At December 31, 2017, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows:

Depreciation methods and useful lives:
Buildings—150% declining balance; 25 years.
Machinery and equipment—Straight line; 10 years.
Automobiles and trucks—150% declining balance; 5 years, all acquired after 2014.
Leasehold improvements—Straight line.
Land improvements—Straight line.

Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2018 and other information:

a.On January 6, 2018, a plant facility consisting of land and building was acquired from King Corp. in exchange for 34,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $50 a share. Current assessed values of land and building for property tax purposes are $210,000 and $630,000, respectively.

b.On March 25, 2018, new parking lots, streets, and sidewalks at the acquired plant facility were completed at a total cost of $246,000. These expenditures had an estimated useful life of 12 years.

c.The leasehold improvements were completed on December 31, 2014, and had an estimated useful life of eight years. The related lease, which would terminate on December 31, 2020, was renewable for an additional four-year term. On April 30, 2018, Cord exercised the renewal option.

d.On July 1, 2018, machinery and equipment were purchased at a total invoice cost of $334,000. Additional costs of $10,000 for delivery and $59,000 for installation were incurred.

e.On August 30, 2018, Cord purchased a new automobile for $13,400.

f.On September 30, 2018, a truck with a cost of $24,900 and a book value of $10,800 on date of sale was sold for $12,400. Depreciation for the nine months ended September 30, 2018, was $2,430.

g.On December 20, 2018, a machine with a cost of $21,500 and a book value of $3,200 at date of disposition was scrapped without cash recovery.

Required:

1. Prepare a schedule analyzing the changes in each of the plant asset accounts during 2018. Do not analyze changes in accumulated depreciation and amortization.
2. For each asset category, prepare a schedule showing depreciation or amortization expense for the year ended December 31, 2018

Problem 10-3

Concord Company was incorporated on January 2, 2018, but was unable to begin manufacturing activities until July 1, 2018, because new factory facilities were not completed until that date.

The Land and Buildings account reported the following items during 2018.

The following additional information is to be considered.

lota Inc, an electronics retailer, just finished its first year of operations and is in the process of preparing its December 31, 2018 balance sheet. indicate that the account names and dollar amount If any) that lota would report within the current and long-term liabilities sections of its balance sheet at December 31, 2018 as a result of each transaction described below. If no liability should be recorded leave the item blank.

Question 1.

1a) On October 1, 2018 lota issued $ 8,000,000 of notes payable. The notes pay 6% interest each September 30^th and mature is installments. The first $1,000,000 installment is due September 30, 2019. List the current liability associated with this transaction.

Question 2.

1b). On October 1, 2018 lota issued $ 8,000,000 of notes payable. The notes pay 6% interest each September 30^th and mature in installments. The first $1,000,000 installment is due September 30, 2019. List long-term liabilities associated with this transaction.

Question 3.

2a) On December 31, 2018, lota issued a $ 1,400,000 short term note payable with a 5% rate of interest that due on May 31, 2019. Lota intends to refinance the note using a $900,000 long term loan from an existing line of credit that it will repay in three years. List the current liability associated with this transaction.

Question 4.

2b) On December 31, 2018, lota issued a $ 1,400,000 short term note payable with a 5% rate of interest that due on May 31, 2019. Lota intends to refinance the note using a $900,000 long term loan from an existing line of credit that it will repay in three years. List long-term liabilities associated with this transaction.

Question 5.

3. Lota sold $ 10,000 of gift cards during the first quarter of 2018 and an additional $5,000 of gift cards during the fourth quarter of 2018. By December 31, 2018, $7,000 of the gift cards sold during the first quarter had been redeemed and $3,000 of gift cards sold during the fourth quarter had been redeemed. Lota considers its gift cards to be broken after 6 months.

List the current liability associated with this transaction.

Question 6.

4. During 2018, lota sold 600 laptops for $500 each. All laptops come with a 1-year original warranty. Lota estimated warranty costs will be 3% of sales. By December 31, 2018 lota had spent $2,00 to fix or replace computer cover warranty. Lota collects a 5% sales tax on all laptops sold. Which will be remitted to the government in 2019?

A data audit is a critical activity that must be done at the beginning of any analytics project when you are working with an existing workbook or are given a dataset from another person. The purpose of this exercise is to conduct a data audit on a worksheet that contains sales data for a hypothetical apparel retailer.

The data shown in the file named Chapter 1 DA Exercise 2 contains data that was provided to you by a coworker. The Excel file should contain sales data for two years by month. You intend to use this data to evaluate the company’s sales trend by season. In addition, you will need to analyze the average price per month to determine if there are months where customers are spending more money for each item purchased. The data should contain sales in units and dollars. For any given month, the sales in units multiplied by the average price should equal the sales in dollars. Open the file named Chapter 1 DA Exercise 2. Audit the data in the Sheet1 worksheet. Record any problems you find in the dataset in the AnswerSheet worksheet. Note that there are more rows to document problems in the dataset than are needed.

1)Which type of bias might result from asking members of the hockey team if they think they will make the playoffs.
a) household bias b) sampling bias c) response bias d) non- response bias
2) Which type of bias might result if a local agency sends out surveys to people in the mail asking information about their donating habits.
  a) household bias b) sampling bias c) response bias d) non- response bias
3)Which type of bias might result from a teachers asking students to raise their hand if they do not understand a concept just taught.
  a) household bias b) sampling bias c) response bias d) non- response bias
4)Which type of bias might result from the City of London surveying residents using cluster sampling.
  a) household bias b) sampling bias c) response bias d) non- response bias

Residence and Source

1.         Briefly explain the relevance of ‘residence’ and ‘source’ in determining a taxpayer’s taxation liability.

2.         What four tests are used to determine the question of an individual’s ‘residence’?

3.         How have the courts interpreted the phrase ‘permanent place of abode’?

4.         Define ‘domicile’.

5.         Briefly describe:

(a)        domicile of origin;

(b)       domicile of choice;

(c)        domicile of dependency.

6.         In broad outline, how do you determine the ‘source’ of particular income? What are the possible sources of personal exertion income?

The Taxation Equations

7.         Briefly define and give examples of:

(a)        gross income;

exempt income;

non-assessable non-exempt income;

assessable income;

allowable deductions;

taxable income;

tax offsets.

8.         What is the difference between exempt income and a taxpayer who is exempt?

9, What is the difference between exempt income and non-assessable non-exempt income?

10, What is the role of Div. 11?

1. Adapted from Exercise 3.32 in the textbook. A large group of male runners walk on treadmill for 6 minutes. Their heart rates in beats per minute at the end vary from runner to runner according to the N(104, 12.5) distribution. The heart rate for male non-runners after the same exercise have the N(130, 17) distribution.

(a) What percent of runners have heart rates above 135? What percent of non-runners have heart rates above 135?

(b) What is the median heart rate for runners? What is the IQR?

(c) What percent of runners have heart rates between 110 and 125?

(d) A non-runner has a heart rate of 120. What is the standardized score for this runner? What does the z-score tell us?

(e) Lower heart rates are often associated with healthier, more efficient hearts. Below what heart rate would a non-r

Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $486,000 in cash. The subsidiary's stockholders' equity accounts totaled $470,000 and the noncontrolling interest had a fair value of $54,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $45,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (four-year remaining life).

Brey reported net income from its own operations of $80,000 in 2016 and $96,000 in 2017. Brey declared dividends of $27,000 in 2016 and $31,000 in 2017.

At December 31, 2018, Pitino owes Brey $32,000 for inventory acquired during the period.

The following separate account balances are for these two companies for December 31, 2018, and the year then ended.

Note: Parentheses indicate a credit balance.

What was the annual amortization resulting from the acquisition-date fair-value allocations?

Were the intra-entity transfers upstream or downstream?

What intra-entity gross profit in inventory existed as of January 1, 2018?

What intra-entity gross profit in inventory existed as of December 31, 2018?

What amounts make up the $117,090 Equity Earnings of Brey account balance for 2018?

What is the net income attributable to the noncontrolling interest for 2018?

What amounts make up the $621,675 Investment in Brey account balance as of December 31, 2018?

Prepare the 2018 worksheet entry to eliminate the subsidiary’s beginning owners’ equity balances.

Without preparing a worksheet or consolidation entries, determine the consolidation balances for these two companies.

a. What was the annual amortization resulting from the acquisition-date fair-value allocations?
b. Were the intra-entity transfers upstream or downstream?
c. What intra-entity gross profit in inventory existed as of January 1, 2018?
d. What intra-entity gross profit in inventory existed as of December 31, 2018?

e. What amounts make up the $117,090 Equity Earnings of Brey account balance for 2018?

f. What is the net income attributable to the noncontrolling interest for 2018?

g. What amounts make up the $621,675 Investment in Brey account balance as of December 31, 2018?

h. Prepare the 2018 worksheet entry to eliminate the subsidiary's beginning owners' equity balances. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Consolidation Worksheet Entries

Note: Enter debits before credits.

1) You receive $10,000 now for an investment that will give you cash flows of $1000 in one year, $2000 in two years, $3000 in three years, and $4000 in four years. If the discount rate is 5% then what is the PV of this investment? (Enter the answer in dollar format without $ sign or thousands comma -> 3519.23 and not $3,519.23 or 3,519.23)

In detecting the direction of a sound source, what factors are most important at (a) low frequencies and (b) high frequencies? With reference to the structure of the human head, why is discrimination of a sound source less accurate at frequencies close to 2000 Hz? What directions are particularly difficult to determine? Why?

PLEASE DO NOT REPOST AN OLDER ANSWER, THEY ARE NOT RIGHT