On July 1, 2016, the Morgan County School District received a $51,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $3,600 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created.

1. On July 1, 2016, the gift was received and immediately invested.
2. On June 30, 2017, $3,600 of the principal was converted into cash. In addition, $2,600 of interest was received.
3. On June 30, the $6,200 was awarded to a student who had maintained a 4.0 grade point average throughout each of her four years.
4. The nominal accounts were closed.
   

Required:
a. Record the above transactions on the books of the Civic Scholarship Fund.
b. Prepare a Statement of Changes in Fiduciary Net Position for the Civic Scholarship Fund for the year ended June 30, 2017.

Jack and Jill are a married couple who run their own SMSF and are its only trustees. They both worked as employee financial advisers. In July 2017, they quit their jobs and moved to Singapore, where they hoped to set up and successfully run their own financial services firm. They planned to live in Singapore for many years and send their children to school there. When leaving Australia, they rented out their Australian home, sold their other Australian assets, and purchased an apartment in Singapore. They enrolled their children in school there. However, their Singaporean business was unprofitable. This was only made worse due to the COVID situation in 2020. As a result, they move back to Australian in June 2020. While in Singapore, they would often have meetings making decisions about the SMSFs investment strategies.   

Discuss whether for the 2019-20 financial year the ‘central management and control’ of Jack and Jill’s superannuation fund was ‘ordinarily in Australia’ for the purposes of s. 295-95 ITAA 1997.

The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a commission basis, to sell sweatshirts bearing the name and mascot of the local high school.

These sweatshirts would have to be ordered from the manufacturer six weeks in advance, and they could not be returned because of the unique printing required. The sweatshirts would cost Hooper $21.00 each with a minimum order of 240 sweatshirts. Any additional sweatshirts would have to be ordered in increments of 240.

Since Hooper’s plan would not require any additional facilities, the only costs associated with the project would be the costs of the sweatshirts and the costs of the sales commissions. The selling price of the sweatshirts would be $42.00 each. Hooper would pay the students a commission of $7.00 for each shirt sold.

How many sweatshirts would Hooper need to sell to earn a target profit of $15,100?

Evaluate the effect of each transaction by constructing a balance sheet showing an assets side and liabilities and owner’s equity.

Transactions for September:

1- Purchased $1,240 of paints from Painting Paradise on credit.

2- The owner invested $10,000 of his own money in the business.

3- Harding Gordon District High School purchased $575 worth of supplies on credit.

4- Paid $800 of the account payable to Painting Paradise.

5- Purchased a computer (equipment) for $1,130 and paid cash.

6- Cash sales for the month amounted to $6,375.

7- Paid $5,000 cash for this month’s rent.

8- Sold $1,380 of art supplies to Main College on credit.

9- Harding Gordon District High School paid $1,500 of their A/R.

10-Bank service charges totaled to $425 which was paid out of the business bank account.

11- Borrowed $20,000 from the bank and placed it directly in the bank account.

In a school district, all sixth grade students take the same standardized test. The superintendant of the school district takes a random sample of 29 scores from all of the students who took the test. She sees that the mean score is 167 with a standard deviation of 11.4238. The superintendant wants to know if the standard deviation has changed this year. Previously, the population standard deviation was 18. Is there evidence that the standard deviation of test scores has decreased at the α=0.05 level? Assume the population is normally distributed. Step 1 of 5: State the null and alternative hypotheses. Step 2 of 5: Determine the critical value(s) of the test statistic. If the test is two-tailed, separate the values with a comma. Round your answer to three decimal places. Step 3 of 5: Determine the value of the test statistic. Round your answer to three decimal places. Step 4 of 5: Make the decision. Step 5 of 5: What is the conclusion?

Child and Dependent Care Credit (LO 6.3) Marty and Jean are married and have 4-year-old twins. Jean is going to school full-time for 10 months of the year, and Marty earns $52,900. The twins are in day care so Jean can go to school while Marty is at work. The cost of day care is $9,600. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 28% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 21% 43,000 – No limit 20%

What is their child and dependent care credit?

Evaluate the effect of each transaction by constructing a balance sheet showing an assets side and liabilities and owner’s equity.

Transactions for September:

1. Purchased $1,240 of paint from Painting Paradise on credit.

2. The owner invested $10,000 of his own money in the business.

3. Harding Gordon District High School purchased $575 worth of supplies on credit.

4. Paid $800 of the account payable to Painting Paradise.

5. Purchased a computer (equipment) for $1,130 and paid cash.

6. Cash sales for the month amounted to $6,375.

7. Paid $5,000 cash for this month’s rent.

8. Sold $1,380 of art supplies to Main College on credit.

9. Harding Gordon District High School paid $1,500 of their A/R.

10. Bank service charges totaled to $425 which was paid out of the business bank account. 1

11. Borrowed $20,000 from the bank and placed it directly in the bank account.

A 7th grade science teacher was interested in knowing if his after-school tutoring sessions would boost grades for the students in his classes. The sample consisted of all the children in his 4th and 5th hour classes. The teacher gave a pre-test to each class. Then he held twice weekly sessions for 1 hour after school for four weeks. Students required permission from their parents/guardians in order to attend. Approximately 3/4 of the students for both hours attended. At the end of the 4th week, the teacher gave a post-test and measured the gains/losses in scores. He noted a significant increase in scores and attributed those gains to his tutoring sessions.

1. Identify at least two potential threats to the validity of his study and therefore to the results.

2. Discuss the threats - how might they affect the study results?

3. Propose a method for each threat to reduce/eradicate it.

The following information relates to the business of Piano School, owner Zhu Ya-Fen, for the month of January 2019.

January

January 1 Zhu Ya-Fen contributed cash of $400,000 and equipment of $192,000 to commence Jazz Guitar School.

January 1 Purchased supplies from the account suppliers for $84,000.

January 2 Charged tuition fees to account customers $40,000.

January 6 Paid salaries of $31,6000.

January 8 Zhu Ya-Fen withdrew $42,000 from the business of his personal use.

January 19 Paid $14,800 to account suppliers.

January 23 Received $7,400 from account customers.

Additional information:

January 31 Charged depreciation of equipment $4,000

Required:

a. Using the template on the following page, prepare the general journal entries to record the above information that occurred during January. Narrations are required.

b. Prepare a classified Balance Sheet as at 31 January 2019.

Computation of z-scores and standardized scores

You are a school psychologist and have been asked to administer a verbal intelligence test to a local senior high school English class to assess writing preparedness of the class. You have been given the mean (μ = 70) and population standard deviation (σ = 8) for the raw scores from this test. Based on the testing manual, you know that the developers of this assessment generate a standardized score using a predetermined mean of 100 and standard deviation of 25. Answer the following questions about the scores below.

1. Annie’s raw exam score is 80. What is Annie’s z-score?_________________

2. Ryan’s raw score is 66. What is Ryan’s z-score?_________________

3. Casey’s raw score is 85. What is Casey’s standardized exam score?_________________
   4. Kaleigh’s standardized exam score is 95. What is Kaleigh’s raw exam score?_________________

5. Bailey’s z-score is 1.5. What is Bailey’s standardized score?________________