Firm X wants to raise $10 million to grow and attract new investors. Firm X operates in an inflationary environment and has been using the LIFO inventory valuation method to minimize their net earnings and thereby reduce their taxes. The CEO asks you to estimate the change in net earnings that would happen if they switched to FIFO.

After reviewing Firm X’s finances, you estimate that pre-tax income would increase by $1.2 million if the company adopted the FIFO method. However, the switch would result in approximately $400k of additional taxes. The overall effect would result in an increase of $800k in net earnings. The CEO tells you to prepare the tax return on a LIFO basis for inventory, but to prepare statements on a FIFO basis to be sent to potential investors.

1. How will the switch to FIFO affect the Balance Sheet?
2. What are the legal and ethical implications of the CEO’s recommendation?
3. If you switch to FIFO for taxes as well as financial reporting purposes, net income will increase by $800k. Comment on the possibility of paying $400k in income taxes to obtain an additional $800k of net income.

The following condensed income statements of the Jackson Holdings company are presented for the two years ended December 31, 2021 and 2020.

2021 2020

Sales Revenue $15,900,00 $10,500,000

Cost of goods sold 9,650,000 6,450,000

Gross profit 6,250,000 4,050,000

Operating expenses 3,560,000 2,960,000

operating income 2,690,000 1,090,000

gains on sale of divison 690,000 -

3,380,000 1,090,000

Income tax expenses 845,000 272,500

Net income 2,535,000 817,500

On October 15, 2021 Jackson entered into a tentative agreement to seel all the assets of one of its divisons. the divison qualifies as a component of an entity as defined by GAAP. the division was sold on december 31, 2021 for $5,270,000. Book value of the divisions assets was $4,580,000. The division's contribution to Jackson's operating income before-tax for each year was as follows:

2021 $445,000

2020 $345,000

Assume an income tax rate of 25%

Required

1. Prepare revised income statements according to GAAP, beginning with income from continuing operations before income taxes, Ignore EPS disclosures.

2. Asume that by december 31,2021 the divions had not yet been sold but was considered held for sale. The fair value of the divisons assets on december 31 was $5,270,000. prepare revised income statements accoring to GAAP, beginning with income from continuing operations before income taxes. ignore EPS disclosures.

3. Assume that by december 3, 2021, the division had not yet been sold but was considered held for sale. The fair value of the divisions asets on December 31 was $3,990,000. Prepare revised income statements according to GAAP, beginning with income from continuing operations before income taxes, ignore EPS disclosures.

The following condensed income statements of the Jackson Holdings company are presented for the two years ended December 31, 2021 and 2020.

2021 2020

Sales Revenue $15,900,00 $10,500,000

Cost of goods sold 9,650,000 6,450,000

Gross profit 6,250,000 4,050,000

Operating expenses 3,560,000 2,960,000

operating income 2,690,000 1,090,000

gains on sale of divison 690,000 -

3,380,000 1,090,000

Income tax expenses 845,000 272,500

Net income 2,535,000 817,500

On October 15, 2021 Jackson entered into a tentative agreement to seel all the assets of one of its divisons. the divison qualifies as a component of an entity as defined by GAAP. the division was sold on december 31, 2021 for $5,270,000. Book value of the divisions assets was $4,580,000. The division's contribution to Jackson's operating income before-tax for each year was as follows:

2021 $445,000

2020 $345,000

Assume an income tax rate of 25%

Required

1. Prepare revised income statements according to GAAP, beginning with income from continuing operations before income taxes, Ignore EPS disclosures.

2. Asume that by december 31,2021 the divions had not yet been sold but was considered held for sale. The fair value of the divisons assets on december 31 was $5,270,000. prepare revised income statements accoring to GAAP, beginning with income from continuing operations before income taxes. ignore EPS disclosures.

3. Assume that by december 3, 2021, the division had not yet been sold but was considered held for sale. The fair value of the divisions asets on December 31 was $3,990,000. Prepare revised income statements according to GAAP, beginning with income from continuing operations before income taxes, ignore EPS disclosures.

1 What is the difference between primary, secondary, and tertiary sources? Give an example of each.
2 What are the key elements of a research work plan?
3 What is a desktop search tool and how can it help you?
4 What is the effect of using quotation marks around search terms in web or database searches? What happens if you do not use quotation marks?
5 Explain the three criteria for evaluating whether a source is credible.
6 Name two advantages of conducting survey research and two advantages of conducting interview research.
7 Identify at least two ways to find experts you can interview on a topic.
8 What is anecdotal evidence and how may it be useful in your research?
9 What are two benefits of organizing and storing research materials online, in the cloud, rather than just on your computer?

Interview 1:

Utilizing the internet, friend, relative or personal connection; find a Financial Advisor; Certified Financial Planner or someone in the Financial Services Industry. Ask for his or her assistance for the next month or week. Your assignment is to interview this person and get their opinion on the following topics.

1. Describe a comprehensive financial plan.

2.What steps can be taken to ensure the success of a financial plan?

3. Explain how the plan utilized the time value of money. What areas was this concept applicable? Was it used in retirement planning, college funding estate planning or any other area of financial planning.

4.What are the some of the benefits of home ownership?

5. What are some of the impacts of low interest rates?

6. Please pose this hypothetical question to the interviewee: " I want to buy a car. What should be my concerns?"

• Answer the questions as though you are responding to questions during a job interview.
• You have been asked to bring in a report to your job interview that demonstrates a comparative analysis of two Linux-based Content Management Servers. Make sure you include in your report:
  • Cost
  • Benefits
  • Stability
  • Updates
  • Ease-of-use
  • Integration
  • Analysis and explanation of why you would choose one system over the other for this particular organization.
• Present a separate report about the Plex Media Server. Assume that you are recommending the use of it to your organization.
  • Explain what the Plex Media Server is and how it is used.
  • Explain at least 4 features and explain how those will benefit your organization.
  • Explain any security or access issues and how you will address those issues in detail.

Please be sure to validate your opinions and ideas with citations and references in APA format.

You have a job that you really dislike. You have just gone to interview for a job that you really like, and the interview went well, but the result will not be known until a month later, and there is no way you can find out any more information about it before then. In the meantime, another employer offers you a job that is better than your current job, but it demands your acceptance in a week or the offer will be withdrawn forever. Clearly describe how do you can use decision tree analysis and utility theory to help you make the decision about the offer that is better than your current job but not as good as the job you really like. Your answer should be a set of instructions or a computational procedure that the decision-maker can follow with an example.

1. CLEARLY STATE A QUANTITATIVE PROCEDURE USING THE DECISION TREE ANALYSIS AND UTILITY THEORY.

Select someone in a leadership position at your organization or at a local company where you might seek employment. This individual could be a director, manager, supervisor, or CEO of the organization.

Write a 1,050-word profile of the individual that you interviewed for your company's newsletter, and include the following:

Identify the individual and their position within the company, and briefly describe the organization.

Interpret the individual's leadership style based on the Five-Factor personality model, and offer one or more examples of the management and leadership roles of this individual.

Explain one incident where this individual had to solve a difficult problem or situation because things did not go as planned.

Describe the lessons that she/he learned from being able to problem solve, even when what she/he had been taught did not work.

Format your profile in the form of a newsletter (the final format may vary depending upon the company's style; please feel free to use either the provided template or to check the Internet or Microsoft^® Word for additional newsletter templates).?

Click the Assignment Files tab to submit your assignment.

A large number of cattle are found to have mad cow disease and as a result, consumer confidence in the safety of beef is shaken. What would an economist predict will happen to the demand curve of beef?