The following are the financial statements of Novak Corp..

Additional data:

Compute free cash flow.

A wholesale business with December 31 year-end purchased new equipment on November 25, 2018, for 40,000. Before 2018, the business owned no other equipment.

Required:

1. Complete the table below to show the tax consequences. If the business sells the equipment in 2020 for (a)$15000 (b) $23000 (c) $46000.

2018 purchase:

2018 CCA:

2018 UCC:

2019 CCA:

2019 UCC:

SITUATION A:

Less: Disposal Proceeds:

Interim UCC:

Terminal Loss/ Recapture:

Ending UCC:

Situation B

Less: Disposal Proceeds:

Interim UCC:

Terminal Loss/ Recapture

Ending UCC:

Situation C

Less: Disposal proceeds:

Interim UCC balance

Terminal Loss/ Recapture

Ending UCC:

Capital Gain:

Taxable Capital Gain:

2) How would your answer change if on December 31, 2020. the business acquired new equipment costing $1000? ( Enter minus sign when the amount is reducing the CCA

SITUATION A:

Less: Disposal Proceeds:

Interim UCC:

Terminal Loss/ Recapture:

Ending UCC:

Situation B

Less: Disposal Proceeds:

Interim UCC:

Terminal Loss/ Recapture

Ending UCC:

Situation C

Less: Disposal proceeds:

Interim UCC balance

Terminal Loss/ Recapture

Ending UCC:

Capital Gain:

Taxable Capital Gain:

Portions of the financial statements for Parnell Company are provided below.

Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,500. At this date, all the identifiable assets and liabilities of Bongo Ltd were recorded at amounts equal to fair value except for inventory which had a fair value $9,900 greater than the carrying amount. All inventory was sold by 30 June 2018. The tax rate is 30%. Bongo Ltd was classified as an associate of Ukulele Ltd.

The profits and losses recorded by Bongo Ltd from the next 6 years were as follows:

Required
Prepare the journal entries for the consolidation worksheet of Ukulele Ltd for the equity accounting of Bongo Ltd in each of the years from 2017–23. Do we deduct tax rate before sharing of profit and losses?

Ans:

Keystone Development (KD) began operations in October, 2019 and adopted ASPE-future tax method.

When property is sold on an instalment basis, KD recognizes instalment income for accounting purposes in the year of the sale. For tax purposes, instalment income is recognized as cash collections relating to the properties are made. Gross profit from instalment sales for 2019 was $600,000 and will result in taxable revenue as collections are made over the next three years (with the respective tax rates) as follows:

                                2020                       $150,000              30%

                                2021                       $250,000              40%

                                2022                       $200,000              40%

KD also had product warranty expenses for accounting purposes in 2019 of $80,000 of which only $20,000 was paid in cash (tax deductibility is only for cash payments) with the balance to be paid over the next three years as follows:

                                2020                       $20,000

                                2021                       $25,000

                                2022                       $15,000

Pretax accounting income for 2019 was $810,000 which included dividend revenue from taxable Canadian corporations of $10,000 which is not taxable. The tax rate in 2019 is 30%.

Required:

1. Prepare the appropriate journal entry to record KD’s 2019 income taxes.
2. Provide the income statement excerpt for KD beginning with net income before tax for 2019.
3. How should the future income tax amounts be classified in the balance sheet at December 31, 2019?

Tiger Limited has profit before tax of R250 000 for the year ended 31 December 2019. When calculating this figure, the following information was correctly accounted for:

Ø Telephone payment of R5 000 is due for 2019 but has not yet been paid (deductible for tax purposes in the current year).

Ø Unearned sales income of R18 000 received in advance in respect of 2020 (taxable in the current year).

Ø Interest income of R7 000 is receivable (taxable in the current year).

Ø The rent for the first month in 2020 of R10 000 has already been paid (deductible for tax purposes in the current year).

Ø Dividend income of R12 000 was earned during 2019 (not taxable).

Ø A donation of R6 000 was paid during 2019 (not deductible for tax purposes).

Ø Depreciation of R40 000 was expensed during the year. The tax authority has calculated wear and tear to be R25 000.

The applicable tax rate is 30% on taxable profits. There are no other permanent or temporary differences other than those apparent from the above information. No dividends were declared during the year.

Calculate the current tax and show the related journal entries.

EXPLAIN HOW YOU TREATED EACH INFORMATION PROVIDED.

The following information applies to the questions displayed below.]

Portions of the financial statements for Parnell Company are provided below.

Required:
1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

Keystone Development (KD) began operations in October 2019 and adopted ASPE-future tax method.

When property is sold on an instalment basis, KD recognizes instalment income for accounting purposes in the year of the sale. For tax purposes, instalment income is recognized as cash collections relating to the properties are made. Gross profit from instalment sales for 2019 was $600,000 and will result in taxable revenue as collections are made over the next three years (with the respective tax rates) as follows:

                        2020                $150,000          30%

                        2021                $250,000          40%

                        2022                $200,000          40%

KD also had product warranty expenses for accounting purposes in 2019 of $80,000 of which only $20,000 was paid in cash (tax deductibility is only for cash payments) with the balance to be paid over the next three years as follows:

                        2020                $20,000

                        2021                $25,000

                        2022                $15,000

Pretax accounting income for 2019 was $810,000 which included dividend revenue from taxable Canadian corporations of $10,000 which is not taxable. The tax rate in 2019 is 30%.

Required

1. Prepare the appropriate journal entry to record KD’s 2019 income taxes.
2. Provide the income statement excerpt for KD beginning with net income before tax for 2019.
3. How should the future income tax amounts be classified in the balance sheet at December 31, 2019?

Does Elevation Affect Temperature Mid-June?
Suppose that you wanted to determine the effect, if any, that elevation has on temperature. The table below lists the elevations (in feet above sea level) of 24 randomly selected cities in the United States and the low temperatures (in degrees Fahrenheit) of these cities on June 15, 2020.

1. If Westerville is 875 feet above sea level, what is Westerville’s estimated low temperature for June 15, 2020?

2. Before performing any regression analyses, what is the benefit of noting that the lowest and highest values amongst the elevation data are −282 feet and 6910 feet, respectively?

3. What proportion of the variation in low temperatures can be explained by the linear relationship with elevation?

Give one example of a lurking variable that may also influence the response variable in this situation

Phosphorous acid, H3PO3(aq), is a diprotic oxyacid that is an important compound in industry and agriculture.

Calculate the pH for each of the following points in the titration of 50.0 mL of a 1.5 M H3PO3(aq) with 1.5 M KOH(aq).

pKa1= 1.30

pKa2= 6.70

(a) before addition of any KOH =_____number

(b) after addition of 25.0 mL of KOH = ______number

(c) after addition of 50.0 mL of KOH = ______number

(d) after addition of 75.0 mL of KOH =_______number

(e) after addition of 100.0 mL of KOH=______number

please explain how you got each! thanks so much

also this might help: For part (a), you only need to consider the first ionization because Ka1 >> Ka2. Use pKa1 to find the value of Ka1, then solve for x.