Required information
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5)
[The following information applies to the questions displayed below.]
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2019, John worked as a computer technician at a local university earning a salary of $153,100, and Sandy worked part-time as a receptionist for a law firm earning a salary of $30,100. John also does some Web design work on the side and reported revenues of $5,100 and associated expenses of $1,300. The Fergusons received $1,020 in qualified dividends and a $255 refund of their state income taxes. The Fergusons always itemize their deductions and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9,Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference.
The Fergusons reported making the following payments during the year:
Comprehensive Problem 8-85 Part a
a. What is the Fergusons' 2019 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate computations to the nearest whole dollar amount.)
In: Accounting
how does Social Determinants of Health affects
1)age
2)gender
3)culture/Ethnicity
4)education
5)physical environment
6)access to health care and social services
7)risk exposure
8)socioeconomics statuts
9)housing
10)Employment and working conditions
11)social connectedness
In: Nursing
Difference(After treatment lab scores - Before treatment lab scores) = 1)-0,8 2)-5,7 3)-0,3 4)0,2 5)-2,2 6)-0,9 7)-1,1 8)0,2 9)-0,4 10)1,1 11)-1,2 12)-8,3 13)-0,5 14)1,6 15)-4,4 16)-3,1 17)1,1 18)-3,1 19)-2,2 20)-0,9 21)-0,4 22)1,1 23)-0,8 24)-5,7 25)-0,4 26)-1,0 27)-6,9 28)-0,4 29)1,3 30)-3,7 31)-2,7 32)1,3 33)-3,7 34)-3,7 35)-2,7 36)-1,1 37)0,2 38)-0,4 39)-3,7 40)-2,4 41)0,2 42)-1,0 43)0,1 44)-0,5 45)-3,3 46)-2,2 47)-3,8 48)0,4
This is the dataset of the difference between after treatment lab scores and before treatment lab scores. alfa(significance level) is 0,05.
question ) You suspect that the treatment has decreased their
lab scores. Conduct a hypothesis test
to see if the lab score has decreased significantly. (minus means
it is decreased)
In: Statistics and Probability
Problem 3-15 (Algo) Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4]
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $373,700 of manufacturing overhead for an estimated allocation base of 1,010 direct labor-hours. The following transactions took place during the year:
| Direct labor (1,085 hours) | $ | 285,000 |
| Indirect labor | $ | 101,000 |
| Selling and administrative salaries | $ |
165,000 |
The balances in the inventory accounts at the beginning of the year were:
| Raw Materials | $ | 41,000 |
| Work in Process | $ | 32,000 |
| Finished Goods | $ | 71,000 |
Required:
1. Prepare journal entries to record the preceding transactions.
2. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.)
3. Prepare a schedule of cost of goods manufactured.
4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4B. Prepare a schedule of cost of goods sold.
5. Prepare an income statement for the year.
In: Accounting
Problem 3-15 Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4]
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $350,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year:
| Direct labor (1,075 hours) | $ | 280,000 |
| Indirect labor | $ | 100,000 |
| Selling and administrative salaries | $ |
160,000 |
The balances in the inventory accounts at the beginning of the year were:
| Raw Materials | $ | 40,000 |
| Work in Process | $ | 31,000 |
| Finished Goods | $ | 70,000 |
Required:
1. Prepare journal entries to record the preceding transactions.
2. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.)
3. Prepare a schedule of cost of goods manufactured.
4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4B. Prepare a schedule of cost of goods sold.
5. Prepare an income statement for the year.
In: Accounting
Comprehensive Problem 19-58 (LO 19-1, LO 19-2, LO 19-3, LO 19-4, LO 19-5)
Rex and Felix are the sole shareholders of the Dogs and Cats
Corporation (DCC). After several years of operations using the
accrual method, they decided to liquidate the corporation and
operate the business as a partnership. Rex and Felix hired a lawyer
to draw up the legal papers to dissolve the corporation, but they
need some tax advice from you, their trusted accountant. They are
hoping you will find a way for them to liquidate the corporation
while minimizing their total income tax liability.
Rex has a tax basis in his shares of $60,000 and Felix has a tax
basis in his shares of $30,000. The DCC’s tax accounting balance
sheet at the date of liquidation is as follows: Corporate tax rate
(Negative amounts should be indicated by a minus sign.
Leave no answer blank. Enter zero if applicable.)
| Adjusted Basis | FMV | ||||
| Assets | |||||
| Cash | $ | 30,000 | $ | 30,000 | |
| Accounts receivable | 10,000 | 10,000 | |||
| Inventory | 10,000 | 20,000 | |||
| Equipment | 30,000 | 20,000 | |||
| Building | 15,000 | 30,000 | |||
| Land | 5,000 | 40,000 | |||
| Total assets | $ | 100,000 | $ | 150,000 | |
| Liabilities | |||||
| Accounts payable | $ | 5,000 | |||
| Mortgage payable—Building | 10,000 | ||||
| Mortgage payable—Land | 10,000 | ||||
| Total liabilities | $ | 25,000 | |||
| Shareholders’ Equity | |||||
| Common stock—Rex (80%) | $ | 60,000 | $ | 100,000 | |
| Common stock—Felix (20%) | 30,000 | 25,000 | |||
| Total shareholders equity | $ | 90,000 | $ | 125,000 | |
Required:
Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming each shareholder receives a pro rata distribution of the corporation’s assets and assumes a pro rata amount of the liabilities.
Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming Felix receives $25,000 in cash and Rex receives the remainder of the assets and assumes all of the liabilities.
For parts c and d: Assume Felix received the accounts receivable and equipment and assumed the accounts payable.
Will Felix recognize any income when he collects the accounts receivable?
Will Felix be able to take a deduction when he pays the accounts payable?
For parts e and f: Assume Rex is a corporate shareholder of DCC.
Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming each shareholder receives a pro rata distribution of the corporation’s assets and assumes a pro rata amount of the liabilities.
Compute the gain or loss recognized by Rex, Felix, and DCC on a complete liquidation of the corporation assuming Felix receives $25,000 in cash and Rex receives the remainder of the assets and assumes all of the liabilities.
(The values already filled in are correct)
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|
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In: Accounting
Problem 3-15 Journal Entries; T-Accounts; Financial Statements [LO3-1, LO3-2, LO3-3, LO3-4]
Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies manufacturing overhead cost to jobs on the basis of direct labor-hours. Its predetermined overhead rate was based on a cost formula that estimated $380,000 of manufacturing overhead for an estimated allocation base of 1,000 direct labor-hours. The following transactions took place during the year:
A. Raw materials purchased on account, $220,000.
B. Raw materials used in production (all direct materials),
$205,000.
C. Utility bills incurred on account, $63,000 (90% related to
factory operations, and the remainder related to selling and
administrative activities).
D. Accrued salary and wage costs: Direct labor (1,075 hours) $
250,000 Indirect labor $ 94,000 Selling and administrative salaries
$ 130,000
E. Maintenance costs incurred on account in the factory,
$58,000
F. Advertising costs incurred on account, $140,000.
G. Depreciation was recorded for the year, $88,000 (85% related to
factory equipment, and the remainder related to selling and
administrative equipment).
H. Rental cost incurred on account, $113,000 (90% related to
factory facilities, and the remainder related to selling and
administrative facilities).
I. Manufacturing overhead cost was applied to jobs, $ ? .
J. Cost of goods manufactured for the year, $810,000.
K. Sales for the year (all on account) totaled $1,400,000. These
goods cost $840,000 according to their job cost sheets. The
balances in the inventory accounts at the beginning of the year
were: Raw Materials $ 34,000 Work in Process $ 25,000 Finished
Goods $ 64,000
Required:
1. Prepare journal entries to record the preceding
transactions.
2. Post your entries to T-accounts. (Don’t forget to enter the
beginning inventory balances above.)
3. Prepare a schedule of cost of goods manufactured.
4A. Prepare a journal entry to close any balance in the
Manufacturing Overhead account to Cost of Goods Sold.
4B. Prepare a schedule of cost of goods sold.
5. Prepare an income statement for the year.
In: Accounting
Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) Skip to question [The following information applies to the questions displayed below.]
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions, and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates, 2020 AMT exemption for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,400. Federal tax withholding of $21,000. Alimony payments to John's former wife of $10,000 (divorced on 12/31/2014). Child support payments for John's child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha's care while John and Sandy worked. $14,000 interest on their home mortgage ($400,000 acquisition debt). $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000.
Comprehensive Problem 8-85 Part a a. What is the Fergusons' 2020 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate computations to the nearest whole dollar amount.)
In: Accounting
1. Evaluate: (a+b)/(c-d) + 9/(a+d) when a=5, b=3, c=8, d=4
a. 6
b. 3
c. 15/2
d. 17/13
2. Solve for x: 5(x+3) = 35
a. 2
b. 7
c. 4
d. -4
3. Acid rain occurs primarily as a result of
a. operating a nuclear power plant
b. burning coal or oil containing sulfur
c. by-products created by operating an oil refinery
d. the use of Freon and other refrigerants
4. The "ozone holes" at the polar region arise
from
a. technological use of ozone to create new chemical
products
b. release of sulfur compounds into the air
c. conversion of ozone into oxygen by sunlight
d. release of Freon and related products into the atmosphere
5. Ozone is important primarily as a(n)
a. source of oxygen for breathing
b. absorber of the Sun's infra-red radiation
c. protection against the greenhouse effect
d. filter for ultra-violet waves
6. The "greenhouse effect" refers to
a. the absorption of carbon dioxide by plants
b. the release of oxygen by plants
c. the absorption of solar radiation by the Earth and its
atmosphere and subsequent trapping of the energy
d. the use of greenhouses to increase the Earth's food supply
7. Of the following, the longest is
a. 2 mi
b. 2 km
c. 1000 m
d. 2000 ft
8. A bicycle travels 6 km in 20 min. Its average
speed is
a. 0.3 km/h
b. 8 km/h
c. 18 km/h
d. 48 km/h
9. A car's speed increases from 0 m/s to 20 m/s in
10 s. Its average acceleration is
a. 20 m/s2
b. 10 m/s2
c. 2 m/s2
d. 0 m/s2
10. An object is dropped from the roof of a
building. Its speed after 5 s (neglecting air resistance) is
a. 49 m/s
b. 9.8 m/s
c. 5 m/s
d. 1.96 m/s
11. After it leaves the hand, the acceleration of
a stone thrown upward is
a. greater than that of a stone thrown downward
b. the same as that of a stone thrown downward
c. less than that of a stone thrown downward
d. zero as it moves up; 9.8 m/s2 as it comes down
12. When an object is accelerated
a. its direction always changes
b. its speed always changes
c. a net force might not be acting on it
d. a net force must be acting on it
13. Of the following, the shortest is
a. 0.002 ft
b. 0.002 m
c. 0.02 in
d. 2 mm
14. A ball is thrown upward at a speed of 12 m/s.
It will reach the top of its path in about
a. 0.6 s
b. 1.2 s
c. 1.8 s
d. 2.4 s
15. Given two objects of the same size and shape,
where one is 4 times heavier than the other.
They are dropped simultaneously from a tower. Which of the
following is true? (Neglect air resistance)
a. The heavy object strikes the ground before the light
one
b. They strike the ground at the same time but the heavy object has
greater acceleration because it has more mass
c. They strike the ground at the same time but the lighter object
has the lower speed
d. They strike the ground at the same time with the same speed.
In: Physics
Required information Comprehensive Problem 8-85 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2018, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund of their state income taxes. The Fergusons always itemize their deductions and their itemized deductions were well over the standard deduction amount last year. The Fergusons had qualifying insurance for purposes of the Affordable Care Act (ACA). Use Exhibit 8-9, Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. The Fergusons reported making the following payments during the year: State income taxes of $4,400. Federal tax withholding of $21,000. Alimony payments to John’s former wife of $10,000 (divorced in 2014). Child support payments for John’s child with his former wife of $4,100. $12,200 of real property taxes. Sandy was reimbursed $600 for employee business expenses she incurred. She was required to provide documentation for her expenses to her employer. $3,600 to Kid Care day care center for Samantha’s care while John and Sandy worked. $14,000 interest on their home mortgage ($400,000 acquisition debt). $3,000 interest on a $40,000 home-equity loan. They used the loan to pay for a family vacation and new car. $15,000 cash charitable contributions to qualified charities. Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost $2,000. What is the Fergusons' 2018 federal income taxes payable or refund, including any self-employment tax and AMT, if applicable? (Round your intermediate computations to the nearest whole dollar amount.)
In: Accounting