Goose Corporation, a C corporation, incurs a net capital loss of $12,000 for 2020. It also has ordinary income of $10,000 in 2020. Goose had net capital gains of $2,500 in 2016 and $5,000 in 2019.

Answer the following:

a. Determine the amount, if any, of the net capital loss of $12,000 that is deductible in 2020.

b. Determine the amount, if any, of the net capital loss of $12,000 that is carried forward to 2021.

Please show all calculations and explain. Thank you.

Wasatch Corp. (WC) received a $200,000 dividend from Tager Corporation (TC). WC owns 15 percent of the TC stock. Compute WC’s deductible DRD in each of the following situations:

a. WC’s 2020 taxable income (loss) without the dividend income or the DRD is $10,000.

b. WC’s 2020 taxable income (loss) without the dividend income or the DRD is $(10,000).

c. WC’s 2020 taxable income (loss) without the dividend income or the DRD is $(101,000).

Disney reported the following information related to his ownership in pass through entities for 2020.

Calculate Disney’s AGI (showing your work). What is the amount of any suspended loss and why is it suspended?

Cranford Company completed and transferred out 2,900 units in May 2020. There were 200 units in the Work-in-Process Inventory on May 31, 2020, 30% complete as to conversion costs and 100% complete as to materials. The month's charges for conversion costs and material costs were $13,320 and $9,610, respectively. There was no beginning inventory on May 1, 2020. What is the cost of the work transferred-out during May, assuming that Cranford uses weighted-average process costing?

1. On December 10, 2020, Astor, a US based corporation purchased inventory on credit from a vendor located in Qatar for 300,000 Qatar rial. Astor paid the Qatar vendor the 300,000 rial on February 10, 2021. The exchange rate between Qatar rial and US dollar on each of the following dates were:
                                                               Spot   

            December 10, 2020                 $.275  

            December 31, 2020                 $.268  

            February 10, 2021                   $.273

Prepare all necessary journal entries.

Create a XSD Schema to validate and provide structure for the XML document below:

<?xml version="1.0" encoding="UTF-8" ?>
<forecast qTime="28/10/20 10:00 PM" qLocation="Singapore">
<weather yyyymmdd="20200430">
<year>2020</year>  
<month>04</month>
<date>30</date>
<comment>Plenty of sunshine</comment>
<code>sunny</code>
<highest>32.6</highest>
<lowest>28.4</lowest>
</weather>
<weather yyyymmdd="20200218">
<year>2020</year>  
<month>02</month>
<date>18</date>
<comment>Plenty of sunshine</comment>
<code>sunny</code>
<highest>34.6</highest>
<lowest>30.5</lowest>
</weather>
<weather yyyymmdd="20200710">
<year>2020</year>  
<month>07</month>
<date>10</date>
<comment>Partly sunny</comment>
<code>partlySunny</code>
<highest>33.1</highest>
<lowest>29.2</lowest>
</weather>
<weather yyyymmdd="20200616">
<year>2020</year>  
<month>06</month>
<date>16</date>
<comment>Considerable clouds</comment>
<code>cloudy</code>
<highest>30.5</highest>
<lowest>25.4</lowest>
</weather>
<weather yyyymmdd="20200612">
<year>2020</year>  
<month>06</month>
<date>12</date>
<comment>Cloudy with a thunderstorm</comment>
<code>thunderstorm</code>
<highest>29.1</highest>
<lowest>23.2</lowest>
</weather>
<weather yyyymmdd="20200421">
<year>2020</year>  
<month>04</month>
<date>21</date>
<comment>Plenty of sunshine</comment>
<code>sunny</code>
<highest>32.2</highest>
<lowest>29.8</lowest>
</weather>
<weather yyyymmdd="20200628">
<year>2020</year>  
<month>06</month>
<date>28</date>
<comment>A morning shower, then rain</comment>
<code>rain</code>
<highest>30.2</highest>
<lowest>22.7</lowest>
</weather>
<weather>
<weather yyyymmdd="20200502">
<year>2020</year>  
<month>05</month>
<date>02</date>
<comment>Cloudy with a thunderstorm</comment>
<code>thunderstorm</code>
<highest>28.1</highest>
<lowest>26.9</lowest>
</weather>
<weather yyyymmdd="20200428">
<year>2020</year>  
<month>04</month>
<date>28</date>
<comment>A morning shower</comment>
<code>rain</code>
<highest>28.8</highest>
<lowest>22.2</lowest>
</weather>
<weather yyyymmdd="20200410">
<year>2020</year>  
<month>04</month>
<date>10</date>
<comment>Partly sunny</comment>
<code>partlySunny</code>
<highest>33.7</highest>
<lowest>29.3</lowest>
</weather>
<weather yyyymmdd="20200730">
<year>2020</year>  
<month>07</month>
<date>30</date>
<comment>Plenty of sunshine</comment>
<code>sunny</code>
<highest>32.3</highest>
<lowest>28.4</lowest>
</weather>
<weather yyyymmdd="20200706">
<year>2020</year>  
<month>07</month>
<date>06</date>
<comment>Plenty of sunshine</comment>
<code>sunny</code>
<highest>34.5</highest>
<lowest>30.6</lowest>
</weather>
</forecast>

The Protek Company is a large manufacturer and distributor of electronic components. Because of some successful new products marketed to manufacturers of personal computers, the firm has recently undergone a period of explosive growth, more than doubling its revenues during the last two years. However, the growth has been accompanied by a marked decline in profitability and a precipitous drop in the company’s stock price.

You are a financial consultant who has been retained to analyze the company’s performance and find out what’s going wrong. Your investigative plan involves a series of in-depth interviews with management and doing some independent research on the industry. However, before starting, you want to focus your thinking to be sure you can ask the right questions. You’ll begin by analyzing the firm’s financials over the last three years, which are presented in the supplemental datasheet. Assume the company sold no property, plant, or equipment during the time periods presented. Also assume the company did not repay any long-term debt. The company’s normal credit terms extended to its customers is net 30.

Complete the following using Microsoft Excel and Word. All quantitative analysis should be done in Excel, while all qualitative analysis should be completed in Word. Construct horizontal analysis (year-over-year growth) on the financial statements for 2019 and 2020. Analyze the trend in each line; what does the trend analysis reveal? What are strengths, and areas for concern? Construct common size balance sheets for 2018 - 2020, respectively, and common size income statements for 2018 - 2020, respectively. Analyze the trend in each line. What appears to be happening? What are your significant findings? Construct Statements of Cash Flows for 2019 and 2020 using the indirect method. Also compute Free Cash Flow for each year. Where is the company’s cash going to and coming from? What are strengths, and areas for concern? Calculate all the financial ratios discussed in chapter 15 (use exhibit 15-6 as a guide) for 2019 and 2020. Analyze trends in each ratio. What can you infer from this information? Make specific statements about liquidity, asset management, debt management, profitability, and market performance. Do not simply say that ratios are higher or lower (or that they are going up or down); instead, think about what might be going on in the company and propose reasons why the ratios are acting as they are. Finally, based on all of your analysis, what two (or more) specific actionable items should the company do to improve its situation? Be specific in your response and discuss the implication of your recommendation.

​Initially, the market price is pequals19​, and the competitive​ firm's average variable cost is 18​, while its average cost is 21. Should it shut​ down? ​ Why? This firm should

A. shut down because average cost is greater than the market price. B. not shut down because average fixed cost is less than the market price. C. shut down because average fixed cost is less than the market price. D. not shut down because average variable cost is less than the market price. E. not shut down because average cost is greater than average variable cost.

Please answer all a,b,c,d!!!

Assume calendar year-ends for all companies and that all errors are material.

a. Quigley Down Under Co. bought a machine on January 1, 2017 for $1,400,000. The machine had an estimated residual value of $120,000 and a ten-year life. “Machine expense” was debited on the purchase date for $1,400,000. Quigley uses straight-line depreciation for all assets. The error was discovered on June 15, 2018 after the books had been closed for 2017.

What journal entry (if any) should Quigley record on 6/15/18 related to this error? (ignore taxes)

True or false:

Quigley should restate its income statements and balance sheets for all prior years affected by the error and reported in the 2018 annual report.

TRUE                                               FALSE

b. On October 1, 2017 Arrival Co. received $60,000 in advance for services the company would perform for its customers evenly over the next 12 months (beginning 10/1/17). That day, Arrival debited cash and credited revenue for $60,000, and no other entries were recorded related to this transaction. The error was not discovered until February 1, 2018 after the books had been closed for 2017. Arrival’s marginal tax rate is 30%.

What journal entry (if any) should Arrival record on 2/1/18 related to this error?

True or false : Arrival should restate its income statements and balance sheets for all prior years affected by this error and reported in the 2018 annual report.

TRUE                                               FALSE

c. On December 1, 2016 Breaking Good, Inc. paid $20,000 in advance for insurance services beginning 12/1/16 and lasting for 12 months. On that date, Breaking Good debited insurance expense for the full amount. This error is discovered on May 20, 2018 (after the books for 2017 were closed).

What journal entry (if any) should Breaking Good record on 5/20/18 related to this error? (ignore taxes)

True or false : Breaking Good should restate its income statements and balance sheets for all prior years affected by this error and reported in the 2018 annual report.

TRUE                                               FALSE

d. Person Family, Inc. began operations on 1/1/15, and used the LIFO method for inventory accounting. During 2017, the company decided to switch from LIFO to FIFO. The following income statement information (LIFO and FIFO) is available for the years 2015–2017:

LIFO Inventory Method                FIFO Inventory Method

2015 2016 2017 2015 2016 2017

Pre-tax financial income          70,000 55,000 140,000             130,000 85,000 160,000

Income tax expense, 30%        (21,000)            (16,500)            (42,000) (39,000) (25,500) (48,000)

Net Income 49,000 38,500 98,000 91,000 59,500 112,000

What journal entry should Person Family record during 2017 for the change in accounting principle from LIFO to FIFO?

True or false: Person Family should restate its income statements and balance sheets for all prior years affected by this error and reported in the 2017 annual report.

TRUE                                               FALSE

1. In 1980 France had a GDP of $325 billion francs and a population of 11.78 million. In 1980 the exchange rate was 1 US dollar was equal to 1.67 francs. In 2010, France had a GDP of $435 billion euros and a population of 21.75 million. In 2010 0.8 euros was equal to 1 US Dollar. The GDP deflator was 51 in 1980 and 125 in 2010. By what percentage did France’s Real GDP per capita rise between 1980 and 2010 in U.S. dollars?

2. Identify the most commonly cited measure of inflation in the United States and explain how it is calculated. Identify and briefly discuss the some of the problems that statisticians have paid considerable attention to in recent years (your answer needs to be thorough).

3. Describe the relationship between inflation levels in prices and inflation levels for prices, wages and interest rates with respect to their ability to affect people's economic status and business outcomes (again, here be thorough and explain what happens when wages, etc. does and does not keep up with inflation).

4. Explain the differences and similarities between the GDP deflator and the CPI. Be thorough in your answer and write in complete sentences.

5. What is Hyperinflation and what are some reasons it may occur and persist? What is deflation, when does deflation usually occur, and is deflation a good or bad thing? Give examples of when each scenario happened in history as well. Again, be thorough in your answer.

6. In an imaginary economy, consumers buy only hot dogs and hamburgers. The fixed basket consists of 15 hot dogs and 8 hamburgers. A hot dog cost $2.25 in 2006 and $5.40 in 2007. A hamburger cost $5.75 in 2006 and $7.86 in 2007. Calculate the CPI for both years and then find the inflation rate.

7. In an imaginary economy, consumers buy only sandwiches and magazines. The fixed basket consists of 25 sandwiches and 40 magazines. In 2006, a sandwich cost $4.50 and a magazine cost $3.99. In 2007, a sandwich cost $5.75. If the inflation rate in 2007 was 21 percent, then how much did a magazine cost in 2007?

8. When Anders took out his first two-year membership with Maxima Gym in 2004, the fee was $525.00. He renewed his membership three times; in 2006 for $580.00, in 2008, for $600.00, and again in 2010, for $699.00. What is the OVERALL rate of inflation for Anders' gym membership?

9. In 1949, Sycamore, Illinois built a hospital for about $500,000. In 1987, the county restored the courthouse for about $2.4 million. A price index for nonresidential construction was 12 in 1949, 96 in 1987, and 117.5 in 2000. Calculate the value of the courthouse in 2000 dollars and the value of the hospital in 2000 dollars and compare your answers. Which one cost more?

10. Ruben earned a salary of $60,000 in 2001 and $80,000 in 2006. The consumer price index was 156 in 2001 and 227.25 in 2006. What is Ruben's 2006 salary in 2001 dollars? What does this mean about how his purchasing power increased or decreased?