QUESTION 11

1. Marc and Michelle are married and earned salaries this year of $68,000 and $15,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $3,000 to a qualified Individual Retirement Account, and Marc paid alimony to a prior spouse in the amount of $1,500 (2017 divorce).  Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $6,000 of expenditures that qualify as itemized deductions and they had a total of $3,500 in federal income taxes withheld from their paychecks during the course of the year. What is Marc and Michelle’s gross income?

QUESTION 12

1. Same facts as Question 11 – What is Marc and Michelle’s adjusted gross income?

QUESTION 13

1. Same facts as Question 11 – What is Marc and Michelle’s taxable income?

QUESTION 14

1. Same facts as Question 11 – What is Marc and Michelle’s taxes payable or refund due?

A: Provide a numerical example of how Earned Value Management may mislead us as to whether the project in on time and on budget.  Use the Critical Chain concepts if you want to help illustrate your answer.

B: What must management do to implement Critical Chain and how do they do it.  How must management focus change for Critical Chain to be successful compared to traditional project management?

Suppose you have decided to take up parachuting, and will land at a random point on a street (called F Avenue) between University X and University Y.

(a) You’ll be on time to class if you land closer to University X than to University Y. Find the probability that you are on time to class.

(b) What’s the probability that your distance to University X is more than three times your distance to University Y?

(c) You’ve managed to convince your two friends, who are also taking a class at 10:30, to start parachuting to school with you. If you operate independently, what’s the probability that exactly one of the three of you lands closer to University X than to University Y, and makes it to class on time?

Critique the development of International Accounting Standards and the implications for US corporations.

Scenario

CM Corporation (CMC) was founded six years ago by Phil Connor and Eric Martin. The company designs, installs, and service security systems for high-tech companies. The founders, who describe themselves as "entrepreneurial geeks," met in a computer lab when they were teenagers and found they had common interests in working on security systems for critical industries. CMC hired you as a junior accountant this year.

Lately, Connor and Martin have been working with "radio frequency identification" (RFID) technology. They have developed a detailed system designed to track inventory items using RFID tags embedded invisibly in products. This technology has numerous inventory applications in multiple industries.

One of the most basic applications is tracking manufacturing components; if tagged components "go walking" (if employees attempt to take them), companies can easily track and find them. Connor and Martin have sold their system to several high-tech companies in the area. These companies have a number of government contracts that require extensive security systems to protect sensitive data from infiltration by terrorists and others. To date, CMC's cash flow from sales and services has adequately funded its operations.

CMC expects much growth potential for its products. As a result, they are considering going public and expanding internationally in the near future.

Instructions

Connor and Martin are contemplating international business in their industry and feel that global expansion is a great transition for the company. They do not feel as if they understand IFRS and are in need of clarification of both implications and convergence factors that may affect the expansion. They have asked you to prepare a memorandum to help them understand the differences in US GAAP and IFRS Standards, as well as what the costs will be in making the change.

Research the following topics and prepare a memorandum on your findings:

What are the major factors in converging from US GAAP to IFRS Standards?

Will switching accounting standards be costly for the firm? Explain your reasoning.

How does IFRS differ from GAAP regarding international transactions? Are there issues in accounting for international transactions?

What is your final recommendation on whether CMC should converge to IFRS or GAAP? Explain your reasoning.

Memorandum Mechanics should be as follows:

The body of the memorandum should be a professional presentation centered on clear and concise writing. The responses to the questions should be detailed, well researched, and specifically related to CMC's industry.

Use the FASB Codification and IFRS to address all technical accounting issues presented in the questions, being certain to reference the applicable sections of the Codification and IFRS in your report.

All sources used to support your responses should be properly documented. You should have other credible sources in addition to the Codification and IFRS.

The number of students who belong to the dance company at each of several randomly selected small universities is shown below. Round sample statistics and final answers to at least one decimal place.

28 22 21 22 35 35 40 30 40 27 40 32 30 30 29 26 29

Estimate the true population mean size of a university dance company with 98% confidence. Assume the variable is normally distributed.

Commercial paper is?

Multiple Choice
A) a time draft payable to a seller of goods, with payment guaranteed by a bank.
B) short-term funds transferred between financial institutions usually for no more than one day.
C) a short-term unsecured promissory note issued by a company to raise funds for a short time period.
D) a loan to an individual or business to purchase a home, land, or other real property.
E) a marketable bank-issued time deposit that specifies the interest rate earned and a fixed maturity date.

Using the data in the Excel file under the tab Problem1, develop a regression equation for a country’s lung cancer death rate based on cigarette consumption.

1. Is this a good regression model?  Why or why not?

2. If Cigarette Consumption was 725, what would you predict the Lung Cancer Death Rate to be?

3. Using your regression model, what is the Residual Value for Finland?

4. Do you think there are any outliers in the model?  If so, what would you do with them?

Many stories, whether from the oral tradition of the past, literary works of fiction or nonfiction from any time period, or current blockbuster movies follow the story of a Hero/Heroine.  The story usually presents challenges faced by the individual with the idea that overcoming adversity defines them as hero/heroine and perhaps persuades us to think differently.

Please write 8-10 sentences about an individual, real or fictional, that YOU feel is a Hero/Heroine in some way.  Why are they heroic, what about them do you like, do they inspire you in some way?

Do you feel that we as humans share a universal desire for a Hero/Heroine?

Consider a hypothetical US company who is considering its expansion in India (soft drink company)

Need the below information about India which characterstics of labour force in terms of size and unemployment rate.

Labour Force

a)Size

b)Unemployment rates

:250 words

No copy please.Use your own words.

Marc and Michelle are married and earned salaries this year of $68,000 and $13,500, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,000 from corporate bonds. Marc contributed $3,000 to an individual retirement account, and Marc paid alimony to a prior spouse in the amount of $2,000. Marc and Michelle have a 10-year-old son, Matthew, who lived with them throughout the entire year. Thus, Marc and Michelle are allowed to claim a $2,000 child tax credit for Matthew. Marc and Michelle paid $7,000 of expenditures that qualify as itemized deductions and they had a total of $6,100 in federal income taxes withheld from their paychecks during the course of the year. (Use the 2018 tax rate schedules.)

A) What is Marc and Michelle's gross income? $82,500

B) What is Marc and Michelle's adjusted gross income? $5,000

C) What is the total amount of Marc and Michelle's deductions from AGI?

D) What is Marc and Michelle's taxable income?

E) What is Marc and Michelle's taxes payable or refund due for the year?

Please answer C-E, and use tax information from 2018.