A partial trial balance of Julie Hartsack Corporation is as follows on December 31, 2018. Dr. Cr. Supplies $2,700 Salaries and wages payable $1,500 Interest Receivable 5,100 Prepaid Insurance 90,000 Unearned Rent 0 Interest Payable 15,000 Additional adjusting data: 1. A physical count of supplies on hand on December 31, 2018, totaled $1,100. 2. Through oversight, the Salaries and Wages Payable account was not changed during 2018. Accrued salaries and wages on December 31, 2018, amounted to $4,400. 3. The Interest Receivable account was also left unchanged during 2018. Accrued interest on investments amounts to $4,350 on December 31, 2018. 4. The unexpired portions of the insurance policies totaled $65,000 as of December 31, 2018. 5. $28,000 was received on January 1, 2018, for the rent of a building for both 2018 and 2019. The entire amount was credited to rent revenue. 6. Depreciation on equipment for the year was erroneously recorded as $5,000 rather than the correct figure of $50,000. 7. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,200 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.Pass the necessary adjusting entries for the following taking into account income tax effects (40% tax rate) and assuming that the books have been closed. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Depreciation on equipment for the year was erroneously recorded as $5,000 rather than the correct figure of $50,000. 2. A further review of depreciation calculations of prior years revealed that equipment depreciation of $7,200 was not recorded. It was decided that this oversight should be corrected by a prior period adjustment.

(Industry)                                 Kingston, 2018            Kingston, 2019

i.          Gross Profit Margin (50%)                                      48.9%                          48.9%

ii.         Operating Profit Margin (15%)                                15.1%                          13.3%

iii.        Net Profit Margin  (8%)                                           10.6%                            9.3%

iv.        Return on Assets  (10%)                                          14.5%                          12.5%

v.         Return on Equity  (20%)                                          24.1%                          20.3%

vi.        Current Ratio  (1.5)                                                    1.63                             1.62

vii.       Quick Ratio  (1.0)                                                      1.00                             1.04

viii.      Debt to Total Asset  (0.5)                                             .4                                 .39

ix.        Times Interest Earned  (25)                                      15.5X                          14.6X

x.         Average Collection Period (45 days)                       53.5days                      61.6days

xi.        Inventory Turnover  (8)                                             8.18X                          8.62X

xii.       Total Asset Turnover  (1.6)                                        1.4X                            1.3X

Discuss the financial strengths and weaknesses of Kingston based on the ratios provided here.

Comment on whether a lender would be willing to extend a new loan to this company. Please distinguish between the concerns of a lender considering short-term financing versus providing long term loans to a company.  Please specify which ratios would be of most interest to each lender.

1.    Calculate the vertical analysis of the following data.

Income Statement

2. From the following Balance sheet of A Co. Ltd., you are required to prepare a Schedule of Changes in Working Capital

3. The following is the Balance Sheet of a company as on 31st March:

Calculate

1. Current Assets Ratio
2. Quick Ratio
3. Inventory to Working capital
4. Debt to Equity Ratio

4. Ali, Rehman and Zara are partners sharing profits and losses in the ratio of 7:4:2. They admit Mariam into partnership and give him 1/6th share of profits. Find the new profit-sharing ratio

Note: Answers kindly in word or excel format for the 4 Questions

1.In October of 2017 Bruce, a cash basis CPA, contracted to perform an audit for $2,000 and to prepare the corporate tax return for $1,000. The contract called for payment January 31 of 2018. The client called Bruce on December 31, 2017, and offered him $1,500. Bruce accepted and the client mailed him a check on December 31, 2017. What amount must Bruce include in his 2017 tax return?

2. Bobby is age 62, single, and claimed as a dependent by his daughter on her tax return. During the current year, Bobby received Social Security payments of $6,000, interest on a bank account of $3,500, and $2,300 from a part-time job. What is Bobby’s taxable income?

3.Sally is 92 years old and single and claimed by her daughter as a dependent. During the tax year she received $1,900 in interest from her savings account, $1,500 in interest from State of New York general obligation bonds, and $8,000 distributions from a Roth IRA. What is her gross income?

4.George, age 21 is a full-time student at the University and is claimed as a dependent by his parents he had earned income of $2000 from a part-time job. In addition he had $950 interest from a savings account. He had total itemized deductions of $200 in the current year. What is George’s taxable income this year?

Texas Rex sells t-shirts. Expected sales for each quarter is 1000, 1200, 1500, and 2000 t-shirts at $10.00 each. They anticipate no price change.

The Direct Materials Budget tells management how much must be bought to support production and the cost of those purchases.

Plain t-shirts cost $3.00 each, and ink (for the screen printing) cost $0.20 per ounce. The factory needs one plain t-shirt and five ounces of ink for each logoed t-shirt that it produces. Texas Rex’s policy is to have 10% of the following quarter’s needs in ending inventory. The factory has 58 plain t-shirts and 390 ounces of ink on hand on January 1. At the end of the year, the desired ending inventory is 106 plain t-shirts and 530 ounces of ink.

Texas Rex, Inc.

Direct Materials Budget

For the year ending December 31, 2018

Plain t-shirts:                      Q1                          Q2                          Q3                          Q4                          Total

Units to be Produced

Direct Materials per unit_______            _______             ________           _______             ________

Production Needs          

Desired Ending Inv.         _______             _______             ________           _______             ________

Total Needs

Less Beginning Inv.          _______             _______             ________           _______             ________

Direct Materials

To be Purchased

Cost per t-shirt                  _______             _______             ________           _______             ________

Total T-shirt Purchase

Cost

Ink:                                        Q1                          Q2                          Q3                          Q4                          Total

Units to be Produced

Direct Materials per unit_______            _______             ________           _______             ________

Production Needs          

Desired Ending Inv.         _______             _______             ________           _______             ________

Total Needs

Less Beginning Inv.          _______             _______             ________           _______             ________

Direct Materials

To be Purchased

Cost per ounce                 _______             _______             ________           _______             ________

Total Ink Purchase Cost

Total Cost of

All Direct Materials

a) number of valence electrons, lewis structure, electron geometry, molecular geometry, bond angles, polar or non polar : ICl4^-

B) lewis structure, electron geometry, molecular geometry, polar or non polar, sketch or molecule: IO3^1, SCN^-, BH3

Compare the code of professional conduct for CPAs to the code of professional conduct for accountants who are non-CPAs. Next, determine the major ethical issues created by the mergers of public accounting firms with non-CPA firms that perform accounting services. Explain your rationale.

1. Complete the following table showing whether the mentioned item is a non- current asset, current asset or liability.