Q1. Company ABC has the following income: 2014 $10,000 2015 $15,000 2016 $(1,000) 2017 $(30,000) 2018 $5,000 Please JEs to record loss carryback and forward for 2016, 2017 and 2018 Q2. Company ABC bought an equipment for $20,000 in 2015, with useful life of 5 years $5,000 residual value amortized using straight-line method. Prepare a table to illustrate the differences accounting income vs taxable income caused by this equipment. Assume, this equipment was sold at the end of2017 for $11,000. Please prepare JEs for 2015, 2016 and 2017 Q3. Company ABC has accounting income $500 for year 2016, 2017 and 2018, with following balance 2015 2016 2017 2018 Accounts Payable 100 110 120 90 Unearned Revenue 100 50 30 0 Prepaid Expense 100 80 40 0 Accounts Receivable 100 110 80 100 What are the taxable income for 2016, 2017 and 2018? Prepare all related JEs for these three years.
In: Accounting
Homestead Oil Corp. was incorporated on January 1, 2016, and issued the following stock for cash:
750,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2016, at $17.00 per share.
280,000 shares of $110 par value, 9.00% cumulative, preferred stock were authorized, and 51,000 shares were issued on January 1, 2016, at $150 per share.
Net income for the years ended December 31, 2016 and 2017, was $1,390,000 and $2,530,000, respectively.
No dividends were declared or paid during 2016. However, on
December 28, 2017, the board of directors of Homestead declared
dividends of $1,650,000, payable on February 12, 2018, to holders
of record as of January 19, 2018.
(a) Use the horizontal model for the issuance of common stock and
preferred stock on January 1, 2016.
(b) Use the horizontal model for the declaration of dividends on
December 28, 2017.
(c) Use the horizontal model for the payment of dividends on
February 12, 2018.
(d) Of the total amount of dividends declared during 2017, how much
will be received by preferred shareholders?
In: Accounting
I have a question. I got right Deferred Tax Asset and $12,350
Income Tax Payable $173,740 but I got wrong Income Tax Expense and
Deferred tax liability.
Bridgeport Inc. has two temporary differences at the end of 2016.
The first difference stems from installment sales, and the second
one results from the accrual of a loss contingency. Bridgeport’s
accounting department has developed a schedule of future taxable
and deductible amounts related to these temporary differences as
follows.
| 2017 | 2018 | 2019 | 2020 | |
| Taxable Amounts | 42,700 | 45,900 | 64,300 | 81,400 |
| Deductible Amounts | (13,600) | (18,900) | ||
| TOTALS | 42,700 | 32,300 | 45,400 | 81,400 |
As of the beginning of 2016, the enacted tax rate is 34% for 2016 and 2017, and 38% for 2018–2021. At the beginning of 2016, the company had no deferred income taxes on its balance sheet. Taxable income for 2016 is $511,000. Taxable income is expected in all future years.
Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2016.
In: Accounting
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Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2004 by two talented engineers with little business training. In 2016, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2016 before any adjusting entries or closing entries were prepared. The income tax rate is 40% for all years. |
| a |
A five-year casualty insurance policy was purchased at the beginning of 2014 for $34,000. The full amount was debited to insurance expense at the time. |
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| b. |
Effective January 1, 2016, the company changed the salvage value used in calculating depreciation for its office building. The building cost $592,000 on December 29, 2005, and has been depreciated on a straightline basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be no more than $25,000. |
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| c. |
On December 31, 2015, merchandise inventory was overstated by $24,000 due to a mistake in the physical inventory count using the periodic inventory system. |
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| d. |
The company changed inventory cost methods to FIFO from LIFO at the end of 2016 for both financial statement and income tax purposes. The change will cause a $950,000 increase in the beginning inventory at January 1, 2017. |
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| e. |
At the end of 2015, the company failed to accrue $15,300 of sales commissions earned by employees during 2015. The expense was recorded when the commissions were paid in early 2016. |
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| f. |
At the beginning of 2014, the company purchased a machine at a cost of $700,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2015, was $448,000. On January 1, 2016, the company changed to the straight-line method. |
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| g. |
Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.75% is a better indication of the actual cost. Management effects the change in 2016. Credit sales for 2016 are $3,800,000; in 2015 they were $3,500,000.
|
In: Accounting
Stealing the Examination
As part of your preparation for the upcoming examination, you have the goal of stealing a copy of the examination.
*Note that this is a thought experiment that is you should not try it out in real life.
When preparing the exam, the files are stored on the IT servers in a private directory only accessible to academic and examination admin staff (e.g., Julian and Hooman). All staff use their Massey username and passwords to authenticate themselves and gain access. A physical copy of the examination is also stored in the School office in a locked file cabinet and in the Science Faculty office in a locked room. Neither Julian nor Hooman has copies of the examination stored in their offices.
If you are permitted to only use publicly available information when building your profile, describe a scenario explaining how you use the social engineering techniques, e.g., phishing, pre-texting, baiting, quid pro quo and tailgating, —as described in the lecture— to achieve your goal.
Note that you do not need to include filenames or directory name but you should be as specific as possible in your answer.
Question 2.1: Name the human target or target(s) for the scenario.
Question 2.2: Identify ONLY the information necessary for the attack, the reason why each piece of information is required and the source of the information (provide URLs where appropriate).
Question 2.3: What are the steps describing how you will carry out the attack? These should be written such that you could provide these steps plus the previous information to a third party to carry out the attack.
Question 2.4: Describe which of the concepts from the course that have been applied in your attack (you should use at least one!).
In: Computer Science
In each scenario below, specify each variable as a response variable, an explanatory variable, or neither. Explain your choices.
a. A climatologist wishes to predict future monthly rainfall in Los Angeles. To inform his predictive model, for each month of the past 30 years, he records the name of the month (Jan.-Dec.), total rainfall (mm), and the Oceanic Niño Index (a measure of sea surface temperature differences, in ºC).
b. A researcher conducts an experiment in a residence for senior citizens to investigate the effect of floor type on the risk of fall-related injury. For each individual in the facility, she records the type of flooring (either standard flooring or a new, rubber flooring that absorbs the impact of falls) in their room, their age, and the number of fall-related injuries that they sustained over the previous two years. my question : are the age and the number of fall related injuries over the previous two year also the explanatory variables?
c. A medical researcher studies a group of boys, recording the age at which they reach puberty (years) and their BMI (kg/m2) at that time. Her goal is to quantify the association between these two variables.
My answer: is this correct?
a. Explanatory variable : records the name of the month (Jan.-Dec.), the Oceanic Niño Index (a measure of sea surface temperature differences, in ºC)
Response variable: total rainfall (mm),
b.Explanatory variable: the type of flooring (either standard flooring or a new, rubber flooring that absorbs the impact of falls) in their room, their age, the number of fall-related injuries that they sustained over the previous two years.
c. Neither: the age at which they reach puberty (years) and their BMI (kg/m2) at that time
In: Statistics and Probability
Lydell Capital, Inc., makes investments in trading securities. Selected income statement items for the years ended December 31, 2016 and 2017, plus selected items from comparative balance sheets, are shown in the income statement and balance sheet below:
There were no dividends.
Determine the missing items.
| Lydell Capital, Inc. | ||
| Selected Income Statement Items | ||
| For the Years Ended December 31, 2016 and 2017 | ||
| 2016 | 2017 | |
| Operating Income | $ | $26,100 |
| Unrealized Gain (Loss) | (3300) | |
| Net Income | $ | $22,800 |
|
Lydell Capital, Inc. |
|||
| Selected Balance Sheet Items | |||
| December 31, 2015, 2016, and 2017 | |||
| Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 | |
| Trading Investments, at Cost | $200400 | $237800 | $280200 |
| Valuation Allowance for Trading Investments | (9800) | 14700 | |
| Trading Investments, at Fair Value | |||
| Retained Earnings | $236200 | $312600 | $ |
In: Accounting
The December 31, 2015, balance sheet of Schism, Inc., showed
long-term debt of $1,405,000, $141,000 in the common stock account,
and $2,660,000 in the additional paid-in surplus account. The
December 31, 2016, balance sheet showed long-term debt of
$1,590,000, $151,000 in the common stock account, and $2,960,000 in
the additional paid-in surplus account. The 2016 income statement
showed an interest expense of $94,500 and the company paid out
$146,000 in cash dividends during 2016. The firm’s net capital
spending for 2016 was $970,000, and the firm reduced its net
working capital investment by $126,000.
What was the firm's 2016 operating cash flow, or OCF?
(A negative answer should be indicated by a minus sign.
Enter your answer in dollars, not millions of dollars, e.g.,
1,234,567. Do not round intermediate calculations and round your
answer to the nearest whole number, e.g., 32.)
In: Finance
Exercise 19-11
At the end of 2016, Flint Company has $181,600 of cumulative temporary differences that will result in reporting the following future taxable amounts.
| 2017 |
$60,500 |
|
| 2018 |
50,200 |
|
| 2019 |
41,700 |
|
| 2020 |
29,200 |
|
|
$181,600 |
Tax rates enacted as of the beginning of 2015 are:
| 2015 and 2016 | 40 | % | |
| 2017 and 2018 | 30 | % | |
| 2019 and later | 25 | % |
Flint’s taxable income for 2016 is $329,300. Taxable income is
expected in all future years.
(a) Prepare the journal entry for Flint to record
income taxes payable, deferred income taxes, and income tax expense
for 2016, assuming that there were no deferred taxes at the end of
2015.
(b) Prepare the journal entry for Flint to record income taxes payable, deferred income taxes, and income tax expense for 2016, assuming that there was a balance of $22,300 in a Deferred Tax Liability account at the end of 2015.
In: Accounting
On January 1, 2015, Xeon Co. issued 15-year callable and convertible bonds with a face value of $2,000,000 and a stated interest rate of 10%, payable semiannually on July 1 and January 1. The bonds were sold to yield 12%.
In: Accounting