Primatologists are interested in the topic of altruism in order to determine where the human behavior arises. Altruism is defined as actions that benefit another individual but at some potential risk or cost to oneself. The act of ‘doing a good deed’ for others in humans counts as altruism, because there is some level of sacrifice in effort or resources from the individual that helps the other. Scientists argue that there are ulterior motives on the part of primates that they study. The good deed will be returned at a later date. We can test the importance of altruism among humans with this small science project.

Goal: Assess the degree of altruism among humans. Does it is exist? Method: Groom someone or do something altruistic to help someone who you will see in the near future for several days. Then assess whether they feel compelled to return the favor. For example, you may actually groom someone by pretending to pick something off of their clothes or buying them coffee. Then put them in the same but opposite situation later on. You could leave something on your clothes to see if they pick it off. You can try other forms of social grooming such as complementing someone as well. Will they return the favor later on? Try to devise new and original ways to test this idea of altruism through grooming.

Write up: Does this act bring you closer? What does it say about the grooming among humans? Is this evidence that it was selected for as a behavioral trait? Also try to explain WHY it came about as a behavioral trait (or WHY it didn’t if the data comes out negative).

Sunshine Company is a calendar year accrual-basis taxpayer and is in its first year of operations. Sunshine Company had the following income, expense, and loss items for the current year:

Furthermore, Sunshine’s liabilities (all recourse) increased from $0 on 1/1 to $300,000 on 12/31 of the current year.

1. Assume that Sunshine Company is an s-corporation. Alvin contributed $60,000 in exchange for 60% of the stock while his wife’s best friend, Ann, contributed $40,000 in exchange for the remaining 40% of the stock when the corporation was formed this year. Alvin received a $2,400 per month salary ($28,800 in total). Ann doesn’t work for the company so she received no salary. The company made a $55,000 partial distribution of profits at the end of the year. (9 points)
   1. Calculate Sunshine’s ordinary income and separately stated items to be reported on Form 1120S.
   2. What amount and type of income must Alvin report on his individual Form 1040 tax return?
   3. What amount of Alvin’s income will be subject to self-employment tax?
   4. What is Alvin’s basis in his Sunshine Company stock at the end of the year?

Note that you do not need to complete Form 1120-S but this form and related schedules will be a useful guide in completing this portion of the assignment.

1) All of the following are differences in an asset acquisition compared to a stock acquisition except for:

A) Who the consideration is paid to by the acquiring company

B) The recognition of any gain or loss on the part of the target company

C) The valuation used to account for the value of the acquired assets and liabilities

D) The journal entries that would be made on the part of the acquiring company

2) Company ABC owns 100% of the outstanding shares of Company XYZ, and accounts for the net income of Company XYZ using the Cost Method. When Company XYZ reports quarterly Net Income of $40,000 on 6/30/18, Company ABC will:

Q1.Determine if the statement is true or false

1.s128 gives the company powers of a natural person and states the company can issue shares.

2.A share is considered intangible property.

3.A court can validate the invalid issue of shares.

4.Preference shares have particular rights attached to them but they usually also limit the voting right of the shareholder.

Q2.Select the correct answer.

2. The Personal Properties Securities Register...

1. allows a potential lender to check whether a particular asset is already registered as security
2. B.contains the details a banned directors.
3. determines who is a member of the company.
4. is maintained by ASIC.

Q3.Choose all that apply.

1.An auditor..

A.must provide an independent opinion and true and fair view of the financial health of a company in audit report.

B.has a right to access the company's books.

C.can be removed by members of the company by resolution.

D.can only be appointed by a director.

Q4.S95A (1)

A.defines 'winding up'.

B.defines solvency as being able to pay debts as they become due and payable.

C.defines the duties of the auditor.

D.is used to determine whether a director has acted in good faith in the best interests of the company.

Q5.Select all that apply.

1.A voluntary administration ...

A.is managed by the auditor and the receiver

B.is managed by an administrator with owes duties to the company, like directors.

C.imposes duties on the administrator towards the creditors.

D.is triggered by directors who are hoping to save the company from financial collapse.

1) Process Solutions Company received $193 from a charge customer which was recorded and posted as $391. The journal entry to correct the error is:

a) a credit to Cash for $198 and a debit to Accounts Payable for $198.

b) a debit to Cash for $391 and a credit to Accounts Receivable for $391.

c) a credit to Cash for $198 and a debit to Income from Services for $198.

d) a debit to Cash for $193 and a credit to Accounts Payable for $193.

e) a debit to Accounts Receivable for $198 and a credit to Cash for $198.

2) Lohan Company had the following account balances as of June 30.

Cash $29,000
Equipment $15,000
Accounts Payable $2,800
T. Lohan, Capital $62,700
T. Lohan, Drawing $5,000
Income from Services $35,000
Rent Expense $12,000
Salaries Expense $8,000

What is the debit balance of the trial balance?

a) $141,700

b) $136,700

c) $69,000

d) $64,000

3) Rich Company paid transport expenses of $3,000 in cash. Which of the following journal entries records this transaction?

a)Transport Expense $3,000

Cash $3,000

b) Cash $3,000

Transport Payable       $3,000

c) Prepaid Expense    $3,000

Cash $3,000

d) Transport Expense $3,000

Prepaid Expense     $3,000

4) The general ledger shows a complete record of the transactions recorded in each individual account.

False

True

A University found that 27% of its graduates have taken an introductory statistics course. Assume that a group of 15 graduates have been selected.

1. Compute the probability that from this group, there are exactly 2 graduates that have taken an introductory statistics course.
2. Compute the probability that from this group, there are at most 3 graduates that have taken an introductory statistics course.
3. Compute the probability that from this group, there are at least 4 graduates that have taken an introductory statistics course.
4. Compute the expected number, the variance and the standard deviation of graduates that have taken an introductory statistics course.

A University found that 27% of its graduates have taken an introductory statistics course. Assume that a group of 15 graduates have been selected.

1. Compute the probability that from this group, there are exactly 2 graduates that have taken an introductory statistics course.
2. Compute the probability that from this group, there are at most 3 graduates that have taken an introductory statistics course.
3. Compute the probability that from this group, there are at least 4 graduates that have taken an introductory statistics course.
4. Compute the expected number, the variance and the standard deviation of graduates that have taken an introductory statistics course.

Short answer question:

Mr. Jones needs to send a shipment from China to the United States. His boss asks him to prepare a set of potential crash options for accomplishing this in 5 days, 4 days, 3 days, 2 days, and 1 day. He calls an air transport company and finds out that the shipment can be flown in one day for a cost of $1000. Then he calls an ocean shipping company and finds out that it can be transported in 5 days for a cost of $200. He uses these two numbers to find the slope: it costs $800 more to reach the US 4 days earlier, or $200 per day. Then, he uses the slope to calculate the cost of a 4-day trip ($400), a 3- day trip ($600), and a 2-day trip ($800). What is wrong with Mr. Jones’s approach?

Crunch Fitness company started operating in Melbourne in January 2016. The company experienced significant growth and expansion since it had listed on the ASX with only 20 centres. By January 2019 they were running 300 fitness centres across Australia. Their cash flows had grown significantly over the four years of operation. Crunch Fitness company was led by senior management who had aggressive expansion strategy, relying heavily on borrowings from the banks. Moreover, the management focusing on short term targets and not considering long term impacts, encouraged high risk taking. The Board was also ignorant of the risk facing the company. The company went from a positive cash flow of $400 million from its operating activities in its 2018 full year accounts to a deficit of almost $150 million in the second half of 2019. In February 2020, its Board concluded the company had insufficient cash to repay nearly $1 billion of debts to creditors and appointed administrators to take control of the company. Few months later Crunch Fitness ceased its operations.

Discuss the aspects of corporate governance and board mechanisms that could have served to limit the likelihood of Crunch Fitness company failure.

The corporation is divided into two profit centers: the Audit Division and the Tax Division. Each division is composed of two cost centers. The Audit Division is composed of two cost-center departments: Public Company Audits and Private Company Audits. The Tax Division is composed of two cost-center departments also: Individual Tax and Business Tax.

BOR, a decentralized organization, is interested in evaluating the performance of the two divisions. The stockholders are responsible for deciding on investment in the two divisions. Cyrus Bailey is in charge of the performance evaluation, and turns to you for assistance. Mr. Bailey is only interested in evaluating operations at the profit center (division) level, and not at the cost center (department) level.

Mr. Bailey is considering temporarily using some of the staff from the Tax Division to assist the Audit Division during the upcoming busy audit season, and would like to evaluate the effect of this on net income. The Tax Division is estimated to have 800 hours of excess capacity.

The unit for determining sales revenue in both divisions is the "engagement", which means the total agreed-upon work for a given client in either audit or tax for a given year. The company charges on average a fee of $75,000 per audit engagement, and $15,750 per tax engagement.

The company has its own Payroll Office, which provides payroll services to both divisions and will allocate its total expenses to the two divisions as service department charges.

The following chart shows some basic data for the company:

Mr. Bailey asks that you prepare Divisional Income Statements showing what 20Y1 results would have been had the Audit Division purchased all the excess capacity of the Tax Division, using a negotiated transfer price. The divisional managers tell you that, with the excess capacity of the Tax Division of 800 hours, the Audit Division can perform 4 more audits during the year, and the Audit Division would agree to a negotiated rate of $80.00 per hour to be paid to the Tax Division for the additional hours required, with the Tax Division selling all its excess capacity to the Audit Division. The Tax Division would still be responsible for paying the salaries of their employees.

Complete the following Income Statements. Enter all amounts as positive numbers. If there is no amount or an amount is zero, enter “0”.