A United Nations report shows the mean family income for Mexican migrants to the US is $27,000 per year. A Farm Labor Organizing Committee sample of 25 Mexican families reveals a mean of $30,000, with a sample standard deviation of $10,000. Use this evidence to determine if the United Nations report is incorrect. Use the .01 level of significance. Begin by Stating the Appropriate Null Hypothesis.

Calculate the relevant test statistic.

Should the null hypothesis be rejected?

Is this evidence that the United Nations report is incorrect? Explain.

The following accounts, among others, appeared on ZZ Company's balance
sheet at January 1, 2020 and December 31, 2020:

                  January 1, 2020       December 31, 2020

Accounts receivable    48,000                63,000
Utilities payable      20,000                26,000
Notes payable          71,000                80,000
Common stock           30,000                90,000
Retained earnings      22,000                78,000

The following information was taken from ZZ Company's 2020 income
statement:

Sales revenue                   $500,000
Cost of goods sold               280,000
Other expenses                   120,000
Net income                      $100,000

Calculate the net cash flow from financing activities for 2020. If
your answer is negative, place a minus sign in front of your answer
with no spaces in between (e.g., -1234).

Explain and illustrate the impacts that the COVID-19 pandemic and horrendous bushfires of 2019/2020 have had on the Australian economy. You will do so by comparing the three main macro-economic indicators –GDP growth, inflation and unemployment – in June 2020 to a point in time prior to the pandemic and bushfires (pre-July 2019), then you will illustrate and explain the impacts using the AD-AS model. Provide references that support your work and submit your slides and a link to your video for marking.

. You are the accountant for Auxerre, and you have to prepare the journal for income taxes. You have gathered the following information for 2020:

1. Deferred tax liability, January 1, 2020, $40,000.
2. Deferred tax asset, January 1, 2020, $0.
3. Taxable income for 2020, $127,000.
4. Cumulative temporary difference on December 31, 2020, giving rise to future taxable amounts, $220,000.
5. Cumulative temporary difference on December 31, 2020, giving rise to future deductible amounts, $35,000.
6. There is one permanent difference between taxable and pretax financial income due to a $5,000 fine imposed by OSHA.
7. The tax rate is 40% for all years.
8. The company is expected to operate profitably in the future.

Prepare the journal entry to record income taxes for 2012.

The Articles of Partnership for partners Moon, Sun, and Stars stipulate 10% interest allowance for each partner based on average capital balances during 2020. The beginning capital balances for Moon, Sun, and Stars on January 1, 2020 are $100,000, $250,000, and $400,000, respectively. On April 1, 2020, Moon invests additional 20,000 in the partnership. On July 1, 2020 Star withdraws 50,000 from the partnership. During 2020, Sun and Stars have drawings of 60,000 and 20,000, respectively. During 2020, partners Sun and Stars receive salary allocation of 60,000 and 20,000, respectively. If the partnership’s Net Income for the period after salary allocations are considered is above 130,000, Stars is also going to receive a bonus allowance of 10% of Net Income. The measure of Net Income used to determine the actual amount of the bonus is Net Income after bonus and interest allocations are considered, but before salary allocations are considered. The profit-and-loss sharing ratios for the partnership are: Moon (20%), Sun (50%), and Stars (30%) Required (show all your calculations):

1. Assume that the partnership’s net income for 2020 is $250,000. What is the TOTAL partnership RESIDUAL INCOME allocation in 2020? What is the total partnership profit allocation for Moon, Sun, and Stars, respectively? (10 points)

2. Assume that the partnership’s net income for 2020 is $250,000. Prepare the journal entry to close the NI into the Capital balances of the partners. (5p.)

3. Assume that the partnership incurs a net loss of $100,000 in 2020. What is the TOTAL partnership RESIDUAL INCOME allocation in 2020? What is the total partnership profit allocation for Moon, Sun, and Stars, respectively? (10 points)

4. Assume that the partnership incurs a net loss of $100,000 in 2020. Prepare the journal entry to close the net loss into the Capital balances of the partners. (5p.)

Hedged Sale Commitment and Exposed Asset Position

On June 25, 2020, GlobalAgra Inc., a U.S. company, received a purchase order from a Swiss customer for delivery of merchandise on July 10, 2020, at a price of CHF10,000,000, payable in Swiss francs (CHF) on September 10, 2020. To hedge its exposure to exchange rate changes, on June 25, 2020, GlobalAgra entered a forward contract for delivery of CHF10,000,000 to the broker on September 10, 2020. The merchandise was delivered as scheduled. On September 10, 2020, GlobalAgra received payment from the customer, and delivered the Swiss francs to the broker to close the forward contract. GlobalAgra’s accounting year ends December 31. Exchange rates ($/ CHF) are as follows:

Required

Prepare the journal entries GlobalAgra made on July 10, 2020, and September 10, 2020, to record the above transactions.

Z Corporation has taxable income of $100,000 in 2020 after properly accounting for all the following items on the tax return. In reviewing the tax workpapers you discover the following notations. Indicate for each of the following transactions, what necessary adjustment to taxable income that is needed to determine the current E & P.

Label your answers A-E and indicate the dollar amount for each adjustment. If the adjustment is a negative one, enclose the amount in brackets. If no adjustment is needed, state None.

A. During 2020, the company paid $21,000 in federal income taxes

B. During 2020, the company elected to expense $40,000 under Section 179   

C. In 2020, the company received $1,000 in tax-exempt income

D. In 2020, the company paid $6,000 in business meals.

E. In 2020, the company had $5,000 in capital gains. From 2019, they had a $4,000 capital loss carryforward which they could utilize in 2020.

ABC Pty Ltd is an Australian resident private company and on 1 July 2019 its franking account balance was $35,000. ABC paid PAYG instalments of income tax during the year ended 30 June 2020 as follows: 21 July 2019 -- $35,000 21 October 2019 -- $35,000 21 January 2020 -- $35,000 21 April 2020 -- $26,000 A refund of income tax of $22,500 was received by ABC from the ATO on 1 April 2020. ABC paid GST of $65,000 on 28 October 2019 and FBT of $57,000 on 30 April 2020. ABC received a fully franked dividend of $21,000 on 1 November 2019 and an unfranked dividend of $33,000 on 12 December 2019. ABC paid a 75% franked dividend of $120,000 on 1 February 2020and a 50% franked dividend of $70,000 on 1 June 2020. Prepare a franking account for ABC for the year ended 30 June 2020.

On January 1, 2014, Paterson Company purchased 70% of the common stock of Smith Company for $420,000. At that time, Smith’s stockholders’ equity consisted of $80,000 of Common stock, $60,000 of Other contributed capital, and $240,000 of Retained earnings. Any difference between implied and book value relates to Smith’s land. Paterson uses the cost method to record its investment in Smith. Its fiscal year ends on December 31. Additional information for both companies for 2020 follows:

Required:

A)Prepare all the necessary eliminating entries on a consolidated statements workpaper on 12/31/2020.

B) Calculate the consolidated net income for 2020.

C) Calculate the non controlling interest in net income for 2020.