Below is a list of vocabularies, concepts, theories, and terms please answer all of them briefly.

UCC 2

Magnuson – Moss Warranty Act

Mortgage

Deed

Warranty of merchantability

Bailment

Statute of Frauds

Mitigation

Title

Novation

Assignment

Delegation

Personal Service Contract

Condition Precedent

Condition Subsequent

Substantial Performance

Waiver

Restitution

Unconscionability

Eviction

Policy

Lease

Deductible

Deficiency judgment

Liquidated damages

Unilateral contract

Bi-lateral contract

Offer

Acceptance

Consideration

Objective theory of contracts

Revocation

Counteroffer

Capacity

Legality

Ratification

Usury

Appraisal

Pledge

Undue influence

Holdover proceeding

Nonpayment proceeding

Petitioner

Respondent

Anticipatory repudiation

Statute of limitations

Statute of repose

Bankruptcy

Chapter 7

Chapter 11

Automatic stay

Garnishment

Exempt property

License

Policy

Premium

Testator

Administrator

Executor

Submit a minimum of 200-word answer for each of the following questions :

Imagine you are starting the firm with your Team and you are all college seniors with limited work experience (as probably some of you are!). You may not have impressive credentials to include in the management team section of your business plan.

1. How can you construct this section of your plan, and the company itself, in a way that reassures the readers of the plan that you know what you’re doing and will get the advice you need to launch a successful company.
2. Please discuss with your Team your answer and agree on what to do for your final plan.
   • Please summarize your discussion and final recommendation.

You are working for a major U.S. corporation that wants to expand its reach globally and has narrowed the search down to either Mexico or Japan. Your supervisor has asked you to prepare a memo that analyzes potential compliance issues with respect to aspects of law and ethics that are specific to one of the two countries. You will choose to prepare your memo for either Mexico or Japan and address the critical elements below. This will help inform the final executive decision.

I. What pertinent aspects of U.S. law should the company be aware of in its goal to do business internationally?

II. Assess the legal implications of moving business abroad specific to your chosen country. What are the advantages and disadvantages?

III. What are the ethical implications involved in this business decision?

IV. Explain how other domestic companies have managed to comply with the U.S. laws related to this business decision in the past. How did these companies address potential compliance issues?

This would be for Japan, I find lots of answers for Mexico. Thank You

List three differences between financial accounting revenue/expense and taxable revenue/expense. Then write the reason why you think Congress mandated those differences.

What is the value of total assets when: Expenses £40,000, Liabilities £20,000, Capital £10,000 and Income £60,000.

At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $15,908.
  

  
Mountain View also recorded the return of defective merchandise with the following entry.

Required:
1. Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer's account.
2. Post the sales journal and any portion of the general journal entry that affects these accounts.
3. Prepare a schedule of accounts receivable.
  

On January 1, 2017, Acker Inc. had the following balance sheet.

The accumulated other comprehensive income related to unrealized holding gains on available-for-sale debt securities. The fair value of Acker Inc.’s available-for-sale debt securities at December 31, 2017, was $ 190,000; its cost was $ 140,000. No securities were purchased during the year. Acker Inc.’s income statement for 2017 was as follows. (Ignore income taxes.)

Prepare the journal entry to record the sale of the available-for-sale debt securities in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the journal entry to record the Unrealized Holding Gain or Loss for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare a statement of comprehensive income for 2017.

Prepare a balance sheet as of December 31, 2017.

Explain why we use a predetermined overhead rate to apply MOH to individual products/jobs.

1. Shanahan Ltd is registered for VAT and is partially exempt. During the year the company incurred input tax of £136,000. Of this, £100,000 was attributable to taxable supplies, £13,000 was attributable to exempt supplies and £23,000 was unattributable. The total VAT exclusive value of supplies made by Shanahan Ltd for the year was £975,000. £100,000 of the £975,000 was in respect of zero rated supplies. £80,000 of the £975,000 was from exempt supplies. How much of Shanahan Ltd’s input tax is recoverable?

1. £113,000
2. £121,112
3. £100,000
4. £87,000

Q12:

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $236,000, $310,000, and $403,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale.

The cash collections in November are

a.$458,490

b.$382,075

c.$211,575

d.$100,750

Q13:

Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale and 30% in the month following the sale.

The cash collections in November are

a.$389,750

b.$410,000

c.$490,000

d.$317,750

Q14:

Production estimates for July are as follows:

For each unit produced, the direct materials requirements are as follows:

The total direct materials purchases of materials A and B (assuming no beginning or ending material inventory) required for July production is

a.$1,170,000 for A; $702,000 for B

b.$1,125,000 for A; $675,000 for B

c.$1,080,000 for A; $648,000 for B

d.$1,080,000 for A; $1,296,000 for B

Hand-to-Mouth (H2M) is currently​ cash-constrained, and must make a decision about whether to delay paying one of its​ suppliers, or take out a loan. They owe the supplier $ 11,500 with terms of 1.8​/10 Net​ 40, so the supplier will give them a 1.8 % discount if they pay by today​ (when the discount period​ expires). ​ Alternatively, they can pay the full $ 11,500 in one month when the invoice is due. H2M is considering three​ options:

Alternative​ A: Forgo the discount on its trade credit​ agreement, wait and pay the full $ 11,500 in one month.

Alternative​ B: Borrow the money needed to pay its supplier today from Bank​ A, which has offered a​ one-month loan at an APR of 11.6 %. The bank will require a​ (no-interest) compensating balance of 5.3 % of the face value of the loan and will charge a $ 95 loan origination fee. Because H2M has no​ cash, it will need to borrow the funds to cover these additional amounts as well.

Alternative​ C: Borrow the money needed to pay its supplier today from Bank​ B, which has offered a​ one-month loan at an APR of 14.8 %. The loan has a 0.5 % loan origination​ fee, which again H2M will need to borrow to cover.

1. Note: This problem is for the 2018 tax year.

Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1112. Devon does not want $3 to go to the Presidential Election Campaign Fund.

Devon's wife, Ariane, passed away in 2014. Devon's son, Tom, who is age 18, resides with Devon. Tom's Social Security number is 123-45-6788.

Devon owns a sole proprietorship for which he uses the accrual method of accounting and maintains no inventory. His revenues and expenses for 2018 are as follows:

*New office equipment ($21,000); Devon uses the immediate expense election.

** $18,000 for employees and $8,000 for Devon.

Other income received by Devon includes the following:

During the year, Devon and his sole proprietorship had the following property transactions:

1. Sold Blue, Inc. stock for $45,000 on March 12, 2018. He had purchased the stock on September 5, 2015, for $50,000.
2. Received an inheritance of $300,000 from his uncle, Henry. Devon used $200,000 to purchase Green, Inc. stock on May 15, 2018, and invested $100,000 in Gold, Inc. stock on May 30, 2018.
3. Received Orange, Inc. stock worth $9,500 as a gift from his aunt, Jane, on June 17, 2018. Her adjusted basis for the stock was $5,000. No gift taxes were paid on the transfer. Jane had purchased the stock on April 1, 2012. Devon sold the stock on July 1, 2018, for $22,000.
4. On July 15, 2018, Devon sold one-half of the Green, Inc. stock for $40,000.
5. Devon was notified on August 1, 2018, that Yellow, Inc. stock he purchased from a colleague on September 1, 2017, for $52,500 had become worthless. While he perceived that the investment was risky, he did not anticipate that the corporation would declare bankruptcy.
6. On August 15, 2018, Devon received a parcel of land in Phoenix worth $220,000 in exchange for a parcel of land he owned in Tucson. Because the Tucson parcel was worth $245,000, he also received $25,000 cash. Devon's adjusted basis for the Tucson parcel was $210,000. He originally purchased it on September 18, 2015.
7. On December 1, 2018, Devon sold the condominium in which he had been living for the past 20 years (1844 Lighthouse Lane, Albuquerque, NM 87131) and moved into a rented townhouse. The sales price was $480,000, selling expenses were $28,500, and repair expenses related to the sale were $9,400. Devon purchased the condominium for $180,000.

Devon's potential itemized deductions, exclusive of the aforementioned information, are as follows:

During the year, Devon makes estimated Federal income tax payments of $35,000.

Required:

Compute Devon's lowest net tax payable or refund due for 2018 by providing the information requested for Forms 1040, 4562, 8824, and 8949 as well as Schedules A, B, D, SE. Assume that he makes any available elections that will reduce the tax.

• Make realistic assumptions about any missing data.
• If an amount is zero, enter "0".
• Enter all amounts as positive numbers.
• It may be necessary to provide information regarding the other schedules and forms before completing the requested information for Form 1040.
• Devon's qualified dividends and capital gains rate is 15%.

When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.

On January 1, 2021, M.T. Toombe Mausoleum granted restricted stock units (RSUs) representing 60 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. The common shares had a market price of $15 per share on the grant date. At the date of grant, Toombe anticipated that 5% of the recipients would leave the firm prior to vesting. In 2022, 3% of the options are forfeited due to executive turnover. Toombe chooses the option not to estimate forfeitures.


Required:
1. Prepare the appropriate journal entry to record compensation expense on December 31, 2021. Ignore taxes.

• Record the compensation expense on December 1, 2021 for award of restricted stock units (RSUs) representing 60 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares had a market price of $15 per share on the grant date.Toombe anticipated that 5% of the recipients would leave the firm prior to vesting.

2. Prepare the appropriate journal entry to record compensation expense on December 31, 2022. Ignore taxes.

• Record the compensation expense on December 1, 2022 for award of restricted stock units (RSUs) representing 60 million of its $1 par common shares to executives, subject to forfeiture if employment is terminated within three years. The common shares had a market price of $15 per share on the grant date.Toombe anticipated that 5% of the recipients would leave the firm prior to vesting.