2013 June 1, 2013 July 1, 2013 August 1, 2013 September 1, 2013 October 1, 2013 November 1, 2013 (c) If we assume that no beginning balance existed in Wages Payable or Wages Expense on January 1, how much cash was paid as wages during January? $Answer 10,800 (d) If the truck has a useful life of five years, what is the monthly amount of depreciation expense? $Answer 580 How many months has Fields owned the truck? Answer 17 months

Visit your favorite restaurant. Observe its business operations. 1. Describe all the business activities from the time a customer arrives to the time that customer departs. 2. List all the costs you can identify with the separate activities described in part 1. 3. Classify each cost from part 2 as fixed or variable and explain your classification. 4. Classify each cost from part 2 as direct or indirect and explain your classification. 5. Classify each cost from part 2 as product or period and explain your classification. If you classify a cost as product, indicate whether it is direct material, direct labor, or overhead cost.

Nova Company’s total overhead cost at various levels of activity are presented below:

Month	Machine- Hours			Total Overhead Cost
April		50,000		$	190,900
May		40,000		$	164,400
June		60,000		$	217,400
July		70,000		$	243,900

Assume that the total overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 40,000 machine-hour level of activity is:

Utilities (variable)	$	60,000
Supervisory salaries (fixed)		41,000
Maintenance (mixed)		63,400
Total overhead cost	$	164,400

Nova Company’s management wants to break down the maintenance cost into its variable and fixed cost elements.

Required:

1. Estimate how much of the $243,900 of overhead cost in July was maintenance cost. (Hint: to do this, it may be helpful to first determine how much of the $243,900 consisted of utilities and supervisory salaries. Think about the behavior of variable and fixed costs.)

2. Using the high-low method, estimate a cost formula for maintenance in the form Y = a + bX.

3. Express the company’s total overhead cost in the form Y = a + bX.

4. What total overhead cost would you expect to be incurred at an activity level of 45,000 machine-hours?

detailed swot analysis for marriott international

On October 1, 2017, Vaughn, Inc., leased a machine from Fell Leasing Company for five years. The lease requires five annual payments of $10,000 beginning September 30, 2018. Vaughn’s incremental borrowing rate is 11%, and it uses a calendar year for reporting purposes. The machine has a 12-year economic life with zero salvage value. Vaughn correctly classifies the lease as an operating lease under ASU 2016-02. Using (PV of 1, PVAD of 1, and PVOA of 1) (Use the appropriate factor(s) from the tables provided.) Required: At what amount should Vaughn record the leased equipment on October 1, 2017? (Round your answer to the nearest whole dollar.) What is the amount of rent expense that Vaughn should record for the year ended December 31, 2017, and for the year ended December 31, 2018? How much of the lease liability should be classified as current on December 31, 2017, and December 31, 2018? (Round your intermediate calculations and final answers to 2 decimal places.)

The IRS may not waive an invalid S corporation election if the failure is caused by: A. a failure to obtain required consents. B. a reasonable cause for a late election. C. a shareholder refusing to sign the consent during the IRS-approved extension period. D. an inadvertent failure to qualify as a small business corporation based on extenuating circumstances.

a). The below calculation indicated on the both parameter of short run and life time profit ,option 3 is one of the most suitable for advertisement of the company, calculated below.

Costs	Opt. 1 Mon. Online Magazine	Opt.2 Affiliated Retail Store	Opt. 3 Search Engine
Variable	$0	$0.25/click	$0.005/click
Total variable cost		1445	420
Fixed	$500	$50	Auction
Total Cost	$500	$1,495	$420
Outcomes
Expected Clicks	1,550	5,780	84000
Average Pg. views	20	5	1.5
% of Clicks Converted	7%	3%	0.14%
Profit
Short term($3.5/client)	$379.75	$606.90	$411.60
Long Term ($25/client)	$2,712.50	$4,335.00	$2,940.00
Profit / Total cost
Short term	0.7595	0.405953177	0.98
Long term	5.425	2.899665552	7

b). To determine the benefits of an advertising campaign, should Hula Island use the profit on the first sale or the expected lifetime profits? Why?

c). To choose between advertising campaigns, should Hula Island use the total expected profits or the ratio of total expected profits to advertising costs? Why?

2. Using your answer from Question 1 (either short-run or lifetime, total expected profits, or the ratio of total expected profits to advertising costs), determine the winner of the comparison between Options 1 and 2. Advertising Option 3 is different from the other two options in that the auction determines the fixed advertising cost. Assume Hula wins the search engine auction with a bid of $105. Which advertising option (1, 2, or 3) would you recommend to management?

At the beginning of 2019, Hardin Company had 230,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to its common stock:

March	1	Issued 46,000 shares of stock at $25 per share.
June	1	Issued a 20% stock dividend.
July	1	Issued 9,000 shares of stock at $30 per share.
Aug.	31	Issued a 2-for-1 stock split on outstanding shares, reducing the par value to $5 per share.
Oct.	31	Reacquired 97,000 shares as treasury stock at a cost of $33 per share.
Nov.	30	Reissued 49,000 treasury shares at a price of $36 per share.

1. Determine the weighted average number of shares outstanding for computing the current earnings per share. Round your interim computations and final answer for the number of shares to nearest whole number.

Determine the number of common shares outstanding at December 31, 2019.