According to the U.S. Census​ Bureau, the Gini ratio in the U.S. rose from 0.479 to 0.486 between 2015 and 2018. This implies which of the​ following?

A. The area between the Lorenz curve and the line of equality increased from 0.243 in 2015 to 0.521 in 2018. B. The area between the Lorenz curve and the line of equality decreased from 0.521 in 2015 to 0.243 in 2018. C. The Lorenz curve in the U.S. was farther away from the line of equality in 2018 than it was in 2015. D. The distribution of income in the U.S. was more equitable in 2018 than it was in 2015.

LearCo, a non-U.S. conglomerate, generates $4 billion in gross receipts annually. Its U.S. subsidiary, KingCo, accounts for $750 million of the annual gross receipts; KingCo’s average annual gross receipts for the last three years is $820 million. KingCo generates U.S. taxable income income of $180 million, after deducting a $350 million management fee that it pays to LearCo. KingCo reports no U.S. tax credits. The corporate income tax rate in LearCo’s country is 14%. What are the tax implications (if any) of this arrangement?

make journal entries for the following information. separate J E should be made for entries made: (1) Government Fund and (2) Government-Wide Statements. City acquired a computer system for $40,000 Completed construction of a new library incurring $500,000 in new costs. In the prior years, City had incurred $600,000 in construction costs. The project was accounted for in a capital project fund. City sold land for $17,000 that it had acquired four years ago with a sales price of $50,000. City acquired a new fire truck and traded in the old fire truck. The previous fire truck had an ending basis of $50,000 and that amount was what the City received in the value of the trade- City paid an additional $90,000 for the acquisition of the new fire truck

14. According to the textbook, which of the following statements is (are) correct?

(x) In the open economy macroeconomic model of the U.S. economy, net capital outflow is equal to the quantity of U.S. dollars supplied in the foreign exchange market.

(y) In the market for foreign currency exchange, the amount of U.S. net capital outflow desired at each real interest rate represents the quantity of U.S. dollars supplied for the purpose of buying foreign assets.

(z) In the market for foreign currency exchange, the amount of U.S. net exports desired at each real exchange rate represents the quantity of U.S. dollars demanded for the purpose of buying U.S. goods and services by foreign residents

A. (x), (y) and (z)

B. (x) and (y) only

C. (x) and (z) only

D. (y) and (z) only

E. (x) only

15. Other things the same, an increase in the U.S. interest rate

A. raises net capital outflow which decreases the quantity of loanable funds supplied.

B. raises net capital outflow which decreases the quantity of loanable funds demanded.

C. raises net capital outflow which increases the quantity of loanable funds demanded.

D. lowers net capital outflow which decreases the quantity of loanable funds demanded.

E. lowers net capital outflow which increases the quantity of loanable funds demanded.

QUESTION 1 A machine that caps soda bottles was purchased April 1, 2020 for $96,000; estimated useful life of 10 years and salvage value of $6,000. It is also estimated that the machine could cap a total of 360,000 bottles over its entire life. Calculate depreciation expense under the following independent assumptions: 1. Straight line depreciation, for the year ended Dec. 31, 2020. 2. Double declining balance depreciation for the year ended Dec. 31, 2020 and 2021. 3. Units of production depreciation for 2020 assuming 34,000 bottles were actually capped between April 1, 2020 and December 31, 2020. Record your answers and calculations below

3020 Corp.'s balance sheet accounts as of December 31, 2020 and 2019 and information relating to 2020 activities are presented below.

                                                                                                                  December 31

                                                                                                          2020            2019

         Assets

         Cash                                                                                    $1,040,000    $   200,000

         Accounts receivable (net) 1,000,000      1,020,000

         Inventory 1,300,000      1,200,000

         Long-term investments(carried at cost) 400,000         600,000

         Plant assets 3,400,000      2,000,000

         Accumulated depreciation (800,000) (900,000)

         Patent                                                                                       180,000     200,000

                  Total assets                                                              $6,520,000   $ 4,320,000

         Liabilities and Stockholders' Equity

         Accounts payable and accrued liabilities $1,660,000    $1,440,000

         Notes payable                                                                          580,000                  —

         Common stock, $10 par 1,600,000 1,400,000

         Additional paid-in capital 800,000 500,000

         Retained earnings                                                             1,880,000      980,000

                  Total liabilities and stockholders' equity   $6,520,000    $4,320,000

Information relating to 2020 activities:

• Net income for 2020 was $1,500,000.
• Cash dividends of $________ were declared and paid in 2020.
• Plant Assets costing $1,000,000 and having a carrying amount of $320,000 was sold in 2020 for $360,000.
• A long-term investment was sold in 2020 for $320,000.
• 20,000 shares of common stock were issued in 2020 for $___________.
• Assume any other transactions involved cash entirely.

Be certain that you have justified and accounted for all the changes in the account line items.

QUESTION 1 (25 Marks: 45 minutes)
Hold – on Limited is a breakfast cereal producer and distributor company that has recently acquired a very reputable and popular brand of cereal. Through the company’s market research, the brand is expected to derive enormous value for the company, especially as the company has now opted to not only sell the brand of cereal locally, but internationally to South Africa, Botswana and Mozambique as well. The company has a sophisticated and functional distribution and logistics network to assist with the distribution of this cereal.
As part of the production of this new brand of breakfast cereal, the company purchased a machine for N$ 1 200 000 cash. The machine was delivered on the same day as the payment was made. It is expected to be used over a five year period to produce the already profitable brand of cereal. At the end of the five years, it is expected that the machine will be scrapped and thus has a zero residual value.
Required:
Discuss with reference to the Conceptual Framework, how the purchase of the machine should be recognized and measured. Your answer should include a discussion as to whether the machine should be recognized as either an asset or an expense.

The Paris Company purchased an 80% interest in Seine, Inc. for $600,000 on July 1, 2015, when Seine had the following balance sheet:

The inventory is understated by $20,000 and is sold in the third quarter of 2015. The building has a fair value of $320,000 and a 10-year remaining life. The equipment has a fair value of $120,000 and a remaining life of 5 years. Any remaining excess is attributed to goodwill.

From July 1 through June 30, 2016, Seine had net income of $100,000 and paid $10,000 in dividends.

Assume that Paris uses the equity method to record its investment in Seine.

Required:

On January 1, 20X1, Prange Company acquired 100% of the common stock of Seaman Company for $600,000. On this date Seaman had total owners' equity of $400,000. Any excess of cost over book value is attributable to a patent, which is to be amortized over 10 years.

During 20X1 and 20X2, Prange has appropriately accounted for its investment in Seaman using the simple equity method.

On January 1, 20X2, Prange held merchandise acquired from Seaman for $30,000. During 20X2, Seaman sold merchandise to Prange for $100,000, of which $20,000 is held by Prange on December 31, 20X2. Seaman's gross profit on all sales is 40%.

On December 31, 20X2, Prange still owes Seaman $20,000 for merchandise acquired in December.

Required:

Complete the worksheet similar to Figure 4-1 (following) for consolidated financial statements for the year ended December 31, 20X2. Prepare your worksheet in Excel. Following is a template in Figure 4-1 that will guide you in setting up your worksheet in Excel.