Part C Question 3 Accounting for Income Taxes                                                   

Reed Ltd is a manufacturer of surfboards which commenced operations on 1 July 2019. The Statement of Comprehensive Income and the Statement of Financial Position were compiled on 30 June 2020. The following information was available:

Statement of Comprehensive Income for the year ended 30 June 2020

  $                      $

Following information was extracted from the Statement of Financial Position at 30 June 2020:

Other information was available for the year ended 30 June 2020:

1. Sales are recorded for income tax purpose at the time the sales are made.
2. Cost of Goods Sold and administrative expense incurred have been paid. They are allowed as a tax deduction at the year end.
3. Warranty expense was accrued. Deduction for income tax purpose is available only when the amount is paid.
4. The machine was purchased two years ago at a value of $400,000. It is depreciated evenly over its useful life and it has no residual value. The useful life is ten years based on accounting policy, but it is depreciated over eight years according to the taxation rule.
5. Insurance is allowed as a tax deduction when it is paid.
6. Income tax rate is 30%.

Required: (Narrations are not required in this question)

1. Determine the amount of taxable income for the year ended 30 June 2020.
2. Determine the amount of income tax expense for the year ended 30 June 2020.
3. Prepare a journal entry to record current tax liability on 30 June 2020.
4. Determine the amount of tax base for machine.
5. Determine the amount of temporary difference for machine.
6. The temporary difference for machine is deductible in this question, is this correct? Explain.
7. Provide journal entry to record DTA or DTL for machine.

SCHOOL: Medicine and Health Sciences.

DEPARTMENT: Public Health –Human Nutrition and Dietetics.

COURSE TITLE: FOOD SAFETY AND HYGIENE.

ASSIGNMENT:

Instructions: Due on 1/03/2020.                                                                             

Assignments Submitted late will NOT be marked.

1. Discuss the Role of NEMA in waste management in Kenya
   2. Describe all measures you would take to ensure safety of fresh fish from Lake Turkana before eating it for super in your house.

Closing the Accounts of a Merchandiser From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system. In the dropdowns select "Yes" if an account should be closed, and "No" if it should not be closed. a. Accounts Payable b. Advertising Expense c. Cost of Merchandise Sold d. Dividends e. Merchandise Inventory f. Sales g. Sales Discounts h. Sales Returns and Allowances i. Supplies j. Supplies Expense k. Wages Payable

Consider a closed-loop system with unity feedback. For each G(s) hand sketch the Nyquist plot. Determine Z = P + N, algebraically find the closed-loop pole location, and show that the closed-loop pole location is consistent with the Nyquist plot calculation. K = 2.

a) KG(s) = 2(s-1)

b) KG(s) = 2(s+1)

c)KG(s) = 2/(s+1)

d) KG(s) = 2/(s-1)

Major Communications Ltd., a publicly traded company that specializes in data capture, has been in operation for several years. On October 1, 2019, it had 10 million common shares authorized and 1,570,000 shares issued at an average value of $27 per share. As well, there were 1 million preferred shares authorized, with 220,000 of them issued at $14 per share. During the fiscal year ended September 30, 2020, the company generated net income after taxes of $25,380,000 and other comprehensive loss of $4,550,000. On October 1, 2019, the balance in Retained Earnings was $19,760,000 and the balance in Accumulated Other Comprehensive Income was $940,000. The preferred shares pay an annual dividend of $1.30. During the fiscal year 2020, the following transactions affected shareholders’ equity:

1. On November 1, 2019, 390,000 new common shares were issued at $29 per share.

2. On March 15, 2020, a 5% common stock dividend on the outstanding shares was declared and distributed when the market price was $42 per share.

3. On September 1, 2020, a dividend of $5.35 per common share was declared. The date of record was September 15, 2020, with the date of payment being October 5, 2020.

4. The preferred dividend for the year was declared and paid.

Prepare the statement of changes in shareholders’ equity as at September 30, 2020. (If an amount reduces the account balance then enter with negative sign, e.g. -15,000 or in parenthesis, e.g. (15,000).)

Prepare the shareholders’ equity section of the statement of financial position as at September 30, 2020. (Enter negative answers using either a negative sign preceding the number e.g. -5,125 or parentheses e.g. (5,125).)

Acme Materials Company manufactures and sells synthetic coatings that can withstand high temperatures. Its primary customers are aviation manufacturers and maintenance companies. The following table contains financial information pertaining to cost of quality (COQ) in 2019 and 2020 (in thousands of dollars):

QUESTIONS:

1. Classify the cost items in the table into cost-of-quality (COQ) categories. Calculate the ratio of each COQ category to revenues in each of the 2 years.

2. Calculate the percentage change in each COQ category and total COQ and comment on the results:

A company has collected its sales data of a certain product for 10 days before and after an ad campaign was run. The sales numbers (in thousands) before and after the ad campaign are as follows: before [79, 65, 62, 61, 67, 73, 56, 74, 83, 69], after [65, 76, 75, 44, 71, 66, 57, 68, 78, 74]. The researchers do NOT believe that the underlying distributions are normal, and want to take the magnitude of the difference into account. Apply a suitable statistical test to see whether the campaign was useful. What are the correct test value and decision at a confidence level of 95%?

above is inelastic collision data--> it is the ratio of the total momentum of a system after an inelastic collision to the total momentum of a system before the inelastic collision.

How does the total momentum of the system after the collision compare to that before the collision? Is the agreement in these inelastic collisions as good as that in the elastic collisions? Try to account for any differences.

for the elastic data, the ratio of the momentum for after and before the collision is:

with each box representing each trial out of 6 trials.

Why is the elastic collision momentum ratio less close to 1 than the inelastic collision momentum ratios? wouldn't the elastic collision ratios be closer to 1 than inelastic?

A) A buffer solution contains 0.484 M KHCO₃ and 0.314 M K₂CO₃. Determine the pH change when 0.126 mol NaOH is added to 1.00 L of the buffer.

pH after addition − pH before addition = pH change =

B) A buffer solution contains 0.335 M NH₄Br and 0.313 M NH₃ (ammonia). Determine the pH change when 0.072 mol KOH is added to 1.00 L of the buffer.

pH after addition − pH before addition = pH change =

C) Determine the pH change when 0.086 mol HI is added to 1.00 L of a buffer solution that is 0.442 M in CH₃COOH and 0.368 M in CH₃COO^-.

pH after addition − pH before addition = pH change =