According to the economic life cycle theory, since people can borrow when they are young, on what would a person's standard of living depend?

Select one:

a. aggregate income rather than annual personal income

b. income averaged across seasons rather than across years

c. lifetime income rather than annual income

d. annual extended family income rather than annual personal income

What problem in measuring inequality does the fact that the young often borrow and then repay these loans when they are older relate to?

Select one:

a. economic mobility

b. the economic life cycle

c. transitory versus permanent income

d. in-kind transfers

Which statement best summarizes the idea of cutting income tax rates increase tax revenue?

Select one:

a. This argument is valid for all countries that have income taxes.

b. This argument is valid for most other countries but not the United States.

c. The argument is valid for any country that has very high marginal tax rates.

d. This argument is only valid for the United States but not for most other countries.

Skysong Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $44,268 3/1/16 17 years Patent B $17,040 7/1/17 10 years Patent C $22,560 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $247,000 were incurred during the year. 2. Patent D was purchased on July 1 for $37,848. This patent has a useful life of 91/2 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B’s value may have occurred at December 31, 2020. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows. Year Expected Future Cash Flows 2021 $2,200 2022 2,200 2023 2,200 The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Click here to view factor tables Correct answer iconYour answer is correct. Compute the total carrying amount of Skysong’ patents on its December 31, 2019, balance sheet. Total carrying amount $enter the Total carrying amount in dollars 62106 eTextbook and Media New

attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Compute the total carrying amount of Skysong' patents on its December 31, 2020, balance sheet. Total carrying amount $enter the Total carrying amount in dollars

Identifiable Intangibles and Goodwill, U.S. GAAP

International Foods, a U.S. company, acquired two companies in 2019. As a result, its consolidated financial statements include the following acquired intangibles:

Goodwill was assigned to the following reporting units:

It is now December 31, 2020, the end of International Foods’ accounting year. No impairment losses were reported on any intangibles in 2019. Assume that International Foods bypasses the qualitative option for impairment testing of goodwill and indefinite-life intangibles. Additional information at December 31, 2020 is as follows:

Required

Compute 2020 amortization expense and impairment losses on the above intangibles, following U.S. GAAP.

Enter answers in millions, using decimal places when applicable.

1. For the following list, decide how each item affects the calculation of GDP for Macro States in 2015.

Please also justify your reasoning as part of your answer.

a. A new house is constructed in Macro States during 2015.

b. The government purchases new textbooks for the schools of Macro States during 2015.

c. Macro States sells 100,000 pounds of beef to Neverlandia during 2015.

d. Judy teaches Ellen’s children in exchange for Ellen driving the children’s carpool three days a week throughout 2015.

2. For the following list, what spending components of GDP (C, I, G, X or M) would each of the following transactions affect.

a. A family buys a new refrigerator.

b. Aunt Jane buys a new house.

c. Ford sells a Mustang from its inventory.

d. You buy a pizza.

e. The state of California repaves Highway 101.

f. Your parents buy a bottle of French wine. (Two answers).

g. Honda expands and creates a factory in Marysville, OH.

5. GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being?

6. A U.S. citizen buys a pair of shoes made in Italy. How do the U.S. national income accounts treat this transaction? (hint: what happens to our equation and to GDP?)

7. Which of the following transactions will be included in GDP for the United States? Circle responses. If no, please briefly explain why.

a. Coca - Cola builds a new bottling plant in the United States.

b. Delta sells one of its existing airplanes to Korean Air.

c. Ms. Moneybags buys an existing share of Disney stock.

d. A California winery produces a bottle of Chardonnay and sells it to a customer in Montreal, Canada.

e. An American buys a bottle of French perfume in Paris.

f. A book publisher produces too many copies of a new book; the books don’t sell this year, so the publisher adds the surplus books to inventories.

P18.1  Anthony Ltd. began business on January 1, 2019. At December 31, 2019, it had a $58,500 balance in the Deferred Tax Liability account that pertains to property, plant, and equipment acquired on July 1, 2019 at a cost of $900,000. The property, plant, and equipment is being depreciated on a straight-line basis over six years for financial reporting purposes, and is a Class 8—20% asset for tax purposes. Anthony's income before income tax for 2020 was $60,000. Anthony Ltd. follows IFRS.

The following items caused the only differences between accounting income before income tax and taxable income in 2020.

1. In 2020, the company paid $56,250 for rent; of this amount, $18,750 was expensed in 2020. The other $37,500 will be expensed equally over the 2021 and 2022 accounting periods. The full $56,250 was deducted for tax purposes in 2020.
2. Anthony Ltd. pays $9,000 a year for a membership in a local golf club for the company's president.
3. Anthony Ltd. now offers a one-year warranty on all its merchandise sold. Warranty expenses for 2020 were $9,000. Cash payments in 2020 for warranty repairs were $4,500.
4. Meals and entertainment expenses (only 50% of which are ever tax deductible) were $12,000 for 2020.
5. The maximum allowable CCA was taken in 2020. There were no asset disposals for 2020. Assume the PPE is considered “eligible equipment” for purposes of the Accelerated Investment Incentive (under the AII, instead of using the half-year rule, companies are allowed a first-year deduction using 1.5 times the standard CCA rate).

Income tax rates have not changed since the company began operations.

Instructions

a. Calculate the balance in the Deferred Tax Asset or Deferred Tax Liability account at December 31, 2020.

b. Calculate income tax payable for 2020.

c. Prepare the journal entries to record income taxes for 2020.

d. Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income tax.”

e. Indicate how deferred taxes should be presented on the December 31, 2020 SFP.

f. How would your response to parts (a) to (e) change if Anthony reported under ASPE?

After reading the analysis of your peers, reply to at least to 1 peer by providing a theoretical proof (using your textbook and/or materials posted in Canvas) that would either (1) further cement their argument or (2) negate their argument.

Notably, by mid-May 2020, amid the COVID-19 Pandemic, gas prices fell to its lowest level since 2016, reaching as low as $1.85 per gallon on average in the United States. This reflects demand rather than supply in action. During the pandemic, the governments in different states focused on adopting restrictions affecting the people's movement from one location to another. Gas is for the movement of people. The lockdown rules and restrictions forced people to stay in their homes, thus, creating a historic plunge in demand. The decrease in the quantity demanded forced the prices to drop. Graphically, as the prices decline and quantity demanded decreases, the demand curve shifts to the left, showing such decreases in prices and the quantity demanded. In the stated period, most people in the world were not moving. Gas, of course, is for moving. Most economic analysts did project the demand for gasoline to decrease by about 30 percent, which would be the worst dive ever in humanity's history.

As depicted in the above discussion/illustration, prices affect the quantity demanded. When there is a change in the quantity demanded, suppliers respond by changing the prices. For example, a positive change in the quantity demanded increases the prices of the products or services at the consumers' disposal. On the other hand, a substantial dip in quantity demanded initiates a decrease in the price; thus, the demand curve's essence of shifting to the left. This is what happened to the price of the gas during the mid-May following the government's directives to restrict the movement of the people as a platform to minimize the spread of the virus.

On December 31, 2019, Sumner Company held Wall Company bonds in its portfolio of trading securities. The bonds have a par value of $40,000, carry a 10% annual interest rate, mature in 2026, and had originally been purchased at par. The market value of the bonds on December 31, 2019 was $38,000.

On January 1, 2020, Sumner acquired bonds of Doherty Company with a par value of $30,000 for $30,200. The Doherty Company bonds carry an annual interest rate of 12% and mature on December 31, 2024. Additionally, on the same date, Sumner acquired Maggio Company bonds with a face value of $20,000 for $19,500. The Maggio Company bonds carry an 8% annual interest rate and mature on December 31, 2029. At the end of 2020, the respective market values of the bonds were: Wall, $39,000; Doherty, $31,000; and Maggio, $21,000. Sumner classifies all of the debt securities as trading. Assume that Sumner uses the straight-line method to amortize any discounts or premiums.

Required:

Q3.Discuss the role of marketing planning in an organization.

(Please the Expert needs to submit a detailed answer which must be a standout in a very competitive MBA Marketing Class).

The following balance sheets have been prepared on December 31, 2020 for A Corp. and B Inc.

Balance Sheets

Additional Information:

A uses the cost method to account for its 50% interest in B, which it acquired on January 1, 2017. On that date, B's retained earnings were $20,000. The acquisition differential was fully amortized by the end of 2020.

A sold Land to B during 2019 and recorded a $15,000 gain on the sale. A is still using this Land. A's December 31, 2020 inventory contained a profit of $10,000 recorded by B.

B borrowed $20,000 from A during 2020 interest-free. B has not yet repaid any of its debt to A.

Both companies are subject to a tax rate of 20%.

Prepare a Consolidated Balance Sheet for A on December 31, 2020 assuming that A's investment in B is a control investment.

Can you please show calculations in detail? (Goodwill, RE, NCI and B/S)