Questions #1

The following information is available for the first three years of operations for Faberge Corporation:

1.         Year                Accounting Income

       2020                          $ 250,000

       2021                             280,000

2. Included in the accounting income above is $10,000 annual dividends income from investments in taxpaying Canadian companies.
3. On January 2, 2020, equipment was purchased for $ 500,000. The equipment had an estimated service life of 5 years and no residual value. Straight-line depreciation is used for book purposes and CCA at 30% is used for tax purposes (ignore the half year rule for the first year).
4. On January 2, 2020, $ 210,000 was collected in advance for the rental of a building for three years. The entire $ 210,000 was included in taxable income in 2020, but two-thirds of the $ 210,000 was reported as unearned revenue at December 31, 2020 for book purposes.
5. The enacted tax rate is 40% for 2020, 35% for 2021 and 30% for 2023 and thereafter.

Instructions

1. Prepare a schedule comparing depreciation for book purposes with CCA for tax purposes.
2. Determined the taxable income and income tax payable for 2020.
3. Prepare a schedule of deferred taxable/deductible amounts and the deferred tax asset and/or liability at the end of 2020.
4. Calculate the net deferred tax expense or benefit for 2020.
5. Prepare the adjusting journal entries to record income tax expense, deferred taxes, and income tax payable for 2020.
6. Determined the taxable income and income tax payable for 2021.
7. Prepare a schedule of future taxable/deductible amounts and the deferred tax asset and/or liability at the end of 2021.
8. Calculate the net deferred tax expense or benefit for 2021.
9. Prepare the adjusting journal entries to record income tax expense, deferred taxes, and income tax payable for 2021.
10. Prepare the income tax section of the comparative income statements of 2020 and 2021

conduct research on the 2010 earthquake in Haiti. How did their economic state play a factor? What was the state of their preparedness and mitigation prior to the earthquake? What factors influenced their preparedness and mitigation (or lack-thereof)? Research some winners & losers in this tragedy. How did they win or lose?

Suppose a firm has had the following historic sales figures.

Year: 2009 2010 2011 2012 2013
  Sales: $ 2,430,000. $ 3,850,000 $ 4,440,000 $ 4,920,000 $ 5,540,000

What would be the forecast for next year’s sales using regression to estimate a trend?

Next years sales?

Survey empirical evidence to discuss the impact of government regulations (e.g., Sarbanes–Oxley Act of 2002 and Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010) on corporate operation and financial performance.

Please provide discussion of the above topic and citation of resources.

Thanks!!

Problem 23-01

The following are Marigold Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020.

Additional information:

Prepare a statement of cash flows for Marigold Corp. for the year ended December 31, 2020, using the indirect method.

Problem 23-01

The following are Shamrock Corp.’s comparative balance sheet accounts at December 31, 2020 and 2019, with a column showing the increase (decrease) from 2019 to 2020.

Additional information:

Prepare a statement of cash flows for Shamrock Corp. for the year ended December 31, 2020, using the indirect method

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:

Beginning balances were: Cash, $90,000; Taxes Receivable, $185,000; Accounts Payable, $50,000; and Fund Balance, $225,000.

The budget was passed. Estimated revenues amounted to $1,200,000 and appropriations totaled $1,198,000. All expenditures are classified as General Government.

Property taxes were levied in the amount of $900,000. All of the taxes are expected to be collected before February 2018.

Cash receipts totaled $870,000 for property taxes and $290,000 from other revenue.

Contracts were issued for contracted services in the amount of $90,000.

Contracted services were performed relating to $81,000 of the contracts with invoices amounting to $80,000.

Other expenditures amounted to $950,000.

Accounts payable were paid in the amount of $1,070,000.

The books were closed.

Prepare journal entries for the above transactions. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

l. what is the difference between a real independent voltage source and an ideal independent voltage source? Give an example of a real voltage source and explain how it differs from the ideal.

2. What does it mean when we say that a circuit containing multiple sources is invalid?Give an example of such a circuit and explain why it is invalid.

3. What is resistance? What is a node? What is a closed loop?

4. Write the equations for Ohm's law and for Kirchoff s two laws.

5. Explain how one can distinguish between two circuit elements which are connected inseries verses two circuit elements which are connected in parallel.

6.  If the two headlights of a car each dissipate 55W and each of them are connected to the two terminals of a 12V bafiery, draw an electric circtrit diagram which can model this headlight circuit and find the resistance of each headlight when it is turned on. Find the total current coming from the battery. If the battery is rated at 65 A-hr, how long will the headlights continue to burn before the battery is dead? Show all calculations.

The following selected accounts and account balances were taken from the records of Nowell Company. Except as otherwise indicated, all balances are as of December 31, Year 2, before the closing entries were recorded.

Required

a. Prepare the income statement Nowell would include in its Year 2 annual report.

b. Identify the accounts that should be closed to the Retained Earnings account.

c-1. Determine the Retained Earnings account balance at December 31, Year 2.

c-2. Which of the following statement(s) is true?

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017:

1. Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750.
2. The budget was passed. Estimated revenues amounted to $1,210,000 and appropriations totaled $1,207,800. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2018.
4. Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $91,750.
6. Contracted services were performed relating to $82,500 of the contracts with invoices amounting to $81,300.
7. Other expenditures amounted to $954,500.
8. Accounts payable were paid in the amount of $1,077,500.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.