L. A. and Paula file as married taxpayers. In August of this year, they received a $6,120 refund of state income taxes that they paid last year.

How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,700. (Leave no answer blank. Enter zero if applicable.)

a. Last year L. A. and Paula had itemized deductions of $10,600, and they chose to claim the standard deduction.
b. Last year L. A. and Paula claimed itemized deductions of $25,300. Their itemized deductions included state income taxes paid of $9,560.
c. Last year L. A. and Paula claimed itemized deductions of $19,750. Their itemized deductions included state income taxes paid of $10,200.

      The profits of a firm for the last five years were as follows.

1. Calculate the value of goodwill on the basis of four years’ purchase of weighted average profits based on weights 1,2,3,4 and 5 respectively to the profits for 2015, 2016, 2017, 2018 and 2019.                                                                         (3 marks)

2. Write any six need for valuation of goodwill                  (2 marks)

You are the president of High Power Corporation. At the end of the first year of operations (December 31, 2017), the following financial data for the company are available:
  

Required:
1. Prepare an income statement for the year ended December 31, 2017.

2. Prepare a statement of retained earnings for the year ended December 31, 2017.

3. Prepare a balance sheet at December 31, 2017.

gilmore inc, had equity of $145,000 at the beginning of the year. at the end of the year the company had total assets of $300,000. During the year the company sold no new equity. Net income for the year was $31,000 and dividends were $3,800. a. calculate the internal growth for the company. b. calculate the internal growth rate using ROA x b for the beginning of the period total assets. c. calculate the internal growth rate using ROA x b for the end of the period total assets.

please include step by step

Sundin Inc. ("The Company") is a manufacturer of hockey sticks in Sweden. This year is a very important year for the company, as they are considering going public in the near future. Management wants to do some scenario planning and see what the financial results would look like under different production levels.

The Company has budgeted these costs for one hockey stick (1 Unit).

Fixed overhead for The Company will be $14,000 this year

Required: Prepare a flexible budget, for the year, for the production of 3,500 and 4,000 units. Using this flexible budget, answer the following questions:

Question 26 options:

What is the total cost to The Company, excluding fixed overhead, for the production of 3,500 units?

Question 27 options:

What is the total cost per unit for the production of 3,500 units?

Question 28 options:

What is the total cost to The Company, excluding fixed overhead, for the production of 4,000 units?

Question 29 options:

What is the total cost per unit for the production of 4,000 units?

Question 30 options:

Which of the following is true regarding a flexible budget?

Question 31 options:

Using the flexible budget, what costs are included in calculating the total cost of production?

If finished goods inventory increases between the beginning and the end of the year, then the cost of goods sold is smaller than the cost of goods manufactured. true or false

The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The enterprise fund monitors just one activity, the rental of the civic auditorium for entertainment and other cultural affairs.

The following transactions for the city take place during 2017. Assume that the city’s fiscal year ends on December 31.

1. Decides to build a municipal park and transfers $70,000 into a capital projects fund and immediately expends $20,000 for a piece of land. The creation of this fund and this transfer were made by the highest level of government authority.

2. Borrows $110,000 cash on a long-term bond for use in creating the new municipal park.

3. Assesses property taxes on the first day of the year. The assessment, which is immediately enforceable, totals $600,000. Of this amount, $510,000 will be collected during 2017 and another $50,000 is expected in the first month of 2018. The remainder is expected about halfway through 2018.

4. Constructs a building in the park in (b) for $80,000 cash so that local citizens can play basketball and other sports. It is put into service on July 1 and should last 10 years with no salvage value.

5. Builds a sidewalk around the new park for $10,000 cash and puts it into service on July 1. It should last for 10 years, but the city plans to keep it up to a predetermined quality level so that it will last almost indefinitely.

6. Opens the park and charges an entrance fee of only a token amount so that it records the park, therefore, in the general fund. Collections during this first year total $8,000.

7. Buys a new parking deck for $200,000, paying $20,000 cash and signing a long-term note for the rest. The parking deck, which is to go into operation on July 1, is across the street from the civic auditorium and is considered part of that activity. It has a 20-year life and no salvage value.

8. Receives a $100,000 cash grant for the city school system that must be spent for school lunches for the poor. Appropriate spending of these funds is viewed as an eligibility requirement of this grant. During the current year, $37,000 of the amount received was properly spent.

9. Charges students in the school system a total fee of $6,000 for books and the like. Of this amount, 90 percent is collected during 2017 with the remainder expected to be collected in the first few weeks of 2018.

10. Buys school supplies for $22,000 cash and uses $17,000 of them. The general fund uses the purchases method.

11. Receives a painting by a local artist to be displayed in the local school. It qualifies as a work of art, and officials have chosen not to capitalize it. The painting has a value of $80,000. It is viewed as inexhaustible.

12. Transfers $20,000 cash from the general fund to the enterprise fund as a capital contribution.

13. Orders a school bus for $99,000.

14. Receives the school bus and pays an actual cost of $102,000. The bus is put into operation on October 1 and should last for five years with no salvage value.

15. Pays salaries of $240,000 to school teachers. In addition, owes and will pay $30,000 during the first two weeks of 2018. Vacations worth $23,000 have also been earned but will not be taken until July 2018.

16. Pays salaries of $42,000 to city auditorium workers. In addition, owes and will pay $3,000 in the first two weeks of 2018. Vacations worth $5,000 have also been earned but will not be taken until July 2018.

17. Charges customers $130,000 for the rental of the civic auditorium. Of this balance, collected $110,000 in cash and will collect the remainder in April 2018.

18. Pays $9,000 maintenance charges for the building and sidewalk in (d) and (e).

19. Pays $14,000 on the bond in (b) on the last day of 2017: $5,000 principal and $9,000 interest.

20. Accrues interest of $13,000 on the note in (g) as of the end of 2017, an amount that it will pay in June 2018.

21. Assumes that a museum that operates within the city is a component unit that will be discretely presented. The museum reports to city officials that it had $42,000 of direct expenses this past year and $50,000 in revenues from admission charges. The only assets that it had at year-end were cash of $24,000, building (net of depreciation) of $300,000, and a long-term liability of $210,000.

Prepare the 2017 government-wide financial statements for this city. Assume the use of the modified approach.