Allen Company acquired 100 percent of Bradford Company’s voting stock on January 1, 2014, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $15 per share). As of that date, Bradford had stockholders’ equity totaling $106,800. Land shown on Bradford’s accounting records was undervalued by $13,200. Equipment (with a five-year remaining life) was undervalued by $9,600. A secret formula developed by Bradford was appraised at $20,400 with an estimated life of 20 years. Following are the separate financial statements for the two companies for the year ending December 31, 2018. There were no intra-entity payables on that date. Credit balances are indicated by parentheses. Allen Company Bradford Company Revenues $ (542,000 ) $ (220,000 ) Cost of goods sold 179,000 82,000 Depreciation expense 135,000 60,300 Subsidiary earnings (74,760 ) 0 Net income $ (302,760 ) $ (77,700 ) Retained earnings, 1/1/18 $ (792,000 ) $ (124,200 ) Net income (above) (302,760 ) (77,700 ) Dividends declared 175,500 40,000 Retained earnings ,12/31/18 $ (919,260 ) $ (161,900 ) Current assets $ 300,000 $ 88,000 Investment in Bradford 255,400 0 Company Land 490,000 72,000 Buildings and equipment (net) 744,000 164,000 Total assets $ 1,789,400 $ 324,000 Current liabilities $ (180,140 ) $ (97,100 ) Common stock (600,000 ) (60,000 ) Additional paid-in capital (90,000 ) (5,000 ) Retained earnings, 12/31/18 (919,260 ) (161,900 ) Total liabilities and equity $ (1,789,400 ) $ (324,000 ) a-1. Complete the table to show the allocation of the fair value in excess of book value. a-2. What balance will Allen show in its Subsidiary Earnings account? b. Complete the worksheet by consolidating the financial information for these two companies.

Gary James works for Hills & beans, a professional services firm. James was a onetime business partner of former Florida State Senator Howard Clark and a donor to his campaign. Clark was recently charged with conspiring to defraud the IRS out of hundreds of thousands of dollars during the time James prepared tax returns for Clark’s business. The allegation is that Clark misclassified $2,268,520 as business expense, when the money went to his children’s tuition, a trip to Turks and Caicos Islands, home remodeling, and more. The amount of taxes Clark’s business owed for these deductions was $850,748, but only $56,766 was paid. The IRS is preparing charges against James for his role in the matter.

a. Discuss the ethics violations that may have been committed by James with respect of the AICPA Code discussed in chapter 4.

b. Assume you are the director of auditing for Hills & Beans and Clark approaches you requesting that your firm audit the financial statements of his business and prepare a report that would be submitted along with a loan of $1 million for his business.How might the facts of this case influence whether you agree to provide the audit service?

REVENUE RECOGNITION
If you sign up for and receive a new phone that would normally retail for $500 (cost to manufacture $380). We commit to a three year contract where we will have to pay back an amount that starts at $600 (to pay for the phone) but drops each month until it reaches zero at the end of 3 years (kind of like financing for the phone). We pay an activation fee of $35 along with the first month of service that will be $70 each month for the next 36 months. After one year of service, we will be eligible for $100 off the latest phone if we trade in the one year old phone for a new one. That rises to $200 after two years.

Show all journal entries needed to show revenue recognition.

Allen Company acquired 100 percent of Bradford Company’s voting stock on January 1, 2014, by issuing 10,000 shares of its $10 par value common stock (having a fair value of $15 per share). As of that date, Bradford had stockholders’ equity totaling $106,800. Land shown on Bradford’s accounting records was undervalued by $13,200. Equipment (with a five-year remaining life) was undervalued by $9,600. A secret formula developed by Bradford was appraised at $20,400 with an estimated life of 20 years. Following are the separate financial statements for the two companies for the year ending December 31, 2018. There were no intra-entity payables on that date. Credit balances are indicated by parentheses. Allen Company Bradford Company Revenues $ (542,000 ) $ (220,000 ) Cost of goods sold 179,000 82,000 Depreciation expense 135,000 60,300 Subsidiary earnings (74,760 ) 0 Net income $ (302,760 ) $ (77,700 ) Retained earnings, 1/1/18 $ (792,000 ) $ (124,200 ) Net income (above) (302,760 ) (77,700 ) Dividends declared 175,500 40,000 Retained earnings ,12/31/18 $ (919,260 ) $ (161,900 ) Current assets $ 300,000 $ 88,000 Investment in Bradford 255,400 0 Company Land 490,000 72,000 Buildings and equipment (net) 744,000 164,000 Total assets $ 1,789,400 $ 324,000 Current liabilities $ (180,140 ) $ (97,100 ) Common stock (600,000 ) (60,000 ) Additional paid-in capital (90,000 ) (5,000 ) Retained earnings, 12/31/18 (919,260 ) (161,900 ) Total liabilities and equity $ (1,789,400 ) $ (324,000 ) a-1. Complete the table to show the allocation of the fair value in excess of book value. a-2. What balance will Allen show in its Subsidiary Earnings account? b. Complete the worksheet by consolidating the financial information for these two companies.

Goodfellow & Perkins gained a new client, Brookwood Pines Hospital (BPH), a private, not-for-profit hospital. The fiscal year-end for Brookwood Pines is June 30. You are performing the audit for the 2023 fiscal year end, and the audit is currently in the risk assessment phase. The healthcare industry can be very complicated, especially in the area of billing for services provided. BPH contracts with private physician groups who use the hospital facilities, equipment, and nursing staff to treat patients. The physicians in the private group are not employees of the hospital; they are simply using the hospital facilities to treat patients. For example, a group of urologists have their own practice, separate from the hospital, where they treat patients. If one of these patients needs a surgical procedure that must be done at a hospital, then the attending urologist will approve the paperwork required to admit the patient to BPH. BPH offers inducements to the urologists so they will refer patients to BPH rather than a competing hospital. One of the inducements BPH offers is free office space in the hospital for the doctors to use when they are treating patients in the hospital. After the doctor and hospital services are provided to the patient, the patient and/or the patient’s insurance company is billed. The doctor will bill for the services he or she provided, and the hospital will bill for the use of hospital facilities and staff. Doctors and hospitals bill using a coding system that is standardized across the healthcare industry and consists of three main code sets: ICD, CPT, and HCPCS. Using a coding system is more efficient and data-friendly compared to writing a narrative about the procedures performed. However, the coding system is very complex, with thousands of different codes for medical procedures and diagnoses. To complicate matters even more, for patients who are covered by government-sponsored Medicare or Medicaid, doctors and hospitals must adhere to complicated government regulations surrounding billings to Medicare and Medicaid. As healthcare costs continue to rise each year, BPH administrators struggle to maintain consistent profitability. They look for ways to keep costs low and also to collect outstanding payments from patients and insurance companies as quickly as possible. In addition, BPH must have a strong risk management team to handle unique situations that may occur in hospitals such as malpractice lawsuits and periodic inspections by the state regulators. Negative publicity for BPH could lead to decreased revenues if physicians decide to contract with a competing hospital.

a) Gather information: You have been assigned to evaluate revenue from patients who are covered by government-sponsored Medicare or Medicaid programs. What questions do you want to ask about BPH’s risk assessment controls?

b) Analysis: Assume that you are focused on the occurrence of revenue recognized from patients who are covered by government-sponsored Medicare or Medicaid programs. What controls do you expect to be in place regarding this assertion?

Select an industry, identify what might make that industry high-risk, and discuss factors that you would consider when deciding whether to disclose contingencies based on the selected industry.

Patrick Corporation issued 5% bonds on January 1, 2018, with a face amount of $1,000,000, the market rate for bonds of similar risk and maturity was 4%. The bonds mature in 20 years and pay interest semi­ annually on June 30 and December 31.

Create an Excel spreadsheet to answer the following requirements and submit a printout of your Excel formulas as well as a handwritten copy of your solutions to the requirements listed below.

Required:

1. Determine the price of the bonds at January 1, 2018.
2. Prepare the journal entry to record the issuance of the bonds on January 1, 2018.
3. Prepare a complete amortization schedule that determines interest at the effective rate each period using the format listed below:

Amortization Schedule

Date      Cash Interest    Effective Interest    Decrease in Balance   Outstanding Balance

4. Prepare the journal entry to record interest on June 30, 2018.
5. Prepare the appropriate journal entry when the bonds mature in 20 years.

It is the second Monday night in October and it is now 3 a.m. You cannot sleep. You are the CFO of Marysville General Hospital, a 300-bed community hospital in the Midwest. Your hospital board meets at noon on the second Tuesday of each month. You have a truly awful report to give the board, and you are dreading it more than anything else you've done in your 15-year career as a hospital senior manager. The target for days in accounts receivable (which the board and CEO set some years ago) is 55 days. When AR days are at 55, cash flow to the hospital is strong and you can meet all monthly obligations while putting some money away into investments for the hospital’s future. It has been several years now since the hospital has seen its AR at 55 days. There have been many factors, but AR has been in the 70–80 day range for some time now. Last month it crept up over 90 days, and this month you have the painful task of reporting to the board and CEO that the hospital is carrying 100 days in accounts receivable. You must come up with a plan to bring AR days back in line, and you will not be able to accomplish that alone. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others. But it must happen and it must happen soon, or your community could actually lose its hospital. Your Role/Assignment Come up with a plan to bring AR days back in line. It will take cooperation from the medical staff, the clinical departments, health information management, the business office, and many others, so include how you will involve these departments in devising a solution. As you prepare your process improvement plan, keep the following in mind. What further data collection will you conduct before beginning to write your plan? What will be the elements of your plan? For each element, who will be the key players and what will be their roles? What resources outside of senior management will you engage? How will you present your plan at the board meeting? How will you know that your plan has been effective?

Otis is the CEO of Rectify, Inc., a private foundation. Otis invests $500,000 (80%) of the foundation's investment portfolio in high-risk derivatives. Previously, the $500,000 had been invested in corporate bonds with an AA rating that earned 4% per annum. If the derivatives investment works as Otis's investment adviser claims, the annual earnings could be as high as 20%.

Compute the amount of the initial tax, if any.

1. The initial tax imposed on Rectify (if any) is $.
   The initial tax imposed on Otis (if any) is $

If the act causing the imposition of the tax is not addressed within the correction period, compute the additional tax, if any.

1. The additional tax for Rectify (if any) would be $.
   The additional tax for Otis (if any) would be $

that's the whole question from the homework

Please show the process as detailed as possible. Thank you!!!

Determine the Free Cash Flow (FCF) and the Shareholder Cash Flow (SCF) at the end of each of the next 3 years With the following information

Three (3) investors are associated, each contributing a capital of $ 40 million in cash, to set up and launch the men's clothing business partnership Confort y Elegancia S.A.

The following information is available:
1. Initial investment of $ 60 million in Computer Equipment (5 years depreciation) and $ 140 million in Furniture and Fixtures (10 years depreciation). They depreciate in a straight line according to their useful life and have a salvage value equivalent to 20% of the purchase value of the asset.
2. Simultaneous operations are started in 3 leased premises.
3. The merchandise to be sold corresponds to trousers for $100,000 each, shirts for $50,000 each. Each month, it is planned to sell 500 pants and 1,000 shirts in each store. Annual sales in quantity of product will grow 10% on a constant basis.
4. The gross margin will be 30%. The Final Inventory corresponds to 20% of the Cost of Merchandise Sold and is the same value to be paid to Suppliers.
5. The administration and sales expenses of the first year, in millions of pesos, are:

Leases $120

Other Admin Expenses $100

Publicity and marketing $90

Depreciation in straight line

All costs increase annually at a constant rate of 6%

6. Payroll expenses for the first year are:

One manager with monthly wage of $2,5 million

three administrators with monthly wage $750,000

six sellers with monthly wage of $600,000

Benefits of the sellers and the administrators are 50% of the monthly wage

All labor costs increae yearly at a rate of 5.5%

7. A bank loan of $ 210 million has been agreed for the purchase of fixed assets and working capital with a term of 3 years, payable at 18%, with payment to capital in equal installments. The installment includes interest payments and repayment of the loan.
8. The partners agree not to distribute dividends during the first 5 years.
9. Rent tax rate 34%

1. The monthly cost of heating our company office is a fixed cost, a CEO says, "because we adjust the thermostat according to the weather conditions which are beyond our control." Do you agree? Is this a variable cost? Explain your ground concisely.

2. At Q company, the annual depreciation expenses for the production equipment are computed under an accelerated depreciation method, resulting in annually changing depreciation amounts. with respect to the production volume, the depreciation amount total level is a ____ cost. Then, explain your ground concisely below.

Monson& Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients. Monson charges customers at a billing rate equal to 128​%

of the​ client's total job cost. A​ client's total job cost is a combination of​(1) professional time spent on the client $64 per hour cost of employing each​ professional) and​ (2) operating overhead allocated to the​ client's job. Monson allocates operating overhead to jobs based on professional hours spent on the job. Monson estimates its five professionals will incur a total of​ 10,000 professional hours working on client jobs during the year.

AnnikaLaughlin hired Monson to design her kitchen remodeling. A total of 2020 professional hours were incurred on this job. In​ addition, Laughlin​'s remodeling job required one of the professionals to travel back and forth to her house for a total of 160 miles. The blueprints had to be copied four times because Laughlin changed the plans several times. In​ addition, 19 hours of secretarial time were used lining up the subcontractors for the job.

Requirements

Palmer Consulting Company

Carson Palmer established Palmer Consulting Company on February 1, 2019, since he retired from the NFL after 15 seasons. He decided it might be time to put his USC degree to use.

The company had the following transactions during February.

1. Feb. 1 – The Company sold shares of common stock for $30,000 cash.
2. Feb. 1 – The Company purchased a one-year insurance policy for $300 in cash.
3. Feb. 1 – The Company purchased office equipment costing $8,000 by signing a 6% note due in two years. The Equipment has a 5 year life and no salvage value. The note requires monthly payments of $225 beginning on March 1^stuntil the balance is paid.
4. Feb. 10 – The Company purchased $735 of office supplies for cash.
5. Feb. 15 – The Company paid legal and registration fees to register their trademark. The fees incurred totaled $4,000, which were paid in cash.
6. Feb. 28 – The Company billed customers $5,500 for consulting services performed.
7. Feb. 28 – The Company paid $1,450 for employee’s salary.
8. Feb. 28 – Since the company had a good month Carson declared a $1,000 dividend to be paid on March 10th.

Additional Information:

1. On February 28^th, the company took an inventory of the supplies and found that they had $500 of supplies on hand.
2. Buildings and Equipment purchased before the 15^thof the month are depreciated for a whole month using the straight-line method.
3. On March 3^rdreceived the February utilities bill for $188.

Required:  

1. Journalize the transactions.
2. Prepare the adjusting entries.
3. Post all entries to the accounts.
4. Prepare a Single-Step Income Statement, Retained Earnings Statement and a Classified Balance Sheet for his first month of operations. Discuss the company’s profitability, liquidity and solvency.
5. Prepare the closing entries.

Be sure to round all your answers.  No pennies!

Check Digit for Balance Sheet:

Total Assets = $41,657

Net Income = $3,429

Assume that Brown Company owns 100% of Schroeder Corporation. Schroeder reports Stockholders’ Equity of $500,000. The Equity investment was acquired at book value (i.e., no AAP). Schroeder sells a 10% interest to outsiders for $115,000. The entry made by Brown as a result of the sale of stock by Schroeder includes:

CableVision has been approached by the City of Mirada to run its cable operations in 2019. After negotiating with key parties,CableVision has made the following agreements:

• It will offer Mirada residents a basic set of 25 cable television stations at a rate of $33.99 per month.
• It will pay the city $90,000 per month plus $2.50 per cable subscriber per month to maintain the physical facilities.
• It will actually pay another company an annual fixed fee of $760,000 plus $8.75 per cable subscriber per month to broadcast the 25 channels.

CableVision estimates that operating costs for billing, program news mailings, etc. will be $125,000 per month plus 7% of monthly revenue.

CableVision has several questions about its monthly revenues, costs, and profits in 2019.

Part A
1. What is the estimated monthy contribution margin per cable subscriber for CableVision in 2019? (20.36)

2. What are the estimated total monthly fixed costs for CableVision in 2019? (278,333)

Part B

1. What is CableVision's estimated monthly operating income in 2019 if 16,000 residents subscribe? (47,427)

2. How many monthly subscribers would be required for CableVision to break even in 2019? (13,670)

3. How many monthly subscribers would be required for CableVision to earn $23,000 per month in 2019? (14,800)

4. Assuming a tax rate of 31%, how many monthly subscribers would be required for CableVision to earn $23,000 per month in 2019?

Part C

Some of CableVision's managers are uncertain about their estimate of monthly fixed operating costs. Assuming that 21,000 residents subscribe, how large can monthly fixed operating costs be for CableVision to still earn $23,000 per month in 2019 (ignore taxes)?

Just Part B question 4 and Part C Please.. I need it ASAP