Shown below in T-account format are the changes affecting the retained earnings of Brenner-Jude Corporation during 2018. At January 1, 2018, the corporation had outstanding 104.5 million common shares, $1.0 par per share. Retained Earnings ($ in millions) 80 Beginning balance Retirement of 4.5 million common shares for $24.0 million 2.60 70 Net income for the year Declaration and payment of a $0.26 per share cash dividend 26.00 Declaration and distribution of a 2% stock dividend 17.00 104.40 Ending balance Required: 1. Prepare the journal entries to record the transactions that affected Brenner-Jude's retained earnings during 2018 based on the information provided. 2. Prepare a statement of retained earnings for Brenner-Jude for the year ended 2018.

Comprehensive analysis of Wal-Mart and Target, compute the four ratios; current ratio, quick ratio, liabilities to equity, times earned.

Current Ratio                                 2018        2017

Walmart                                        0.75:1     0.86:1

Target                                           0.95:1     0.94:1

Quick Ratio                                  2018        2017

Walmart                                       0.20:1     0.21:1

Target                                          0.29:1     0.28:1

Total liabilities to equity            2018          2017

Walmart    1.62times 1.55times

Target 2.33times 2.41times   

Times interest earned                      2018              2017

Walmart                                     7.490.5times   9.659.5times

Target                                         6.475.5times 4.949.5times

-          Which company is more liquid? More solvent?

-          Compare the liabilities to equity ratio, do they differ from the each other and the industry? why?

-          Do the ratios change over time? Why?

The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2018, UTS completed the purchase of Heinrich Corporation for $3,510,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,200,000. b. Included in the assets purchased from Heinrich was a patent valued at $82,250. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only seven more years. c. UTS acquired a franchise on July 1, 2018, by paying an initial franchise fee of $333,000. The contractual life of the franchise is 9 years. 1. Record amortization expense for the intangible assets at December 31, 2018. 2. Prepare the intangible asset section of the December 31, 2018, balance sheet.

Problem #3 Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $275 million of 9% bonds, dated January 1, on January 1, 2018. Management has the positive intent and ability to hold the bonds until maturity. For bonds of similar risk and maturity the market yield was 6%. The terms of the bonds is 10 years. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2018, was $300 million. Required:

1. Calculate the purchase price of the bonds.

2. Using the purchase price of the bond calculated in #1, prepare an amortization schedule for this bond.

3. Prepare the journal entries for:

a. January 1,2018

b. June 30, 2018

c. December 30, 2018

Rob operates a small plumbing supplies business as a sole proprietor. In 2018, the plumbing business has gross business income of $421,000 and business expenses of $267,000, including wages paid of $58,000. The business sold some land that had been held for investment generating a long-term capital gain of $15,000. The business has $300,000 of qualified business property in 2018. Rob's wife, Marie, has wage income of $250,000. They jointly sold stocks in 2018 and generated a long-term capital gain of $13,000. Rob and Marie have no dependents and in 2018, they take the standard deduction of $24,000.

The income threshold for QBI limitations starts at $315,000 for married filing jointly taxpayers.

a. What is Rob and Marie's taxable income before the QBI deduction?

anufacturing costs for Davenport Company during 2018 were as follows:

Note: The pre-determined overhead rate is 0.85 (85%) of direct labor cost.

Required:

1. Prepare a Cost of Goods Manufactured report.

2. Prepare a Partial Income Statement if sales revenue was $1,350,000 and operating expenses were $260,000 for 2018.

At the end of 2017, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book - tax difference of $75 million in a liability for estimated expenses. At the end of 2018, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2018 is $180 million and the tax rate is 40%.

Required: 1.) Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that the deferred tax asset will be realized.

1.a) Record the valuation allowance

2.) Prepare the journal entry(s) to record Payne's income taxes for 2018, assuming it is more likely than not that 1/4 of the deferred tax asset will ultimately be realized.

Regarding the statute of limitations on additional assessments of tax by the IRS, select the applicable date in each of the following situations. Note: Assume a calendar year individual with no fraud or substantial omissions involved. a. The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on . b. The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on . c. The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations . d. The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations .

Which reaction type is the following reaction?
Hg2(NO3)2 (aq) + 2KCl (aq) → 2KNO3 (aq) + Hg2Cl2 (s)

Suppose the cafeteria decides to make tacos for lunch one day. Each taco will be made with one taco shell, two scoops of ground beef, and three sccops of salsa. If the cafeteria has 150 taco shells, 250 scoops of ground beef, and 300 scoops of salsa, how many tacos can they make?

Predict the products of the following reaction
CaCl2 (aq) + K2SO4 (aq) →

What is the net ionic equation associated with the following reaction?
2AgNO3 (aq) + BaCl2 (aq) → 2AgCl (s) + Ba(NO3)2 (aq)

Suppose you have 20.1 g of Mn. What number of moles of Mn is present?

Suppose you have 15.7 g of Mg. How many Mg atoms are present? Report your answer in scientific notation using the format of 6.022E23 for 6.022 x 1023.

Heroin has the formula C21H23NO5. What is the molar mass of heroin?

Acetylsalicylic acid (sold under the trade name Aspirin) has the formula C9H8O4. Suppose you have 47.2 of acetylsalicylic acid. How many moles of acetylsalicylic acid are present?

Balance the following equation, using the lowest combination of integer values.
[a]Ca(OH)2 + [b]H3PO4 → [c]Ca3(PO4)2 + [d]H2O
Be sure to include a "1" if "1" balances the equation.
Specified Answer for: a, Specified Answer for: b, Specified Answer for: c, Specified Answer for: d

Balance the following equation, using the lowest combination of integer values.
[a]C7H16 + [b]O2 → [c]CO2 + [d]H2O
Be sure to include a "1" if "1" balances the equation. Specified Answer for: a, Specified Answer for: b, Specified Answer for: c, Specified Answer for: d    

Magnesium hydroxide, Mg(OH)2, reacts with HCl according to the following equation.
Mg(OH)2 + 2HCl → MgCl2 + 2H2O
58.3196 g/mol 36.4606 g/mol 95.2104 g/mol 18.0152 g/mol
Given 50.6 g of Mg(OH)2 and 45 g of HCl, what is the maximum yield of MgCl2 if Mg(OH)2 is limiting?      

Magnesium hydroxide, Mg(OH)2, reacts with HCl according to the following equation.
Mg(OH)2 + 2HCl → MgCl2 + 2H2O
58.3196 g/mol 36.4606 g/mol 95.2104 g/mol 18.0152 g/mol
Given 50.6 g of Mg(OH)2 and 45 g of HCl, what is the maximum yield of MgCl2 if HCl is limiting?

Magnesium hydroxide, Mg(OH)2, reacts with HCl according to the following equation.
Mg(OH)2 + 2HCl → MgCl2 + 2H2O
58.3196 g/mol    36.4606 g/mol 95.2104 g/mol 18.0152 g/mol
Given 50.6 g of Mg(OH)2 and 45 g of HCl, what is the theoretical yield of MgCl2?

Magnesium hydroxide, Mg(OH)2, reacts with HCl according to the following equation.
Mg(OH)2 + 2HCl → MgCl2 + 2H2O
58.3196 g/mol 36.4606 g/mol 95.2104 g/mol 18.0152 g/mol

Given the theorectical yield you just calculated from the reaction of 50.6 g of Mg(OH)2 with 45 g of HCl, if your actual yield of MgCl2 is 51.4 g, what is the percentage yield?

Cyclohexane, a common laboratory solvent, is a hydrocarbon, a compound consisting only of C and H. When 2 g of cyclohexane is burned in oxygen, 6.275 g of CO2 and 2.569 g of H2O are produced. Determine the number of moles of carbon in this sample. Report your answer to 4 significant figures.

Cyclohexane, a common laboratory solvent, is a hydrocarbon, a compound consisting only of C and H. When 2 g of cyclohexane is burned in oxygen, 6.275 g of CO2 and 2.569 g of H2O are produced. Determine the number of moles of hydrogen in this sample. Report your answer to 4 significant figures.

Cyclohexane, a common laboratory solvent, is a hydrocarbon, a compound consisting only of C and H. When 2.000 g of cyclohexane is burned in oxygen, 6.275 g of CO2 and 2.569 g of H2O are produced. What is the empirical formula of cyclohexane?
The empirical formula:   C[c]H[h]
Specified Answer for: c Specified Answer for: h

Using the empirical formula you just determined in the previous problem, if a separate experiment gave 84.16 g/mol as the molar mass of cyclohexane, what is the molecular formula of cyclohexane?
The molecular formula: C[c]H[h]
Specified Answer for: c
Specified Answer for: h

Nutra-Sweet is 57.14% C, 6.16% H, 9.52% N, and 27.18% O by mass. Assuming 100 g of Nutra-Sweet, how many moles of hydrogen are present? Report your answer to 3 significant figures.

Nutra-Sweet is 57.14% C, 6.16% H, 9.52% N, and 27.18% O by mass. Assuming 100 g of Nutra-Sweet, how many moles of carbon are present? Report your answer to 4 significant figures.

Nutra-Sweet is 57.14% C, 6.16% H, 9.52% N, and 27.18% O by mass. Assuming 100 g of Nutra-Sweet, how many moles of nitrogen are present? Report your answer to 3 significant figures.

Nutra-Sweet is 57.14% C, 6.16% H, 9.52% N, and 27.18% O by mass. Assuming 100 g of Nutra-Sweet, how many moles of oxygen are present? Report your answer to 4 significant figures.

Nutra-Sweet is 57.14% C, 6.16% H, 9.52% N, and 27.18% O by mass. Find Nutra-Sweet's empirical formula.
The empirical formula:   C[c]H[h]N[n]O[o]
Specified Answer for: c Specified Answer for: h Specified Answer for: n Specified Answer for: o

Using the empirical formula you just determined in the previous problem, if Nutra-Sweet's actual molecular weight is 294.30 g/mol, what is its molecular formula?
The molecular formula: C[c]H[h]N[n]O[o]
Specified Answer for: c Specified Answer for: h Specified Answer for: n Specified Answer for: o  

At December 31, 2018, Hull-Meyers Corp. had the following investments that were purchased during 2018, its first year of operations:

No investments were sold during 2018. All securities except Security D and Security F are considered short-term investments. None of the fair value changes is considered permanent.

Required:
Compute the below table to calculate the following. (Amounts to be deducted should be indicated with a minus sign.)