Sarah Singleton (born July 1, 1970, and Social Security Number 473-12-1234), who lives at 123 Main Street in Mankato, MN 56001 (Blue Earth County), is single, has 20-20 vision, and has no dependents. She works 40 hours per week at a retail store in Mankato, MN, and generates $40,000 of income. Additionally, $10,000 federal income tax and $7,000 of state of MN income tax were withheld from her wages from this job, as reported on her W-2.

During 2019 Sarah’s mother passed away, and Sarah inherited $50,000 in cash. Additionally, her father gave her $20,000 as a birthday present. Sarah placed the money in Wells Fargo Bank and earned $500 of taxable interest income.

Sarah has the following itemized deductions:

State Property taxes on her home $6,000

State of MN income tax withheld of $7,000 (as indicated above)

Home Morgage interest of $5,000

Interest on her car loan of $1,000

Donation to local church $500

Gambling losses of $5,000, Sarah has no gambling winnings

Answer the following items in your post:

1. What is Sarah's Adjusted Gross Income

2. Identify which items qualify as an itemized deduction on Schedule A for the tax year 2019?

3. What are Sarah's total itemized deductions for the tax year 2019?

Label each section

Below is selected balance sheet and income statement information from aldo Company.

a. Compute the following liquidity, solvency and coverage ratios for both years.

• Current ratio (2014, 2012)
• Liabilities-to-equity (2014, 2012)  
• Times interest earned (2014, 2012)
• Cash from operations to total debt (2014, 2012)
• Free operating cash flow to total debt (2014, 2012)

b.  What is your overall assessment of the company’s credit risk? Explain. What differences do you observe between the two years? Please be brief.

True or False:

1. A life insurance company must be concerned about the possibility that the people who buy life insurance may tend to be less healthy than those who do not. This is an example of adverse selection.

2. . An insurance company must be concerned about the possibility that someone will buy fire insurance on a building and then set fire to it. This is an example of adverse selection.

-What is GAAP and who develops GAAP?

-What is financial consistency and how does it apply to Inventory?

-Define Materiality and is explain whether the materiality for a $20 million revenue company would be the same for a $2 million revenue company?

-What is the Sarbanes-Oxley Act of 2002 and how has it affected accounting

-What is an Annual Report and who is required to file with the SEC?

Prepare adjusting entries for the following items on December 31, the end of the fiscal year for Carson Carpets. The company initially records cash received in advance of performing the service as a liability, and prepaid expenses as current assets.

a) Amortization on equipment, $2,500

b) Services performed but unbilled, $3,500

c) Salaries owed to employees at year end, $2,500

d) Unearned service revenue earned, $5,500

e) Supplies used during the year, $3,200

On December 31, 2012, Lunes Company collected $174,000 in unearned subscription revenue which is to be earned equally over the next three (3) years. Pretax financial income in 2012 amounted to $595,000. Lunes’ applicable tax rate is 34% in 2012. Recently enacted tax laws have indicated that Lunes’ tax rate will increase to 37% in 2013. There is no evidence to suggest any future tax rate changes beyond what is currently known.  

Compute and Interpret Liquidity, Solvency and Coverage Ratios
Balance sheets and income statements for Lockheed Martin Corporation follow. Refer to these financial statements to answer the requirements.

(a) Compute Lockheed Martin's current ratio and quick ratio for 2005 and 2004. (Round your answers to two decimal places.)
2005 current ratio = Answer

2004 current ratio = Answer

2005 quick ratio = Answer
2004 quick ratio = Answer

Which of the following best describes the company's current ratio and quick ratio for 2005 and 2004?

The current ratio has increased while the quick ratio has decreased in the period from 2004 to 2005, which suggests the company has a shortage of liquid assets.

Both the current and quick ratios have decreased from 2004 to 2005. The company is fairly illiquid.

Both the current and quick ratios have increased from 2004 to 2005. The company is fairly liquid.

The current ratio has decreased while the quick ratio has increased in the period from 2004 to 2005, which suggests the company has a shortage of current assets.

(b) Compute total liabilities-to-equity ratios and total debt-to-equity ratios for 2005 and 2004. (Round your answers to two decimal places.)
2005 total liabilities-to-stockholders' equity = Answer
2004 total liabilities-to-stockholders' equity = Answer

2005 total debt-to-equity = Answer
2004 total debt-to-equity = Answer

Which of the following best describes the company's total liabilities-to-equity ratios and total debt-to-equity ratios for 2005 and 2004?

The total liabilities-to-equity ratio has decreased while the total debt-to-equity ratio has increased in the period from 2004 to 2005, which suggests the company has decreased the use of short-term debt financing.

The total liabilities-to-equity ratio has increased while the total debt-to-equity ratio has decreased in the period from 2004 to 2005, which suggests the company has increased the use of short-term debt financing.

Both the total liabilities-to-equity and total debt-to-equity ratios have increased from 2004 to 2005. These increases suggest that the company is less solvent.

Both the total liabilities-to-equity and total debt-to-equity ratios have decreased from 2004 to 2005. The difference between these two measures reveals that any solvency concerns would be for the short run.

(c) Compute times interest earned ratio, cash from operations to total debt ratio, and free operating cash flow to total debt ratios. (Round your answers to two decimal places.)
2005 times interest earned = Answer
2004 times interest earned = Answer

2005 cash from operations to total debt = Answer
2004 cash from operations to total debt = Answer

2005 free operating cash flow to total debt = Answer
2004 free operating cash flow to total debt = Answer

Which of the following describes the company's times interest earned, cash from operations to total debt, and free operating cash flow to total debt ratios for 2005 and 2004? (Select all that apply)
Answeryesno Lockheed Martin's free operating cash flow to total debt ratio increased slightly over the year 2005 due to increased cash flow from operations and decreased levels of debt.
Answeryesno Lockheed Martin's cash from operations to total debt ratio increased slightly over the year 2005 due to increased cash flow from operations and decreased levels of debt.
Answeryesno Lockheed Martin's times interest earned increased significantly during 2005, due to both an increase in profitability and a decrease in interest expense.
Answeryesno Lockheed Martin's times interest earned decreased significantly during 2005, due to both a decrease in profitability and an increase in interest expense.

(d) Summarize your findings in a conclusion about the company's credit risk. Do you have any concerns about the company's ability to meet its debt obligations?

Lockheed Martin's total debt-to-equity is very low, thus increasing any immediate solvency concerns. The company's ability to meet its debt requirements will depend on increasing short-term debt.

Lockheed Martin's quick ratio is very low, thus increasing immediate solvency concerns. The company's ability to meet its debt requirements will depend on liquidating inventories for emergency cash.

Lockheed Martin's times interest earned ratio is high, thus lessening any immediate solvency concerns. The company's ability to meet its debt requirements will depend on its continued profitability.

Lockheed Martin's total liabilities-to-equity is high, thus lessening any immediate solvency concerns. The company's ability to meet its debt requirements will depend on its use of equity financing.

Compute and Interpret Liquidity, Solvency and Coverage Ratios
Balance sheets and income statements for Lockheed Martin Corporation follow. Refer to these financial statements to answer the requirements.

(a) Compute Lockheed Martin's current ratio and quick ratio for 2005 and 2004. (Round your answers to two decimal places.)
2005 current ratio = Answer

2004 current ratio = Answer

2005 quick ratio = Answer

2004 quick ratio = Answer

Which of the following best describes the company's current ratio and quick ratio for 2005 and 2004?

The current ratio has increased while the quick ratio has decreased in the period from 2004 to 2005, which suggests the company has a shortage of liquid assets.

Both the current and quick ratios have decreased from 2004 to 2005. The company is fairly illiquid.

Both the current and quick ratios have increased from 2004 to 2005. The company is fairly liquid.

The current ratio has decreased while the quick ratio has increased in the period from 2004 to 2005, which suggests the company has a shortage of current assets.

(b) Compute total liabilities-to-equity ratios and total debt-to-equity ratios for 2005 and 2004. (Round your answers to two decimal places.)
2005 total liabilities-to-stockholders' equity = Answer

2004 total liabilities-to-stockholders' equity = Answer

2005 total debt-to-equity = Answer

2004 total debt-to-equity = Answer

Which of the following best describes the company's total liabilities-to-equity ratios and total debt-to-equity ratios for 2005 and 2004?

The total liabilities-to-equity ratio has decreased while the total debt-to-equity ratio has increased in the period from 2004 to 2005, which suggests the company has decreased the use of short-term debt financing.

The total liabilities-to-equity ratio has increased while the total debt-to-equity ratio has decreased in the period from 2004 to 2005, which suggests the company has increased the use of short-term debt financing.

Both the total liabilities-to-equity and total debt-to-equity ratios have increased from 2004 to 2005. These increases suggest that the company is less solvent.

Both the total liabilities-to-equity and total debt-to-equity ratios have decreased from 2004 to 2005. The difference between these two measures reveals that any solvency concerns would be for the short run.

(c) Compute times interest earned ratio, cash from operations to total debt ratio, and free operating cash flow to total debt ratios. (Round your answers to two decimal places.)
2005 times interest earned = Answer

2004 times interest earned = Answer

2005 cash from operations to total debt = Answer

2004 cash from operations to total debt = Answer

2005 free operating cash flow to total debt = Answer

2004 free operating cash flow to total debt = Answer

Which of the following describes the company's times interest earned, cash from operations to total debt, and free operating cash flow to total debt ratios for 2005 and 2004? (Select all that apply)
Answeryesno

Lockheed Martin's free operating cash flow to total debt ratio increased slightly over the year 2005 due to increased cash flow from operations and decreased levels of debt.
Answeryesno

Lockheed Martin's times interest earned decreased significantly during 2005, due to both a decrease in profitability and an increase in interest expense.
Answeryesno

Lockheed Martin's cash from operations to total debt ratio increased slightly over the year 2005 due to increased cash flow from operations and decreased levels of debt.
Answeryesno

Lockheed Martin's times interest earned increased significantly during 2005, due to both an increase in profitability and a decrease in interest expense.

(d) Summarize your findings in a conclusion about the company's credit risk. Do you have any concerns about the company's ability to meet its debt obligations?

Lockheed Martin's total debt-to-equity is very low, thus increasing any immediate solvency concerns. The company's ability to meet its debt requirements will depend on increasing short-term debt.

Lockheed Martin's quick ratio is very low, thus increasing immediate solvency concerns. The company's ability to meet its debt requirements will depend on liquidating inventories for emergency cash.

Lockheed Martin's times interest earned ratio is high, thus lessening any immediate solvency concerns. The company's ability to meet its debt requirements will depend on its continued profitability.

Lockheed Martin's total liabilities-to-equity is high, thus lessening any immediate solvency concerns. The company's ability to meet its debt requirements will depend on its use of equity financing.

can you please summarize it, relate any theory from the text ( INTERNATIONAL BUSINESS ENVIRONMENTS OPERATIONS 16^th EDITION ) that applies, and include a few sentences of your reaction or questions that the article has created for you. in 3-4 paragraphs

ARTICLE :- Chinese Drone Maker Plows Into Agriculture; DJI to launch crop-spraying drone in effort to expand into farming sector

China's SZ DJI Technology Co., the world's top consumer-drone maker, is setting its sights on the agriculture industry with the launch of a crop sprayer that will test whether farming is fertile ground for drone technology. Drones would improve pesticide application on hilly or wet land that is difficult to access and would limit farmworkers' exposure to chemicals, said Even Pay, a Beijing-based agriculture consultant who has studied Chinese farming methods.

China's SZ DJI Technology Co., the world's top consumer-drone maker, is setting its sights on the agriculture industry with the launch of a crop sprayer that will test whether farming is fertile ground for drone technology.

DJI, which helped kick-start the global craze for drones with its $1,000 easy-to-fly devices, has unveiled an eight-rotor drone priced at roughly $15,000 that is designed to spray pesticides on crops, a spokesman said. DJI said the drone, which has a 2.6-gallon spray tank and a typical takeoff weight of about 49 pounds, can fly for about 12 minutes.

It can spray pesticides on seven to 10 acres of farmland an hour, depending on how much it needs to climb, descend or turn to follow the terrain.

The battery-powered DJI Agras MG-1 will be available first in China and South Korea, though the company didn't specify exactly when it would go on sale. In China, DJI was taking preorders Friday. The drone is expected to be available in other markets later, the company said.

Shenzhen-based DJI has found success selling drones to consumers and filmmakers since 2013, with revenue expected to exceed $1 billion this year.

The company, which is valued at roughly $8 billion based on its latest funding round, is now betting it can parlay that success into farming. Its push into the sector could open the way for other drone makers--or prove that agriculture isn't the cornucopia for unmanned aircraft that some had hoped.

The Association of Unmanned Vehicle Systems International, the largest drone trade group, has touted farming as the biggest potential market for drones, by far. In a 2013 report, the Arlington, Va.-based group forecast that agriculture would account for 92% of an estimated $82 billion economic impact from commercial drones in the U.S. between 2015 and 2025.

But even as the commercial use of drones has taken off world-wide, agriculture is far from capturing such a large share of the market. Fewer companies are applying for U.S. Federal Aviation Administration approvals to use drones on farms than for activities such as filmmaking, mapping and industrial inspection, according to recent studies.

The FAA began regularly approving drones for commercial use in September 2014. Just 90 of the FAA's first 1,355 approvals were for agriculture, according to Piper Jaffray Investment Research--well behind the 670 approvals for aerial filming. The FAA has approved most applications it receives.

Much of the promise for agricultural drones has been in their ability to collect large-scale aerial data on crops. The information helps farmers more precisely tend to their fields, adding or reducing irrigation or pesticides where necessary. So far, agricultural drones have failed to live up to their promise because giving farmers actionable data on their crops is far more complex than making a map or filming a movie, analysts said.

Commercial-drone maker Kespry Inc., based in Menlo Park, Calif., said it originally considered targeting agriculture as its top initial market, but ultimately decided on construction.

"To serve that market we need real expertise--agronomists who can combine the data with information on weather and local pests, and provide real recommendations," said Kespry founder and Chief Executive Paul Doersch. "For us to scale it didn't make sense."

Despite the complexities, DJI isn't the only drone maker betting on farming to diversify its revenue stream. Henri Seydoux, CEO of Paris-based Parrot SA, which has quickly captured the lower end of the consumer-drone market , said his company will collect data on 200,000 acres for farmers in France this year. Still, commercial drones earned Parrot just [euro]5.6 million ($6 million) in the third quarter, compared with [euro]44.4 million on consumer drones.

Agricultural drones "are at an early phase," Mr. Seydoux said. "It's true for all the commercial spaces. There is a lot of expectation but still not a big result."

DJI is making a different bet on agriculture: spraying crops instead of inspecting them. In China, chemicals are often administered on foot by backpack-wielding workers. Drones would improve pesticide application on hilly or wet land that is difficult to access and would limit farmworkers' exposure to chemicals, said Even Pay, a Beijing-based agriculture consultant who has studied Chinese farming methods.

Japanese farmers have used large gasoline-powered unmanned helicopters made by Yamaha Motor Co. since the early 1990s to spray their fields. Yamaha began selling the drones to South Korean farmers in 2005.

The FAA in May approved the drone for limited use in the U.S., and the company is considering whether to introduce it in the country.

Analysts said DJI's crop-spraying drone will likely struggle to win over Western farmers who generally tend to larger areas. Large U.S. farms have for decades used small planes that can carry hundreds of gallons of pesticide to spray their fields. The planes are efficient at covering large areas and relatively inexpensive to hire.

Robert Blair, an Idaho farmer and vice president of agriculture for commercial-drone company Measure LLC, said he is bullish on drones that collect data on crops but skeptical about crop-spraying drones like DJI's that can carry only a few gallons of pesticide. "It's a niche market," he said.

The coronavirus pandemic has exposed a significant weakness in our supply chain. The United States had not produced penicillin since 2006. Up to 93 percent of our antibiotics come from China. 50% of all the face masks produced in the world come from China. Apple could not produce IPhones because the only factory making the screens was located at the epi center of the virus in China and was shut down. Most electronic first tier vendors are located in China. The list goes on. Side note – in 1941, the largest trade partner to the US was Japan.

1. How should the US view strategically important products in a global marketplace? Should we allow our primary adversary to be the sole source? Why or why not? Options?
2. Should the US focus on being self-sufficient with regard to medical products?
3. How did the supply chain become so vulnerable? What steps would you recommend to prevent this from reoccurring?
4. The use of JIT in the supply chain has had many advantages. Unfortunately, any interruption is catastrophic. What options should be put in place to mitigate this risk?