The pretax financial income (or loss) figures for Jerry Springer Company are as
follows.
2009 $210,000
2010 180,000
2011 140,000
2012 (220,000)
2013 (230,000)
2014 90,000
2015 115,000
Pretax financial income (or loss) and taxable income (or loss) were the same for all
years involved. Assume a 40% tax rate for 2009 and 2010 and a 35% tax rate for the
remaining years.
Instructions:
Prepare the journal entries for the years 2011 to 2015 (5 years) to record income tax
expense and the effects of the net operating loss carry-backs and carry-forwards
assuming Jerry Springer Company uses the carry-back provision. All income and
losses relate to normal operations. (In recording the benefits of a loss carry-forward,
assume that no valuation account is deemed necessary.)
In: Accounting
katie had a before-tax income of $40,000 and paid taxes of $6,000. Ramesh had a before tax income of $35,000 and paid taxes of $5,250. Based on this information, the tax system is .....
a.regressive for all income levels below $40,000
b. proportional
c. progressive
d. based on the benefits-received principle
e. regressive for income levels between $35,000 and $40,000
In: Economics
Placid Lake’s 2015 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $300,000. Scenic reported net income of $110,000. Placid Lake declared $100,000 in dividends during this period; Scenic paid $40,000. At the end of 2015, selected figures from the two companies’ balance sheets were as follows: Placid Lake Scenic Inventory . . . . . . . . . . . . . . . . . . . . . . . $140,000 $ 90,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . 600,000 200,000 Equipment (net) . . . . . . . . . . . . . . . . . . 400,000 300,000 During 2014, intra-entity sales of $90,000 (original cost of $54,000) were made. Only 20 percent of this inventory was still held within the consolidated entity at the end of 2014. In 2015, $120,000 in intra-entity sales were made with an original cost of $66,000. Of this merchandise, 30 percent had not been resold to outside parties by the end of the year. Each of the following questions should be considered as an independent situation for the year 2015. a.What is consolidated net income for Placid Lake and its subsidiary? b.If the intra-entity sales were upstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? c.If the intra-entity sales were downstream, how would consolidated net income be allocated to the controlling and noncontrolling interest? d.What is the consolidated balance in the ending Inventory account? e.Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2014, Scenic sold land costing $30,000 to Placid Lake for $50,000. On the 2015 consolidated balance sheet, what value should be reported for land? f.Assume that no intra-entity inventory or land sales occurred between Placid Lake and Scenic. Instead, on January 1, 2014, Scenic sold equipment (that originally cost $100,000 but had a $60,000 book value on that date) to Placid Lake for $80,000. At the time of sale, the equipment had a remaining useful life of five years. What worksheet entries are made for a December 31, 2015, consolidation of these two companies to eliminate the impact of the intra-entity transfer? For 2015, what is the noncontrolling interest’s share of Scenic’s net income?
In: Accounting
Prepare a research paper of 3-4 pages in length
From the data set and the research question that has been presented, prepare a research paper in the following format.
1. Your introduction
3. Test Methodology Used
4. Analysis (meaning) of the data
5. Outcomes
6. Summary.
Research question:
Why has the number of Covid- 19 (Corona Virus) cases continued to be on the increase in India despite massive sensitization by the government?
|
Date |
location |
new_cases |
new_deaths |
total_cases |
total_deaths |
weekly_cases |
weekly_deaths |
biweekly_cases |
biweekly_deaths |
|
2020-09-01 |
India |
69921 |
759 |
3691166 |
65228 |
523843 |
6838 |
988424 |
13431 |
|
2020-09-02 |
India |
78357 |
1105 |
3769523 |
66333 |
535049 |
6884 |
1002250 |
13444 |
|
2020-09-03 |
India |
83883 |
1043 |
3853406 |
67376 |
543172 |
6904 |
1016481 |
13510 |
|
2020-09-04 |
India |
83341 |
1096 |
3936747 |
68472 |
549247 |
6943 |
1030924 |
13623 |
|
2020-09-05 |
India |
86432 |
1089 |
4023179 |
69561 |
559207 |
7011 |
1047478 |
13767 |
|
2020-09-06 |
India |
90632 |
1065 |
4113811 |
70626 |
571078 |
7128 |
1068871 |
13920 |
|
2020-09-07 |
India |
90802 |
1016 |
4204613 |
71642 |
583368 |
7173 |
1098265 |
14100 |
|
2020-09-08 |
India |
75809 |
1133 |
4280422 |
72775 |
589256 |
7547 |
1113099 |
14385 |
|
2020-09-09 |
India |
89706 |
1115 |
4370128 |
73890 |
600605 |
7557 |
1135654 |
14441 |
|
2020-09-10 |
India |
95735 |
1172 |
4465863 |
75062 |
612457 |
7686 |
1155629 |
14590 |
|
2020-09-11 |
India |
96551 |
1209 |
4562414 |
76271 |
625667 |
7799 |
1174914 |
14742 |
|
2020-09-12 |
India |
97570 |
1201 |
4659984 |
77472 |
636805 |
7911 |
1196012 |
14922 |
|
2020-09-13 |
India |
94372 |
1114 |
4754356 |
78586 |
640545 |
7960 |
1211623 |
15088 |
|
2020-09-14 |
India |
92071 |
1136 |
4846427 |
79722 |
641814 |
8080 |
1225182 |
15253 |
|
2020-09-15 |
India |
83809 |
1054 |
4930236 |
80776 |
649814 |
8001 |
1239070 |
15548 |
|
2020-09-16 |
India |
90123 |
1290 |
5020359 |
82066 |
650231 |
8176 |
1250836 |
15733 |
|
2020-09-17 |
India |
97894 |
1132 |
5118253 |
83198 |
652390 |
8136 |
1264847 |
15822 |
In: Accounting
Comparative financial statements for Wildhorse and Novak Ltd. are shown below.
| WILDHORSE AND NOVAK LTD. Income Statement Year Ended December 31 |
||||||
| 2021 | 2020 | |||||
| Net sales | $900,000 | $840,000 | ||||
| Cost of goods sold | 625,000 | 575,000 | ||||
| Gross profit | 275,000 | 265,000 | ||||
| Operating expenses | 154,000 | 150,000 | ||||
| Profit from operations | 121,000 | 115,000 | ||||
| Other revenues and expenses | ||||||
| Interest expense | 30,000 | 20,000 | ||||
| Profit before income tax | 91,000 | 95,000 | ||||
| Income tax expense | 27,000 | 20,000 | ||||
| Profit | $64,000 | $75,000 | ||||
| WILDHORSE AND NOVAK LTD. Balance Sheet December 31 |
||||||
| Assets | 2021 | 2020 | 2019 | |||
| Cash | $94,000 | $84,000 | $10,000 | |||
| Accounts receivable | 112,000 | 112,000 | 110,000 | |||
| Inventories | 140,000 | 135,000 | 96,000 | |||
| Prepaid expenses | 25,000 | 23,000 | 114,000 | |||
| Land, buildings, and equipment | 390,000 | 305,000 | 300,000 | |||
| Total assets | $761,000 | $659,000 | $630,000 | |||
| Liabilities and Shareholders’ Equity | ||||||
| Liabilities | ||||||
| Notes payable | $110,000 | $100,000 | $100,000 | |||
| Accounts payable | 43,000 | 40,000 | 50,000 | |||
| Accrued liabilities | 32,000 | 40,000 | 30,000 | |||
| Bonds payable, due 2024 | 190,000 | 150,000 | 181,000 | |||
| Total liabilities | 375,000 | 330,000 | 361,000 | |||
| Shareholders’ equity | ||||||
| Common shares (20,000 issued) | 200,000 | 200,000 | 200,000 | |||
| Retained earnings | 186,000 | 129,000 | 69,000 | |||
| Total shareholders’ equity | 386,000 | 329,000 | 269,000 | |||
| Total liabilities and shareholders’ equity | $761,000 | $659,000 | $630,000 | |||
Additional information:
| 1. | Seventy-five percent of the sales were on account. | |
| 2. | The allowance for doubtful accounts was $3,000 in 2021, $5,000 in 2020, and $2,500 in 2019. | |
| 3. | In 2021 and 2020, dividends of $3,000 and $9,000, respectively, were paid to the common shareholders. | |
| 4. | Cash provided by operating activities was $103,500 in 2021 and $129,000 in 2020. | |
| 5. | Cash used by investing activities was $115,500 in 2021 and $32,000 in 2020. |
(a)
Calculate all possible liquidity, solvency, and profitability
ratios for 2021 and 2020. (Round answers for Collection
period, Days sales in inventory, Operating cycle and Free cash flow
to 0 decimal places, e.g. 125. Round answer for Earnings per share
to 2 decimal places, e.g. 12.50. Round all other answers to 1
decimal place, e.g. 12.5 or 12.5%. Enter negative amount using
either a negative sign preceding the number e.g. -45 or parentheses
e.g. (45).)
| 2021 | 2020 | ||||||||
| Liquidity Ratios | |||||||||
| 1. | Current ratio | : 1 | : 1 | ||||||
| 2. | Acid-test ratio | : 1 | : 1 | ||||||
| 3. | Receivables turnover | times | times | ||||||
| 4. | Collection period | days | days | ||||||
| 5. | Inventory turnover | times | times | ||||||
| 6. | Days sales in inventory | days | days | ||||||
| 7. | Operating cycle | days | days | ||||||
| Solvency Ratios | |||||||||
| 8. | Debt to total assets | % | % | ||||||
| 9. | Interest coverage | times | times | ||||||
| 10. | Free cash flow | $ | $ | ||||||
| Profitability Ratios | |||||||||
| 11. | Gross profit margin | % | % | ||||||
| 12. | Profit margin | % | % | ||||||
| 13. | Asset turnover | times | times | ||||||
| 14. | Return on assets | % | % | ||||||
| 15. | Return on equity | % | % | ||||||
| 16. | Earnings per share | $ | $ | ||||||
| 17. | Payout ratio | % | % | ||||||
In: Accounting
Comparative financial statements for Oriole and Cheyenne Ltd. are shown below.
| ORIOLE AND CHEYENNE LTD. Income Statement Year Ended December 31 |
||||||
| 2021 | 2020 | |||||
| Net sales | $900,000 | $840,000 | ||||
| Cost of goods sold | 625,000 | 575,000 | ||||
| Gross profit | 275,000 | 265,000 | ||||
| Operating expenses | 154,000 | 150,000 | ||||
| Profit from operations | 121,000 | 115,000 | ||||
| Other revenues and expenses | ||||||
| Interest expense | 30,000 | 20,000 | ||||
| Profit before income tax | 91,000 | 95,000 | ||||
| Income tax expense | 27,000 | 20,000 | ||||
| Profit | $64,000 | $75,000 | ||||
| ORIOLE AND CHEYENNE LTD. Balance Sheet December 31 |
||||||
| Assets | 2021 | 2020 | 2019 | |||
| Cash | $94,000 | $84,000 | $10,000 | |||
| Accounts receivable | 112,000 | 112,000 | 110,000 | |||
| Inventories | 140,000 | 135,000 | 96,000 | |||
| Prepaid expenses | 25,000 | 23,000 | 114,000 | |||
| Land, buildings, and equipment | 390,000 | 305,000 | 300,000 | |||
| Total assets | $761,000 | $659,000 | $630,000 | |||
| Liabilities and Shareholders’ Equity | ||||||
| Liabilities | ||||||
| Notes payable | $110,000 | $100,000 | $100,000 | |||
| Accounts payable | 43,000 | 40,000 | 50,000 | |||
| Accrued liabilities | 32,000 | 40,000 | 30,000 | |||
| Bonds payable, due 2024 | 190,000 | 150,000 | 181,000 | |||
| Total liabilities | 375,000 | 330,000 | 361,000 | |||
| Shareholders’ equity | ||||||
| Common shares (20,000 issued) | 200,000 | 200,000 | 200,000 | |||
| Retained earnings | 186,000 | 129,000 | 69,000 | |||
| Total shareholders’ equity | 386,000 | 329,000 | 269,000 | |||
| Total liabilities and shareholders’ equity | $761,000 | $659,000 | $630,000 | |||
Additional information:
| 1. | Seventy-five percent of the sales were on account. | |
| 2. | The allowance for doubtful accounts was $3,000 in 2021, $5,000 in 2020, and $2,500 in 2019. | |
| 3. | In 2021 and 2020, dividends of $3,000 and $9,000, respectively, were paid to the common shareholders. | |
| 4. | Cash provided by operating activities was $103,500 in 2021 and $129,000 in 2020. | |
| 5. | Cash used by investing activities was $115,500 in 2021 and $32,000 in 2020. |
(a)
Calculate all possible liquidity, solvency, and profitability
ratios for 2021 and 2020. (Round answers for Collection
period, Days sales in inventory, Operating cycle and Free cash flow
to 0 decimal places, e.g. 125. Round answer for Earnings per share
to 2 decimal places, e.g. 12.50. Round all other answers to 1
decimal place, e.g. 12.5 or 12.5%. Enter negative amount using
either a negative sign preceding the number e.g. -45 or parentheses
e.g. (45).)
| 2021 | 2020 | ||||||||
| Liquidity Ratios | |||||||||
| 1. | Current ratio | : 1 | : 1 | ||||||
| 2. | Acid-test ratio | : 1 | : 1 | ||||||
| 3. | Receivables turnover | times | times | ||||||
| 4. | Collection period | days | days | ||||||
| 5. | Inventory turnover | times | times | ||||||
| 6. | Days sales in inventory | days | days | ||||||
| 7. | Operating cycle | days | days | ||||||
| Solvency Ratios | |||||||||
| 8. | Debt to total assets | % | % | ||||||
| 9. | Interest coverage | times | times | ||||||
| 10. | Free cash flow | $ | $ | ||||||
| Profitability Ratios | |||||||||
| 11. | Gross profit margin | % | % | ||||||
| 12. | Profit margin | % | % | ||||||
| 13. | Asset turnover | times | times | ||||||
| 14. | Return on assets | % | % | ||||||
| 15. | Return on equity | % | % | ||||||
| 16. | Earnings per share | $ | $ | ||||||
| 17. | Payout ratio | % | % | ||||||
In: Accounting
Presented below are selected transactions at Blue Spruce Company
for 2020.
| Jan. | 1 | Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,400 on that date. It had a useful life of 10 years with no salvage value. | |
| June | 30 | Sold a computer that was purchased on January 1, 2017. The computer cost $42,900. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100. | |
| Dec. | 31 | Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $35,340. It was depreciated based on a 6-year useful life with a $3,000 salvage value. |
Journalize all entries required on the above dates, including
entries to update depreciation, where applicable, on assets
disposed of. Blue Spruce Company uses straight-line depreciation.
(Assume depreciation is up to date as of December 31, 2019.)
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. Record journal entries
in the order presented in the problem. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
|
Jan. 1June 30Dec. 31 |
||||
|
Jan. 1June 30Dec. 31 |
||||
|
(To record depreciation to date of disposal) |
||||
|
||||
|
(To record sale of computer) |
||||
|
Jan. 1June 30Dec. 31 |
||||
|
(To record depreciation to date of disposal) |
||||
|
Dec. 31 |
||||
|
(To record retirement of truck) |
In: Accounting
Assume that a small and poor DVC has an a population of 17,000 and a total national income of $3.7 million.
a) If the population grows by 4% during the year, while the total national income grows 3%, what will be the new per capita?
b) If the population didn't grow, but income still grew by 3%, what would be the per capita?
Question 1 options:
|
a) $218 b) $224 |
|
|
a) $215, b) $220 |
|
|
a) $218, b) 220 |
|
|
a) $215, b) $224 |
Compare a hypothetical DVC with a hypothetical IAC. In the DVC, average per capita income is $5000 per year. In the IAC, average per capita income is $42,000 per year. If both countries have a savings rate of 8 percent per year, what is the savings amount per person per year?
Question 2 options:
|
DVC = $400, IAC = $3360 |
|
|
DVC = $500, IAC = $4200 |
|
|
DVC = $5000, IAC = $42,000 |
|
|
DVC = -$400, IAC = -$3360 |
Assume a DVC and an IAC currently have real per capita outputs of $3000 and $30,000, respectively. Further assume that both nations have a 2% increase in their real per capita outputs.
a) Find the per capita for each country.
b) Calculate the output gaps before and after the growth.
Question 3 options:
|
a)DVC = $3600, IAC = $36,000. b)Before Growth = $27,000, After Growth = $32,400 |
|
|
a)DVC = $600, IAC = $6000. b)Before Growth = $27,000, After Growth = $5400 |
|
|
a)DVC = $3060, IAC = $30,600. b)Before Growth = $27,000, After Growth = $660 |
|
|
a)DVC = $3060, IAC = $30,600. b)Before Growth = $27,000, After Growth = $27,540 |
Suppose it takes a minimum of 5 units of food to keep a person alive for a year, the population can double itself every 10 years, and the food supply can increase every 10 years by an amount to what it was in the beginning (year 0). In Year 0, the food supply is 300 units, and the population is 15. Create a table to answer the following questions
a) In the 40th year, does the food supply meet the needs of the population?
b) In the 60th year, does the food supply meet the needs of the population?
c) In year 80, what does the size of the population needs to be in order to not run out of food?
Question 4 options:
|
a) YES, b) NO, c) 3840 people |
|
|
a) YES, b) YES, c) 540 people |
|
|
a) YES, b) YES, c) 3840 people |
|
|
a) YES, b) NO, c) 540 people |
In: Economics
Michigan Timber uses a joint process to manufacture two grades of wood: A and B. During October 2010, the company incurred $12,000,000 of joint production cost in producing 18,000,000 board feet of Grade A and 6,000,000 board feet of Grade B lumber. Th e company allocates joint cost on the basis of board feet of lumber produced. Th e company can sell Grade A lumber at the split-off point for $0.80 per board foot. Alternatively, Grade A lumber can be further processed at a cost of $0.75 per board foot and then sold for $1.90 per board foot. No opportunity exists for processing Grade B lumber after split-off.
a. How much joint cost should be allocated to Grade A and to Grade B lumber?
b. If Grade A lumber is processed further and then sold, what is the incremental effect on Michigan Timber’s net income? Should the additional processing be performed?
In: Accounting
23. Which of the following regulations preserved the structure of the banking system that resulted in thousands of small banks.
A. The Federal Reserve Act of 1913
B. The Dodd-Frank act of 2010
C. The Glass-Steagall Act of 1933
D. The McFadden act of 1927
24. The current chair of the Federal A. Ben Bernanke
B. Janet Yellen
C. Alan Greenspan
D. Jerome Powell E. Jean-Luc Picard
25. Harry gets a loan to purchase a house. After buying the house, he decides to knock the building down and build a grass hut in its place, reducing the value of the property. this is an example of the, problem, and the lender can solve this by ,
moral hazard/requiring collateral
adverse selection/including covenants in the loan contract about how the property can be used.
C. moral hazard/including covenants in the loan contract about how the property can be used
D. adverse selection/requiring a credit score
In: Economics