This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $72,900 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: (use 2020)

Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan’s student loans this year.

Evan's AGI__________

Taxable income_________

Part # 1 How would you describe the EI level of Cirque du Soleil Founder Guy Laliberte? Give an example from the case to support your response? Part # 2 What is your EI(emotional Intelligent ) score, and do you think it is an accurate reflection of you? Why or why not ?

Part # 1 How would you describe the EI level of Cirque du Soleil Founder Guy Laliberte? Give an example from the case to support your response?

Part # 2 What is your EI(emotional Intelligent ) score, and do you think it is an accurate reflection of you? Why or why not ?

Reflect on the issue of relationships and a university. With whom would the university build relationships? How would university representatives do that? If you (the student) were selling the university to a prospective donor for a big scholarship, what type of relationship would you expect to form with that donor and how? If you (the student) were the donor, what would you expect from the university?

Consider each of the following independent and material situations, identified below (i-v). In each case: • the balance date is 30 June 2020; • the field work was completed on 12 August 2020; • the Directors’ Declaration and the Audit report were signed on 19 August 2020; • the completed financial report accompanied by the signed Audit report was mailed to the shareholders on 25 August 2020. (i) On 29 September 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 1 September 2020. The debt had appeared collectible at 30 June 2020 and 19 August 2020. (ii) On 12 August 2020, you discovered that a debtor had gone bankrupt on 1 August 2020. The sale took place on 15 July 2020. The cause of the bankruptcy was a major uninsured fire at one of the debtor’s premises on 1 July 2020. (iii) On 13 August 2020, you discovered that a debtor at 30 June 2020 had gone bankrupt on 5 August 2020. The cause of the bankruptcy was an unexpected loss of a major lawsuit issued against the debtor on 10 June 2020. (iv) On 20 August 2020, the company settled a legal action out of court that had originated in 2016 and was listed as a contingent liability at 30 June 2020. (v) On 1 September, you found a letter dated 15 August with a $2 million fine from Environmental Protection Agency. The letter stated that company had illegally dumped chemicals on 15 May 2020. Required: 1. For each of the events described above (i-v), select the appropriate action from the list below, and justify your response. A. Adjust the 30 June 2020 financial report. B. Disclose the information in the notes to the 30 June 2020 financial report. C. Request that the client recall the 30 June 2020 financial report for revision. D. No action is required. (5*1.5= 7.5 marks) 2. If no action is taken by management for each of the events described above (i-v), determine the most appropriate audit opinion to be issued.

The Wholesale Ltd acquired 80 per cent of the shares of House Construction Ltd on 30 June 2020 for a consideration of $800,000. The share capital and reserves of House Construction Ltd at the date of acquisition were: Share capital $550,000 Retained earnings $100,000 Revaluation surplus $150,000 All assets of House Construction Ltd were fairly valued at the date of acquisition, except for a major plant that had a fair value $26,000 greater than its carrying amount. The cost of the plant was $100,000 and it had accumulated depreciation of $85,000. There were no transactions between Wholesale Ltd and House Construction Ltd at the date of acquisition. In addition, the Wholesale Ltd acquired 100 per cent of the shares of Queensland Retail Ltd on 1 July 2018-that is two years earlier. The cost of investment was $650,000. At that date the capital and reserves of Queensland Retail Ltd were: Share capital $235,000 Retained earnings $115,000 At the date of acquisition all assets of Queensland Retail Ltd were considered to be fairly valued. 2 Wholesale Ltd incurred the following transactions with Queensland Retail Ltd during financial year 2018-2019: • On 1 September 2018 Wholesale Ltd sold a machinery to Queensland Retail Ltd for $136,000 when its carrying value in Wholesale Ltd’s book was $100,000 (original cost $200,000 and original estimated life of 8 years). • From January to June in 2019, Wholesale Ltd made sales of inventory $50,000 to Queensland Retail Ltd for on-sale to external parties. The inventory had originally cost Wholesale Ltd $40,000. At 30 June 2019, Queensland Retail Ltd still had 40 per cent of the inventory on hand. On-hand inventory was expected to be sold in the subsequent financial year. Wholesale Ltd incurred the following transactions with Queensland Retail Ltd during financial year 2019-2020: • During the year Wholesale Ltd made total sales of inventory $70,000 to Queensland Retail Ltd for on-sale to external parties. The inventory had originally cost Wholesale Ltd 61,000. At 30 June 2020, half of the inventory was still on hand. On-hand inventory was expected to be sold in the subsequent financial year. • Wholesale Ltd provided management consultation to Queensland Retail Ltd and this was the first time that Wholesale Ltd provided such service to Queensland Retail Ltd. At the end of 2020, Queensland Retail Ltd paid $3,000 for these services and has a balance of $2,000 payable at year end. • Queensland Retail Ltd has several long-term loans, including a five-year loan for $55,000 from Wholesale Ltd. This loan was effective from 1 July 2019. Interest rate was 3.5% per annum. During the year ending 30 June 2020, Queensland Retail Ltd paid $1,000 interest on this loan. You were appointed as the financial accountant at Wholesale Ltd. As you may have noticed, Wholesale Ltd acquired 80% shares of House Construction Ltd to extend its operation in Australia and it also has an existing wholly owned subsidiary (Queensland Retail Ltd) operating in Queensland.

You were requested to prepare the followings: I. acquisition analysis at 1 July 2018 and adjustment/elimination journal entries for consolidation as at 30 June 2019. II. acquisition analysis and adjustment/elimination journal entries for consolidation as at 30 June 2020.

On January 1, 2020, ABC Company borrowed $200,000 from the bank. The loan is
a 10-year note payable that requires semi-annual payments of $24,000 every
June 30 and December 31, beginning June 30, 2020. Assume the loan has a 20%
interest rate, compounded semi-annually.

Calculate the amount of the note payable at December 31, 2020 that would be
classified as a long-term liability.

Mt. Kinley is a strategy consulting firm that divides its consultants into three classes: associates, managers, and partners. The firm has been stable in size for the last 20 years, ignoring growth opportunities in the 90’s, but also not suffering from a need to downsize in the recession at the beginning of the 21^st century. Specifically, there have been--- and are expected to be--- 300 associates, 100 managers, and 30 partners.

The work environment at Mt. Kinley is rather competitive. After five years of working as an associate, a consultant goes “either up or out”; that is, becomes a manager or is dismissed from the company. Similarly, after another five years, a manger either becomes a partner or is dismissed. The company recruits MBAs as associate consultants; no hires are made at the manager or partner level. A partner stays with the company for another 10 years (a total of 20 years with the company).

How many new MBA graduates does Mt. Kinley have to hire every year?

What are the odds that a new hire at Mt. Kinley will become partner (as opposed to being dismissed after 5 years or 10 years)?

Shown below are exchange rates for several currencies.  

A U.S. company purchases goods from several foreign companies with payment due in euros, francs, and pesos.  Would the company be better off paying any of the suppliers now or should it wait 60 days? Why?