You are auditing payroll for the Harbor Creek Technologies company for the year ended October 31, 2016. Included next are amounts from the client's trial balance, along with comparative audited information for the prior year.

You have obtained the following information to help you perform preliminary analytical procedures for the payroll account balances.

A firm is considering investing in a new product with a five-year life. To do this it will need to buy new equipment that costs $10 million and that has a salvage value of $500,000. This equipment depreciates straight-line over its five-year life. The product sells at $20 per unit. Sales are expected to start at 400,000 units and to grow at the rate of 5% per year. The variable cost per unit is $12. The firm’s tax rate is 40 and the firm requires an investment of $20,000 in working capital each year. Find the NPV, IRR, PI using a required return of 10%.

Consider the following.

a. What is the duration of a four-year Treasury bond with a 14 percent semiannual coupon selling at par?

b. What is the duration of a three-year Treasury bond with a 14 percent semiannual coupon selling at par?

c. What is the duration of a two-year Treasury bond with a 14 percent semiannual coupon selling at par?

Northern Corporation purchased and placed in service a manufacturing machine at the beginning of the year 1 at a cost of $100,000. The machine’s useful life is estimated at 10 years, or 500,000 units of product, with a $5,000 salvage value.

1. Prepare the journal entry to record the acquisition of the manufacturing machine.

b. Determine the depreciation expense on the machine at the end of year 1 year under the

straight-line method of depreciation. Also, record the journal entry to record depreciation expense.

c. Same facts as above, but now determine the depreciation expense on the machine at the end of year 1 year under the units-of-production method of depreciation. Assume 70,000 units of product were manufactured in year 1. Also, record the journal entry to record depreciation expense.

d. Same facts as above, but now Determine the depreciation expense on the machine at the end of year 1 year under the Double Declining Balance method of depreciation. Also, record the journal entry to record depreciation expense

On January 1 of this year, Ikuta Company issued a bond with a face value of $145,000 and a coupon rate of 7 percent. The bond matures in 3 years and pays interest every December 31. When the bond was issued, the annual market rate of interest was 8 percent. Ikuta uses the effective-interest amortization method. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your final answer to whole dollars.)

Required:

1. Complete a bond amortization schedule for all three years of the bond's life.

2. What amounts will be reported on the income statement and balance sheet at the end of Year 1 and Year 2?

The following are some items of the balance sheet for Hofa, Inc., for the year ended December 31, 2019.

1. Prepare a balance sheet for December 31, 2019.
2. If the company is to announce 10% stock dividends, who do think this will impact the balance sheet?

Below is the income statement for Irwin Inc. in a single-step format.

Create a master budget for the first year of operations for a consulting business that offers training services. The master budget should include the operating budgets and the financial budgets. (make use of assumed figures)

 In a private unit a 15 year old boy is admitted voluntarily at the request of his parents because of violent, explosive behavior that seems to stem from his father’s recent remarriage after his parent’s divorce. A few days after admission, while in group therapy, he has an explosive reaction to a discussion about weekend passes for Mother’s Day. He screams that he has been abandoned and nobody cares about him. Several weeks later, on the day before his discharge, he elicits from the nurse a promise to keep his plan to kill his mother confidential.  ANA code of ethics, confidentiality, principles of psychiatric nursing, duty to warn.

1) Did the nurse use appropriate judgment in promising confidentiality?

2) Does the nurse have the duty to warn the client’s mother of her son’s threat?

3) Is the duty owed to the client’s father and stepmother?

4) Would a change in the admission status from voluntary to involuntary protect the client’s mother without violating the client’s confidentiality?  5) Do different states vary on this?

6) What nursing action, if any, should the nurse take after the disclosure by the client?

A perpetuity makes payments at the end of each year at an annual effective rate of
3.4%. The payment pattern is 3,2,1 (at the end of years 1, 2 and 3) and this pattern repeats for the
balance of the perpetuity. Calculate the present value of the perpetuity at the beginning of the rst
year. Please show all work.

The first audit of the books of Carla Company was made for the year ended December 31, 2021. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. These items are

1. At the beginning of 2019, the company purchased a machine for $561,000 (salvage value of $56,100) that had a useful life of 6 years. The bookkeeper used straight-line depreciation but failed to deduct the salvage value in computing the depreciation base for the 3 years.

2. At the end of 2020, the company failed to accrue sales salaries of $47,000.

3. A tax lawsuit that involved the year 2019 was settled late in 2021. It was determined that the company owed an additional $89,000 in taxes related to 2019. The company did not record a liability in 2019 or 2020 because the possibility of loss was considered remote, and charged the $89,000 to a loss account in 2021.

4. Carla Company purchased the copyright from another company early in 2019 for $54,000. Carla had not amortized the copyright because its value had not diminished. The copyright has a useful life at the purchase of 20 years.

5. In 2021, the company wrote off $87,000 of inventory considered to be obsolete; this loss was charged directly to Retained Earnings. Prepare the journal entries necessary in 2021 to correct the books, assuming that the books have not been closed. Disregard the effects of corrections on income tax.