A sample of a substance with the empirical formula XCl2 weighs 0.5555 g. When it is dissolved in water and all its chlorine is converted to insoluble AgCl by addition of an excess of silver nitrate, the mass of the resulting AgCl is found to be 1.1681 g. The chemical reaction is XCl2 + 2 AgNO32AgCl + X(NO3)2

(a) Calculate the formula mass of XCl₂.

(b) Calculate the atomic mass of X.

Taxation Assignment:

XXX Ltd is a UK resident trading company. The company's statement of profit or loss for the year ended 31 March 2018 is as follows:                                                                            

   £                         £

Gross profit                                                                              1,200,500
Other income
     Loan stock interest (note 1)                                                   15,750
     Rental income (note 2)                                                          24,000
Expenses
     Salaries                                                        282,000
     Depreciation                                                 70,500
     Loss on sale of non-current asset                   2,500
     Impairment losses (all trade)                         3,800
     Professional fees (note 3)                              14,300
     Repairs and renewals (note 4)                       18,700
     Other expenses (note 5)                                28,500
                                                                                                                  (420,300)
Finance costs                                                                           
     Loan interest (note 6)                                                            (15,300)
Profit before taxation                                                                804,650

Notes:

1 Loan stock interest
The loan stock interest is in respect of loan stock held by XXX Ltd as an investment. The
amount of £15,750 is the amount received and accrued to 31 March 2018.

2 Rental income
The rental income is in respect of a warehouse which is held as an investment and is let out to an
unconnected company. The rental received of £24,000 is also the amount accrued to
31 March 2018.

3 Professional fees

Professional fees are as follows:
                                                                                              £

Accountancy and audit fees                                                       5,600
Debt collection of trade debts                                                    5,100
Legal fees in connection with renewing a 25 year lease               1,300
Legal fees in connection with director's motoring offences           2,300
                                                                                           14,300

4 Repairs and renewals

Repairs and renewals include:
                                                                                               £
Extension to factory                                                                   9,988
Repainting exterior of company's offices                                     4,500

5 Other expenses

Other expenses include:

                                                                                                          £
100 pens with an advertisement for company, given to customers           1,200

Qualifying charitable donation                                                                6,000


6 Loan interest
The loan interest relates to the warehouse let out (see note (2)). The amount shown is the amount
paid and accrued to 31 March 2018.

REQUIRED:    

What are XXX Ltd's trading profits for the year ended 31 March 2018? Start with the profit before taxation figure of £804,650 and list all of the items in the statement of profit or loss indicating by the use of a zero (0) any items that do not require adjustment.     

What are XXX Ltd's taxable total profits for the year ended 31 March 2018?

What are XXX Ltd's net profit after tax for the year ended 31 March 2018?

Under the Tax Cuts and Jobs Act (TCJA), the Child Tax Credit also includes a non-refundable credit for qualifying dependents other than qualifying children. Which of the following is true regarding this Credit for Other Dependents (ODC)?

A. The credit is $500 and can be claimed for elderly or disabled dependents or children over 17

B. The credit can be claimed for eligible dependents only in 2018

C. The credit can only be claimed only if the taxpayer includes a Social Security number for each qualifying person for whom the credit is claimed on the tax return

D. The credit is not subject to income eligibility thresholds and will not phase out for higher income taxpayers

I NEED 2 PARAGRAPHS REPLY TO THIS TYPING SO I CAN COPY IT

  How are budgets used for performance evaluation?

Financial budgets are normally prepared by the finance or accounting department of a company. In small businesses, the owner is required to prepare this budget. A performance budget allows businesses to plan for future expenditures. A budget, therefore, determines the amount of capital required to generate a certain level of sales. Businesses also adjust future expenses based on the past budget performance. Through analyzing and reviewing the budgets, a business will know the amount it has and identifies if external financing is required.

A budget helps businesses track its spending variances. Although financial budgets are prepared on annual basis, tracking of budget variances is done monthly (Vitez, 2018). This tracking enables businesses to understand where the funds were spent and compare with the number of revenues generated. Anny excessive budget variances will require businesses to review their budgets to make sure they are accurately forecasted.

Businesses use performance reports to provide additional information to the managers concerning the budget variances (Vitez, 2018). This information may be either financial or non-financial information which may impact the budget to exceed its allowable limits. Resource costs may cause the financial budgets to increase. Inferior resources are examples of non-financial budgets which may make the budget to increase.

Performance evaluation requires managers to have a benchmark for the past years will act as a guideline in future. This is normally communicated to managers through a budget for their responsibility center. At the end of the accounting year, each center is evaluated based on the actual sales generated. This information will only appear on the performance evaluation report.

A Corp. owns 80% of B Corp. The Consolidated Financial Statements of A Corp. for 2018 and 2019 are shown below:

A Corp.

Consolidated Balance Sheet, December 31, 2019

A Corp.

Consolidated Income Statement, For the year ended December 31, 2019

Other Information:

A purchased its interest in B on January 1, 2015 for $360,000 when the company's net assets were valued at $300,000. The acquisition differential was allocated equally between goodwill and equipment, which was estimated to have a remaining useful life of ten years from the acquisition date.

B reported a net income of $75,000 and paid dividends of $5,000 during 2019.

A issued $300,000 in bonds during the year. A reported an equity method net Income of $300,000 and paid $70,000 in dividends to its shareholders.

Required:

Prepare a Consolidated Statement of Cash Flows for A Corp. for 2019.

Intermediate 1 Terry Part #5: Chapter 9

To practice correcting the financial statements for the Lower of Cost or Market.

Information:

Terry's internal auditor is afraid that some inventory has become obsolete. She has gathered the following information about the inventory items she is worried about:

After talking with the Sales Department, she estimates that the normal markup on TGIT would be $8 and $12 on TT9G5. They currently have 60,000 units of TGIT and 90,000 units of TT9G5 in stock. Terry’s management has opted to record the loss, if any, to COGS and directly reduce inventory.

Terry’s management would like to know the effect of the sale on the Inventory Turnover (COGS / average total inventory)

Assignment:

1. Calculate the Inventory Turnover Ratio before you make any adjustments. Also calculate the average days in inventory for Terry’s overall inventory (before you make any adjustments).
2. Make the appropriate journal entries, if any, to correct for the change in inventory values due to a Lower of Cost or Market adjustment (including any necessary changes to income tax expense). Hint: only COGS and Inventory will be affected. Update Income Tax Expense and Income Tax Payable to reflect the change in tax expense due to the change in COGS.
3. Make any necessary changes to the financial statements.
   • Update the Income Statement to reflect the updated COGS and income tax expense.
   • Update the Balance Sheet to reflect the updated inventory and income tax payable balances.
   • Update the operating section of the statement of cash flows so that the net increase/decrease in cash reconciles with the balance sheet.
4. Calculate the Inventory Turnover Ratio and average days in inventory after you make any adjustments.

Express Co, purchased equipment on March 1, 2015, for $95,000 on the account. The equipment had an estimated useful life of five years, with a residual value of $5,000. The equipment is disposed of on February 1, 2018. Express Co, use the diminishing-balance method of depreciation with a 20% rate and calculates depreciation for partial periods to the nearest month. The company has an August 31 year end.

a) Record the acquisition of the equipment on March 1, 2015,

b)Record depreciation on August 31,2015,2016 and 2017.

c)Record the disposal on February 1, 2018, under the following assumptions.

1: It was scrapped with no residual value.

2: It was sold for $55,000

3: It was sold for $45,000

4: It was traded for new equipment with a list price of $97,000. Express was given a trade-in allowance of $52,000 on the old equipment and paid the balance in cash. Express determined the old equipment fair value to be $47,000 at the date of the exchange.

What are the arguments in favor of recording gains and losses on disposals of property plant and equipment as part of the profit from the operation? what are the argument in favor of recording them as non-operation items?

(Lessor Entries; Sales-Type Lease with Option to Purchase)

Castle Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Jan Way Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement.

1.

Jan Way has the option to purchase the equipment for $16,000 upon termination of the lease. It is not reasonably certain

that Jan Way will exercise this option.

2.

The equipment has a cost of $120,000 and fair value of $160,000 to Castle Leasing. The useful economic life is 2 years, with

a residual value of $16,000.

3.

Castle Leasing desires to earn a return of 5% on its investment.

4.

Collectibility of the payments by Castle Leasing is probable.

Instructions

(a)

Prepare the journal entries on the books of Castle Leasing to reflect the payments received under the lease and to rec-

ognize income for the years 2017 and 2018.

(b)

Assuming that Jan Way exercises its option to purchase the equipment on December 31, 2018, prepare the journal entry

to record the sale on Castle Leasing’s books.

Challenges in Long-Term Care Your instructor will assign you a research article relating to the current challenges in the long-term care continuum and their impact on the current long-term care industry.

The research paper that I have chosen is at this link:

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4193350/

The Changing Face of Long-Term Care

Bruce C. Vladeck, Ph.D., Nancy A. Miller, Ph.D., and Steven B. Clauser, Ph.D.

Read the assigned research paper and after you have completed your review, create a Microsoft Word document addressing the main challenges discussed in the paper. Be sure to incorporate the following:

- Introduction and background of the research paper

- Stakeholders interested in the study

- Challenges in the long-term care continuum

- Impact of the challenges on the long-term care system (specifically on staffing, funding, and regulation)

- Recommendations to address the challenges

To support your work, use your course and textbook readings and also use the South University Online Library. As in all assignments, cite your sources in your work and provide references for the citations in APA format.

Submission Details: Your assignment should be addressed in a 2- to 3-page document.

Submit your document to the Submissions Area by the due date assigned.

Due Date May 23, 2018 11:59 PM

Week 4 Project

Instructions

Before beginning work on this assignment, please review the expanded grading rubric for specific instructions relating to content and formatting. Long-Term Care Reimbursement The federal and state governments are the largest payers of health care services in the United States. The largest federal programs are the Medicare and Medicaid services.

Using the information from the textbooks, lectures, and Internet resources, provide a brief summary of Medicare and Medicaid services in a Microsoft Word document.

To get up-to-date information on the programs, review the information shared on the following websites:

The Centers for Medicare and Medicaid Services

The Social Security Administration In your summary, include the following points:

- An overview of the different Medicare and Medicaid services

- The population covered under Medicare and Medicaid services

- The services of long-term care covered under Medicare and Medicaid,

- including the restrictions placed on them

To support your work, use your course and textbook readings and also use the South University Online Library.

As in all assignments, cite your sources in your work and provide references for the citations in APA format. Submission Details: Your assignment should be addressed in a 2- to 3-page document.

Submit your document to the Submissions Area by the due date assigned.

Due Date Jun 6, 2018 11:59 PM