5. Discuss the topic of the following federal tax forms:

a. 990 –

b. Schedule SE –

c. Form W-2 –

6. Identify the topic of the following Treasury Regulations, Revenue Rulings or Revenue Procedures:

a. Reg. § 301.6333-1 –

b. Treas. Reg. 1.482-7(b)(1)(iii). -

c. Rev. Proc. 89–14, 1989–1 C.B. 814 -

7. Apply your knowledge of tax law, to other areas of the United States Code, given that sometimes an accountant might need to access other parts of the United States law:

   a. 15 U.S.C., chapter 2B, section 78j-1(b)(1) -

b. 31 U.S.C., subtitle B, chapter X -

c. Title 18, chapter 31, section 664 -

Beacon Company is considering automating its production facility. The initial investment in automation would be $8.04 million, and the equipment has a useful life of 6 years with a residual value of $1,140,000. The company will use straight-line depreciation. Beacon could expect a production increase of 41,000 units per year and a reduction of 20 percent in the labor cost per unit.         

Required:
1-a. Complete the following table showing the totals. (Enter all answers in whole dollars.)

1-b. Does Beacon Company favor automation?

        

3. Determine the project's payback period. (Round your answer to 2 decimal places.)

Payback period = ???

4. Using a discount rate of 13 percent, calculate the net present value (NPV) of the proposed investment. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Enter the answer in whole dollar. Round the final answer to nearest whole dollars.)

Net Present Value = ????
    
5. Recalculate the NPV using a 8% discount rate. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Negative amount should be indicated by a minus sign. Enter the answer in whole dollar. Round the final answer to nearest whole dollars.)

Net Present Value = ???

what are the three levels of influence that an investor can have over an investee company? what is the appropriate accounting treatment for each level of influence?

A company is hoping to expand its facilities but needs capital to do so. In an effort to position itself for expansion in 3 years, the company will direct half of its profits into investments in a continuous manner. The company's profits for the past 5 years are shown in the table. The company's current yearly profit is $1,160,000. (The current year corresponds to t = 0.)

Profit over the Past Five Years

Consider the following profit scenarios and answer the questions.

(a) The profit for the next 3 years follows the trend shown in the table.
(i) Write the quadratic function that describes the flow of the company's investments. (Align the input such that 5 years ago corresponds to t = −5. Round all numerical values to three decimal places.)
R(t) = ______thousand dollars

(ii) Calculate the capital the company will have saved after 3 years of investing at 6.4% annual interest compounded continuously. (Round your answer to three decimal places.)
$ _____thousand
(b) The profit increases each year for the next 3 years by the same percentage that it increased in the current year.(i) Write the function that describes the flow of the company's investments. (Round all numerical values to three decimal places.)
R(t) = ______ thousand dollars

(ii) Calculate the capital the company will have saved after 3 years of investing at 6.4% annual interest compounded continuously. (Round your answer to three decimal places.)
$ ______ thousand
(c) The profit remains constant at the current year's level.(i) Write the function that describes the flow of the company's investments.
R(t) = ______thousand dollars

(ii) Calculate the capital the company will have saved after 3 years of investing at 6.4% annual interest compounded continuously. (Round your answer to three decimal places.)
$ _____ thousand
(d) The profit increases each year for the next 3 years by the same fixed amount that it increased this year.(i) Write the function that describes the flow of the company's investments.
R(t) = ______thousand dollars

(ii) Calculate the capital the company will have saved after 3 years of investing at 6.4% annual interest compounded continuously. (Round your answer to three decimal places.)
$_______   thousand

Goodwill - General Electric: What is the controversial about GE $23 billion write off

Is the case of General Motors a perfect example of goodwill impairment

1- Assume that the following data relative to Rice Company for 2020 is available

Net Income $3,984,000:

Transactions in Common Shares Change Cumulative

Jan. 1,2020 Beginning number 650,000

Apr. 1,2020 Purchase of treasury shares (50,000) 600,000

June 1,2020 100% stock dividend 600,000 1,200,000

Dec 1,2020 Issuance of shares 200,000 1,400,000

5% Cumulative Preferred Stock:

$1,000,000 sold at par on January  1,2020 convertible into 200,000 shares of common stock

Stock options:

Exercisable at the option of $30 per share. Average market price in 2020, $35 and there were 60,000 options outstanding since 2017.

(A) compute the basic earnings per share for 2020. (round to the nearest penny)

(B) compute the diluted earnings per share for 2020. (round to the nearest penny)

ashton, inc.has the following cost data for product x: direct materials $43 per unit direct labor 58 per unit variable manufacturing overhead 11 fixed manufacturing overhead 15,000 per year. calculate the unit product cost using absorption costing and variable costing when production is 500 units , 1000 units, and 1500 units. select the labels and enter the amounts to compute the unit product cost using absorption costing (if a box is not used in the table, leave the box empty. do not select alabel or enter a zero.)

Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno’s monthly manufacturing cost and other expense data are as follows.

Enter each cost item on your answer sheet, placing the dollar amount under the appropriate headings. Total the dollar amounts in each of the columns.

eTextbook and Media

Compute the cost to produce one helmet. (Round answer to 2 decimal places, e.g. 15.25.)

Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.

1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.

2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.

3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

On January 1, 20X1, Porta Corporation purchased Swick Company’s net assets and assigned goodwill of $80,900 to Reporting Division K. The following assets and liabilities are assigned to Reporting Division K on the acquisition date: Carrying Amount Fair Value Cash $ 14,900 $ 14,900 Inventory 56,900 71,900 Equipment 179,000 199,000 Goodwill 80,900 Accounts Payable 30,900 30,900 Required: On December 31, 20X3, Porta must test goodwill for impairment. Determine the amount of goodwill to be reported for Division K and the amount of goodwill impairment to be recognized, if any, if Division K’s fair value is determined to be $349,000. $289,000. $269,000.

Both Maytag and Whirlpool are listed SIC 3630 Household Appliances. They have comparable products yet their financial results are significantly different. Read both 10-K filings and then compare, contrast and comment on their differences. Give your opinion as to the reason for the difference in results and, collectively, attempt to arrive a consensus of which company would be better to work for and invest in. Give an original comparative comment on each different aspect listed above as well as a relevant response to at least two other students comments.

What is the purpose of Accounting?

Identify and describe the four user groups normally interested in financial information. What kind of information is needed by each of these groups?

There are several professional certifications available to accountants. Explain the roles of the Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA).

If you were planning a career in accounting which of these certifications would you be interested in earning? Why?

What are the different journals used in accounting and why use different journals?

During 2018, Mr. Franz Schlitz receives $23,500 in eligible dividends from Canadian public corporations. Calculate how much Franz will include in his net income for tax purposes. Explain to him why this is not the $23,500 he received, and the purpose of the dividend tax credit. Please note a full calculation of the dividend tax credit, and after tax cash retention is not required.

During Heaton Company’s first two years of operations, it reported absorption costing net operating income as follows:

* $3 per unit variable; $253,000 fixed each year.

The company’s $39 unit product cost is computed as follows:

Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings.

Production and cost data for the first two years of operations are:

Required:

1. Using variable costing, what is the unit product cost for both years?

2. What is the variable costing net operating income in Year 1 and in Year 2?

3. Reconcile the absorption costing and the variable costing net operating income figures for each year.