You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following: Pretax accounting income was $75 million and taxable income was $13 million for the year ended December 31, 2018. The difference was due to three items: Tax depreciation exceeds book depreciation by $60 million in 2018 for the business complex acquired that year. This amount is scheduled to be $70 million in 2019 and to reverse as ($70 million) and ($60 million) in 2020, and 2021, respectively. Insurance of $10 million was paid in 2018 for 2019 coverage. A $8 million loss contingency was accrued in 2018, to be paid in 2020. No temporary differences existed at the beginning of 2018. The tax rate is 40%. Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. Assume the enacted federal income tax law specifies that the tax rate will change from 40% to 35% in 2020. When scheduling the reversal of the depreciation difference, you were uncertain as to how to deal with the fact that the difference will continue to originate in 2019 before reversing the next two years. Upon consulting PricewaterhouseCoopers' Comperio database, you found:

1). Canner Co., organized on January 2, 2020, had pretax accounting income of $960,000 and taxable income of $3,120,000 for the year ended                                               
December 31, 2020. The only temporary difference is accrued product warranty costs which are expected to be paid as follows:                                              
                                              
   2021       $720,000                                   
   2022       360,000                                  
   2023       360,000                                  
   2024       720,000                                  
                                              
The enacted income tax rates are 35% for 2020, 30% for 2021 through 2023, and 25% for 2024. If Canner expects taxable income in future years,                                               
the deferred tax asset in Canner's December 31, 2020 balance sheet should be                                              
a.   $432,000                                           
b.   $504,000                                           
c.   $612,000                                           
d.   $756,000

2). Ames Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2020:                                          
                                          
   Book income before income taxes                               2,700,000       
   Add temporary difference                                      
       Construction contract revenue which will reverse in 2021                           240,000       
   Deduct temporary difference                                      
       Depreciation expense which will reverse in equal amounts in                                  
       each of the next four years                           (960,000)      
   Taxable income                               1,980,000       
                                          
The enacted income tax rate is 21% in 2020. How should Ames report deferred taxes?                                          
a.   DTA (current) 50,400; DTL (noncurrent) 201,600.                                      
b.   DTL (noncurrent) 201,600                                      
c.   DTL (noncurrent) 151,200                                      
d.   DTL (noncurrent 100,800  

3). Baker Corp.'s 2020 income statement had pretax financial income of $500,000 in its first year of operations. Baker uses an accelerated cost                                           
recovery method on its tax return and straight-line depreciation for financial reporting. The differences between the book and tax deductions                                           
for depreciation over the five-year life of the assets acquired in 2020, and the enacted tax rates for 2020 to 2024 are as follows:                                          
                                          
       Book Depreciation                                   
       Over (Under) Tax           Tax Rates                      
   2020       (100,000)       35%                      
   2021       (130,000)       30%                      
   2022       (30,000)       30%                      
   2023       120,000       30%                      
   2024       140,000       30%                      
                                          
There are no other temporary differences. In Baker's December 31, 2020 balance sheet, the noncurrent deferred income tax liability and                                           
the income taxes currently payable should be                                          
                                          
   Deferred Income       Income Taxes                              
   Tax Liability       Currently Payable                              
a.   $78,000        $100,000                               
b.   $78,000        $140,000                               
c.   $30,000        $120,000                               
d.   $30,000        $140,000                                                                                                               
                          

Twenty-three (24) states have made laws to allow medical marijuana usage and now more states (Colorado, New Jersey, Washington. Etc.) have legalized the recreational use of marijuana by adults. The legalization of Marijuana has been an ongoing debate in the United States. Many perspectives (some positive, some negative) have been presented in the press about the reasons for or against marijuana. The most pervasive argument against is that marijuana is a considered. Others concerns include potential drug addictions, increased crime rates, negative effects to the brain, etc... The American Psychological Association (APA) has posted a position paper titled, Medicine or Menace, which problematizes marijuana usage and legalization. For this weeks discussion, I want you to answer the following questions.

1. Should marijuana be legal or is its legalization a devastating mistake? Explain your stance with facts that are backed up by the book or other sources.

2. Do you think American culture is ready to effectively handle having marijuana legalization? Why or why not?

LazyDaz, Inc. reported the following for its 2020 financial statements.
Balance Sheet

Income Statement
For the Year Ending Dec 31, 2020

The financial notes of LazyDaz disclose the following 2020 information:
(1) Property, plant and equipment was sold for cash. The PP&E had an original cost of $400
and accumulated depreciation of $100.
(2) Stock was issued for $120 cash.
(3) Bonds of $30 were retired.
(4) Land with a cost of $140 was sold.
(5) There were two major noncash transactions. PP&E was acquired by issuing a $75 long-term
note. Later in the year, PP&E was acquired by issuing $100 in common stock.
(6) All other transactions were cash transactions.

Can you prepare a Statement of Cash Flows for this information

1. Using the data below and the 5 steps of null hypothesis testing for a chi-square goodness of fit test examine if the frequency of confirmed COVID-19 cases are equally proportionate between the states of Wyoming, North Dakota, Nebraska, and South Dakota (p < .05).

**Data retrieved from Center for Disease Control (April 22, 2020)**

The head of the strategy of Kreditech, a German startup is quoted in the article “We are a tech company that happens to be doing lending". Why might this overstate the extent to which online lending can rely on emerging technology and data to make decisions on taking and pricing the credit risk of borrowers?

Explain the technology foundations of online (marketplace) lending.

A. Sometimes an entrepreneur may be frustrated with attempts to find appropriate start up capital but a method of financing a business with a little or no capital is called “ Bootstrap”
Using an example from an organization of your choice, explain the ways to bootstrap one business.

B. Raise the main demerits of using debt finance to finance a startup business

1- write Commissioning, Startup, Operation, and Shutdown procedure of a pump

2- What is the function of shaft sleeve for a centrifugal pump?

3: Discuss the types of pipe reducers for a centrifugal pumping system

4: Write a gate valve mounting procedure

5: Write assembly and dismantling procedure of a rising stem gate valve

Briefly Discuss the attributes (max of three) of Product lifecycle Stages in Design and Manufacturing. Please limit yourself to one paragraph, max 6 lines. Please list attributes separately as items 1, 2 and 3:

0. Startup Stage

1. Growth Stage

2. Maturity Stage

3. Commodity Stage