During 2019, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30) $58,200 Baking equipment (June 30) 17,460 Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile (which has a 5-year recovery period), and he also uses the MACRS accelerated method to calculate depreciation but elects out of bonus depreciation. Assume he has adequate taxable income. Click here to access the depreciation table and click here to access the annual automobile depreciation limitations. Calculate William's maximum depreciation deduction for 2019, assuming he uses the automobile 100 percent in his business. $

Month: Radiology Tests:   Total Costs:

January 2,800    $133,500

February 2,600 $135,060

March 3,100 $175,000

April 3,500 $170,600

May 3,400 $176,900

June 3,700 $186,600

July 3,840 $174,450

August 4,100 $195,510

September 3,450 $15,300

1. Compute the cost formula for radiology services using the method of least square

2. Using the formula computed in requirement 1, what is the predicted cost of radiology services for October for 3,500 appointments? (Round the answer to the nearest dollar)

3. What does the coefficient of determination tell you about the cost formula computed in requirement 1? What are the t statistics for the number of tests and the intercept term? What do these statistics tell you about the choice of number of tests as the independent variable and the probability that there are fixed costs?  

TRUE OR FALSE

1. When a depreciable asset is sold, a loss arises if the sales proceeds exceed the net book value.(TRUE OR FALSE )
2. Variable costs are costs that change with the level of activity (unit volumes).(TRUE OR FALSE )
3.         Revenue should be recorded in the same period as the cash is received.(TRUE OR FALSE )
4.         For a service business, revenue should be recorded as soon as a contract is signed and agreed.(TRUE OR FALSE )
5.         The payment of rent in 2019 will decrease assets and will reduce 2019 net income.(TRUE OR FALSE )

Enterprise Resource Planning (ERP) Systems" Please respond to the following: Give your opinion on which is the greatest risk of failure for an ERP system for an organization: selecting the wrong system ERP model or the wrong consultant not familiar with the company's business operations. Justify your answer. Give your opinion on whether or not the client should just be able to use whatever applications the ERP system provides, given that ERP systems use the best-practices approach in designing their applications, yet appropriateness of fit is considered to be an important issue when selecting an ERP. Explain your opinion.

Mickey, Mickayla, and Taylor are starting a new business (MMT). To get the business started, Mickey is contributing $240,000 for a 40 percent ownership interest, Mickayla is contributing a building with a value of $240,000 and a tax basis of $160,000 for a 40 percent ownership interest, and Taylor is contributing legal services for a 20 percent ownership interest. What amount of gain is each owner required to recognize under each of the following alternative situations? [Hint: Look at §351 and §721.] (Leave no answer blank. Enter zero if applicable.)

a. MMT is formed as a C corporation.

Gain to be recognized:

b. MMT is formed as an S corporation.

Gain to be recognized:

c. MMT is formed as an LLC.

Gain to be recognized:

For the Original Post*, identify what you believe is an ethical concern or potential for fraud related to foreign currency transactions and/or the translation of foreign currency financial statements. Provide a detailed description of the ethical concern or potential for fraud that you have chosen and provide justification/reasoning for your selection. Remember to use logic and the accounting principles that you have learned to develop your argument.

As assistant controller for a small firm, you are responsible for recording and posting of the daily cash receipts and disbursements to the ledger account. After you have posted the entries, your boss, the controller, prepares a trial balance and the financial statements. You make the following entries on June 30.

Cash                        1,430

Account Receivable 1,950

            Service Revenue       3,380

To record daily cash sales and sales on account

Advertising Exp        12,500

Utilities Exp               22,600

Rent Exp                   24,000

Salary & Wage Exp 17,400

          Cash                             76,500

To record daily cash disbursement

The daily cash disbursements are much larger on June 30 than on any other day because many of the company's major bills are paid on the last day of the month. After you have recorded these two transactions and before you have posted them to the ledger accounts, your boss comes to you with the following request:

As you are aware, the first half of the year has been a tough one in the consulting industry and for our business.  With first-half bonuses based on net income, I am wondering whether you or I will get a bonus this time around. However, I have a suggestion that should allow us to receive something for our hard work and at the same time not hurt anyone. Go ahead and post the June 30 cash receipts to the ledger, but don't bother to post that day's cash disbursements. Even though the treasurer writes checks on the last day of the month and you normally journalize the transaction on the same day, it is silly to bother posting entry to the ledger since it takes at least a week for the checks to clear the bank.

1. Recognize an ethical dilemma: Explain why the controller's request will result in an increase in net income. On the basis of your answer, what ethical dilemma(s) do you now face?

2. a. Do you agree with the controller that the omission of the journal entry on June 30 " will not hurt anyone"? Who may benefit from the omission of the entry? Who may be harmed?

     b. How are they likely to benefit or be harmed?

     c. What rights or claims may be violated?

     d. What specific interest are in conflict?

    e. What are your responsibilities and obligations?

Reporting of Equity in Consolidation Paris Cosmetics purchased all of the of the ordinary shares of All Mineral Company for Cash on January 1, 2019. The separate balance sheets of the two corporations before consolidation appeared as follows (not necessarily in order):

During purchase negotiations, Paris Cosmetics determined the appraised value of All Minerals Patents were €20,000 and their inventory was 19,500; and all of the remaining assets and liabilities were appraised at values approximating their book values.

During purchase negotiations, Paris Cosmetics determined the appraised value of All Minerals Patents were €20,000 and their inventory was 19,500; and all of the remaining assets and liabilities were appraised at values approximating their book values.

1. Determine how much will be ascribed to goodwill? (Hint: What is the definition of goodwill?) (5 points)
2. Prepare the consolidated Balance Sheet. Use the EU version of IFRS. Order is important. (10 points)
3. Prepare journal entry to record transactions

The city maintains a landfill that has been recorded during the current year within its parks. The landfill generated program revenues of $4,000 in Year 4 and cash expenses of $15,000. It also paid $3,000 cash for a piece of land. These transactions were recorded as would have been anticipated, but no other recording was made this year. The city assumes that it will have to pay $200,000 to clean up the landfill when it is closed in several years. The landfill was 18 percent filled at the end of Year 3 and is 26 percent filled at the end of Year 4. No payments will be necessary for several more years. For convenience, assume that the entries in all previous years were correctly handled regardless of the situation.

a. The city believes that the landfill was included correctly in all previous years as one of its enterprise funds. According to the information provided, the overall increase in net position reported was $140,000. What is the correct overall change in the net position in the government-wide financial statements?

b. The city believes that the landfill was included correctly in all previous years in one of the enterprise funds. According to the information provided, the enterprise fund reported an increase in its net position of $60,000. What is the correct change in the net position of the enterprise fund in the fund financial statements?

c. The city believes that the landfill was included correctly in all previous years within the general fund. What is the correct change in the fund balance of the general fund?

Condensed financial data of Monopoly Corporation appear below: A cash dividend was declared and paid in full to stockholders during the year. Required: Solve for the missing numbers.

• Balance Sheet
• Income Stmt
• Cash Flow Stmt

Solve for the missing numbers.

• Balance Sheet
• Income Stmt
• Cash Flow Stmt

Solve for the missing numbers. (Enter any deductions and cash outflows as a negative value.)

• State how the essentials components of a business plan and financial statements aid in a company’s success.
• Explain why you believe a company will be more successful if they complete a business plan.

Ajax entered into a four-year finance lease that specifies eight equal minimum semi-annual lease payments. Each payment is composed of two things: interest expense and a reduction in the net lease liability. The portion of the fourth lease payment applicable to the reduction of the net lease liability should be

Question 10 options:

PROBLEM 1

Match the internal control in the first column with

1. Applicable control activities
   1. Adequate separation of duties
   2. Adequate documents and records
   3. Proper authorization of transactions
   4. Physical controls over assets and documents
   5. Independent checks on performance
2. Transaction related audit objective (not-assigned, for class discussion only)

The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2018, appears below:

The following balance sheet information also is available:

In addition, the following transactions took place during the year:

1. Common stock was issued for $140,000 in cash.
2. Long-term investments were sold for $70,000 in cash. The original cost of the investments also was $70,000.
3. $100,000 in cash dividends was paid to shareholders.
4. The company has no outstanding debt, other than those payables listed above.
5. Operating expenses include $50,000 in depreciation expense.

Required:
1. Prepare a statement of cash flows for 2018 for the Diversified Portfolio Corporation. Use the direct method for reporting operating activities.
2. Prepare the cash flows from operating activities section of Diversified’s 2018 statement of cash flows using the indirect method.