Prepare the Closing Entries necessary to close out the Statement of Activities

NOTE: Each general ledger account from the Statement of Activities gets closed out to one of two accounts: Either a) Net Assets With Donor Restrictions OR b) Net Assets WITHOUT Donor Restrictions.

These are both balance sheet accounts.

Transaction 1: The DONOR gives you $2,000 cash to use for scholarships

Transaction 2: The DONOR given you $1,000 and you can use it for any programs

Transaction 3: The NFP pays out $2,000 for scholarship expenses

Journal Entry:                                                                          DEBITS     CREDITS

Cash                                                                                           $2,000

     Contribution (Restricted by Donor)                                                 $2,000        (needs to be closed)

Cash                                                                                           $1,000

     Contribution (Not Restricted)                                                            $1,000        (needs to be closed)

Net Assets Released-Donor Restriction                              $2,000                          (needs to be closed)

     Net Assets Released-Without Donor Restriction                             $2,000      (needs to be closed)

Expenses-Scholarships                                                             $2,000                          (needs to be closed)

     Cash                                                                                                         $2,000

Statement of Activities (dollars are in CREDITS)

For the Year Ended 2019                                               CONTRIBUTIONS          CONTRIBUTIONS

                                                                                    Unrestricted                 Restricted By Donor

Contributions (not restricted)                                                         $1,000

Contributions (restricted)                                                                                        $2,000

Net Assets Released-Donor Restrictions                                                                        ($2,000)

Net Assets Released-Without Donor Restrictions               $2,000

Expenses                                                                                       ($2,000)

CHANGE IN ACTIVITIES FOR THE YEAR:                                   $1,000                             -0-                $1,000 total

Balance Sheet As of December 31, 2019

Cash $1,000

         Net Assets without Donor Unrestricted         $1,000

(b) State the model found when performing a regression using seasonal binaries. (A negative value should be indicated by a minus sign. Round your answers to 4 decimal places.

y_t =___ + _____t +_____ Q1 +_____ Q2 +______ Q3

(b) State the model found when performing a regression using seasonal binaries. (A negative value should be indicated by a minus sign. Round your answers to 4 decimal places.

y_t =___ + _____t +_____ Q1 +_____ Q2 +______ Q3

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

A. Explain which model in the “Data and Graphs” attachment is most accurate, based only on their graphical qualities and R² values, which can both be found in the “Data and Graphs” attachment.

Note: R² is the square of the correlation coefficient between the data and the model.

B. Given that the actual U.S. Population in 2010 was 308.75 million, explain which of the following models is most accurate, including computations of the relative errors, based only on the following U.S. population predictions in millions by each model for the year 2010:

• linear: 242.89

• exponential: 515.34

• quadratic: 304.36

• third-degree polynomial: 308.22

• fourth-degree polynomial: 311.96

1. In August 2019, Judge Marshall purchased a 2020 Bentley Mulsanne for $320,000. In order to purchase the Bentley, the Judge made a 25% down payment and signed a note to finance the balance of the purchase price over 4 years at a 5% rate of interest. According to his mileage log, the business usage for the Bentley in 2019 was 80%. All of his business usage related to his bar review course sole proprietorship. What is the amount of depreciation, if any, the Judge can claim on his Bentley in 2019? (explain the proper tax treatment and cite tax law authorities). (Assume U.S tax code)

4.

The United Nations' Human Settlements Program forecast that by the year 2020 what percent of the world's population would live in poverty?

7.

The Federal Trade Commission advocates which of the following for business security?

8.

In 2009 the U.S. government announced plans to spend how much to spur the use of digital or electronic patient records, as part of a national effort to reduce medical costs?

A rectangular channel carries a flow at a velocity of 2.1 m/sec and at a depth of 2.1m. The tail end gate of the channel is suddenly closed. Find the height and speed of the surge. What would be the values of these quantities if the gate is partially closed to release half of the flow?

Sully Company’s January 1, 2020 balance sheet is as follows:

Assets Liabilities & Equity

Cash, receivables $ 3,000,000 Current liabilities $ 2,000,000

Inventories 4,000,000 Long-term liabilities 6,500,000

Equity method investments 1,000,000 Capital stock 2,000,000

Land, buildings & equipment 5,500,000 Retained earnings 3,500,000

Accumulated other comprehensive loss (400,000)

_________ Treasury stock (100,000)

Total assets $13,500,000 Total liabilities & equity $13,500,000

On January 1, 2020, Pronto Corporation acquired Sully’s assets and liabilities for $50 million in cash. Sully’s cash and receivables, and current liabilities were reported at values approximating fair value. However, its inventories were overvalued by $2,000,000, and its equity method investments were undervalued by $3,000,000. Its land, buildings & equipment were overvalued by $2,500,000, and its long-term liabilities were undervalued by $500,000. The accountants identified the following possible intangible assets attributed to Sully but not currently recorded on its balance sheet:

Fair Value

Skilled workforce $7,000,000

Favorable leases 5,000,000

Developed technology 2,000,000

Prospective customer contracts 1,500,000

Synergies on future projects 3,000,000

Required

Prepare Prance’s journal entry to record the acquisition.