What is the collective strength of the five competitive forces facing the three North America-based wholesale clubs (Costco, BJ's, and Sam's Club)?

Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2018 through 2021 except for differences in depreciation on an operational asset. The asset cost $210,000 and is depreciated for income tax purposes in the following amounts

: 2018 $ 69,300

2019 92,400

2020 31,500

2021 16,800

The operational asset has a four-year life and no residual value. The straight-line method is used for financial reporting purposes. Income amounts before depreciation expense and income taxes for each of the four years were as follows. 2018 2019 2020 2021 Accounting income before taxes and depreciation $ 115,000 $ 135,000 $ 125,000 $ 125,000 Assume the average and marginal income tax rate for 2018 and 2019 was 30%; however, during 2019 tax legislation was passed to raise the tax rate to 40% beginning in 2020. The 40% rate remained in effect through the years 2020 and 2021. Both the accounting and income tax periods end December 31. Required: Prepare the journal entries to record income taxes for the years 2018 through 2021

1.Record 2018 income taxes.

2Record 2019

3.record 2020

4.record 2021

Note: Enter debits before credits.

A post closing trial balance is a list of general ledger accounts and their balances after the closing entries have been posted. The post closing trial balance would contain only the balance sheet accounts with balances as the income statement accounts would not be listed because they are considered temporary accounts whose balances have been closed to the capital account. Please describe an income statement account that would be closed to the capital account.

Contrast the values of leadership and followership for innovation. Choose a unique industry and describe two dynamic examples for innovation.

On May 1, 2018, Delta Airlines buys 100 SkyFlight Food Service, Inc. bonds for $1,015 each. Delta classifies this investment as available for sale. This is the first available for sale investment Delta has recorded and the only item that affects comprehensive income during this time period. During 2018, SkyFlight pays all bondholders $42 interest per bond. At the end of 2018, the bonds of Skyflight are trading for $1,020 each. During 2019, Skyflight pays all bondholders interest of $75 per bond. At the end of 2019, the bonds of Skyflight are trading for $1,014 per bond. On May 1, 2020, Delta Airlines sells all of its Skyflight bonds for $1,010 per bond. No interest was paid by Skyflight in 2020. Net income before anything to do with Skyflight (even the interest is not included) for Delta was $20 million in 2018, $16 million in 2019 and $18 million in 2020 after taxes. The tax rate is 20% for all years.

Requirements:

a. Show all the needed journal entries for the Skyflight stock from purchase to sale.

b. Show the statement of comprehensive income for 2018, 2019 and 2020.

c. If accumulated other comprehensive income is $500,000 at the beginning of 2018, what is the accumulated other comprehensive income at the end of 2018, 2019 and 2020

closed

1. The following questions refer to options on SNAP (Ticker: SNAP), which closed today at $22.59/share.  Below are a table of closing prices on SNAP options on 8/31/2020:

_____________________________________________________

Strike              Expiration                   Calls                Puts________

20                    October, 2020                        $3.30               $0.71

21                    October, 2020                        $2.61               $1.04

22                    October, 2020                        $2.04               $1.44

23                    October, 2020                        $1.55               $1.95

24                    October, 2020                        $1.15               $2.54

______________________________________________________

1. Which of these options are in-the-money?
2. Suppose you think that the price is unlikely to remain above $23 during the next month so you write a call with a strike of $23.  Create a table of values of your call position as a function of the price of SNAP at the expiration of the option position.  Use share prices in intervals of $0.25 in the range from $20 to $25.
3. What if instead of the call you purchased a put with a strike of $23.  Create a similar table of values as in (b).  
4. Plot the values depicted in your tables from parts (b) and (c)
5. Suppose instead that you are bullish on SNAP stock and decide to buy calls with a strike of $22.  Give a table of values of your spread as a function of the underlying stock of SNAP at the expiration date of the option, and finally, plot the payout as a function of the underlying stock price at expiration.