1. The following information is available for the first three years of operations for Santos Inc.:

1. Year              Taxable Income

      2020                         $850,000

      2021                           900,000

2. Depreciation of property, plant and equipment for financial reporting purposes amounts to $30,000 each year for 3 years beginning in 2020. The company is able to deduct the full cost under the IRS Code Section 179 $90,000 amount allowed for tax purposes in 2020 (note there is no tax depreciation in future years).
3. On July 1, 2020, $280,000 was collected in advance for rental of a building for a two-year period July 1, 2020 – June 30, 2022. The entire $280,000 was reported as taxable income in 2020. The company uses the accrual basis of accounting for financial statement purposes.
4. In 2021 Santos Company recorded a $40,000 accrual for litigation liability which will be paid in 2022.
5. The company sells its merchandise on an installment contract basis. In 2020, Santos Inc. reported gross profit of $220,000 tax purposes, and $520,000 for financial statement purposes. This will result in taxable amounts of $150,000 in each of the next two years.
6. Warranty expense accrued for financial reporting was $12,000 in 2020. Warranty deductions on the tax returns were $7,000 in 2020 and $5,000 in 2021.
7. Santos Inc. paid a $2,000 fine in 2021 for violating pollution laws.
8. The enacted tax rates existing at December 31, 2020 are 20% for 2020 and 25% for 2021 and thereafter.      

Instructions

1. Complete the worksheet provided. It includes the following.
   1. A reconciliation of Book Income to Taxable Income for 2020.
   2. A schedule of future taxable and (deductible) amounts at the end of 2020.
   3. A schedule of the deferred tax (asset) and liability at the end of 2020.
   4. The journal entry to record income tax expense, deferred income taxes, and income tax payable for 2020.
2. Show how the deferred income taxes should be reported on the Balance Sheet at December 31, 2020.
3. Show how the taxes should be reported on the Income Statement at December 31, 2020.
4. Repeat a. to f. above for 2021.

****Please show calculations or how you got the figures.

I will upload worksheet in a comment

discuss the consequences of the failure of a former clot to dissolve

Facts: On April 1, 2020, Foster Company purchased used equipment. The company recorded the cost of the equipment as $66,000. The company expected the equipment to last four years or 8,000 hours, with an estimated salvage value of $6,000 at the end of the useful life. The equipment was used 500 hours during 2020.

1. What amount of depreciation expense will Foster Company record in 2020 using the straight-line method of depreciation? Show your calculations.

2. What amount of depreciation expense will Foster Company record in 2020 using the units-of-activity method of depreciation? Show your calculations.

3. After reviewing Foster Company's records, regulators discover that the company improperly capitalized $10,000 of revenue expenditures in determining the cost of its equipment. Explain how Foster's error affects the company's financial statements if Foster uses straight-line depreciation

Q3.Discuss the role of marketing planning in an organization.

(Please the Expert needs to submit a detailed answer which must be a standout in a very competitive MBA Marketing Class).

Coyote Company sold a merchandise costing $30,000 for $50,000 on credit to Beer Company on 4/1/2020. To expedite the cash payment, Coyote offered a cash discount of 3/15, n/30.

Instructions: prepare any necessary journal entries for the following transactions for the seller and the buyer using the net method.

1. The credit sale on 4/1/2020.
2. A receipt of the full payment if it is paid on 4/10/2020.
3. A receipt of the full payment if it is paid on 4/24/2020.

The following balance sheets have been prepared on December 31, 2020 for A Corp. and B Inc.

Balance Sheets

Additional Information:

A uses the cost method to account for its 50% interest in B, which it acquired on January 1, 2017. On that date, B's retained earnings were $20,000. The acquisition differential was fully amortized by the end of 2020.

A sold Land to B during 2019 and recorded a $15,000 gain on the sale. A is still using this Land. A's December 31, 2020 inventory contained a profit of $10,000 recorded by B.

B borrowed $20,000 from A during 2020 interest-free. B has not yet repaid any of its debt to A.

Both companies are subject to a tax rate of 20%.

Prepare a Consolidated Balance Sheet for A on December 31, 2020 assuming that A's investment in B is a control investment.

Can you please show calculations in detail? (Goodwill, RE, NCI and B/S)

At January 1, 2020, Headland Company had plan assets of $286,300 and a projected benefit obligation of the same amount. During 2020, service cost was $28,400, the settlement rate was 10%, actual and expected return on plan assets were $25,500, contributions were $20,600, and benefits paid were $17,900.

Prepare a pension worksheet for Headland Company for 2020.

Company D showed a profit of $1.5 million last year. The CEO of the company expects the profit to increase by 0.04 million dollars each year over the next 5 years and the profits will be continuously invested in an account bearing a 4.5% APR compounded continuously.

(a) Write the flow rate, R, of the income stream. (Let t represent the number of years after the company showed a profit of $1.5 million.)
R(t) =  

0.04t+1.5

   million dollars per year

(b) Calculate the 5-year future value. (Round your answer to three decimal places.)
$  million

(c) Calculate the 5-year present value. (Round your answer to three decimal places.)
$  million

Company C showed a profit of $1.3 million last year. The CEO of the company expects the profit to decrease by 2% each year over the next five years and the profits will be continuously invested in an account bearing a 4.75% APR compounded continuously.

(a) Write the flow rate, R, of the income stream. (Let t represent the number of years after the company showed a profit of $1.3 million.)
R(t) =  

1.3·(95100​)t

   million dollars per year

(b) Calculate the 5-year future value. (Round your answer to three decimal places.)
$  million

(c) Calculate the 5-year present value. (Round your answer to three decimal places.)
$  million

NEED EXCEL USE OF PV and FV.Thanks

Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. On average, his annual salary until retirement is expected to be $80,000 per year. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and the tax rate is 26 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program. The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $80,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $3,000 per year. Ben expects that after graduation from Wilton, he will receive a job offer of approximately $135,000 annual salary on average until retirement. Because of the higher salary, his average income tax rate will increase to 32 percent. The Bradley School of Business at Mount Perry College began its MBA program 16 years ago. The Bradley School is smaller and less well known than the Ritter College. Bradley offers an accelerated, one-year program, with a tuition cost of $100,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $4,500. Ben thinks that he will receive an offer of approximately $118,000 annual salary on average until retirement. His average tax rate at this level of income will be 29 percent. Both schools offer a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $2,000 more per year at both schools than his current expenses, payable at the beginning of each year. The appropriate discount rate is 6 percent.