As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.:

Factory output and sales for 20Y9 are expected to total 200,000 units of product, which are to be sold at $5.00 per unit. The quantities and costs of the inventories at December 31, 20Y9, are expected to remain unchanged from the balances at the beginning of the year.

Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows:

Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $30,000 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of $0.15 per share are expected to be declared and paid in March, June, September, and December on 18,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $75,000 cash in May.

Required:

1. Prepare a budgeted income statement for 20Y9.

2. Prepare a budgeted balance sheet as of December 31, 20Y9.

If a business manager deposits $60,000 in a bond fund at the end of each year for twenty years, what will be the value of her investment:

a. At a compounded rate of 6 percent?

b. At a compounded rate of 4 percent? What would the outcome be in each case if the deposits were made at the beginning of each year?

Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 30 million bushels of corn and the market price for corn is $5 per bushel. Of the 30 million bushels produced, 20 million are sold to consumers, 5 million are stored in inventory, and 5 million are sold to the government to feed the army. The corn producer pays $60 million in wages to consumers and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million in interest on the government debt, and receive $5 million in Social Security payments from the government. The profits of the corn producer are distributed to consumers.
(a) Calculate GDP using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach.

On the Chegg solutions the Income approach is calculated like this: GDP=(60+70+20) million = 150.
My question is why isn't tax paid by consumers added here and why isn't 10 million $ of interest counted in income? Please help.

The following information is for Polo Limited for 2017:
Net income for the year ……………………………………………… $2,300,000
8% convertible bonds issued at par ($1,000 per bond), with each bond convertible into 30 common shares ………………………………………………………. 2,000,000
6% convertible, cumulative preferred shares, $100 par value, with each share convertible into 3 common shares ………………………………………………… 4,000,000
Common shares (600,000 shares outstanding) ………………………............................................................................................................................................6,000,000
Stock options (granted in a prior year) to purchase 75,000 common shares at $20 per share ………………………………………………………………………… 750,000
Tax rate for 2017 …………………………………………………………. 30%
Average market price of common shares ……………………….. $25 per share

There were no changes during 2017 in the number of common shares, preferred shares, or convertible bonds outstanding. For simplicity, ignore the requirement to book the convertible bonds’ equity portion separately.

Instructions
(a) Calculate basic earnings per share for 2017.
(b) Calculate diluted earnings per share for 2017.
(c) Discuss how a potential shareholder’s investment decision may be affected if diluted earnings per share was not reported

In the audit of a client with a fiscal year ending December 31, the CPAs obtain a January 10 bank statement directly from the bank. Explain how this cutoff bank statement will be used

a. In the review of the December 31 bank reconciliation.

b. To obtain other audit information.

If inventory is overstated at the end of Year 1, what effect does it have on Year 2’s account balances, assuming there is no inventory error in Year 2?

a. Overstating inventory

b. Understating cost of goods sold

c. Overstating net income

d. Overstating beginning retained earnings

If you could explain why the right answer is correct and why the other answers are incorrect, I would really appreciate it. Thank you!

The focus for this live classroom is a discussion about diet therapy for a 58 year old woman who experienced her first MI and is being discharged home. She currently works full time and is divorced. She lives in an apartment and has no family in the surrounding community.

To prepare for the live classroom session and your written submission, use your chapter readings, review of videos, course materials, research, and written assignments.

Be prepared to discuss the following:

What should be the focus for her nutritional history and assessment?

What dietary recommendations should be made?

What obstacles to staying on the diet recommended might this woman encounter?

What special considerations should you, as a nurse, be aware of?