A large portion of US oil production comes from hydraulic fracturing (fracking). Production from fracked wells quickly declines, requiring constant drilling of new wells and installation of associated pipelines to keep production at current high levels. Assume that the Trump Administration carries out the threat to levy steep tariffs on imported steel. Companies that supply pipe to the oil industry for wells and pipelines see steep price increases for steel and have to raise their prices. Fill in the table below and explain the effects on U.S. and global oil markets.

Explain your answers.

Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g (the balance sheet part of the entries is not shown here).

Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries 30% of (i) the $6,000 adjustment for Fees Earned has been earned but not billed, and (ii) the other 70% has been earned by performing services that were paid for in advance.
  

Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries 30% of (i) the $5,400 adjustment for Fees Earned has been earned but not billed, and (ii) the other 70% has been earned by performing services that were paid for in advance.

Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g (the balance sheet part of the entries is not shown here).

Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before any adjusting entries are recorded, and the right column includes the effects of adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. The middle column shows a blank space for each income statement effect of the eight adjusting entries a through g (the balance sheet part of the entries is not shown here). ALEXIS CO. Income Statements For Year Ended December 31 Unadjusted Adjustments Adjusted Revenues Fees earned $ 18,000 a. $ 25,000 Commissions earned 36,500 36,500 Total revenues $ 54,500 61,500 Expenses Depreciation expense—Computers 0 b. 1,600 Depreciation expense—Office furniture 0 c. 1,850 Salaries expense 13,500 d. 15,750 Insurance expense 0 e. 1,400 Rent expense 3,800 3,800 Office supplies expense 0 f. 580 Advertising expense 2,500 2,500 Utilities expense 1,245 g. 1,335 Total expenses 21,045 28,815 Net income $ 33,455 $ 32,685 Analyze the statements and prepare the eight adjusting entries a through g that likely were recorded. Note: Answer for a has two entries (i) the $7,000 adjustment for Fees Earned, 30% (or $2,100) has been earned but not billed, and (ii) the other 70% (or $4,900) has been earned by performing services that were paid for in advance.

Nikita is a government official looking to find evidence on whether the mean taxable income for an individual taxpayer in the region dropped since the previous year. She surveyed 32 individual taxpayers in the region and found the taxable income of each individual as shown in the data set provided. Instead of using the standard deviation from the survey, Nikita decided to use the census data for the region to assume that the population standard deviation of income is $26,744. The mean taxable income in the region was $62,712 for the previous year.

(a) H0:μ=$62,712; Ha:μ<$62,712, which is a left-tailed test.

(b) Taxable income of each individual is given below.

Use Excel to test whether this year's mean taxable income for an individual taxpayer in the region is less than the mean taxable income from the previous year, and then draw a conclusion in the context of the problem, where α=0.10. Calculate the test statistic, z, rounding to two decimal places, and the p-value, rounding to three decimal places.

Taxable income ($)

Taxable income ($)
12193
64586
60363
59639
103402
24127
53641
38963
78596
49328
33983
64023
49771
89073
59433
21930
53789
30236
41639
87935
73396
69640
69371
104896
112354
96396
83921
72539
52186
91483
32069
17296

There is a considerable history of how medical research has been conducted in morally inappropriate, even devastatingly inappropriate ways. People have forced into serving as human subjects in research projects, deceived, risks not being disclosed or at least not fully disclosed to get people to volunteer but in the absence of full disclosure of risks, informed consent is not fully informed. But what to do if full disclosure of risks would scare people away from volunteering? The dilemma is that research is vitally important for continued progress in terms of medical technology and break-throughs while at the same time abiding by the strictest of ethical standards in terms of how research is carried out -- can we have it both ways? Does the importance of progress in terms of combating illnesses outweigh the importance of taking ethics seriously in terms of risks to the human subjects which are part of the means of reaching the goal of such progress -- a sure conflict between the utilitarian standard of doing what benefits the greatest number versus the Kantian ideal of respecting people and not simply using them to achieve a desired end. To those ends, do we offer incentives to get people to volunteer as human subjects of research projects; is that putting unfair pressure on the less affluent to agree; do we say let respect for the individual be damed given the importance of eradicating disease; do we put animals into service -- who cares if animals are put at risk so long as we humans derive a benefit in terms of finding treatments and cures for what ails us; do we make use of the findings of research immorally conducted -- why waste possibly important findings even though such was obtained in ethically improper ways or would doing so encourage further improperly conducted research to be undertaken again? Discuss these important issues raised by considerations of the ethics of medical research.

1. Though they may elect a different structure, for tax purposes, LLCs are typically treated as

A) nonprofit organizations.                                         B) hybrid entities.

C) corporate tax entities.                                           D) pass-through entities.

2. Han wants to start a personal training business. He should choose a sole proprietorship entity if he seeks

A) limited liability.

B) perpetual existence for the new company.

C) the ability to raise capital by selling equity in the business.

D) the ability to avoid management conflict.

3. Because it is not a taxable entity, an LLP

A) needs to file only a federal tax return.                   B) files an information tax return.

C) does not need to file a tax return.                           D) needs to file only a state and local tax return.

4. With regard to taxation, LLPs are treated as

A) pass-through entities.                                             B) hybrid entities.

C) corporations.                                                          D) nonprofit organizations.

5. When an LLP is formed, who files the initial paperwork?

A) The principal in a sole proprietorship already in operation.

B) An individual representing two or more persons desiring to start a new business.

C) A limited partnership already in operation.

D) A general partnership already in operation.

6. Section 16 of the 1934 Act defines an insider as an officer, director, or shareholder who owns ________ or more of the company's total stock.

A) 10 percent                                                              B) 15 percent

C) 20 percent                                                               D) 5 percent

7. Currently, LLPs are often used to protect family businesses as they provide a way to resolve

A) issues of family fiduciary duties and rights to represent and bind the business.

B) issues regarding transition from one generation to another.

C) capitalization disputes.

D) management disputes.

1. Wages of $9,000 are earned by workers but not paid as of December 31.
2. Depreciation on the company’s equipment for the year is $10,840.
3. The Supplies account had a $490 debit balance at the beginning of the year. During the year, $6,096 of supplies are purchased. A physical count of supplies at December 31 shows $660 of supplies available.
4. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,800 of unexpired insurance benefits remain at December 31.
5. The company has earned (but not recorded) $750 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10.
6. The company has a bank loan and has incurred (but not recorded) interest expense of $2,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5.

For each of the above separate cases, analyze each adjusting entry by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including (+) increase or (−) decrease) for each transaction or event.

An individual wants to retire in 25 years. At that time (s)he wants to be able to withdraw $2500 per month to cover living expenses.  This individual has an expectation that (s)he will live 25 years after the date of retirement.

The interest rate is 6% per year.

This individual has assumed that:

The interest rate is constant over time                                             True                          False

The expected time frames are 25 years                                           True                          False

There are no additional risks to be considered                            True                          False

There is money left over 50 years from now                                 True                          False

This is a short-term investment plan                                                True                          False

1. During the annual fund-raising drive, the Cancer Society raised $900,000 in pledges of financial support for general operations. By fiscal year-end, the society had collected $600,000 of the pledges. The society estimates that 10% of the remaining pledges will be uncollectible. The NET amount of revenue the society should recognize during the current year from this pledge drive is

1. $900,000.

2. $870,000. answer

3. $810,000.

4. $600,000.

2.

1. In June 2015, a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $300 million for the fall semester that runs from September 1 through December 15. Of this amount it collects only $120 million (expecting to collect the balance prior to September 1). In its statement of revenues, expenses, and changes in net position for the fiscal year ending June 30, 2015 it should recognize as tuition revenue

a) $30 million , answer

b) $45 million

c) $150 million

d) $165 million

3. In 2014, a public university was awarded a federal reimbursement grant of $18 million to carry out research. Of this, $12 million was intended to cover direct costs and $6 million to cover overhead. In a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. It expected to incur the remaining costs and collect the remaining balance in 2015. For 2014 it should recognize revenues from the grant of

a) $3.4 million

b) $4.0 million

c) $6.0 million , answer

d) $18.0 million

I have the answer, but please explain briefly how to get the answer and why.