A sample of 30 houses that were sold in the last year was taken. The value of the house (Y) was estimated. The independent variables included in the analysis were the number of rooms (X1), the size of the lot (X2), the number of bathrooms (X3), and a dummy variable (X4), which equals 0 if the house does not have a garage and equals 1 otherwise. The following results were obtained: Coefficients Standard Error Intercept 15,232.5 8,462.5 X1 2,178.4 778.0 X2 7.8 2.2 X3 2,675.2 2,229.3 X4 1,157.8 463.1 Analysis of Variance DF SS MS Regression 204,242.88 51,060.72 Residual (Error) 205,890.00 8,235.60 Test whether or not there is a significant relationship between the value of a house and the independent variables. Use a 0.05 level of significance. Be sure to state the null and alternative hypotheses. (f) Test the significance of β1 at the 5% level. Be sure to state the null and alternative hypotheses. (g) Compute the coefficient of determination and interpret its meaning. (h) Estimate the value of a house that has 9 rooms, a lot with an area of 7,500, 2 bathrooms, and 2 garages.

Information for Entity A for the year ended December 31, 2019 ($ in millions):

  

Show work.

A. Prepare the appropriate journal entry to record income taxes. Show work where possible.

B. What is Entity A's net income?

C. Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by future deductible amounts. Describe at least one situation that has this effect, for example, one example is when rent revenue is collected in advance from tenants (deferred rent revenue for financial accounting purposes) but will be recognized as the tenants occupy the property. You can think of others. How are future deductible amounts recognized in the financial statements? As between deferred tax assets and deferred tax liabilities, which would management prefer and why?  

In the audit of a client with a fiscal year ending December 31, the CPAs obtain a January 10 bank statement directly from the bank. Explain how this cutoff bank statement will be used:

a. In the review of the December 31 bank reconciliation.

b. To obtain other audit information

For retirement, you decide to deposit $2438 at the end of each year and you will increase your deposit by $135 per year. How much will you have at the end of 30 years if the bank pays 2% compounded annually?

2. A project will produce cash inflows of $3,200 a year for 4 years with a final cash inflow of $5,700 in year 5. The project's initial cost is $9,500. What is the net present value of this project if the required rate of return is 16 percent?

Please show all work preferably with the formulas, not just the grid. Thank you

Executive officers of Benson Company are wrestling with their budget for the next year. The following are two different sales estimates provided by two difference sources:

Benson’s past experience indicates that cost of goods sold is about 55 percent of sales revenue. The company tries to maintain 15 percent of the next quarter’s expected cost of goods sold as the current quarter’s ending inventory. This year’s ending inventory is $31,000. Next year’s ending inventory is budgeted to be $32,000.

Required

Prepare an inventory purchases budget using the sales manager’s estimate.

Prepare an inventory purchases budget using the marketing consultant’s estimate.  Complete this question by entering your answers in the tabs below.

Required A

Required B

Prepare an inventory purchases budget using the sales manager’s estimate. (Round your final answers to nearest whole dollar amount.)

Consider the following. a. What is the duration of a two-year bond that pays an annual coupon of 10 percent and whose current yield to maturity is 14 percent? Use $1,000 as the face value. (Do not round intermediate calculations. Round your answer to 3 decimal places. (e.g., 32.161)) b. What is the expected change in the price of the bond if interest rates are expected to decline by 0.5 percent? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

During the course of a​ year, the labor force consists of the same 963963 people. Of​ these, 1515 lack skills that employers desire and hence remain unemployed throughout the year. At the same​ time, every month during the​ year, 3939 different people become​ unemployed, and 3939 other different people who were unemployed find jobs. There is no cyclical unemployment.

For 2016, Clapton Company reported a decline in net income. At the end of the year, S. Hand, the president, is presented with the following condensed comparative income statement:

Prepare a comparative income statement with horizontal analysis for the two-year period, using 2015 as the base year. Use the minus sign to indicate an amount or percent decrease. If required, round percentages to one decimal place.

Assume that XYZ company was started a year ago. As they are trying to figure out how to account for the uncollectible accounts, they are unsure of which method to use. If you recall in your principles class, it was broken down in to the Allowance Method and the Direct Write-Off Method. This book breaks the Allowance Method into two areas: 1. The sales revenue approach; and 2. The gross accounts receivable approach. There are not sure which method to use: 1. The sales revenue approach; 2. The gross accounts receivable approach; or 3. The direct write off method approach.

You have been hired to answer these specific questions: 1. Explain to them the difference among these three methods and which method you recommend and explain specifically why you would recommend that method. 2. Discuss the importance of making sure the accounts receivable reflects the correct balance and what the net realizable value is.