3. In 2015, I took out a student loan for $60,000 with a term of 12 years. My payments are monthly and interest is 3.3% annually, compounded monthly.

(a) Determine my monthly payments for this loan.

(b) How much total interest will I have to pay over the 12 year term of the loan?

(c) Five years after taking out the loan (so now, in 2020), how much do I still owe on the loan?

(d) How much interest have I paid so far, i.e. between 2015 and today?

we faced an unprecedented downfall in oil prices all around the world
during the first 5 months of 2020. Lots of industries have been affected and
supply chains have been altered consequently. Analyze how oil price fall can
affect industries in Canada post Covid-19 as an environmental force and explain
your response within the context of transportation industry bringing three major
reasons to support your answer.
2. Since 2010 housing market in BC is on the never ending price rise. Vancouver has
faced the highest price boom ever since then and the average rental apartments in
the city has risen to the unprecedented $2300.00 rent. Discuss the reasons behind
the price surges considering the balance of supply and demand in the market and
predict how the market will respond post Covid-19. Try to focus on the driving
forces behind the rise and the other current environmental factors which will or
may come to effect post Covid-19.

3. 2020 has been rough to world’s economy so far. NAFTA has turned to USMCA and
BREXIT happened at the turn of the decade. J. Bolsonaro a conservative figure
has come to power in Brazil and Parliament in Ottawa has seen more seats
slipped away from the Liberals towards the conservatives. All of these actions
have the common ground for nationalism and isolation right at the time we need
unity more than ever to fight the man made disasters such as climate change,
pollution, and the pandemic. Nations separating from each other and running for
their own good regardless of the overall goodwill of the international community.

Discuss how these actions and behaviours can cause havoc in international scale
and what will be the aftermaths of such actions.
4. July 2020 will be the month with fewer restrictions on airline industry. Seems like
airline industry has gained their ground back from the government and trying to
fill for the cumulated losses they faced during the pandemic. We will see more
number of international flights, either essential or nonessential, arriving at the
airports and potentially become a threat. What would be your stand in this balance
of power between the federal government and the airline industries thriving for
profit. Bring three major grounds for your reasoning considering the following
factors: airlines are not necessarily private corporations, federal government is
responsible for the health of the citizens and residents, federal government is
responsible to provide fair competition ground for the corporations to compete,
and there is no clear distinction between essential and non essential travel yet.

Corporate Formation

Steve and Betty Crespi are married and have a gifted son, David, aged 13. While Steve was an engineer, he started Crespi Creations in 2010 as the proprietor. Through Crespi Creations, Steve bought, refurnished and resold vintage furniture from flea markets for a profit.

David, fascinated with the computer since an early age, used an online legal service, and easily and on his own, incorporated Crespi Creations in 2010. One day, the corporation paperwork arrived in the mail and Steve was furious when he learned what his young son, David, did. Steve had no idea and clearly did not give David permission or authority to do that. David freely offered an impish apology. Steve, though, did not undo the corporation but instead filed corporate annual reports with his home state.

In the ensuing years, the Crespi’s bought old and vintage furniture to refinish at a profit although they incurred losses in the first two years. They used their personal credit cards and checking accounts for Crespi Creations’ business expenses and to deposit income earned. They never kept any records for Crespi Creations.

Steve and Betty prepared and filed Forms 1040 U.S. Individual Income Tax Returns, for 2010 and 2011 in addition to a Schedule C, Profit or Loss From Business that identified the principal business of Crespi Creations as “Refinsih Furniture.” The Crespi’s reported Schedule C losses of $21,513 for 2010 and $14,066 for 2011. They reported many business expenses but did not keep any logs for any of the expenses. They did retain their credit card statements however.

The IRS examined the 2010 and 2011 tax returns of the Crespi’s and issued a notice of deficiency. The IRS removed the Schedule C amounts (losses) and adjusted the tax liability, asserting that Crespi Creations was a corporation not a sole proprietorship able to use a Schedule C.

The Crespi’s quickly contacted you to understand the issues. Prepare a memo addressed to Steve and Betty Crespi to explain whether the Crespi’s were allowed to deduct the Crespi Creations expenses on their personal income tax return. You may consult the following cases.

?Moline Properties., Inc. v. Commissioner, 319 U.S. 436, 438 (1943)

Rochlani v. Commissioner, T.C. Memo. 2015-174

Your memo should be fully developed, use logical reasoning, grammar and punctuation. First, state the issue. Provide a brief statement of facts, a discussion of the factors and end with a conclusion.

Sample Memorandum Format

Memorandum

To:

From:

Re:

Date:

Issue

Statement of Facts

Discussion

Conclusion

1/1/2009 Plymouth acquired 60% interest in Sander in exchange for various considerations totaling $570,000. At the acquisition date,

NCI's FV: $380,000

Sander's BV: $850,000

Sander had developed internally a customer list that was not recorded on its books but had an acquisition-date fair value of $100,000. This intangible asset is being amortized over 20 years.

Plymouth sold Sander land with a book value of $60,000 on Jan. 2, 2009, for $100,000. Sander still holds this land at the end of the current year.

Sander regularly transfers inventory to Plymouth. In 2009, it shipped inventory costing $100,000 to Plymouth at a price of $150,000. During 2010, intercompany shipments totaled $200,000, although the original cost to Sander was only $140,000. In each of these years, 20% of the merchandise was not resold to outside parties until the period following the transfer.

Plymouth uses the partial equity method. Plymouth owes Sander $40,000 at the end of 2010.

A) Prepare the elimination entires needed to complete a consolidation workpaper for 2010. Use the acquisition method to account for the non-controlling interests in Sander. Include entries such as S, A, I, D, E, P, TI, G, ED, *G, TL, *GL, and any if necessary.

B) Complete the consolidation worksheet for 2010 in the following worksheet.

Pymouth and Sander

Consolidated Worksheet

Year Ending December 31, 2010

Blossom Corporation provides the following information about its defined benefit pension plan for the year 2020:

Blossom follows IRFS.

The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:

                  January 1, 2020       December 31, 2020

Accounts receivable    48,000                63,000
Utilities payable      20,000                26,000
Notes payable          71,000                80,000
Common stock           30,000                90,000
Retained earnings      22,000                78,000

The following information was taken from ZZ Company's 2020 income
statement:

Sales revenue                   $500,000
Cost of goods sold               280,000
Other expenses                   120,000
Net income                      $100,000

Calculate the net cash flow from financing activities for 2020. If
your answer is negative, place a minus sign in front of your answer
with no spaces in between (e.g., -1234).

Explain and illustrate the impacts that the COVID-19 pandemic and horrendous bushfires of 2019/2020 have had on the Australian economy. You will do so by comparing the three main macro-economic indicators –GDP growth, inflation and unemployment – in June 2020 to a point in time prior to the pandemic and bushfires (pre-July 2019), then you will illustrate and explain the impacts using the AD-AS model. Provide references that support your work and submit your slides and a link to your video for marking.

. You are the accountant for Auxerre, and you have to prepare the journal for income taxes. You have gathered the following information for 2020:

1. Deferred tax liability, January 1, 2020, $40,000.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $127,000.
4. Cumulative temporary difference on December 31, 2020, giving rise to future taxable amounts, $220,000.
5. Cumulative temporary difference on December 31, 2020, giving rise to future deductible amounts, $35,000.
6. There is one permanent difference between taxable and pretax financial income due to a $5,000 fine imposed by OSHA.
7. The tax rate is 40% for all years.
8. The company is expected to operate profitably in the future.

Prepare the journal entry to record income taxes for 2012.

Question 1 25 Marks
Malali Traders had the following transactions for 29 February 2020 financial year.
The following transactions was extracted from the books of Tesco Traders for February 2019.
1. Malali Traders borrowed N$ 18 400 from East Bank, and was deposited into AC Traders bank account. AC Traders’ is Malali Traders cement supplier.
2. Malali Traders acquired a Motor Vehicle on 01 February 2020 for N$ 10 600 from MZ Motors and it was paid on the 2nd March 2020 by cheque.
3. Sold goods on credit to Jayz Traders valued at N$ 28 000 and received a cheque of N$ 25 000 in full settlement of account on the 20 April 2020.
4. Purchased good for resale from NTN for N$ 8 000 and paid by cheque on 28 February 2020.
5. Cheque issued to NTN was dishonoured on the 29 February 2020 (see no.4 above).
6. Issued a debit note to Jayz on the 29 February 2020 for N$ 2 000.
7. Sold goods worth N$ 22 500 to SSS on credit, and SSS paid 10% deposit into Malali Traders Bank upon signing the sale contract on 07 February 2020.
8. Mr. Malali deposited N$ 11 000 into the business bank account on 01 February 2020 and in the same day he withdraws N$ 1 000 cash for business use.
9. Received Computers worth N$ 7 000 on 03 February 2020 as token of appreciation from Web Trader.
10. Sold goods valued at N$ 5 000 and received a cheque of N$ 4 750 from Unam in exchange for goods on 29 February 2020.
Required:
Page 12 of 14
Journalise the above transactions as at 29 February 2020: NARATIONS ARE NOT REQUIRED