Question 2 On December 15, 2015, a public company receives an order from a customer for services to be performed on December 28, 2015. Due to a backlog of orders, the company does not perform the services until January 3, 2016. The customer pays for the services on January 6, 2016. When should revenue be recorded for the company? Why (support your argument

based upon the following information for Winter Corporation ( employer identification number :43-1234567), complete a form 8827 (credit for prior year minimum tax-corporation).

2016 regular income tax liability 34000

2016 tentative minimum tax 26500

alternative minimum tax for 2015 36000

minimum tax credit carryover from 2015 12000

WRITE ON A UAE COMPANY

COMPANY: ETISALAT TELECOMMUNICAITON

1. INTRODUCTION

2. PRODUCT

3. MARKETS

4. FINANCIAL REPORT OF 2015 AND 2016 ETISALAT

5. ANY THREE TYPE OF RISK RELATED TO THE ETISALAT

6. Liquidity Ratio: 2015, 2016

7) Efficiency Ratios 2015,2016

8) Solvency Ratios . 2015,2016

9) Profitability Ratios 2015,2016

July 31, 2016, the end of the quarter, is on a Wednesday. Employees get paid each Friday for the week just worked. The company has five employees who earn $100 each per day. Make the Accrued Salaries Expense journal entry for Wednesday, July 31, 2016. Enter the date, accounts, debit and credit, and be sure to indent the credit line.

Taxpayer places in service new equipment for $800,000 (7 year property) on August 15, and elects immediate expensing of the maximum amount:

2016 2018

Cost of equipment

179 deduction

additional first year depreciation

amount subject to MACRS (MACRS rate .1429)

Total cost recovery allowed in 2016

What is same facts but under 2018 law?

Cost of Goods Sold and Income Statement

Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance:

Additional data:

1. A physical count reveals an ending inventory of $22,500 on December 31, 2016.
2. Twenty-five thousand shares of common stock have been outstanding the entire year.
3. The income tax rate is 30% on all items of income.

Required:

1. Prepare a separate schedule for Schuch's cost of goods sold.

2. Prepare a 2016 multiple-step income statement. Round earnings per share computations to the nearest cent.

3. Prepare a 2016 single-step income statement. Round earnings per share computations to the nearest cent.

Useful Art Inc. creates and manufactures objects that are characterized by both utility and artistry. One of its most popular products is the trivet (a 3-legged hot plate). The top of each trivet is a unique, handmade ceramic tile. Useful Art buys the tiles from artists and the trivet legs from a metal-working company, then assembles the trivets in-house. Towards the end of 2015, Useful Art prepares monthly budgets for 2016 using the following assumptions and data:

2015 actual sales:

Jan 300 u

Apr 350 u

Feb 325 u

May 345 u

Mar 275 u

Jun 370 u

Selling price per unit 50 $/u

Useful Art plans to launch a marketing campaign in 2016 that should increase sales (units) by 10% over 2015 sales as long as the selling price remains unchanged. Because each trivet is unique, management wants to have a substantial number of trivets on hand at all times so that customers can choose from among many options. So management plans to have 20% of next month's sales (units) on hand at the end of each month. The artists from whom Useful Art purchases the ceramic tiles do great work, but are sometimes a bit unreliable as to when they deliver the tiles. So management wants to have 30% of next month's production needs (tiles) on hand at the end of each month. The metal-working supplier is very reliable, so management wants to have just 15% of next month's production needs (legs) on hand at the end of each month Useful Art pays $35 per tile. • Useful Art pays $.45 per leg. • Useful Art has collected the following data related to cash inflows from sales: 20% of sales revenues are collected in the month of sale 70% of sales revenues are collected in the month after the sale 10% of sales revenues are collected two months after the sale

REQUIRED: Prepare the following budgets on a monthly basis for Useful Art for 2016: 1. Sales Budget (first two quarters of 2016) 2. Production Budget (first quarter of 2016) 3. Materials Purchases Budget (tiles) (first quarter of 2016) 4. Materials Purchases Budget (legs) (first quarter of 2016) 5. Cash Receipts (AKA Cash Collections) Budget (second quarter of 2016)

Lasko Trial Balance as of 12/31/17 each account has a normal balance.

Use this financial information to answer the questions below.

1) What is the gross profit for Lasko for the year ended 12/31/17?

• $67,600

• $72,400

• $92,600

• $140,000

• 2) Using the Lasko Trial Balance as given above, then the most likely total for owner equity at 12/31/2017?

• $151,500

• $126,500

• $121,500

• $80,000

• 3) Using the Lasko Trial Balance as given above and that Lasko had a gross profit ratio (gross margin ratio) for 2016 of 50%, you can determine that for Lasko which of the following is true?

• Their ability to generate profit from sales is worse than for the year 2016.

• Their ability to generate profit from sales is better than for the year 2016.

• Their ability to generate profit from sales is unchanged compared to the year 2016.

• Can’t determine the gross profit ratio (gross margin ratio)in 2017 – not enough information.

• 4) Using the Lasko Trial Balance as given above and that Lasko had a current ratio for 2016 of 1.5:1; you can determine that for Lasko which of the following is true?

• Their ability to pay short term obligations is worse than at the end of 2016.

• Their ability to pay short term obligations is better than at the end of 2016.

• Their ability to pay short term obligations is unchanged compared to the end of 2016.

• 5) Assuming that the only depreciable asset is the office equipment, the information shown in the trial balance indicates that the office equipment has been used by Lasko for how many years?

• 5 Years

• 4 Years

• 3 Years

• 2 Years

• 6) Looking at the Lasko Trial Balance for accuracy and based on what accounts are already listed, which of the following accounts should be included but are not?

• Supplies expense

• Interest expense

• Allowance for Doubtful Accounts

• All of the above accounts would be expected.

2. Create a new project named named lab5_2. You will prompt the user for an amount of names to enter, and then ask for that amount of names. You’ll store these names in a vector of strings. Then you’ll sort the vector. Finally, you’ll print the results.

How many names?: 4

Enter a name: Leonardo

Enter a name: Donatello

Enter a name: Michelangelo

Enter a name: Raphael

====================

Alphabetized

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Donatello                 

Leonardo

Michelangelo         

            Raphael