The Haverly Company expects to finish the current year with the following financial results, and is developing its annual plan for next year.

The following facts are available.

• Payables are almost entirely due to inventory purchases and can be estimated through COGS, which is approximately 45% purchased material.
• Currently owned assets will depreciate an additional $1103000 next year.
• There are two balance sheet accruals. The first is for unpaid wages. The current payroll of $31 million is expected to grow by 13% next year. The closing date of the year will be six working days after a payday. The second accrual is an estimate of the cost of purchased items that have arrived in inventory, but for which vendor invoices have not yet been received. This materials accrual is generally about 8% of the payables balance at year end.
• The combined state and federal income tax rate is 42%.
• Interest on current and future borrowing will be at a rate of 10%.

PLANNING ASSUMPTIONS

Income Statement Items

1. Revenue will grow by 12% with no change in product mix. Competitive pressure, however, is expected to force some reductions in pricing.
2. The pressure on prices will result in a 1.5% deterioration (increase) in the next year's cost ratio.
3. Spending in the marketing department is considered excessive and will be held to 20% of revenue next year.
4. Because of a major development project, expenses in the engineering department will increase by 20%.
5. Finance and administration expenses will increase by 7%.

Assets and Liabilities

6. An enhanced cash management system will reduce cash balances by 10%.
7. The ACP will be reduced by 15 days. (Calculate the current value to arrive at the target.)
8. The inventory turnover ratio (COGS/inventory) will decrease by 0.5x.
9. Capital spending is expected to be $5 million. The average depreciation life of the assets to be acquired is five years. The firm uses straight-line depreciation, and takes a half year in the first year.
10. Bills are currently paid in 50 days. Plans are to shorten that to 30 days.
11. A dividend totaling $1.5 million will be paid next year. No new stock will be sold.

Develop next year's financial plan for Haverly on the basis of these assumptions and last year's financial statements. Include a projected income statement, balance sheet and a statement of cash flows. Enter your dollar answers in thousands. For example, an answer of $200 thousands should be entered as 200, not 200000. Round dollar answers and intermediate calculations to the nearest thousand. Round the percentage values to 1 decimal place. Enter all amounts in Income Statement as a positive numbers. Use a minus sign, to indicate a negative cash outflow, or a decrease in cash in Balance Sheet and Cash Flow Statement.

"You purchased an airplane for $450,000 and will depreciate it using a 7-year MACRS with a 5-year life. Salvage value in year 5 is expected to be $176,000. The airplane is expected to increase revenues by $144,000 per year. However, O&M costs are expected to be $29,000 per year. Your company is in the 21% tax bracket and your MARR is 18%. What is the Net Present Worth of this investment?"

"You purchased an airplane for $494,000 and will depreciate it using a 7-year MACRS with a 5-year life. Salvage value in year 5 is expected to be $188,000. The airplane is expected to increase revenues by $193,000 per year. However, O&M costs are expected to be $29,000 per year. Your company is in the 21% tax bracket and your MARR is 20%. What is the Net Present Worth of this investment?"

1. Use the information below to answer the next 3 questions:

   At the beginning of the year, JJB Inc. estimated that overhead would be $880,000 and direct labor hours would be 220,000 hours. At the end of the year actual overhead was $920,600 and there were actual direct labor hours of 230,000. Year ended unadjusted COGS is $2,000,000.

   What is the Rredetermined Overhead Rate?

   		$2.63
   		$4
   		$4.18
   		None of the above

QUESTION 8

1. What is the overhead variance?

   		$200 overapplied
   		$400 underapplied
   		$600 overapplied
   		$600 underapplied

QUESTION 9

1. The adjusted Cost of Goods Sold is:

   		$2,000,000
   		$2,000,400
   		$2,000,600
   		$1,999,400

     In the first year of operations in 2017, the pretax accounting income of Lisle Company was$16,000. Included in pretax accounting income were the following:

     (2) $33,000 of sales revenue that will not be recognized for tax purposes until it is collected;

(3) $32,000 in warranty expense that was recognized as product sales were made according to GAAP, but will be deductible for tax purposes only when the actual disbursements are made; and.

(1) $4,000 expense for a premium for life insurance covering the firm’s president, with Lisle named as beneficiary, which is not deductible for tax purposes.

     The temporary differences are expected to reverse in the following pattern:

                                                     Installment                         Warranty

                                 Year            Collections                        Payments

                               2017                   8,300                            18,200

                               2018                 12,800                            10,300

                                2019                 11,900                              3,500

                                                      $33,000                          $32,000

     In addition, Lisle records $12,000 more depreciation for tax purposes than for accounting financial statements, and it is not expected to start reversing in the near future.

     The enacted tax rate for 2017 is 35%; in 2017, due to a significant change in the tax law, the enacted tax rate for corporations became 21% for 2018 and future years.

     Required:

1. Calculate taxable income for 2017, and prepare the journal entry necessary to record income taxes at the end of 2017. How would any deferred tax amounts be reported on a classified balance sheet? Show how taxable income, income tax expense, and net income would be reported on the income statement.

2. Assume that 2018 pretax accounting income is $8,000, the insurance premium is the same as for 2017, and Lisle records an additional $12,000 more depreciation expense for tax purposes than for accounting financial statements. The portions of previous differences expected to reverse in 2018 do reverse exactly as estimated. Prepare the journal entry necessary to record income taxes at the end of 2018. How would any deferred tax amounts be reported on the 2018 balance sheet? Show how taxable income, income tax expense, and net income would be reported on the 2018 income statement.

python.Write a python program that prompts the user to enter the year and first day of the year, and displays the first day of each month in the year. For example, if the user entered the year 2020 and 3 for Wednesday, January 1, 2020, your program should display the following output:

January 1, 2020 is Wednesday

February 1, 2020 is Saturday ……

December 1, 2020 is Tuesday

In the year 2015, leaders from 193 countries of the world gathered and moderated by the United Nation and finally summarized that there are 17 goals for the world to be achieved in 2030 named as UNDP Sustainable Development Goals (SDG) towards 2030.

1. Explains 5 (five) of the goals with the examples that important to be in line with engineering profession which you can contribute in your career after graduation.

THIS IS THE LINK FOR 17 GOAL.

https://www.undp.org/content/dam/undp/library/corporate/brochure/SDGs_Booklet_Web_En.pdf

An investment of $100,000 will begin returning $11,600 annually at the end of the second year and it will continue at that rate for 10 years. If there is no cash inflow in the first year, what is its payback period?
A. 10.6 years
B. 9.9 years
C. 9.6 years
D. 9.2 years
E. 8.9 years

Simply Shoes, Inc. is evaluating an expansion that will cost $1 million and is expected to generate the following cash flows: year 1: – $350,000; year 2: +$450,000; year 3: +$675,000; and year 4: +$800,000.
What is the payback period?
A. 3.1 years
B. 3.3 years
C. 3.4 years
D. 3.7 years
E. 4.0 years

Ace Transport is considering the purchase of a new $140,000 truck. If the company expects the cash inflows to be $35,000 after the first year, $52,000 after the second year, $64,000 after the third year, and $48,000 after the fourth year, what is the NPV if the cost of capital is 8.5%?
A. $21,171
B. $32,139
C. $53,874
D. $107,458
E. $118,426

1. If a company were to choose one inventory valuation method in the current year, and then decide in the following year to change inventory valuation methods to a method that better approximates the company’s actual costs:
2. 1. Would this be accounted for as a change in accounting estimate or a change in accounting principle?   (Provide the Codification reference for your answer)
3. 2. Where is the Example provided in the Codification that illustrates the guidance for the retrospective application of a change from LIFO to FIFO (assuming it is practicable to determine the cumulative effect of the change for all prior years)?   (Provide the Codification reference for your answer)

2. ABC Company is a manufacturing company. Based on the criteria in the Codification, explain why each of the following items would or would not be included in Inventory Cost for ABC.   (Provide the Codification reference for your answer)
3. 1. Expenses incurred for marketing to sell ABC’s inventory
4. 2. General & administrative expenses incurred by ABC that are not clearly related to production
5. 3. Normal freight charges paid by ABC to its suppliers for inventory items purchased
6. 4. Abnormally high freight charges paid by ABC to its suppliers for inventory items purchased

1. A regular deposit of $100 is made at the beginning of each year for 20 years. Simple interest is calculated at i%per year for the 20 years. At the end of the 20-year period, the total interest in the account is $840. Suppose that interest of i% compounded annually had been paid instead. How much interest would have been in the account at the end of the 20 years?

2. Herman has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $100 payments at the beginning of each month for the next two-and-a-half years. He will then pay nothing for the next two years. Finally, after four-and-a-half years, he will make $200 payments at the beginning of each month for one year, which will pay off his debt completely. For the first four-and-a-half years, the interest on the debt is 9% compounded monthly. For the final year, the interest is lowered to 8.5% compounded monthly. Find the size of Herman’s debt. Round your answer to the nearest dollar.