Swifty Company purchased equipment for $1008000 on January 1, 2020, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 3-year life and a $43000 salvage value at the end of its useful life. The amount of depreciation expense recognized in the year 2022 will be

Presidential administrations often like to "tinker" with the tax code. Assume the tax code under former President O'Bomba listed the highest marginal tax rate at 40% and that President Chump reduced the marginal rate 30%, Which scenario below describes the most likely impact this change in tax policy will have on municipal and corporate bonds.

A. The after-tax yield on corporate bonds for investors in the highest tax bracket will be lower due to the reduction in the top tax rate.

B. Both muni and corporate bond yields will remain unchanged as a result of the new tax policy. Investors in the top tax bracket will always favor muni-bonds over corporate regardless of changes in the highest marginal tax rate.

C. Both muni and corporate bond yields will remain unchanged. Investors in the top tax bracket will buy more munis to save even more taxes.

D. The tax cut causes an increase in the after-tax yield on corporate bonds. In response, muni bond yields would rise (prices fall) to make them equally attractive as the after-tax yields on corporate bonds for investors in the top tax bracket.

Three former college classmates decided to open a store near campus to sell wireless equipment to students. They created a public company, The Wire, and issued stock to interested investors. They plan on creating monthly financial statements.

Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts for The Wire that are affected, whether they increase or decrease, and the amount of the increase or decrease.

YOU MUST FOLLOW THE INSTRUCTIONS BELOW. IF YOU DON'T, YOU MAY KNOW THE CORRECT ENTRY BUT THE COMPUTER WILL NOT RECOGNIZE IT AND WILL NOT GIVE YOU CREDIT.

After each transaction description, there are several "Account" submission boxes and corresponding "Amount" submission boxes. To indicate the accounts that you think are affected, choose them from the drop-down menu. But you MUST select them in the order that they are listed in the menu. FOR EXAMPLE, if you think that Cash and Inventory are affected by a particular transaction, you must record the effect on the Cash account first and the effect on the Inventory account second, since that is the order in which they are listed in the drop-down menu. If you record the Inventory effect first and the Cash effect second, even if they are the correct accounts with the correct dollar amounts, your answer will be considered wrong.

When you record the dollar amounts, be sure to use a minus sign to indicate a decrease in the account. You don't need to use a plus sign to indicate an increase. Also, don't use a dollar sign or spaces.

There are always more "Account" and "Amount" submission boxes available than are necessary. When you have indicated all the accounts that are affected by the transaction, select "Leave Blank" from the drop-down menu for EACH of the remaining "Account" submission boxes (you can leave the "Amount" boxes blank).

For transactions 3, 4, 5, and 8, you are given additional instructions. Read them carefully.

You get 5 tries for each complete entry.

The entries for transaction #8 is worth 4 points. The entries for each of the other transactions are worth 2 points.

Transaction 1
On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $20,000 in exchange for shares of stock. A few of their friends also purchased stock totaling $14,000 that was deposited in The Wire account. (Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:   

Transaction 2
The company quickly acquired $37,000 in inventory, 50% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash. (Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:   

Transaction 3
A one-year store rental lease was signed on March 1 for $1,200 per month, and rent for the first 2 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first and the complete adjusting entry on March 31 second.] Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 4
The owners paid $3,500 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $5,000 for some advertising in local newspapers. [Note: Combine both transactions into one entry]. Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 5
Sales were $78,000. Cost of merchandise sold was 75% of its sales price. 60% of the sales were on open account. [Note: Record the complete entry for the sales first and the complete entry for the expenses second] Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 6
Wages and salaries in March were $10,300, of which $8,200 was actually paid to employees. Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 7
Miscellaneous expenses were $1,700, all paid for with cash. Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 8
On March 1, fixtures and equipment were purchased for $4,000 with a down payment of $1,500 and a $2,500 note, payable in one year. Interest of 6% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 12 years with no expected salvage value. [Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.] Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Transaction 9
Cash dividends totaling $5,000 were paid to stockholders on March 31. Options for Account portion: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-In Capital, Retained Earnings, Leave Blank)

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:     

Account:               Dollar amount:

Business Law question: Your business is being sued by Emily, a former employee, who claims that she was sexually harassed by one of your other employees, Frank.

Your business has a written employee policy manual that makes it clear that sexual harassment will not be tolerated at your workplace. It also designates one of your other female employees, Sarah, as the designated reporting person for reporting any incidents sexual harassment.

Frank admits that one day, he flirted with Emily, and asked her for a date. But he doesn't believe that anything that he said or did rose to the level of sexual harassment.

Emily says that Frank did sexually harass her, one time, on one day. She found the incident so upsetting that she immediately quit her job. She did not report the alleged sexual harassment to Sarah, nor to anyone else at your business, before she left.

Emily is now suing your business for sexual harassment, and for wrongful termination based upon a legal theory of constructive termination.

Go to the discussion area and answer the following questions:

1. Can Emily successfully recover damages against your business for sexual harassment? Why?

2. Can Emily successfully recover damages against your business for wrongful termination? Why?

3. What actions, if any, should you take against Frank? Why?

Yasser Arafat, former chairman of the Palestine Liberation Organization (PLO), died in November 2004, after a brief illness. Not surprisingly, his death aroused considerable suspicion, particularly given that his symptoms were somewhat consistent with acute radiation poisoning. In November 2012, samples of tissue were obtained from his corpse and tested—by three independent research groups—for evidence of poisoning by a highly radioactive isotope of Polonium. The results, though far from conclusive, suggest that Arafat died as a result of polonium-210 poisoning.

Polonium-210 is a short-lived isotope in the uranium decay series. Together with thallium-206, polonium-210 is a penultimate daughter product in the 238U → 206Pb decay series. Polonium-210 occurs in trace amounts in uranium ores; annually, about 100 grams of 210Po is produced (synthetically) in reactors. 210Po decays to 206Pb via alpha emission with a radiogenic half-life of 138 days. The ejected alpha particle has an energy of 5.3 MeV. The biological half-life of 210Po is about 40 days, i.e. it takes your body about 40 days to excrete half the amount of 210Po originally ingested. For the purposes of this class, the fatal internal dose (D50) of radiation from an ingested alpha emitter like 210Po is approximately 0.25 Joule of energy absorbed per kilogram of body mass. (Note: The D50 notation indicates the dosage that proves fatal for half of a population; D50 ~ 0.25 J/kg for 210Po.) For those interested in dosage units, 0.25 J/kg = 0.25 Gy = 5 Sv = D50 for an alpha emitter absorbed internally (Q factor of 20).

1 (20 pts.): Assuming access to a ‘fresh’ polonium source, i.e. straight from the reactor, would one microgram (1 μg) of ingested 210Po kill Arafat? (FYI: 1 μg of 210Po is equivalent to approximately one grain of silt.) If yes, then approximately what time interval was required to absorb a fatal dose? Note: There is typically a lag time of days to weeks between the time at which a fatal dose is absorbed and the actual time of death. Arafat died about two weeks after the onset of symptoms. Discuss very briefly some of the complications we might expect in analyzing Arafat’s corpse for signs of 210Po poisoning in 2012.

1) clear and concise explanations of your reasoning and 2) careful calculations using scientific notation. The answer should be presented clearly and logically.

Electrochemical capacitor and battery are electrochemical energy storage system. The former has a very good power density (fast charging/discharging) but low energy density, while the latter has the opposite properties. Please design a device that can have good power density and energy density by combining the electrochemical capacitor and battery. Please provide an equivalent circuit (use -||- to represent capacitor and -©- to represent battery) to describe your design and how they work under charging/discharging conditions. You can use multiple battery and capacitors for your design and explain how it work. Do you think your design can be used to power an electric vehicle to compete with gasoline-based cars?

“Some economists, like, Former Treasury Secretary – Mr. Martin Parkinson - have argued that the Australia’s economy was already weak before the coronavirus forced the economy into a lockdown. Productivity growth and income growth was very weak while economic growth was quite anaemic”. Evaluate the statement and observation made by Josh and Martin by plotting the data on the major macroeconomic indicators of the Australian economy - GDP growth rates, Inflation and Unemployment - for the past 10 years.

Jack Palmer, a former colleague of yours at Wells Fargo Bank, owns several golf courses in Idaho. He is concerned that financial statement fraud is being perpetrated by his bookkeeper who may be in collusion with four other golf course managers. Each manager receives a substantial annual bonus on top of his or her annual salary if the golf course earns a certain amount of profits each year.

Jack recently attended a small golf course owner convention in Las Vegas. In discussions with other owners, he discovered that his golf courses were earning much more profit compared to other golf courses of a similar size in the Western region of the U.S.

When you and Jack worked together at Wells Fargo, he was the sales and marketing guy, and he affectionately called you ‘The Numbers Guy.’ You two made a great team together while working at Wells Fargo. Jack trusts your intuition and asked for your help.

At the first meeting, Jack brought a complete set of financial statements, prepared by his bookkeeper, for the past five years for each golf course, including the:

·         Statements of Financial Condition,

·         Statements of Revenues and Expenses,

·         Statements of Cash Flow, and

·         Statements of Stockholder’s Equity.

The level of detail available and provided to you by Jack in that first meeting, especially for the Statements of Revenues and Expenses includes the following:

-Revenues by type/source of revenues recorded/earned by the golf course

-Expenses by type/source of expenses recorded/paid by the golf course

Questions/Requirements

·Q1. What additional information and documentation do you need from Jack before a second meeting? Be specific.

Q2. Given that you have five years of financial information for each of the golf courses, where and how would you start your financial statement analysis to determine if fraud was occurring? Be extremely specific addressing which financial statements you would start analyzing first, why, and how you would go about it.

Q3. Is there any external information you might try to obtain or asking for to assist in the preparation of your financial statement analysis described in the above bullet? Be specific.

In November 24, 2014, Netflix filed a lawsuit against its former vice president of IT operations, Mike Kail, alleging fraud, breach of fiduciary duties, and other charges. Here is an excerpt from the lawsuit filing in Superior Court of the State of California, Santa Clara County:.

“…During his tenure at Netflix, including as Netflix’s Vice President of Information Technology Operations, Kail was a trusted senior-level Netflix employee.  Kail’s job responsibilities at Netflixincluded negotiating and executing contracts on behalf of Netflix to acquire IT-related products and services…approving invoices for payments that third parties would request related to IT products and services purchased by Netflix….after Kail approved such invoices, Netflix would pay the third parties for these approved invoices. Kail was a trusted, senior-level Netflix employee, with authority to enter into appropriate contracts and approve appropriate invoices.” (See entire legal document at http://www.scribd.com/doc/248259590/Netflix-v-Kail.)

Netflix is suing Mr. Kail for fraud, breach of fiduciary duties, and other actions. Mr. Kail was in charge of entering into and authorizing contracts for Netflix’s tech vendors, which included two companies, Vistara IT and Netenrich (both founded/owned by Mr. Raju Chekuri.) At the same time, Mr. Kail had his own company on the side called Unix Mercenary, which he did not disclose to Netflix.

Mr. Kail’s company Unix Mercenary received 12 – 15% commissions on all contract invoices paid by Netflix to Vistara IT and Netenrich. Part of the evidence that Netflix outlines in its lawsuit are emails between Mr. Kail and employees of Netenrich which refer to “referral fees” from Netenrich to Unix. Here is an excerpt from an email from Netenrich to Kail (from the above-mentioned lawsuit filing):

…”[We] discussed getting you paid and I just need to ensure the payments from Netflix are in Netenrich’s bank account…I suggest we employ the following process to ensure you receive your referral fees on a timely basis…”

Over a three year period, Netflix paid approximately $3.7 million to Vistara IT and Netenrich, which would translate into commission payments of between $440,000 - $550,000 to Unix Mercenary. The lawsuit only mentions specific payments of $76,000 to Unix Mercenary.

Incidentally, Mike Kail left Netflix in August 2014 to become Yahoo’s Chief Information Officer (CIO).

Respond to the following questions in the MODULE 6 Discussion Forum

What internal control principle(s) does it appear was (were) violated at Netflix?

How might Netflix have designed its internal processes differently to avoid the situation that arose with Mr. Kail?

Should Mr. Kail be held totally liable for this situation? Does Netflix have any degree of responsibility in this situation?

Specifications