The following selected transactions were completed by Capers Company during October of the current year:

Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

Journal

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Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.

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PAGE 10

JOURNAL

ACCOUNTING EQUATION

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Journalize these transactions from the buyer's perspective. Discounts are taken on the amount owed to the seller, except for any freight costs.

Oct. 1, 3, 4, 19, & 20: Using the perpetual inventory system, purchases of inventory on account are recorded by debiting the merchandise inventory account and crediting the accounts payable account. Under FOB shipping point, freight is paid by the buyer, while FOB destination freight is the seller's expense. Often freight must be prepaid for the carrier to deliver.

Oct. 6: Any discounts or returns are recorded directly by the buyer who debits Accounts Payable and credits Merchandise Inventory, basically reversing what was done in recording the purchase.

Oct. 19: Freight expense increases the cost of the merchandise. However, freight is typically prepaid in cash.

Oct. 13: Since the invoice is paid within the discount period, the cash paid on account is the difference between the invoice and the discount.

Oct. 14: Returns are not eligible for discounts. Since the invoice is paid within the discount period, Accounts Payable is debited for the balance in the account. The cash paid on account is the difference between the invoice and the discount, less the returns.

Oct. 30: Since the invoice is paid within the discount period, the cash paid on account is the difference between the invoice and the discount.

Oct. 31 (UK Imports & Veggie): Since no discounts are allowed, no discounts are recorded. The cash paid on account in each case is equal to the invoice.

1) Pat gave 5,000 shares of stock in Coyote Corporation (a publicly traded corporation) to her church (a qualified charitable organization) in the current year. The stock was worth $180,000 and she had acquired it as an investment four years ago at a cost of $120,000. She reported AGI of $300,000 for the year. In completing her current income tax return, how much is her current-year charitable contribution deduction?

2)

Brad, who would otherwise qualify as Faye’s dependent, had gross income of $9,000 during the

year. Faye, who had AGI of $120,000, paid the following medical expenses this year:

What is the total medical expense deduction for Faye?

3)

Corey is the city sales manager for “RIBS,” a national fast food franchise. Every working day,

Corey drives his car as follows:

Corey renders an adequate accounting to his employer. What are Corey’s reimbursable miles?

Bob and Cathy, husband and wife, both age 40, have the following transactions during 2019:

-They sold their old residence on January 28, 2019 for $380,000. The basis of the their old residence, purchased in 2008, was $70,000. The selling expenses were $20,000. On May 17, 2018 they purchased and moved into another residence costing $150,000.

-On April 28, 2019, they sold for $8,000 stock that Cathy had received as a gift from her mother, who had purchased the stock for $10,000 in 2013. Her mother gave Cathy the stock on November 15, 2017 when the fair market value was $9,400.

-On May 24, 2019, Bob sold for $21,000 stock inherited from his father. His father died on June 14, 2017, when the fair market value of the stock was $9,000. Bob’s father paid $7,000 for the stock in 2011.

-On August 11, 2019, they sold a personal automobile for $8,000; basis of the automobile was $20,000 and it was purchased in 2015.

Bob had a salary of $40,000 and Cathy had salary of $28,000. They have no children. They paid state income taxes of $6,200, sales tax of $400, federal income taxes of $15,000, and property taxes of $1,700. In addition, they contributed $16,000 to their church and paid $4,000 interest on their mortgage.

Compute Bob and Cathy’s taxable income for 2019.

Comprehensive Problem (TAX RETURN PROBLEM)

Barry and Connie, Husband and wife, are both age 24, and have two sons. Barry earned $51,000 and Connie earned $45,000 during 2020. They both paid $4,200 state income taxes, $12,000 federal income taxes, $5,500 property taxes, $14,600 to First Presbyterian Church, $600 to needy families, $6,400 interest on their mortgage, and $6,800 medical expenses. In addition, they had the following transaction:

a) They sold their personal residence for $170,000. Their basis in the residence was $104,000. They incurred $7,000 in selling expenses. They purchases a new residence six months later for $220,000.

b) Connie sold for $40,000 property she had inherited from her father in 2015. Her father's basis in the property was $15,000 and the fair market value on the date of death was $30,000.

c) They sold for $6,000 business property which they had acquired as a gift in 2017. The basis to the donor was $7,500 and the fair market value on the date of the gift was $7,000.

d) they exchanged 100 shares of Conway Corp. common stock, with a basis of $3,000, for 75 shares of Conway Corp. nonvoting common stock with a fair market value of 10,0000.

Determine Barry and Connie's lowest taxable income. Treat all income as ordinary income.

5. Urokinase and chymotrypsin ( a digestive enzymes) have one domain in common with each other. This suggests that

a. they eveolve through exon shuffling

b. they are part of a gene family

c. they perform similar functions

9. which of the following point mutations would have little or no effect on cellular function?

a. mutation from AUA to AUG

b. mutation in regulatory region

c. mutation from CUC to AUU

d. mutation from UUA to UUG

e. mutation in exon

f. mutation in introns

10. scientists have estimated mutation rates by studying mutatant E.coli that are His-. Which of the following is (are) NOT true about the experiment involving His- E. coli?

a. His- mutants requires histidine in the media

b.His- mutants can not tolerate histidine

c. His- mutants spontaneously revert back to His+

d. His- mutants can not digest histidine

11. The National Toxicology Program report in 2016 that cell phone radiation increased brain tumor growth in male rats. Radiation can cause damage and mutations to DNA. Suppose you wished to study this further. You mate these rats and find that the offsprings have normal incidence of tumors. You would conclude that the tumors were most likely due to.

a. changes to somatic cells

b. changes in germ cells

c. changes to gonadal cells

If on the other hand the offspring also had increase tumor growth then you would conclude that the

a. tumor cells were passed down to offsprings

b. changes occur in stem cells

c. changes occur in germ cells

cell phones emit................ raditation when talking than on standby.

a. more

b. less

That would suggest that using a hands-free headset may be beneficial in preventing brain tumors. Ironically if the phone is kept in the pocket during a call using a headset then the genetic changes would be

a. prevented

b. more likely to pass to the next generation

c. less severe

Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $500,000 grant for wetlands research. The university received a $500,000 endowment. For the fiscal year, the university recorded $2,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given. The university provided $12,600 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,980,000. The biology department spent $25,000 on wetlands research. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded. Required Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Following are several transactions involving a university. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $500,000 grant for wetlands research. The university received a $500,000 endowment. For the fiscal year, the university recorded $2,500,000 in tuition and fees revenue. Cash refunds of $325,000 were given. The university provided $12,600 in tuition waivers for students with outstanding academic performance. During the year, the university constructed a new street, to allow for the expansion of its student housing efforts. The cost of the street was $1,980,000. The biology department spent $25,000 on wetlands research. At year-end, $1,670 of estimated uncollectible tuition and fees was recorded. Required Prepare journal entries to record the foregoing transactions, assuming the university is a private institution. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. In the current fiscal year, the university was notified by the federal government that next fiscal year it would receive a $500,000 grant for wetlands research.

Note: Enter debits before credits.

b.The university received a $500,000 endowment.

Note: Enter debits before credits.

c. Record the receipt of tuition and fees revenue.

Note: Enter debits before credits.

Research two (2) publically traded U.S. companies, and download their financial statements. Assume that you are the CEO of one of the selected companies. You are responsible for gaining control over the other company. You have three (3) choices, either of which you believe that the Board of Directors will support. Choice 1: Your company acquires 35% of the voting stock of the target company. Choice 2: Your company acquires 51% of the voting stock of the target company. Choice 3: Your company acquires 100% of the voting stock of the target company.

1) Provide a brief background introduction on both the company that you are working for and the company that you are responsible for gaining control over.

2) Specify the overall manner in which the acquisition fits into your company’ strategic direction. Next, identify at least three (3) possible synergies that could occur as a result of the proposed acquisition.

3) Select two (2) out of the three (3) choices provided in the above scenario, and analyze the key accounting requirements for each of the two (2) choices that you selected. Next, suggest one (1) strategy in which you would prepare the financial statements for your company after the acquisition under each of the two (2) choices.

4) Select the choice that you consider to be the most advantageous to your company. Explain to the Board of Directors at least three (3) reasons why your selected choice is the most advantageous to the company.

5) Assume two (2) years after the acquisition, your Board of Directors wants to offer the shares back to the public in hopes of making a large profit. Assume that in each of the two (2) years your company and the target company have had exactly the same reported net income as they did in the year of acquisition. Determine the type of value, (e.g., cost of fair value) that you would use to report the subsidiary’s net asset in the subsidiary’s financial statements, which the company will distribute to the public with the public offering. Provide support for your rationale.

6) Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

*no copying please

Business is becoming more and more competitive, and organisations have realised that purchasing and Supply Chain Management (SCM) are key factors in satisfying customers. Buyers and supply chain managers can contribute significantly to the organisation's profits. An organisation can spend as much as 50% of its sales revenue on purchasing parts, services, components and raw material. Therefore, efficient, mutually beneficial and constructive relationships with suppliers are very important to the organisation's short-term financial position and long-term competitive power.
1. The activities and objectives of different organisational buyers will dictate their purchasing needs and behavioural patterns with regard to purchases. Discuss the three types of organisational buyers. (10)
2. List and explain TEN criteria used to evaluate suppliers. (20)
3. Four critical factors have been identified for the successful implementation of a software-solution-driven SRM solution. Discuss these factors. (10)
4. Differentiate between constructive and competitive negotiation. (10)
5. Discuss the guidelines for maintaining positive supplier and customer relationships. (10)
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Juan, a17-year-old Hispanic youth, was referred to the school psychologist at the end of the first school term because of apparent academic and emotional concerns. His grades were slipping, and it looked like he might not get any credits his first term. The counselor has also explained that Juan was the driver in a fatal car wreck at the end of the previous academic year, in which his bestfriend was killed. Although Juan was hospitalized, the counselo rsaid that he insisted on going to the funeral, even though he could barely move, having suffered several broken ribs. When the psychologist met with Juan, he was initially reluctant to discuss the accident but as rapport was established, he admitted to feeling helpless, feeling fatigued because of lack of sleep, and having problems concentrating on his schoolwork. He wanted to quit school, because he did not want to be in the same class with students who blamed him for his friend’s death, and furthermore he did not see why he should plan for a future. He admitted to having vivid dreams of his friend, seeing him as if he were alive. Often he would wakeup, startled.He had no recollection of how the accident happened, as he could not remember the details, even though a witness had said that another car was involved. Although he has a girlfriend, Juan rarely feels like doing anything, and in the past few month she has preferred to be alone. Although he was very close to his deceased friend’s family(theywereinseparable), he has not seen them since the funeral. In this case, Juan is faced with the aftermath of a traumatic experience in which he was seriously injured and his friend was killed. He feels helpless because of the accidental nature of the wreck. Undoubtedly, Juan has significant survivor guilt. Faced with traumatic events of this nature, individuals react with fear, horror, or helplessness. In younger children, these feelings are often expressed in disorganized anda gitated behaviors.

IN 250 words:

Examine the diagnostic criteria and two areas on the diagnostic continuum. Identify three prominent symptoms related to comorbid or co-occurring disorders that may be present in Juan’s situation.

Patient Name: Arthur Tapping
Patient Number: 2004-1756-0
Birth Date: 12/07/72
Date: 07/07/04

Chief Complaint/ Present illness:
Mr. Tapping is a 32-year-old obese African-American male who visited the hospital with a chief complaint of postprandial gastralgia. The patient was well two weeks ago when he noticed the gradual onset of intermittent epigastric pain, after eating. Initially each episode lasted for ½ hour, was mild, and located diffusely in the upper abdomen. Over time the episodes lengthened to 1-2 hours, became severe, and localized in the RUQ. As of yesterday, he has vomited three times, and is now anorexic. The patient denies any previous history of abdominal pain, hemorrhoids, recent weight gain or loss, illicit drug use and excessive alcohol consumption. There are no suggestions of prior postprandial symptoms, or jaundice.

Physical Examination:
General: alert, responsive, middle-aged man who is moderately obese, in obvious discomfort.
Vitals: BP 173/80; Temp 98.5F; HR 97bpm;
Skin: clear, no evidence of jaundice
Lymphatics: unremarkable
HEENT: Sclera was icteric, ears, nose, and throat are clear
Chest: unremarkable
Abdomen: Moderately obese with a very tender globular mass in the RUQ. No splenomegaly or hepatomegaly noted on palpation. Rebound tenderness was negative over the RLQ. No ascites noted, or other evidence or portal hypertension. Bowels sounds are normal and no bruits noted.
Pelvic/Rectal: within normal limits, Guaiac negative, significant steatorrhea noted
Extremities: All distal pulses are palpable, no edema noted

Lab tests:
Blood: Within normal limits except for hypercholesterolemia, and hyperbilirubinemia
Urine: Bilirubin 3+
Echo scan gallbladder: Gallbladder is approximately 13 cm in length with four to five spherical calculi visualized each approximately 1.5 cm at their greatest diameter.
Impression:

1. Acute cholecystitis, from cholelithiasis
2. Secondary jaundice
3. Hypertension
4. Exogenous obesity
5. Hypercholesterolemia

Treatment/Plan: Refer patient to a gastroenterologist for an open cholecystectomy surgery with operative cholangiography.

Thomas Nosbod, MD

What surgery is suggested for Mr. Tapping?

Question 1 options: