On January 1, 2018 Vulcan Company purchased 400 of the 1000 shares of Star Trek company stock for $60,000.                                                                                                                  

At this time, Star Trek had a truck with a book value of $40,000 and a fair market value of $80,000. The truck has a life of 5 years with no salvage value and Star Trek uses straight line depreciation                                                                                                                              

On July 1, 2018 Star Trek paid a dividend of $1 per share                                                                                                                              

On December 31, 2018 Star Trek reported a profit of $11,000 and its stock was selling $151 per share                                                                                                                      

On July 1, 2019 Star Trek paid a dividend of $2 per share                                                                                                                               

On December 31, Star Trek reported a loss of $5000 and its stock was selling for $148 per share                                                                                                                 

On July 1, 2020 Star Trek announced that it wasn't paying any dividends in 2020.                                                                                                                              

On December 31, 2020 Star Trek reported a profit of $3000 and its stock was selling for $155 per share                                                                                                                  

On January 31, 2021 Vulcan sold its entire investment in Star Trek at $150 per share                                                                                                                      

REQUIRED                                                                                                                          

A) MAKE ALL THE JOURNAL ENTRIES CONNECTED WITH VULCAN'S INVESTEMENT IN STAR TREK IN                           2018                                                                                                      

                2019                                                                                                      

                2020                                                                                                      

                2021                                                                                                      

                B) FILL IN THE FOLLOWING TABLE                                                                                                                           

                                2018       2019       2020                                                      

INVESTMENT IN STAR TREK                                                                                                                        

INVESTMENT INCOME                                                                                                                  

1. The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2020, its first year of operations. The enacted income tax rate is 20% for all years.

         Pretax accounting income                                                                  $800,000

         Excess tax depreciation                                                                      (480,000)

         Litigation accrual                                                                                      70,000

         Unearned rent revenue deferred on the books but appropriately

               recognized in taxable income                                                            60,000

         Interest income from New York municipal bonds                           (20,000)

         Taxable income                                                                                    $430,000

1.   Excess tax depreciation will reverse equally over a four-year period, 2021-2024.

2.   It is estimated that the litigation liability will be paid in 2024.

3.   Rent revenue will be recognized during the last year of the lease, 2024.

4.   Interest revenue from the New York bonds is expected to be $20,000 each year until their maturity at the end of 2024.

(a)   Prepare a schedule of future taxable and (deductible) amounts.

(b)   Prepare a schedule of the deferred tax (asset) and liability at the end of 2020.

(c)   Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit).

(d)   Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020.

1. The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2020, its first year of operations. The enacted income tax rate is 20% for all years. Pretax accounting income $800,000 Excess tax depreciation (480,000) Litigation accrual 70,000 Unearned rent revenue deferred on the books but appropriately recognized in taxable income 60,000 Interest income from New York municipal bonds (20,000) Taxable income $430,000

1. Excess tax depreciation will reverse equally over a four-year period, 2021-2024.

2. It is estimated that the litigation liability will be paid in 2024.

3. Rent revenue will be recognized during the last year of the lease, 2024.

4. Interest revenue from the New York bonds is expected to be $20,000 each year until their maturity at the end of 2024.

(a) Prepare a schedule of future taxable and (deductible) amounts.

(b) Prepare a schedule of the deferred tax (asset) and liability at the end of 2020.

(c)   Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit).

(d)   Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020.

11. The following differences enter into the reconciliation of financial income and taxable income of Abbott Company for the year ended December 31, 2020, its first year of operations. The enacted income tax rate is 20% for all years. Pretax accounting income $800,000 Excess tax depreciation (480,000) Litigation accrual 70,000 Unearned rent revenue deferred on the books but appropriately recognized in taxable income 60,000 Interest income from New York municipal bonds (20,000) Taxable income $430,000

1. Excess tax depreciation will reverse equally over a four-year period, 2021-2024.

2. It is estimated that the litigation liability will be paid in 2024.

3. Rent revenue will be recognized during the last year of the lease, 2024.

4. Interest revenue from the New York bonds is expected to be $20,000 each year until their maturity at the end of 2024.

Instructions (a) Prepare a schedule of future taxable and (deductible) amounts. (b) Prepare a schedule of the deferred tax (asset) and liability at the end of 2020. (c) Since this is the first year of operations, there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). (d) Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020.

After the Coronavirus affected the whole world, the grading system of Schrute University, like many universities, has changed. At Schrute University, unlike other universities, the letter grades students can receive are restricted to A, B, C, D, F,   U (Unsatisfactory), and S (Satisfactory). After the final letter grades for undergraduate courses At Schrute University are determined, students are allowed to select one of the options as follows:

• If the final grade is “D” or above, the student can choose to be graded with an “S” grade
• If the final grade is “F”:
• For courses that are taken for the first time in the Fall 2020 semester:
• The student can either select “F” or “U” as the final grade.
• For courses that are repeated in the Fall 2020 semester:
• If the previous grade is “F”, the student will not be allowed to choose the “U” grading option as the final grade in Fall 2020. Thus, students can only choose “F”.
• If the previous grade is one of “A”, “B”, “C”, "D”, or “U”, the student may choose “U” as the final grade.
• If the previous grade is “S”, the student cannot choose “U”. Thus, students can only choose “F”.

• If students have received a “U” previous semester, they may choose “S” if the student currently got one of “A”, “B”, “C”, “D”. Also, a student may choose “U” if and only if the student currently got an “F”.
• If students have received an “S” previous semester, they may choose “S” if the student’s current letter grade is one of “A”, “B”, “C”, “D”, if the student’s current grade is “F”, a student may only choose “F”.

Under no circumstances, the student cannot choose a higher or lower grade than the letter grade he/she has received (such as choosing B while receiving C or vice-versa).

, you will implement a C++ program that calculates the course grade of a Schrute University

• Name of the student,
• Name of the course,
• Whether she/he took the lesson for the first time, and
• Current or previous term grade if available (if (3) is valid).
• Finally, the letter grade the student wants to get.

After the inputs are received, the program will allow the student to get the grade he/she wants but if the grade he/she wants to get is valid within the framework of the above-given conditions. Otherwise, the program terminates the program by stating the reason why the student could not get the desired grade as an error message.

You may implement your algorithm all in the main function, i.e. you are not expected to write any user-defined functions, but of course, you can write some, if you prefer to do so.

The prompts of the input statements to be used have to be exactly the same as the prompts of the "Sample Runs".

At the beginning of your program, the user will be prompted to enter his/her name as the first input. The name of the user should be displayed whenever appropriate in the prompts and the output text. Please see the "Sample Runs" section for some examples.

After the user enters his/her name, (s)he will be asked to provide his/her processed course name. The name of the course should be displayed whenever appropriate in the prompts and the output text. Please see the "Sample Runs" section for some examples.

After the user enters his/her course name, (s)he will be asked if the student has already taken the course they want to process. The user's answer to this question can be "YES" or "NO" only. If there is an answer other than these, the program will give the necessary error message and close the program. Please see the "Sample Runs" section for some examples.

If the student's answer is YES, the program will ask for the grade the student has received from the course currently processed and the student will choose from those grades (A, B, C, D, F). After that, if the student has chosen one of the passing grades (A, B, C, D), the program will ask if the student wants to convert that grade to S. If the student got an F, the program will ask if the student wants to change the grade to U. In both cases, if the student gives an invalid answer other than (A, B, C, D, F) or response other than (YES, NO), the program will display the required error message and terminate the program. Please see the "Sample Runs" section for some examples.

If a student has received “U” the previous semester and got one of (A, B, C, D) in the current semester, students cannot choose other than “S” or current letter grade. In other cases, the program should output the following message:

“Invalid grade selection. If you have received U before, you may choose “S” or current letter grade.”

If a student has received an “S” previous semester and, got an “F” current semester, If a student chooses other than “F”, then the program should output:

“Invalid grade selection, If you have received S before and fail this semester, you get F.”

If a student has received an “F” previous semester and, got an “F” current semester, If a student chooses other than “F”, the program should output :

“Invalid grade selection, If you have received F before and fail this semester, you get F.”

Again, under no circumstances, the student cannot choose a higher or lower grade than the letter grade he/she has received (such as choosing B while receiving C or vice-versa). Also, students unable to choose U if he/she got a grade among

(A, B, C, D) and unable to choose S if he/she got an F. If the student violates any of these situations, the program should give the following output:

“Invalid grade selection. You cannot choose a higher or lower grade than you deserve.”

If the student enters a letter grade that is different than (A, B, C, D, F, S, or U), your program should give the following output:

“Invalid grade selection. Goodbye…”

Finally, if the grade the student wants to get is valid within the framework of the above-mentioned rules, the program should give the following output:

“Dwight, your final grade for CS201 is C. Goodbye…”

Sample Run 1

Welcome to the Fall 2020-2021 Semester grading system. What is your name? John

Hello John! Please enter the name of the course to be processed: CS201

Hello John! If you take the CS201 for the first time, enter YES otherwise NO: ok

Press any key to continue . . .

Sample Run 2

Welcome to the Fall 2020-2021 Semester grading system. What is your name? jane

Hello jane! Please enter the name of the course to be processed: Cs201

Hello jane! If you take the Cs201 for the first time, enter YES otherwise NO: no

Press any key to continue . . .

Sample Run 3

Welcome to the Fall 2020-2021 Semester grading system. What is your name? jane

Hello jane! Please enter the name of the course to be processed: Cs204

Hello jane! If you take the Cs204 for the first time, enter YES otherwise NO: YES

What is your grade from (A,B,C,D,F)? E

Invalid grade selection. Goodbye...

Press any key to continue . . .

Sample Run 4

Welcome to the Fall 2020-2021 Semester grading system. What is your name? Jane

Hello Jane! Please enter the name of the course to be processed: Cs204

Hello Jane! If you take the Cs204 for the first time, enter YES otherwise NO: YES

What is your grade from (A,B,C,D,F)? A

Do you want to switch your grade from A to S (YES or NO)? no

Invalid grade selection. Goodbye...

Press any key to continue . . .

Sample Run 5

Welcome to the Fall 2020-2021 Semester grading system. What is your name? Dila

Hello Dila! Please enter the name of the course to be processed: Cs201

Hello Dila! If you take the Cs201 for the first time, enter YES otherwise NO: YES

What is your grade from (A,B,C,D,F)? B

Do you want to switch your grade from B to S (YES or NO)? YES

Dila, your final grade for Cs201 is S. Goodbye...

Press any key to continue . . .

Sample Run 6

Welcome to the Fall 2020-2021 Semester grading system. What is your name? Dila

Hello Dila! Please enter the name of the course to be processed: Cs201

Hello Dila! If you take the Cs201 for the first time, enter YES otherwise NO: YES

What is your grade from (A,B,C,D,F)? F

Do you want to switch your grade from F to U (YES or NO)? YES

Dila, your final grade for Cs201 is U. Goodbye...

Press any key to continue . . .

Sample Run 7

Welcome to the Fall 2020-2021 Semester grading system. What is your name? Furkan

Hello Furkan! Please enter the name of the course to be processed: Cs404

Hello Furkan! If you take the Cs404 for the first time, enter YES otherwise NO: NO

Please enter your previous grade from (A,B,C,D,F,S,U): C

Please enter your current grade from (A,B,C,D,F): G

Invalid grade selection. Goodbye...

Press any key to continue . . .

Sample Run 8

Welcome to the Fall 2020-2021 Semester grading system. What is your name? FURKAN

Hello FURKAN! Please enter the name of the course to be processed: CS201

Hello FURKAN! If you take the CS201 for the first time, enter YES otherwise NO: NO

Please enter your previous grade from (A,B,C,D,F,S,U): A

Please enter your current grade from (A,B,C,D,F): C

Please enter the grade you want to choose from (A,B,C,D,F,S,U): C

FURKAN, your final grade for CS201 is C. Goodbye...

Press any key to continue . . .

Sample Run 9

Welcome to the Fall 2020-2021 Semester grading system. What is your name? FURKAN

Hello FURKAN! Please enter the name of the course to be processed: CS201

Hello FURKAN! If you take the CS201 for the first time, enter YES otherwise NO: NO

Please enter your previous grade from (A,B,C,D,F,S,U): A

Please enter your current grade from (A,B,C,D,F): C

Please enter the grade you want to choose from (A,B,C,D,F,S,U): S

FURKAN, your final grade for CS201 is S. Goodbye...

Press any key to continue . . .

Sample Run 10

Welcome to the Fall 2020-2021 Semester grading system. What is your name? FURKAN

Hello FURKAN! Please enter the name of the course to be processed: CS201

Hello FURKAN! If you take the CS201 for the first time, enter YES otherwise NO: NO

Please enter your previous grade from (A,B,C,D,F,S,U): A

Please enter your current grade from (A,B,C,D,F): C

Please enter the grade you want to choose from (A,B,C,D,F,S,U): U

Invalid grade selection. You cannot choose a higher or lower grade than you deserve.

Press any key to continue . . .

Minden Company manufactures a high-quality wooden birdhouse that sells for $25
per unit. Variable costs are $12 per unit, and fixed costs total $210,000. The
company sold 30,000 birdhouses to customers during 2020. The president of
Minden Company believes the following changes should be made in 2021:

1. the selling price of the birdhouse should be reduced by 20%

2. increase advertising by $33,000

Assume these changes are made. Calculate the number of units Minden Company
must sell in 2021 in order to earn a net income that is 40% larger than the
net income earned in 2020.

I'm sorry for posting this, I just wanted to make sure I got the right answer before I posted this homework. Kind of tricked me up a little.

Swifty Corporation has 2,000 shares of 10%, $130 par value preferred stock outstanding at December 31, 2020. At December 31, 2020, the company declared a $140,000 cash dividend. Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios.

1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years.

The dividend paid to preferred stockholders $

The dividend paid to common stockholders $

2. The preferred stock is noncumulative, and the company did not pay a dividend in each of the two previous years.

The dividend paid to preferred stockholders $

The dividend paid to common stockholders $

3. The preferred stock is cumulative, and the company did not pay a dividend in each of the two previous years.

The dividend paid to preferred stockholders $

The dividend paid to common stockholders $

Case A: Revenue Recognition for Products

Smooth Blend, Inc., a calendar year company, produces several blends of whiskey. Maturing whiskey is stored for 3 years in a large, dark aromatic warehouse owned by Smooth Blend. Smooth Blend sells the whiskey to Distributor Company at the beginning of the aging process (January 1, 2011). Distributor Company will pick up the whiskey at the end of the aging process (December 31, 2013) and take it to its facilities for bottling. Distributor Company pays the full purchase price to Smooth Blend on January 1, 2011 to protect itself against price increases.

1. When should Smooth Blend recognize revenue? Why?
2. Would your answer change
   1. If the quality control manager of Distributor Company had the right to taste the whiskey on December 31, 2013 and receive a full refund if not satisfied with the quality of the liquor?
   2. If there was no right of return but Smooth Blend promised to help Distributor Company attract customers?
   3. If Smooth Blend acquired a fixed price option from Distributor Company to repurchase the whiskey in 6 months?
3. How would your answer change if Smooth Blend sold the whiskey to Friendly Bank, agrees to oversee the aging process on the bank’s behalf, and acquires a fixed price forward from Friendly Bank to repurchase the whiskey in 6 months?