Mr. Ben Barns wanted to start a home based business that would specialize in selling t-shirts. The business would be operated from his principal residence. He set aside 20% of the total floor space in the residence for the t-shirt operations. Mr. Ben Barns’ principal residence, costing $ 950,000 in total, was acquired on January 01, 2016. It is estimated that $ 350,000 of this total value can be attributed to the land value. Mr. Ben Barns incurred the following 2016 costs relating to the principal residence: $ 2,500 Utilities For The Home (Heat, Light, And Water) $ 7,000 Mortgage Interest Paid $ 4,500 House Insurance $ 8,000 Property Taxes $ 6,000 Repairs & Maintenance For The Home ———— $28,000 Total Costs The business commenced operations on March 01, 2016. On that date, Mr. Ben Barns purchased the following assets to be used in his new business: $30,000 Office Furniture & Storage Shelving $ 3,000 Computer $ 1,000 Business Software In addition, Mr. Ben Barns had a separate telephone line installed for dealing with the mail order business. During the period March 01, 2016 through December 31, 2016, Mr. Ben Barns’ mail order sales totaled $ 450,000. Costs associated with these sales included the following: $250,000 Cost Of Merchandise Sold $ 50,000 Unsold Merchandise (Lower Of Cost And Fair Market Value) $ 7,000 Packaging Materials $ 10,000 Mailing Costs $ 4,000 Office Supplies $ 3,000 Telephone Charges $ 6,000 Printing Of Brochures Required: Can Mr. Ben Barns deduct work space in the home costs? Briefly explain your decision. Calculate Mr. Ben Barns’ 2016 minimum net business income or loss that he will report on his 2016 income tax return. Briefly discuss any issues that should be discussed with Mr. Ben Barns regarding the work space in his home and business costs
In: Finance
The fieldwork for the December 31, 2016 audit of Schmidt Corporation ended on March 17, 2017. The financial statements and auditor's report were mailed March 29, 2017. In each of the situations below, indicate the appropriate action (a, b, c, d, e, f). The possible actions are as follows
a. Request the client to adjust the December 31, 2016 financial statements.
b. Disclose the information in a footnote in the December 31, 2016 financial statements.
c. Request the client recall, revise (with adjustment or footnote disclosure) and reissue the December 31, 2016 financial statements.
d. Request the client to adjust the December 31, 2016 financial statement. Change the audit report date and extend subsequent event testing to the new date.
e. Request the client to recall, revise and reissue the December 31, 2016 financial statement. Change the audit report to a dual dating report.
f. No action is required. The situations are as follows :
________ 1. On April 10, 2017, you discovered that a debtor of Schmidt Corporation went bankrupt on March 18, due to persistent financial health deterioration in recent years.
________ 2. On January 15, 2017, Welder Supply Co., a major customer of Schmidt Corporation declared bankruptcy due to a sudden drop in the market demand of Welder Supply’s products. You didn’t find out about the bankruptcy until March 25, 2017.
________ 3. On March 15, 2017, you noticed that securities held for temporary investment by Schmidt Corporation experienced a significant decrease in market value the day before. ________ 4. On March 20, 2017, another security held for temporary investment by Schmidt Corporation also experienced a significant decrease in market value. You learned of the change in market value the same day.
________ 5. On December 30, 2016, a flood destroyed half of the uninsured inventory in Schmidt's warehouses. You discovered the event on January 10.
In: Accounting
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Income Statement
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In: Accounting
The plant asset and accumulated depreciation accounts of Pell Corporation had the following balances at December 31, 2015:
| PLANT ASSET | ACCUM. DEPRECIATION | |
| Land | $365,000 | $0 |
| Land Impovements | 184,500 | 48,000 |
| Building | 1,530,000 | 365,000 |
| Machinery & Equipment | 1,188,000 | 420,000 |
| Automobiles | 153,000 | 113,500 |
a. On January 2, 2016, machinery and equipment were purchased at a total invoice cost of $275,000, which included a $5,800 charge for freight. Installation costs of $30,000 were incurred.
b. On March 31, 2016, a machine purchased for $61,000 in 2012 was sold for $38,000. Depreciation recorded through the date of sale totaled $25,925.
c. On May 1, 2016, expenditures of $53,000 were made to repave parking lots at Pell's plant location. The work was necessitated by damage caused by severe winter weather.
d. On November 1, 2016, Pell acquired a tract of land with an existing building in exchange for 10,000 shares of Pell's common stock that had a market price of $41 per share. Pell paid legal fees and title insurance totaling $24,500. Shortly after acquisition, the building was razed at a cost of $38,000 in anticipation of new building construction in 2017.
e. On December 31, 2016, Pell purchased a new automobile for $16,000 cash and trade-in of an old automobile purchased for $19,500 in 2012. Depreciation on the old automobile recorded through December 31, 2016, totaled $14,625. The fair value of the old automobile was $3,900.
Required: For each asset classification, prepare a schedule showing depreciation for the year ended December 31, 2016, using the following depreciation methods and useful lives:
Land improvements—Straight line; 15 years.
Building—150% declining balance; 20 years.
Machinery and equipment—Straight line; 10 years.
Automobiles—150% declining balance; 3 years.
Depreciation is computed to the nearest month and no residual values are used. (Do not round intermediate calculations.)
In: Accounting
Hartford Research issues bonds dated January 1, 2016, that pay interest semiannually on June 30 and December 31. The bonds have a $22,000 par value and an annual contract rate of 12%, and they mature in 10 years. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)
Required:
Consider each of the following three separate situations.
1. The market rate at the date of issuance is 10%.
(a) Complete the below table to determine the bonds' issue price on January 1, 2016.
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(b) Prepare the journal entry to record their issuance.
2. The market rate at the date of issuance is 12%.
(a) Complete the below table to determine the bonds' issue price on January 1, 2016.
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(b) Prepare the journal entry to record their issuance.
Journal entry worksheet
3. The market rate at the date of issuance is
14%.
(a) Complete the below table to determine the bonds' issue price on January 1, 2016.
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In: Finance
How do I make it that it rounds up?
it's required that the numbers be (555) 213-000, instead, I get (555) 212-000.
///// Input /////
Zed 5552129999 [email protected]
////// Required Output //////
New number creation tool\n Enter name\n Enter phone number\n Enter email\n Name: Zed\n Phone: 5552129999\n Email: [email protected]\n Telephone neighbor: (555) 213-0000\n
Here is my code:
public class SmartPhone extends Phone
{
private String email;
private String phone;
private String phone2;
public SmartPhone()
{
super("None",-1);
phone = "Not set";
email = "None";
phone2 = "Not set";
}
public SmartPhone(String name, String phone)
{
super(name, Long.parseLong(phone));
this.phone = phone;
this.email = "None";
}
public SmartPhone(String name, String phone, String email)
{
super(name, Long.parseLong(phone));
this.email = email;
this.phone = phone;
}
public boolean hasPhoneNumber()
{
return !phone.equals("Not set");
}
public String getAreaCode()
{
return phone.substring(0,3);
}
public String getPrefix()
{
return phone.substring(3,6);
}
public String getLineNumber()
{
return phone.substring(6);
}
public String toString()
{
return "Name: " + name + "\n" +
"Phone: " + phone + "\n" +
"Email: " + email + "\n";
}
public String getTeleponeNeighbor()
{
if(phone == "Not set")
{
return "Cannot calculate phone number neighbor";
}
else
{
String roundUp = "(";
roundUp += phone.substring(0,3) + ") ";
String num1 = Integer.parseInt(phone.substring(3,6)) + "-";
String num2 = String.valueOf(Integer.parseInt(phone.substring(6,10)) + 1);
if (num2.length() > 4)
{
num2 = num2.substring(num2.length() - 4);
}
if (num2.length() < 4)
{
num2 = String.format("%04d", Integer.parseInt(num2));
}
roundUp += num1;
roundUp += num2;
return roundUp;
}
}
}
And:
import java.util.Scanner;
public class Demo5
{
public static void main(String args[])
{
Scanner keyboard = new Scanner(System.in);
System.out.println("New number creation tool");
System.out.println("Enter name");
String name = keyboard.nextLine();
System.out.println("Enter phone number");
String phoneNumber = keyboard.nextLine();
System.out.println("Enter email");
String email = keyboard.nextLine();
Phone test1 = new SmartPhone(name, phoneNumber, email);
System.out.print(test1);
System.out.println("Telephone neighbor: " + ((SmartPhone) test1).getTeleponeNeighbor());
}
}
Given File:
public class Phone
{
protected String name;
protected long number;
public Phone() {
this("None", -1);
}
public Phone(String name) {
this(name, -1);
}
public Phone(String name, long number) {
this.name = name;
this.number = number;
}
public String getName() {
return name;
}
public long getNumber() {
return number;
}
}
In: Computer Science


In: Accounting
1. Provide details of negative issues that Britain has faced since the Brexit Vote in 2016.
2. Write about positive developments that have occurred in Britain since the Brexit Vote in 2016.
3. Discuss the steps that lie ahead for the UK as it finalizes the exit from the European Union over the next 11 months.
In: Economics
Prepare a vertical analysis or same size income statement and balance sheet for Pepsi and Coca Cola for 2016 and 2017. Write a paragraph highlighting what you learn from the percentages of sales or total assets calculated from the financial statements. Write also about the comparison between 2016 and 2017 and between Coke and Pepsi.
In: Accounting
Based on A. Nilsson's (2016) 'The Psychology of Worldviews' what are some of the psychological characteristics of worldviews, and how do those affect us? How do those influence our cultural, social, political, and relational beings? How do we find out our own worldviews from Arthur Nilsson's (2016) Psychology of Worldviews?
In: Psychology