blake closed his business on april 1 2018 he had no carrryovers losses and all assets were fully depreciated if blake elects to use the office in home simplified method what amount of his schedule c net profit or loss

In July 2020, Delta Air Lines reported earnings for the second quarter of 2020. Delta’s CEO Ed Bastian stated “[d]emand has stalled as the virus has grown...coupled with the quarantine measures”. Delta’s posted a $5.7 billion net loss in the second quarter. Which of the following is correct?

• A. Delta's accounting profit is -$5.7 billion with a lower economic profit.
• B. Delta's accounting profit is -$5.7 billion with a higher economic profit.
• C. Delta's economic profit is -$5.7 billion with a lower accounting profit.
• D. Delta's economic profit is -$5.7 billion with a higher accounting profit.
• E. None of the above.

Fernandez Corp. invested its excess cash in securities during 2020. As of December 31, 2020, the securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,000 $21,000 Poley Corp. 2,000 shares 40,000 42,000 Arnold Aircraft 2,000 shares 72,000 60,000 Totals $127,000 $123,000 Correct answer iconYour answer is correct. What should be reported on Fernandez’s December 31, 2020, balance sheet relative to these securities? What should be reported on Fernandez’s 2020 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Fernandez Corp. Balance Sheet (Partial) Equity Investments $ 123,000 Income Statement Unrealized Holding Gain or Loss - Income $ 4,000 eTextbook and Media List of Accounts Correct answer iconYour answer is correct. On December 31, 2021, Fernandez’s securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Lindsay Jones, Inc. 1,000 shares $15,000 $20,000 Lindsay Jones, Inc. 2,000 shares 33,000 40,000 Duff Company 1,000 shares 16,000 12,000 Arnold Aircraft 2,000 shares 72,000 22,000 Totals $136,000 $94,000 During the year 2021, Fernandez Corp. sold 2,000 shares of Poley Corp. for $38,200 and purchased 2,000 more shares of Lindsay Jones, Inc. and 1,000 shares of Duff Company. What should be reported on Fernandez’s December 31, 2021, balance sheet? What should be reported on Fernandez’s 2021 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Fernandez Corp. Balance Sheet (Partial) Equity Investments $ 94,000 Fernandez Corp. Income Statement (Partial) Loss on Sale of Investments $ 1,800 Unrealized Holding Gain or Loss - Income 38,000 eTextbook and Media List of Accounts New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct. On December 31, 2022, Fernandez’s securities portfolio consisted of the following common stocks. Security Quantity Cost Fair Value Arnold Aircraft 2,000 shares $72,000 $82,000 Duff Company 500 shares 8,000 6,000 Totals $80,000 $88,000 During the year 2022, Fernandez Corp. sold 3,000 shares of Lindsay Jones, Inc. for $39,900 and 500 shares of Duff Company at a loss of $2,700. What should be reported on the face of Fernandez’s December 31, 2022, balance sheet? What should be reported on Fernandez’s 2022 income statement? (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Fernandez Corp. Balance Sheet (Partial) Equity Investments $ 88,000 Fernandez Corp. Income Statement (Partial) Loss on Sale of Investments $ 10,800 Unrealized Holding Gain or Loss - Income____?

Please, I need the following indicators for Mexico 2020 and Peru 2020, if you can provide numbers from a trustworthy website.

·        Flexibility of Exchange rate: fixed or flexible?

·        Size of Current Account Deficit: large or small?

·        Size of Budget Deficit: large or small?

·        Amount of Foreign Reserves: small or large?

·        Amount of Foreign Debt: large or small?

Political Risk: high or low?

Select Corporation was incorporated on January 2, 2020. The following information pertains to Select Corporation’s 2020 common stock transactions. Net income: $330,000. Convertible Preferred stock, 5%, cumulative, 5,000 shares, $10 par value per share. Preferred dividends declared in 2020: $0

Jan. 2 Number of shares authorized . . . . . . . . . . . . . . . . . . . . . 250,000

Jan. 2 Number of shares issued . . . . . . . . . . . . . . . . . . . . . . . . 85,000

Jul. 1 Number of shares reacquired but not canceled . . . . . . . 5,000

Sept. 1 Two‑for‑one stock split

Dec. 1 Reissued shares of treasury stock . . . . . . . . . . . . . . . . . 5,000

XYZ Co. began operations on January 1, 2020. Financial statements for 2020 and 2021 contained the following errors:

                                        Dec. 31, 2020             Dec. 31, 2021   

     Ending inventory $198,000 overstated $219,000 understated

     Depreciation expense 126,000 overstated               —

No corrections have been made for any of the errors. Ignore income tax considerations.

The total effect of the errors on the balance of XYZ’s retained earnings at December 31, 2021 is overstated or understated by          _______

Orange Co. began operations on January 1, 2020. Financial statements for 2020 and 2021 contained the following errors:

                                        Dec. 31, 2020             Dec. 31, 2021   

     Ending inventory $198,000 overstated $219,000 understated

     Depreciation expense 126,000 overstated               —

In addition, on December 31, 2021 fully depreciated equipment was sold for $44,000, but the sale was not recorded until 2022. No corrections have been made for any of the errors. Ignore income tax considerations.

The total effect of the errors on the balance of Orange's retained earnings at December 31, 2021 is understated by          _______

Adcock Corp. had $500,000 net income in 2020. For all of 2020, there were 200,000 shares of Adcock’s common stock outstanding. There were also 30,000 options outstanding all year. Each option allowed the holder to buy one share of common stock at $40 a share. The market price of the common stock averaged $50 during 2020. The tax rate is 30%.

During all of 2020, there were 40,000 shares of convertible preferred stock outstanding. The preferred is $100 par, pays $3.50 a year dividend, and is convertible into 3 shares of common stock. Finally, Adcock had $2,000,000 of 7% convertible bonds (issued at face value) outstanding for all of 2020. Each $1,000 bond is convertible into 30 shares of common stock.

Required:      

(1)        Calculate Adcock’s basic earnings per share for 2020.

(2)        Calculate the incremental per share effect of each potentially dilutive security. Note that you are not to rank the results from smallest to largest earnings effect per share nor are you to recompute earnings per share for each of these potentially dilutive securities to determine if they are dilutive or anti-dilutive.

In 2020, Pina Ltd., which follows IFRS, reported accounting income of $1,178,000 and the 2020 tax rate was 20%. Pina had two timing differences for tax purposes:

CCA on the company’s tax return was $476,500. Depreciation expense on the financial statements was $283,000. These amounts relate to assets that were acquired on January 1, 2020, for $1,906,000.

Accrued warranty expense for financial statement purposes was $138,100 (accrued expenses are not deductible for tax purposes). This is the first year Pina offers warranties.

Both of these timing differences will fully reverse over the next four years, as follows:

Prepare the journal entries to record income taxes for 2020

In 2021 the government announced a further tax rate reduction will be effective for the 2024 taxation year. The new rate will be 15%. Prepare the journal entry to adjust deferred taxes for the reduced rate.