Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He had developed a lot of solid relationships with clients, and he believed that many of them would follow him if he were to leave his current employer. As part of a New Year’s resolution, Jack decided he would finally do it. Jack put his business plan together, and, on January 1 of this year, Jack opened his doors for business as a C corporation called Geo-Jack (GJ). Jack is the sole shareholder. Jack reported the following financial information for the year (assume GJ reports on a calendar year, uses the accrual method of accounting, and elects to account for inventory).

1. In January, GJ rented a small business office about 12 miles from Jack’s home. GJ paid $14,500, which represented a damage deposit of $5,800 and rent for two years ($4,350 annually).
2. GJ earned and collected $365,000 performing geological-related services and selling its specialized digging tool.
3. GJ received $70 interest from municipal bonds and $2,250 interest from other investments.
4. GJ purchased some new equipment in February for $50,000. It claimed depreciation on these assets during the year in the amount of $7,665.
5. GJ paid $7,750 to buy luxury season tickets for Jack’s parents for State U football games.
6. GJ paid Jack’s father $13,000 for services that would have cost no more than $7,800 if Jack had hired any other local business to perform the services. While Jack’s dad was competent, he does not command such a premium from his other clients.
7. In an attempt to get his name and new business recognized, GJ paid $7,750 for a one-page ad in the Geologic Survey. It also paid $16,500 in radio ads to be run through the end of December.
8. GJ leased additional office space in a building downtown. GJ paid rent of $30,750 for the year.
9. In November, Jack’s office was broken into and equipment valued at $5,750 was stolen. The tax basis of the equipment was $6,250. Jack received $2,300 of insurance proceeds from the theft.
10. GJ incurred a $4,375 fine from the state government for digging in an unauthorized digging zone.
11. GJ contributed $3,300 to lobbyists for their help in persuading the state government to authorize certain unauthorized digging zones.
12. On July 1, GJ paid $1,800 for an 18-month insurance policy for its business equipment. The policy covers the period July 1 of this year through December 31 of next year.
13. GJ borrowed $20,000 to help with the company’s initial funding needs. GJ used $2,000 of funds to invest in municipal bonds. At the end of the year, GJ paid the $1,200 of interest expense that accrued on the loan during the year.
14. Jack lives 12 miles from the office. He carefully tracked his mileage and drove his truck 6,280 miles between the office and his home. He also drove an additional 7,200 miles between the office and traveling to client sites. Jack did not use the truck for any other purposes. He did not keep track of the specific expenses associated with the truck. However, while traveling to a client site, Jack received a $225 speeding ticket. GJ reimbursed Jack for business mileage and for the speeding ticket.
15. GJ purchased two season tickets (20 games) to attend State U baseball games for a total of $1,400. Jack took existing and prospective clients to the games to maintain contact and find further work. This was very successful for Jack as GJ gained many new projects through substantial discussions with the clients following the games.
16. GJ paid $3,800 for meals when sales employees met with prospective clients.
17. GJ had a client who needed Jack to perform work in Florida. Because Jack had never been to Florida before, he booked an extra day and night for sightseeing. Jack spent $550 for airfare and booked a hotel for three nights ($195/night). (Jack stayed two days for business purposes and one day for personal purposes.) He also rented a car for $120 per day. The client arranged for Jack’s meals while Jack was doing business, but GJ paid all expenses.
18. GJ paid a total of $25,000 of wages to employees during the year, and cost of goods sold was $30,000.

Required:

1. a. What is GJ’s net business income for tax purposes for the year?

2. b. As a C corporation, does GJ have a required tax year? If so, what would it be?

3. c. If GJ were a sole proprietorship, would it have a required tax year-end? If so, what would it be?

4. d. If GJ were an S corporation, would it have a required tax year-end? If so, what would it be?

Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He had developed a lot of solid relationships with clients and he believed that many of them would follow him if he were to leave his current employer. As part of a New Year’s resolution, Jack decided he would finally do it. Jack put his business plan together and, on January 1 of this year, Jack opened his doors for business as a C corporation called Geo-Jack (GJ). Jack is the sole shareholder. Jack reported the following financial information for the year (assume GJ reports on a calendar year, uses the accrual method of accounting).

1. In January, GJ rented a small business office about 12 miles from Jack’s home. GJ paid $17,500, which represented a damage deposit of $7,000 and rent for two years ($5,250 annually).
2. GJ earned and collected $415,000 performing geological-related services and selling its specialized digging tool.
3. GJ received $65 interest from municipal bonds and $2,350 interest from other investments.
4. GJ purchased some new equipment in February for $55,000. It claimed depreciation on these assets under tax basis during the year in the amount of $8,415.
5. GJ paid $8,250 to buy luxury season tickets for Jack’s parents for State U football games.
6. GJ paid Jack’s father $15,000 for services that would have cost no more than $9,000 if Jack had hired any other local business to perform the services. While Jack’s dad was competent, he does not command such a premium from his other clients.
7. In an attempt to get his name and new business recognized, GJ paid $8,250 for a one-page ad in the Geologic Survey. It also paid $17,500 in radio ads to be run through the end of December.
8. GJ leased additional office space in a building downtown. GJ paid rent of $33,250 for the year.
9. In November, Jack’s office was broken into and equipment valued at $6,250 was stolen. The tax basis of the equipment was $6,750. Jack received $2,500 of insurance proceeds from the theft.
10. GJ incurred a $4,625 fine from the state government for digging in an unauthorized digging zone.
11. GJ contributed $3,500 to lobbyists for their help in persuading the state government to authorize certain unauthorized digging zones.
12. On July 1, GJ paid $1,800 for an 18-month insurance policy for its business equipment. The policy covers the period July 1 of this year through December 31 of next year.
13. GJ borrowed $20,000 to help with the company’s initial funding needs. GJ used $2,000 of funds to invest in municipal bonds. At the end of the year, GJ paid the $1,200 of interest expense that accrued on the loan during the year.
14. Jack lives 12 miles from the office. He carefully tracked his mileage and drove his truck 6,280 miles between the office and his home. He also drove an additional 7,200 miles between the office and traveling to client sites. Jack did not use the truck for any other purposes. He did not keep track of the specific expenses associated with the truck. However, while traveling to a client site, Jack received a $275 speeding ticket. GJ reimbursed Jack for business mileage and for the speeding ticket.
15. GJ purchased two season tickets (20 games) to attend State U baseball games for a total of $1,600. Jack took existing and prospective clients to the games to maintain contact and find further work. This was very successful for Jack as GJ gained many new projects through substantial discussions with the clients following the games.
16. GJ paid $4,000 for meals when sales employees met with prospective clients.
17. GJ had a client who needed Jack to perform work in Florida. Because Jack had never been to Florida before, he booked an extra day and night for sightseeing. Jack spent $650 for airfare and booked a hotel for three nights ($245/night). (Jack stayed two days for business purposes and one day for personal purposes.) He also rented a car for $170 per day. The client arranged for Jack’s meals while Jack was doing business, but GJ paid all expenses.
18. GJ paid a total of $35,000 of wages to employees during the year and cost of goods sold was $40,000.

Required:

1. a. What amount will increase taxable income (positive) or reduce taxable income (negative) for each of the above scenarios?

2. b. As a C corporation, does GJ have a required tax year? If so, what would it be?

3. c. If GJ were a sole proprietorship, would it have a required tax year-end? If so, what would it be?

4. d. If GJ were an S corporation, would it have a required tax year-end? If so, what would it be?

Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He had developed a lot of solid relationships with clients and he believed that many of them would follow him if he were to leave his current employer. As part of a New Year’s resolution, Jack decided he would finally do it. Jack put his business plan together and, on January 1 of this year, Jack opened his doors for business as a C corporation called Geo-Jack (GJ). Jack is the sole shareholder. Jack reported the following financial information for the year (assume GJ reports on a calendar year and uses the accrual method of accounting). In January, GJ rented a small business office about 12 miles from Jack’s home. GJ paid $13,900, which represented a damage deposit of $5,560 and rent for two years ($4,170 annually). GJ earned and collected $355,000 performing geological-related services and selling its specialized digging tool. GJ received $60 interest from municipal bonds and $2,230 interest from other investments. GJ purchased some new equipment in February for $49,000. It claimed depreciation on these assets during the year in the amount of $7,515. GJ paid $7,650 to buy luxury season tickets for Jack’s parents for State U football games. GJ paid Jack’s father $12,600 for services that would have cost no more than $7,560 if Jack had hired any other local business to perform the services. While Jack’s dad was competent, he does not command such a premium from his other clients. In an attempt to get his name and new business recognized, GJ paid $7,650 for a one-page ad in the Geologic Survey. It also paid $16,300 in radio ads to be run through the end of December. GJ leased additional office space in a building downtown. GJ paid rent of $30,250 for the year. In November, Jack’s office was broken into and equipment valued at $5,650 was stolen. The tax basis of the equipment was $6,150. Jack received $2,260 of insurance proceeds from the theft. GJ incurred a $4,325 fine from the state government for digging in an unauthorized digging zone. GJ contributed $3,260 to lobbyists for their help in persuading the state government to authorize certain unauthorized digging zones. On July 1, GJ paid $1,800 for an 18-month insurance policy for its business equipment. The policy covers the period July 1 of this year through December 31 of next year. GJ borrowed $20,000 to help with the company’s initial funding needs. GJ used $2,000 of funds to invest in municipal bonds. At the end of the year, GJ paid the $1,200 of interest expense that accrued on the loan during the year. Jack lives 12 miles from the office. He carefully tracked his mileage and drove his truck 6,280 miles between the office and his home. He also drove an additional 7,200 miles between the office and traveling to client sites. Jack did not use the truck for any other purposes. He did not keep track of the specific expenses associated with the truck. However, while traveling to a client site, Jack received a $215 speeding ticket. GJ reimbursed Jack for business mileage and for the speeding ticket. GJ purchased two season tickets (20 games) to attend State U baseball games for a total of $1,360. Jack took existing and prospective clients to the games to maintain contact and find further work. This was very successful for Jack as GJ gained many new projects through substantial discussions with the clients following the games. GJ reimbursed employee-salespersons $3,760 for meals involving substantial business discussion. GJ had a client who needed Jack to perform work in Florida. Because Jack had never been to Florida before, he booked an extra day and night for sightseeing. Jack spent $530 for airfare and booked a hotel for three nights ($185/night). (Jack stayed two days for business purposes and one day for personal purposes.) He also rented a car for $110 per day. The client arranged for Jack’s meals while Jack was doing business. GJ reimbursed Jack for all expenses. GJ paid a total of $23,000 of wages to employees during the year and cost of goods sold was $28,000. Required: a. What amount will increase taxable income (positive) or reduce taxable income (negative) for each of the above scenarios? b. As a C corporation, does GJ have a required tax year? If so, what would it be? c. If GJ were a sole proprietorship, would it have a required tax year-end? If so, what would it be? d. If GJ were an S corporation, would it have a required tax year-end? If so, what would it be?

Fatima Hopkins, the CEO of Central Adventures, is having difficulties with all three of her top management level employees. With one manager making questionable decisions, another threatening to leave, and the third likely ‘in the red’, Fatima is hoping there is a simple answer to all her difficulties, and needs some advice from her accountant on how to proceed.

Central Adventures owns and operates three amusement parks in Michigan: Central Funland, Central Waterworld, and Central Treetops. Central Adventures has a decentralized organizational structure, where each park is run as an investment center. Each park manager meets with the CEO at least once annually to review their performance, as measured by their park’s ROI. The park manager then receives a bonus equal to 10% of their base salary for every ROI percentage point above the required rate.

Central Funland is an outdoor theme park, with twelve roller coaster rides and several other attractions. This park has first opened 1965, and most of the rides have been in operation for 20+ years. Attendance at this park has been relatively stable over the past ten years. The park manager of Funland, Janet Lieberman, recently shared with Fatima a proposal to replace one of their older rides with a new roller coaster, a hybrid steel and wood rollercoaster with a 90 degree, 200 foot drop and three inversions. The proposal indicated that the ride would cost $8,000,000 with an estimated life of 20 years. In addition, this new style of coaster would require additional maintenance, costing $125,000 each year. However, it projected that this new attraction would boost attendance, earning the park an additional $1,190,000 per year in revenues. Janet ultimately decided not to invest in this new attraction.

Central Waterworld is an indoor water park, operating year-round. Run by park manager David Copperfield, Waterworld was built in 2016 and has increased attendance by 20% every year since. David recently sent you an email complaining that, based on the current bonus payout schedule, Janet Lieberman’s bonus last year was significantly higher than his. He points to the increasing attendance, and says that his park is being punished for having opened so recently (his park assets are much more recent than the roller coasters at Funland). He currently has an employment offer from another company at the same pay rate, which he says he will accept if his performance is not appropriately acknowledged.

Central Treetops includes a high ropes course and has a series of ziplines that criss-cross over the Chippewa River. For many years, it was a popular venue for corporate team-building activities, so it is equipped with a main indoor facility with cafeteria and overnight guest rooms. This park has lost popularity in recent years, and has been ‘in the red’ for the past two years. If the park is not profitable this year, you will need to decide whether to close it - permanently. Central Adventures has a $86,000 mortgage payment on the land and buildings for Treetops, which would still need to be paid if the park is closed. Incidentally, you recently had a conversation with the regional head of the YMCA, who would like to open a summer camp in the central Michigan region. If you decided to close Treetops, you are fairly certain that you could lease that land to the YMCA for $250,000 annually.

A partial report of this year’s financial results for Central Adventures shows the following:

In addition to the information above, there are $2,542,920 in corporate costs, which are currently allocated evenly between the three parks. These costs are primarily due to employee benefits costs, which are billed at the corporate level. If the Treetops park is closed, the allocated corporate costs would decrease by $12,000. Central Adventures has a required rate of return of 12 percent (set at the company’s weighted-average cost of capital) and are subject to 18% income taxes.

Fatima needs to see this year’s performance results before she can make any decisions. Is David’s complaint about the performance evaluation metrics valid? Is that also affecting management decisions in the form of Janet’s rejection of the proposed new rollercoaster? And is the company better off without Treetops? She sets off to the company accountant’s office to help get some answers.

a) The following table gives the values of a function f(x) at a certain number of equidistant points on the x-axis. From the data supplied, calculate approximate values of  by using each of the following rules: (Give the explicit formula/definition for each of the rules, before applying them)

(i) The Trapezoid Rule and (ii) Simpson's Rule.

b) Use the Midpoint Rule to find the approximation  to 6 decimal places.

The International Space Station, which has a mass of 4.48{\times}10^54.48×10 ?5 ?? kg, orbits 250 miles above the Earth's surface, and completes one orbit every 87.3 minutes. What is the kinetic energy of the International Space Station? (Note: don't forget to take into account the radius of the Earth!) (I got 57.2. I don't know where I went wrong haha!)

A 0.957 kg object with an initial velocity of 1.6 m/s is accelerated by a constant force of 9.5 N over a distance of 1.25 m. Use energy to determine the final velocity of the object. (this is a good opportunity to double check your answer using Newton's Laws and kinematic equations.)

Suppose that the speed at which cars go on the freeway is normally distributed with mean 75 mph and standard deviation 8 miles per hour. Let X be the speed for a randomly selected car. Round all answers to 4 decimal places where possible. a. What is the distribution of X? X ~ N(,) b. If one car is randomly chosen, find the probability that it is traveling more than 77 mph. c. If one of the cars is randomly chosen, find the probability that it is traveling between 77 and 81 mph. d. 82% of all cars travel at least how fast on the freeway? mph.

I am trying to create a function in JAVA that takes in an ArrayList and sorts the values by their distance in miles in increasing order. So the closest (or lowest) value would be first.

It does not need to output the values in anyway, but it should return them so they can be output elsewhere.

Please try to use the stub class below.

The code for the main class is not necessary. I am only really asking for the formula code to sortByDistance. I do not want anything else.

public ArrayList sortByDistance(boolean increasing) {
       // can sort by distance increasing (true) or decreasing (false)
       return null;
   }

We wish to see if, on average, traffic is moving at the posted speed limit of 65 miles per hour along a certain stretch of Interstate 70. On each of four randomly selected days, a randomly selected car is timed and the speed of the car is recorded. The observed sample mean speed is 70 mph and the sample standard deviation is 4.08 mph. Assume that speeds are normally distributed with mean μ. Which of the following is the 95% confidence interval for μ, the population mean speed on the stretch of Interstate 70.

Question 11 options:

(66.00, 74.00)

(66.75, 73.25)

(63.51, 76.49)

(67.96, 72.04)