Do the results from the Stanley Milgram experiment teach us anything about the social responsibility of corporations?

what is the full process from start to finish of perparing and issuing Financial statements under US GAAP

How does the US economic system differ from a command economic system, and a traditional economic system?

How long does it take light to reach us from the Sun, 1.50 ×108km away IN MINUTES?

Which of the following can be excluded from Ellen's gross income?

1. The value of a diamond ring that Ellen received as a gift from David.

2. The value of a mansion that Ellen inherited from her parents.

3. The value of concert tickets that Ellen won in a radio contest.

4. The value of a scholarship for room and board that Ellen received to her state university.

Group of answer choices

c. 1, 2, and 3

a. 1 only

d. 2, 3, and 4.

b. 1 and 2

On December 1, year one, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assests and taking over the location of Rent-it, and equipment rental compnay that was going out of business. The newly formed company uses the following accounts:

Cash, Accounts Receivable, Prepaid Rent, Unexpired Insurance, Office Supplies, Rental Equipment, Accumulated Depreciation: Rental Equipment, Notes Payable, Accounts Payable, Interest Payable, Salaries Payable, Dividends Payable, Unearned Rental Fees, Income Taxex Payable, Captial Stock, Retained Earnings, Dividends, Income Summary, Rental Fees Earned, Salaries Expense, Maintenance Expense, Utilities Expense, Rent Expense, Office Supplies Expense, Depreciation Expense, Interest Expense, Income Taxes Expense.

The Corporation Performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.

DEC. 1: Issued to John and Patty Driver 24,000 shares of capital stock in exchange for a total of $240,000 cash.

DEC. 1: Purchased for $192,000 all of the equipment formerly owned by Rent-It. Paid $132,000 cash and issued a 1-year note payable for $60,000. The note, plus all 12 months of accured interest, are due November 30, year 2.

DEC. 1: Paid $9,300 to Shapiro Realty as three months advance rent on the rental yard and office formerly occupied by Rent- It.

DEC. 4: Purchased office supplies on account from Modern Office Co., $1,300. Payment due in 30 days. (These supplies are expected to last for several months; debit the office supplies asset account.)

DEC. 8: Received $9,000 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.)

DEC. 12: Paid salaries for the first two weeks in December, $4,400.

DEC. 15: Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,600, of which $12,600 was received in cash.

DEC. 17: Purchased on account from Earth Movers, Inc., $800 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days.

DEC. 23: Collected $2,400 of the accounts receivable recorded on December 15.

DEC. 26: Rented a backhoe to Mission Landscaping at a price of $260 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhow for about two or three weeks.

DEC. 26: Paid biweekly salaries, $4,400.

DEC. 27: Paid the account payable to Earth Movers, Inc., $800.

DEC. 28: Declared a dividend of 10 cents per share, payable on January 15, year 2.

DEC. 29: Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $22,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhow in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company;s legal and financial responsibility for this accident, if any, cannot be determined at this time. (NOTE: this event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.)

DEC. 29: Purchased a 12-month public liability insurance polict for $8,800. This policy protects the compnay against liability for injuried and propert damage caused by its equipment. However, the policy goes into effect on January 1, year 2, and affords no coverage for the injuries to Kevin Davenport on December 26.

DEC. 31: Received a bill from Universal Utilities for the month of December, $670. Payment is due in 30 days.

DEC. 31: Equipment rental fees earned during the second half of December amounted to $20,800, of which $15,900 was received in cash.

Data for adjusting entries:

The advance payment of rent on December 1 covered a period of three months.

The annual interest rate on the note payable to Rent-It is 6 percent.

The rental equipment is being depreciated by the straight-line method over a period of eight years.

Office supplies on hand at December 31 are estimated at $700.

During December, the company earned $4,600 of the rental fees pain in advance be McNamer Construction Company on December 8.

As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.

Salaries earned by employees since the last payroll date (December 26) amounted to $1,600 at month-end.

It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.

Questions:

1. Complete the 10-column worksheet for the year ended December 31. (For accounts where multiple adjustments are required, combine all debit entries into one amount and enter this amount in the debt column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

On December 1, year one, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assests and taking over the location of Rent-it, and equipment rental compnay that was going out of business. The newly formed company uses the following accounts:

Cash, Accounts Receivable, Prepaid Rent, Unexpired Insurance, Office Supplies, Rental Equipment, Accumulated Depreciation: Rental Equipment, Notes Payable, Accounts Payable, Interest Payable, Salaries Payable, Dividends Payable, Unearned Rental Fees, Income Taxex Payable, Captial Stock, Retained Earnings, Dividends, Income Summary, Rental Fees Earned, Salaries Expense, Maintenance Expense, Utilities Expense, Rent Expense, Office Supplies Expense, Depreciation Expense, Interest Expense, Income Taxes Expense.

The Corporation Performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions.

DEC. 1: Issued to John and Patty Driver 24,000 shares of capital stock in exchange for a total of $240,000 cash.

DEC. 1: Purchased for $192,000 all of the equipment formerly owned by Rent-It. Paid $132,000 cash and issued a 1-year note payable for $60,000. The note, plus all 12 months of accured interest, are due November 30, year 2.

DEC. 1: Paid $9,300 to Shapiro Realty as three months advance rent on the rental yard and office formerly occupied by Rent- It.

DEC. 4: Purchased office supplies on account from Modern Office Co., $1,300. Payment due in 30 days. (These supplies are expected to last for several months; debit the office supplies asset account.)

DEC. 8: Received $9,000 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.)

DEC. 12: Paid salaries for the first two weeks in December, $4,400.

DEC. 15: Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,600, of which $12,600 was received in cash.

DEC. 17: Purchased on account from Earth Movers, Inc., $800 in parts needed to repair a rental tractor. (Debit an expense account.) Payment is due in 10 days.

DEC. 23: Collected $2,400 of the accounts receivable recorded on December 15.

DEC. 26: Rented a backhoe to Mission Landscaping at a price of $260 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhow for about two or three weeks.

DEC. 26: Paid biweekly salaries, $4,400.

DEC. 27: Paid the account payable to Earth Movers, Inc., $800.

DEC. 28: Declared a dividend of 10 cents per share, payable on January 15, year 2.

DEC. 29: Susquehanna Equipment Rentals was named, along with Mission Landscaping and Collier Construction, as a co-defendant in a $22,000 lawsuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhow in a fenced construction site owned by Collier Construction. After working hours on December 26, Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and broke his arm. The extent of the company;s legal and financial responsibility for this accident, if any, cannot be determined at this time. (NOTE: this event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.)

DEC. 29: Purchased a 12-month public liability insurance polict for $8,800. This policy protects the compnay against liability for injuried and propert damage caused by its equipment. However, the policy goes into effect on January 1, year 2, and affords no coverage for the injuries to Kevin Davenport on December 26.

DEC. 31: Received a bill from Universal Utilities for the month of December, $670. Payment is due in 30 days.

DEC. 31: Equipment rental fees earned during the second half of December amounted to $20,800, of which $15,900 was received in cash.

Data for adjusting entries:

The advance payment of rent on December 1 covered a period of three months.

The annual interest rate on the note payable to Rent-It is 6 percent.

The rental equipment is being depreciated by the straight-line method over a period of eight years.

Office supplies on hand at December 31 are estimated at $700.

During December, the company earned $4,600 of the rental fees pain in advance be McNamer Construction Company on December 8.

As of December 31, six days’ rent on the backhoe rented to Mission Landscaping on December 26 has been earned.

Salaries earned by employees since the last payroll date (December 26) amounted to $1,600 at month-end.

It is estimated that the company is subject to a combined federal and state income tax rate of 40 percent of income before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2.

Questions:

1a. Journalize the December Transactions. Do not record adjusting entries at this point.

1b. Prepare the necessary adjusting entries for December.

1c. Prepare closing entries and post to ledger accounts.

1d. Post the entries into the following ledger accounts. (enter the transactions in chronological order for each of the ledger accounts. Round your final answers to the nearest whole dollar.)

1e. Prepare an income statement for the year ended December 31.

1f. Prepare a statement of Retained Earnings for the year ended December 31.

1g. Prepare a balance sheet (In Report Form) as of December 31. (amounts to be deducted should be indicated by a minus sign. Round your final answers to the nearest whole dollar.)

1h. Prepare an after-closing trial balance as of December 31.

The Bookbinder Company has made $300,000 before taxes during each of the last 15 years, and it expects to make $300,000 a year before taxes in the future. However, in 2016 the firm incurred a loss of $750,000. The firm will claim a tax credit at the time it files its 2016 income tax return, and it will receive a check from the U.S. Treasury. Show how it calculates this credit, and then indicate the firm's tax liability for each of the next 5 years. Assume a 35% tax rate on all income to ease the calculations. Enter your answers as positive values. If an amount is zero, enter "0".

1. Prior Years	2014	2015
   Profit earned	$	$
   Carry-back credit	$	$
   Adjusted profit	$	$
   Tax previously paid (35%)	$	$
   Tax refund: Taxes previously paid	$	$

   
   Total check from U.S. Treasury $  
   
2. Firm's tax liability
   2017:    $  
   2018:    $  
   2019:    $  
   2020:    $  
   2021:    $  

Analyzing and Computing Financial Statement Effects of Loan Interest

Huddart Company gave a creditor a 90-day, 8% note payable for $7,200 on December 16.

a. Prepare the journal entry to record the year-end December 31st accounting adjustment Huddart must make.

b. Post the journal entries from part a to their respective T-accounts.

c. Record the transaction from part a in the financial statement effects template.

This information relates to the Cash account in the ledger of Cullumber Company.

          Balance September 1—$20,340; Cash deposited—$64,000
          Balance September 30—$21,540; Checks written—$62,800

The September bank statement shows a balance of $20,440 at September 30 and the following memoranda.

At September 30, deposits in transit were $5,388 and outstanding checks totaled $3,033.

1. Prepare the bank reconciliation at September 30, 2022. (List items that increase balance as per bank & books first.)

2. Prepare the adjusting entries at September 30, assuming the NSF check was from a customer on account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)