Bank Reconciliation Statement.

The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of $19,885. The bank statement received by the company indicated a balance of $39,473.63 as at August 31, 2020. A comparison of the bank statement and the accompanying cancelled cheques and memos with the records revealed the following:

1. A deposit of $6,794.62 was received by the bank on August 31 after the bank statement was prepared.

2. Cheques #251 for $1,200 and #260 for $1,333.25 were not presented to the bank for encashment as at August 31, 2020.
3. The bank erroneously debited a cheque drawn Corey’s Construction as $16,000 instead of $1,600.

4. The company’s accountant recorded a $3,500.00 cheque for payment of accounts payables as $35,000

5. The bank credited a deposit of $200 as $2,000 to Corey’s Construction account.
6. A cheque for $13,500 from a customer Ali Woods was returned for insufficient funds. The bank charged $50 for Wood’s NSF cheque. The company’s policy states that the bank charges associated with NSF cheques are to be recovered from the customer.
7. A note was collected by the bank of $21,000 on August 31 which included interest of $1,500
8. A debit memo from the bank showed service charge amounting to $2,500 as at August 31, 2020.

1. Prepare Corey’s Construction Company adjusted cash book for August 31^st. 2020.

Nash Company began operations on January 1, 2018, and uses the average-cost method of pricing inventory. Management is contemplating a change in inventory methods for 2021. The following information is available for the years 2018–2020. Net Income Computed Using Average-Cost Method FIFO Method LIFO Method

2018 $15,980 $19,140 $12,070

2019 18,090 21,090 14,040

2020 20,130 24,990 16,940

(a) Prepare the journal entry necessary to record a change from the average cost method to the FIFO method in 2021. Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

(b) Determine net income to be reported for 2018, 2019, and 2020, after giving effect to the change in accounting principle. Net Income 2018 $Enter a dollar amount 2019 $Enter a dollar amount 2020 $Enter a dollar amount

(c) Assume Nash Company used the LIFO method instead of the average cost method during the years 2018–2020. In 2021, Nash changed to the FIFO method. Prepare the journal entry necessary to record the change in principle.

A tariff is added United States soybeans by the Chinese Government. What happens to the price and quantity of United States soybeans in China? Use all the steps of the Hill method.Draw the before and after tables of comparative advantage.

The price of Soybeans is held below equilibrium in the United States. What happens to the price and quantity of soybeans?  Use the Hill method. Draw the before and after tables of comparative advantage.

1. You and your friend Jack have different opinions about Tesla stock price. On Sep. 30, 2020, you did a short sale of Tesla stock at $429.01 for 1000 shares. The same day, Jack bought the Tesla stock at $429.01 for 1000 shares with margin. The initial margin and maintenance margin requirement for short sale is 150%. The initial margin and maintenance margin requirement for long on margin is 30% (assume no interest is charged on long on margin account). Below is the Tesla stock price in the next 2 days:

Oct. 01, 2020: $448.16

Oct. 02, 2020: $415.09.

1.Please calculate your daily margin ratio and Jack’s daily margin ratio for each of the next 2 days (Oct. 01 and Oct. 02). Please specify if margin call is received and how much money you or Jack need to deposit into the account after the margin call. (6 points)

2.If you and Jack both decide to close the account (i.e., selling the stock or covering the short selling position) after receiving the first margin call instead of depositing more money into the account, please calculate returns for both of you. (4 points)

1). Canner Co., organized on January 2, 2020, had pretax accounting income of $960,000 and taxable income of $3,120,000 for the year ended                                               
December 31, 2020. The only temporary difference is accrued product warranty costs which are expected to be paid as follows:                                              
                                              
   2021       $720,000                                   
   2022       360,000                                  
   2023       360,000                                  
   2024       720,000                                  
                                              
The enacted income tax rates are 35% for 2020, 30% for 2021 through 2023, and 25% for 2024. If Canner expects taxable income in future years,                                               
the deferred tax asset in Canner's December 31, 2020 balance sheet should be                                              
a.   $432,000                                           
b.   $504,000                                           
c.   $612,000                                           
d.   $756,000

2). Ames Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2020:                                          
                                          
   Book income before income taxes                               2,700,000       
   Add temporary difference                                      
       Construction contract revenue which will reverse in 2021                           240,000       
   Deduct temporary difference                                      
       Depreciation expense which will reverse in equal amounts in                                  
       each of the next four years                           (960,000)      
   Taxable income                               1,980,000       
                                          
The enacted income tax rate is 21% in 2020. How should Ames report deferred taxes?                                          
a.   DTA (current) 50,400; DTL (noncurrent) 201,600.                                      
b.   DTL (noncurrent) 201,600                                      
c.   DTL (noncurrent) 151,200                                      
d.   DTL (noncurrent 100,800  

3). Baker Corp.'s 2020 income statement had pretax financial income of $500,000 in its first year of operations. Baker uses an accelerated cost                                           
recovery method on its tax return and straight-line depreciation for financial reporting. The differences between the book and tax deductions                                           
for depreciation over the five-year life of the assets acquired in 2020, and the enacted tax rates for 2020 to 2024 are as follows:                                          
                                          
       Book Depreciation                                   
       Over (Under) Tax           Tax Rates                      
   2020       (100,000)       35%                      
   2021       (130,000)       30%                      
   2022       (30,000)       30%                      
   2023       120,000       30%                      
   2024       140,000       30%                      
                                          
There are no other temporary differences. In Baker's December 31, 2020 balance sheet, the noncurrent deferred income tax liability and                                           
the income taxes currently payable should be                                          
                                          
   Deferred Income       Income Taxes                              
   Tax Liability       Currently Payable                              
a.   $78,000        $100,000                               
b.   $78,000        $140,000                               
c.   $30,000        $120,000                               
d.   $30,000        $140,000                                                                                                               
                          

• Use Excel to conduct a regression of the values of the security against the predictors and verify the validity of underlying assumptions
  • Check for homoscedasticity and serial correlation
  • If necessary, rerun the regression using robust standard errors
  • Look for evidence of multicollinearity and eliminate redundant predictors if necessary

This policy ensures that all students in grades one to nine are physically active for at least thirty minutes each day through activities organized by the school (Alberta, 2020). Being active is being healthy. As was mentioned in the Dr. Christine Kennedy’s article schools have the potential to help children develop lifelong, healthy eating patterns and encourage physical activity; research supports school-based interventions to increase physical activity and decrease obesity (Kennedy, 2010).

Giving the kids an opportunity to have an active form of break, allows them to get the proper physical attention to the young body. This increase the overall mental and physical health. Kids between ages of 6 to 14 are in the most important period of they life, when the body and bones are forming. Therefore, this initiative that came to Alberta schools in 2005 was widely accepted and implemented by all the schools across the province.

come up with a discussion question. Something that a rival or someone who is against this policy would say.

1. Suppose you are fresh out of college and plan to immediately start working and retire in 40 years, after which you plan to live for another 20 years after retirement.  Assuming that the interest rate from now until the end of retirement will average about 5% and that your income before retirement will likely be about $80,000 per year, how much should you save annually between now and retirement:
   1. If you want to replace about 75% of your pre-retirement income after retirement?

2. If you want to spend the same amount of money after retirement as you did before retirement?

The following items were taken from the financial statements of Garcia Company.

Mortgage payable $ 2,340 Accumulated depreciation 3,560 Prepaid expenses 980 Accounts payable 1,555 Property, plant, and equipment 11,500 Notes payable due after 2020 1,200 Long-term investments 1,300 Owner’s capital 14,026 Short-term investments 3,690 Accounts receivable 1,696 Notes payable due in 2020 1,000 Inventories 1,765 Cash 2,750

Instructions: Prepare a classified balance sheet in good form (with the proper three-line heading) as of December 31, 2019.

Consider a set of n boxes with their positions numbered from 1 to n. Initially all the boxes
are CLOSED. These n boxes are subject to modifications over n iterations as follows. At the ith
iterations the boxes at the positions whose ids are multiples of i are flipped, i.e. changed from
CLOSED to OPEN or vice-versa. For example, at iteration 1, boxes at all positions are
flipped, at iteration 2, boxes at positions 2,4,6,etc. are flipped, at iteration 3, boxes at positions 3,6,9, etc.
are flipped.
Propose an algorithm for find out, that after n such iterations how many boxes will be OPEN.
Note that the answer requires only how many boxes, not their positions. Describe the rationale
for the algorithm, give the pseudocode, and its complexity. Grading scheme: (your grade will be
based on whichever class your algorithm falls in)
- For algorithms with complexity O(n2) or higher.
- For algorithms with complexity O(kn), where k is the number of digits of n.
- For algorithms with complexity O(M(k)), where k is the number of digits of n, and M(k) is
the complexity of multiplying two k digit numbers.