The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

(Hint: Interest must be accrued.)
Required:
1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2020.

Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $600,000 at face value.

Sep. 1 Acquired $1,500,000 of American Instruments' 10% bonds at face value.

Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds.

Oct. 2 Sold the Distribution Transformers bonds for $670,000.

Nov. 1 Purchased $2,400,000 of M&D Corporation 6% bonds at face value.

Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are

American Instruments bonds $ 1,460,000

M&D Corporation bonds $ 2,480,000

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2021, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2021 income statement, 2021 statement of comprehensive income, and 12/31/2021 balance sheet as a result of these investments. Include totals for net income, comprehensive income, and retained earnings as a result of these investments.

It’s 2014. You’ve been working for 4 years. You’re thinking about getting an MBA (full time two years).
• Current Salary: $80,000 per year
• Expected Salary: $110,000 per year
• Cost of an MBA: $100,000
How many years to take to pay back the cost after the graduation? Assume 8% of annual rate.

Rich Networks Inc. is being sued by a competitor for infringing on one of its competitor's patents. The company’s fiscal year end date is December 31. The suit for $95,000 was filed in court on January 30, 2020 before the company expects to submit its 2019 annual report to its regulatory body on February 25, 2020. The company’s legal counsel estimates that the likelihood of damages being awarded to the competitor is 80%. How much contingent liabilities, if any, should be reported on the balance sheet in the company’s 2019 annual report? If you think that the amount is zero, put 0. Otherwise, if you think that the amount is above zero, put that number in your answer.

I would think that the amount of contingent liabilities that could be report would be $95,000 since the likelihood of damages being awarded to the competitor is 80% and that the amount of  $95,000 was given to us, am I right?

Beck-Curry Associates reported the following income information for the 2019-2021 period:

The company does not have any book-tax differences and is subject to a 21% income tax rate. Beck-Curry is filing a US Corporate Income Tax Return.

Required:

a. Prepare the journal entry to record the 2019 income tax provision.

b. Prepare the journal entry to record the 2020 income tax provision.

c. Prepare the journal entry to record the 2021 income tax provision.

d. Determine the balance of the deferred tax asset at the end of 2021.

e. Assume that a newly enacted tax law increases the income tax rate to 25% on January 2, 2022. Prepare the journal entry to record the effects of the tax rate change.

The diploma ceremony process was as follows. Students lined up to be hooded. Professors Venkataraman and Rodriguez performed the actual hooding ceremony. Together, they could hood 12 students per minute, on average. After hooding, students waited at the top of the steps to the stage until a Faculty Marshal called their name. This past year, Professor Allayannis read the names of the Global MBA for Executives (GEMBA) students, Professor Wilcox read the names of the MBA for Executives (EMBA) students, and Professors Frank and Parmar read the names of the residential MBA students. There were 29 GEMBA students, 65 EMBA students, and 315 residential MBA students. Once their name was called, students walked across the stage to Dean Bruner, who handed out their diploma. Then they continued on across the rest of the stage and returned to their seat. The administration had set a target of finishing the diploma ceremony in 60 minutes. The Marshals called names at the rate of one every 7 seconds. It took students an average of 8.2 seconds to walk across the stage, shake the Dean’s hand, and receive their diploma. After the handshake, it took students an additional 2 seconds to depart from the stage. There were approximately five students on the stage at any given time (one being hooded, two waiting for their names to be called, one in the process of receiving the diploma and congratulatory handshake, and one finishing the walk across the stage.)

1. What is the takt time for the diploma ceremony? Answer in seconds.

2. What is the cycle time for the process? Answer in seconds.

3. What is the throughput time for a student from the time he/she begins the hooding process until he/she walks off the stage? Answer in seconds.

4. What is the throughput rate? Answer in students per hour.

5. Could the goal of a 60-minute diploma ceremony be met? Yes or no?why.