Instructions:

This assignment is about income inequality.

Select an economy, it can be a country, a state, a city (you can use the data of a US city or a US state, but not the US national data).

Find a chart of the Gini coefficients of that economy over the years. (Income inequality is measured by Gini coefficient, with the value between 0 and 1. Higher value represents greater income inequality.)

Discuss the reason(s) for a high/low level of income inequality.

Discuss how such level of income inequality will affect the society in the future.

Remember to include links, graphs and pictures in your assignment.

Example:

Hong Kong Gini coefficient (1971 - 2011)

Income inequality in Hong Kong is 0.539 in 2016, which is the second highest in the world following New York City.

There are several reasons behind this huge gap between the rich and the poor.

1. There is not a comprehensive retirement system for the elderly. Also, the safety net system for the needy is not well developed.

2. Skyrocketing housing prices also create a substantial divide between those who own a property and those who do not.

Due to the ever-rising housing prices, buying is not an option for most people, and most of the income each month goes to rent payment.

How income inequality will affect Hong Kong

Rising income inequality can lead to social unrest. In 2013, there was a peaceful protest “Occupy Central” (similar to the protest, “Occupy Wall Street”). One of the primary concerns expressed by protesters is the income inequality and astronomical housing prices.

June is a cash basis taxpayer and a fashion and makeup consultant in a high fashion company, Goldielocks, Inc. She earned a salary of $60,000. She also was provided a disability income protection policy for which Goldielocks Inc. paid a %1,500 premium for June's insurance. The company also provided health insurance for her which cost the company $15,000 and long term care insurance for her which cost the company $1,000 premium.

Her salary would have been $65,000 but she was paying off her student loan at $5,000/year and Goldielocks agreed to reduce her salary by $5000 and pay her loan on her behalf. The long term care insurance was provided for all the employees as well as all the other insurances. while her salary was $6,000, Goldielocks had a 401(k) plan and June voluntarily put $3,000 of her $60,000 salary, 5% of it into her 401 (k). Her employer matches that with $3000 contribution.

What is June's taxable income from Goldielocks this year?

Shown below is the information needed to prepare bank reconciliation for Mandy Company on 31 October 2019:
(1) The cash ledger account showed a balance of $8,510, while the bank statement indicated a cash balance of $12,390.

(2) The bank statement showed $45 interest earned for the month of October.

(3) ZYX company settled its notes payable by depositing $4,000 directly into Mandy’s bank account.

(4) The company issued three checks totaling $1,000, which had not been shown in the bank statement in October. (5) A $300 check mailed to the bank for deposit had not reached the bank on 31 October.

(6) A $710 deposit to Manning Company was erroneously credited to Mandy’s account by the bank.

(7) The bank returned a customer’s NSF check for $575 received as payment of an account receivable.

(8) A $2,500 check received from a tenant for rental revenue was recorded as $3,500 in the book.

Question 1B

Prepare the necessary journal entries to update the accounting records.

Read:

One industry with an impact on both undergraduate and MBA students is textbook publishing. Traditional printed textbooks are being challenged on one hand by self-publishing firms offering very low prices for specific instructor materials, and on the other hand by a need to offer digital resources that substitute for printed materials. Large textbook publishers are increasingly investing in adaptive learning systems such as Wiley-PLUS, Cengage MindTap, and McGraw-Hill Connect. Complicating factors for the publishers is the changing business model of renting textbooks (printed and electronic). U.S. university book rental was about 25 percent of student purchasing volume in 2015.
Use the five forces model (with complements) to think through the various impacts such technology shifts may have on the textbook industry. Include in your response answers to the following questions.

(a) Identify the threat of new entrants. Choose one of the concepts (Economies of scale, Network effects, Customer switching costs, Capital requirements, Advantages independent of size, Government policy, Credible threat of retaliation) to discuss the intensity of threat of new entrants. And discuss whether the intensity of threat of new entrants is high or low.

(b) Identify the power of supplies. Discuss whether the power of supplies is high or low (1-e) Identify the power of buyers. Discuss whether the power of buyer is high or low (1-g) Identify the threat of substitutes.

(c) Discuss whether the threat of substitutes is high or low

(d) Identify the rivalry among competitors. Choose one of the concepts (Competitive industry structure, Industry growth, Strategic commitments, Exit barriers) to discuss the intensity of rivalry among competitors. And discuss whether the intensity of rivalry among competitors is high or low.

For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent:

Robinson

works at College of

Boston

and is paid

$30

per hour for a​ 40-hour workweek and​ time-and-a-half for hours above 40.

For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent: ​Employee: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​% up to $200,000​, 2.35​% on earnings above $200,000. ​Employer: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​%; ​FUTA: 0.6​% on first $7,000 ​earned; SUTA: 5.4​% on first $7,000 earned. For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent: ​Employee: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​% up to $200,000​, 2.35​% on earnings above $200,000. ​Employer: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​%; ​FUTA: 0.6​% on first $7,000 ​earned; SUTA: 5.4​% on first $7,000 earned. For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent: ​Employee: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​% up to $200,000​, 2.35​% on earnings above $200,000. ​Employer: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​%; ​FUTA: 0.6​% on first $7,000 ​earned; SUTA: 5.4​% on first $7,000 earned. For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent: ​Employee: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​% up to $200,000​, 2.35​% on earnings above $200,000. ​Employer: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​%; ​FUTA: 0.6​% on first $7,000 ​earned; SUTA: 5.4​% on first $7,000 earned. For all payroll​ calculations, use the following tax rates and round amounts to the nearest​ cent: ​Employee: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​% up to $200,000​, 2.35​% on earnings above $200,000. ​Employer: ​OASDI: 6.2​% on first $132,900 ​earned; Medicare: 1.45​%; ​FUTA: 0.6​% on first $7,000 ​earned; SUTA: 5.4​% on first $7,000 earned.

.

Compute

Robinson​'s

gross pay for working

58

hours during the first week of February.

2.

Robinson

is​ single, and her income tax withholding is

10%

of total pay.

Robinson​'s

only payroll deductions are payroll taxes. Compute

Robinson​'s

net​(take-home) pay for the week. Assume

Robinson​'s

earnings to date are less than the OASDI limit.

3.

Journalize the accrual of wages expense and the payments related to the employment of

Jenna

Robinson.

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,760 of federal income taxes, $1,340 of medical insurance deductions, and $900 of union dues. No employee earned more than $7,000 in this first period.

1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

2. Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from the January 8 payroll. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $23,760 of office salaries and $60,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,560 of federal income taxes, $1,420 of medical insurance deductions, and $780 of union dues. No employee earned more than $7,000 in this first period.

Required:
1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

2. Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from the January 8 payroll. Regis’s merit rating reduces its state unemployment tax rate to 4% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,360 of medical insurance deductions, and $960 of union dues. No employee earned more than $7,000 in this first period.

Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)

Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from the January 8 payroll. Regis’s merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)

ABC Company had the following transactions during 2019:

May 1: Received $6000 cash in advance for services to be provided over the coming 10 months.

August 5: Sold Merchandise for $7560 including 8% sales tax.

September 1: Borrowed $20000 from FNB bank by issuing 6 months, 6% interest bearing note.

October 10: Sold merchandise on account for $6000 plus 10% sales tax.

December 31: Prepare the adjusting entry to record the service revenue earned.

December 31: Prepare the adjusting entry to record the accrued interest to FNB bank.

December 31: Remitted the sales taxes to the government.

Answer the below questions related to the above transactions

7) The earned amount of the service revenue on December 31 is" *

a) $3,500

b) $4,800

c) $4,500

d) $5,000

8) The remaining balance of the Unearned Service Revenue after December 31 is: *

a) Zero

b) 1,200

c) $3,000

d) $4,000

9) The accrued interest amount on December 31 on the borrowed amount from FNB Bank is: *

a) $300

b) $400

c) $500

d) None of the above

10) The amount of Taxes Payable remitted to the government on December 31 is: *

a) $560

b) $1,160

c) $1,720

d) $1,820

On January 8, the end of the first weekly pay period of the year, Regis Company's payroll register showed that its employees earned $21,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.20%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,460 of medical insurance deductions, and $860 of union dues. No employee earned more than $7,000 in this first period.

Required:
1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)
  
1.2 Prepare the journal entry to record Regis Company's January 8 (employee) payroll expenses and liabilities. (Round your answers to 2 decimal places.)
  2. Prepare the journal entry to record Regis’s (employer) payroll taxes resulting from the January 8 payroll. Regis’s merit rating reduces its state unemployment tax rate to 5% of the first $7,000 paid each employee. The federal unemployment tax rate is 0.60%. (Round your answers to 2 decimal places.)