explain why separation of roles of chairman and CEO is considered best practice in most jurisdictions

1. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $400 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanie’s parents will claim her as a dependent).

QUESTION 9

1. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $1,600 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanie’s parents will claim her as a dependent).

QUESTION 10

1. Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Stephanie reported $13,500 of earnings from her babysitting. Calculate the 2020 standard deduction Stephanie will claim (assume that Stephanie’s parents will claim her as a dependent).

QUESTION 11

1. Roquan is an attorney and practices as a sole proprietor. This year, Roquan had net business income of $90,000 from his law practice. Assume that Roquan pays $40,000 wages to his employees, he has $10,000 of property (unadjusted basis of equipment he purchased last year), has no capital gains or qualified dividends, and his taxable income before the deduction for qualified business income is $315,000. Calculate Roquan’s deduction for qualified business income.

QUESTION 12

1. Katie is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net business income from Engineers One is $170,000. Assume that Katie’s allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers One’s qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income, no capital gains or qualified dividends, and that her taxable income before the deduction for qualified business income is $400,000. Calculate Katie’s deduction for qualified business income.

QUESTION 13

1. Katie is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net business income from Engineers One is $170,000. Assume that Katie’s allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers One’s qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income, no capital gains or qualified dividends, and that her taxable income before the deduction for qualified business income is $140,000. Calculate Katie’s deduction for qualified business income.

On June 30, 2020, Ivanhoe Company issued $3,420,000 face value of 16%, 20-year bonds at $4,449,160, a yield of 12%. Ivanhoe uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31.

(a)

Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Culver Company sells 8% bonds having a maturity value of $1,500,000 for $1,386,275. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

1.Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.)

The effective-interest rate _______%

2.Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548.)

Blue Company sells 8% bonds having a maturity value of $2,510,000 for $2,319,700. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.)

eTextbook and Media

Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548.)

Cheyenne Company sells 8% bonds having a maturity value of $2,400,000 for $2,218,040. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on January 1.

Determine the effective-interest rate. (Round answer to 0 decimal places, e.g. 18%.)

eTextbook and Media

Set up a schedule of interest expense and discount amortization under the effective-interest method. (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 38,548.)

Pension data for Freddie Johns Company include the following for 2020:

Settlement rate 8%

Expected return on plan assets: 12%

Actual return on plan assets: $170,000

Service cost: $300,000

Est. remaining service life of employees 10 years

As of January 1, 2020:

PBO $1,500,000

Plan assets $1,700,000

AOCI – PSC $200,000

AOCI – Actuarial (G)/L $60,000

During 2020:

Amortization of prior service cost $25,000

Cash contributions to pension fund $240,000

Benefit payments to retirees $260,000

Prepare all journal entries necessary related to this pension for the year. You may use individual journal entries or a combined journal entry, but be sure to clearly support your answer with all necessary calculations and/or T-accounts. Also, you may choose to use the pension worksheet to support your answer, but the pension worksheet is not required.

On January 2, 1990, Hank Brady establishes the Judge Hank Brady Irrevocable Dynasty Trust with Tenleytown Trust Company as trustee. On January 10, 1990, Hank transfers 100 shares of Brady, Inc. stock to the trust worth $1 million. Hank Brady does not allocate any GST exemption to the trust either during the transfer or at any point after, and, therefore, the trust has an inclusion ratio of 1. The trustee has the discretion to distribute principal to the grantor's son, Mike, and Mike's sons, Greg, Peter and Bobby to provide for their welfare. Upon Mike's death, the remainder is distributed in equal shares to Mike's sons. On January 10, 2020, Mike dies. On January 10, 2020, the fair market value of the trust is $10 million. How much GST tax does the trust or its beneficiaries owe in 2020 and why? Who is responsible for paying the tax?

On June 30, 2020, Crane Company issued $5,640,000 face value of 14%, 20-year bonds at $6,488,600, a yield of 12%. Crane uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on June 30 and December 31. (a) Prepare the journal entries to record the following transactions. (Round answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1) The issuance of the bonds on June 30, 2020.

(2) The payment of interest and the amortization of the premium on December 31, 2020.

(3) The payment of interest and the amortization of the premium on June 30, 2021.

(4) The payment of interest and the amortization of the premium on December 31, 2021.