On January 1, 2018, the general ledger of Big Blast Fireworks includes the following account balances:

The $32,000 beginning balance of inventory consists of 320 units, each costing $100. During January 2018, Big Blast Fireworks had the following inventory transactions:

The following information is available on January 31, 2018. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. At the end of January, $4,200 of accounts receivable are past due, and the company estimates that 40% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 5% will not be collected. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. Accrued income taxes at the end of January are $12,500.

Jounral Entries: 1.)Purchase 1,100 units for $117,700 on account ($107 each). 2.) Purchase 1,200 units for $134,400 on account ($112 each). 3.)  Purchase 1,300 units for $152,100 on account ($117 each). 4.) Return 110 of the units purchased on January 12 because of defects. 5.) Sell 3,700 units on account for $555,000. 6.) Record the cost of the units sold, which is determined using a FIFO perpetual inventory system. 7.) Receive $533,000 from customers on accounts receivable. 8.) Pay $363,000 to inventory suppliers on accounts payable. 9.) Write off accounts receivable as uncollectible, $2,700. 10.) Pay cash for salaries during January, $116,000. 11.) Record the adjusting entry for inventory. 12.) Record the adjusting entry for uncollectible accounts. 13.) Record the adjusting entry for interest. 14.)  Record the adjusting entry for income tax. 15.) Record the closing entry for revenue. 16.) Record the closing entry for expenses. 17.) Record the closing entry for income summary.

Additional: Prepare a multiple-step income statement for the period ended January 31, 2018

Additional: Prepare a classified balance sheet as of January 31, 201

The data in the attached excel file comes from Consumer Reports and was collected over a two-year period. It gives the average mpg over a 195-mile trip, the weight of the vehicle (pounds), engine displacement (liters), number of cylinders, horsepower, type of transmission (0 = manual, 1 = automatic), the number of gears and whether the car was foreign (1) or domestic (0).

Part a: Build a model for predicting the average mpg based on the data in the attached excel spread sheet. Show and annotate your work in the excel spread sheet. Include an interpretation of the final model.

Part b: Using your final model from part a, construct an interval estimate of the average mpg of a vehicle which weighs 3000 pounds, with an engine displacement of 2.5 liters, 4 cylinders, 150 hp, manual transmission, 5 gears and is a domestic car. Explain what this means.

Comparing accrual and cash-basis accounting, preparing adjusting entries, and preparing income statements [15-25 min] Sweet Catering completed the following selected transactions during May, 2012: May 1 Prepaid rent for three months, $1,500. 5 Paid electricity expenses, $400. 9 Received cash for meals served to customers, $2,600. 14 Paid cash for kitchen equipment, $2,400. 23 Served a banquet on account, $3,000. 31 Made the adjusting entry for rent (from May 1). 31 Accrued salary expense, $1,400. 31 Recorded depreciation for May on kitchen equipment, $40. Requirements 1. Prepare journal entries for each transaction. 2. Using the journal entries as a guide, show whether each transaction would be handled as a revenue or an expense using both the cash and accrual basis by completing the following table. Amount of Revenue (Expense) for May Date Cash-Basis Amount of Accrual-Basis Amount of Revenue (Expense) Revenue (Expense) 3. After completing the table, calculate the amount of net income or net loss for Sweet Catering under the accrual and cash basis for May. 4. Considering your results from Requirement 3, which method gives the best picture of the true earnings of Sweet Catering? Why?

In 2007, France's GDP totaled $1.9 trillion and in 2006 GDP was $1.8 trillion. The total amount spent on new capital each year was $357 billion (2007) and $335 billion (2006). To calculate the amount of net investment in France for these years, you need to know:

A) The amount of financial capital available,

B) Saving,

C) The aggregated production function,

D) Depreciation.

Course: Theory of Interest (Actuarial Science)
Chapter: Yield Rates

Problem:

On 1/1/2006, Anthony deposits $90 into an investment account. On 4/1/2006 when the amount in the account is $x, a withdrawal of $W is made. The dollar-weighted rate of return is 20%. The time-weighted rate of return is 16%. Find W and x.
Answer: W = 24, x = $104.4

Elena filed her Form 1040, U.S. Individual Income Tax Return, for the 2006 taxable year on April 15, 2007. On May 15, 2007, the IRS assessed the $10,000 of tax reported by Elena on her 2006 Form 1040. Elena did not make any mistakes on her 2006 Form 1040; however, Elena did not pay the $10,000 tax liability reported on the Form 1040. On January 2, 2010, the IRS filed a Notice of Federal tax Lien against Elena, which attached to all Elena's property. On January 8, 2010, Elena requested for a Collection Due Process hearing before the IRS's Appeals Office. The Appeals Officer ruled against Elena, and Elena did not petition any court to review the Appeals Officer's determination. Assume that the Collection Due Process hearing process ended on February 10, 2010. Question: when did the statute of limitations on collection of Elena's 2006 income tax liability expire?

June 16, 2015.

April 15, 2017.

May 18, 2017,

June 17, 2017.

None of the above.

"A company bought a machine for $138,000. The machine was depriciated using a 5 year MACRS approach. After 3 years, the machine was sold at a salvage value of $83,500. Assuming a tax rate of 27%, what are the net proceeds from the sale of the machine?
(Hint: You will want to take your salvage values and add/subtract gains due to the sale.)"

Multiple Choice

• $54.72

• $51.68

• $49.01

• $53.62

• $55.81

1. What is the relationship between productivity and the standard of living?

2. What is the difference between absolute advantage and comparative advantage?

3. List two factors that affect people's buying plans that lead to changes in demand (shifts in the demand curve.)

4. Did the four hurricanes in Florida in 2004 lead to a decrease in the quantity of orange juice supplied or a decrease in the supply of orange juice?

1. What accounting standard in 2004 caused stock options to decline as the primary source of non-cash compensation? Why?

2. Does compensation expense from stock options meet the definition of an expense as discussed in SFAC 6? Why?

3. Do you think compensation expense from stock options should be recognized as an expense? Choose one position, and support it.