On 5/17/2020, a random sample of 1007 U.S. households finds that Trump has a 49% approval rating.
a) Use the 2SD method to find a 95% confidence interval estimate of the proportion of all U.S. households that approve of Trump on 5/17/2020. Show all work/steps to get the 2SD estimate. Round the margin of error to three decimal places. Work and Answer:
b) Use your answer from part (a) to fill in the red spaces below in order to write the results of the poll in these two notations:
According to the poll, on 5/17/2020, Trump has an approval rating of 49% ± _________%
According to the poll, on 5/17/2020, Trump’s approval rating was between ______% and ______%
c) If we were to use this same sample information to find a 90% confidence interval estimate instead of a 95% confidence interval estimate, then would our new 90% confidence interval be wider, or would it be narrower than the 95% estimate? Work and Answer:
In: Advanced Math
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows: Service Revenue Collections Pretax Accounting Income 2017 $ 610,000 $ 590,000 $ 150,000 2018 710,000 720,000 215,000 2019 675,000 650,000 185,000 2020 660,000 685,000 165,000 There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%. (Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017–2020.) Required: 1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup’s 2019 income taxes and Alsup’s 2020 income taxes.
In: Accounting
Problem 16-5 Change in tax rate; record taxes for four years [LO16-1, 16-4, 16-5]
The DeVille Company reported pretax accounting income on its
income statement as follows:
| 2018 | $ | 405,000 | |
| 2019 | 325,000 | ||
| 2020 | 395,000 | ||
| 2021 | 435,000 | ||
Included in the income of 2018 was an installment sale of property
in the amount of $52,000. However, for tax purposes, DeVille
reported the income in the year cash was collected. Cash collected
on the installment sale was $20,800 in 2019, $26,000 in 2020, and
$5,200 in 2021.
Included in the 2020 income was $21,000 interest from investments
in municipal bonds.
The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new
tax legislation was passed reducing the tax rate to 25% for the
years 2020 and beyond.
Required:
Prepare the year-end journal entries to record income taxes for the
years 2018–2021. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account field.)
In: Accounting
Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due.
Required:
Prepare the journal entries for Geraths in 2020. (Round amounts to nearest dollar.)
I want to know the answer on handwriting, plz.
In: Accounting
Metlock Co. has the following postretirement benefit plan
balances on January 1, 2020.
| Accumulated postretirement benefit obligation | $2,239,000 | |
| Fair value of plan assets | 2,239,000 |
The interest (settlement) rate applicable to the plan is 10%. On
January 1, 2021, the company amends the plan so that prior service
costs of $177,000 are created. Other data related to the plan
are:
|
2020 |
2021 |
|||||
| Service costs | $75,000 | $85,000 | ||||
| Prior service costs amortization | 0 | 12,000 | ||||
| Contributions (funding) to the plan | 45,000 | 35,000 | ||||
| Benefits paid | 41,000 | 45,000 | ||||
| Actual return on plan assets | 142,000 | 119,000 | ||||
| Expected rate of return on assets | 8 | % | 6 |
% |
||
1. Prepare a worksheet for the postretirement plan in 2020.
2.Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2020.
3.Prepare a worksheet for 2021
4.Prepare journal entries related to the postretirement plan as of December 31, 2021.
5. Indicate the postretirement-benefit–related amounts reported in the 2021 financial statements.
In: Accounting
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performed. For tax purposes, revenue is reported when fees are collected. Service revenue, collections, and pretax accounting income for 2017–2020 are as follows:
service revenue collections pre tax accounting income
| 2017 | $ | 688,000 | $ | 653,000 | $ | 220,000 | |||
| 2018 | 780,000 | 795,000 | 285,000 | ||||||
| 2019 | 745,000 | 715,000 | 255,000 | ||||||
| 2020 | 730,000 | 760,000 | 235,000 | ||||||
There are no differences between accounting income and taxable income other than the temporary difference described above. The enacted tax rate for each year is 40%.
(Hint: You may find it helpful to prepare a schedule that shows the balances in service revenue receivable at December 31, 2017–2020.) Required: 1. Prepare the appropriate journal entry to record Alsup's 2018 income taxes, Alsup’s 2019 income taxes and Alsup’s 2020 income taxes.
In: Accounting
Alsup Consulting sometimes performs services for which it
receives payment at the conclusion of the engagement, up to six
months after services commence. Alsup recognizes service revenue
for financial reporting purposes when the services are performed.
For tax purposes, revenue is reported when fees are collected.
Service revenue, collections, and pretax accounting income for
2017–2020 are as follows:
| Service Revenue | Collections | Pretax Accounting Income |
|||||||
| 2017 | $ | 616,000 | $ | 581,000 | $ | 140,000 | |||
| 2018 | 700,000 | 710,000 | 205,000 | ||||||
| 2019 | 665,000 | 645,000 | 175,000 | ||||||
| 2020 | 650,000 | 675,000 | 155,000 | ||||||
There are no differences between accounting income and taxable
income other than the temporary difference described above. The
enacted tax rate for each year is 40%.
(Hint: You may find it helpful to prepare a schedule that shows the
balances in service revenue receivable at December 31,
2017–2020.)
Journal entry worksheet:
Record 2018 income taxes.
Record 2019 income taxes.
Record 2020 income taxes.
In: Accounting
Presented below is an income statement for Crane Company for the
year ended December 31, 2020.
| Crane
Company Income Statement For the Year Ended December 31, 2020 |
|||
| Net sales | $786,000 | ||
| Costs and expenses: | |||
| Cost of goods sold | 555,000 | ||
| Selling, general, and administrative expenses | 77,000 | ||
| Other, net | 30,000 | ||
| Total costs and expenses | 662,000 | ||
| Income before income taxes | 124,000 | ||
| Income taxes | 37,200 | ||
| Net income | $86,800 | ||
Additional information:
| 1. | "Selling, general, and administrative expenses" included a usual but infrequent charge of $8,000 due to a loss on the sale of investments. | ||
| 2. | "Other, net" consisted of interest expense, $10,000, and a discontinued operations loss of $20,000 before taxes. If the discontinued operations loss had not occurred, income taxes for 2020 would have been $43,200 instead of $37,200. | ||
| 3. | Crane had 20,000 shares of common stock outstanding during 2020. |
Using the single-step format, prepare a corrected income statement,
including the appropriate per share disclosures.
In: Accounting
Q7) Pearl Home Improvement Company installs replacement siding,
windows, and louvered glass doors for single-family homes and
condominium complexes. The company is in the process of preparing
its annual financial statements for the fiscal year ended May 31,
2020. Jim Alcide, controller for Pearl, has gathered the following
data concerning inventory.
At May 31, 2020, the balance in Pearl’s Raw Materials Inventory
account was $444,720, and Allowance to Reduce Inventory to NRV had
a credit balance of $27,340. Alcide summarized the relevant
inventory cost and market data at May 31, 2020, in the schedule
below.
Alcide assigned Patricia Devereaux, an intern from a local college,
the task of calculating the amount that should appear on Pearl’s
May 31, 2020, financial statements for inventory under the LCNRV
rule as applied to each item in inventory. Devereaux expressed
concern over departing from the historical cost principle.
|
Cost |
Sales Price |
Net Realizable Value |
||||
| Aluminum siding | $76,300 | $69,760 | $61,040 | |||
| Cedar shake siding | 93,740 | 102,460 | 92,432 | |||
| Louvered glass doors | 122,080 | 203,176 | 183,447 | |||
| Thermal windows | 152,600 | 168,732 | 152,600 | |||
| Total | $444,720 | $544,128 | $489,519 |
Incorrect answer iconYour answer is incorrect.
Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020.
| Balance in the Allowance to Reduce Inventory to NRV |
$ |
For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded (using the loss method) due to the change in Allowance to Reduce Inventory to NRV. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
| The amount of the gain (loss) |
$ |
In: Accounting
1. MIGITSU COMPANY
Comparative Balance Sheets
December 31
| Cash | $72,000 | $21,000 | ||||
| Accounts receivable | 87,000 | 77,000 | ||||
| Inventories | 168,000 | 190,000 | ||||
| Land | 70,000 | 99,000 | ||||
| Equipment | 262,000 | 202,000 | ||||
| Accumulated depreciation | (66,000) | (34,000) | ||||
| Total | $593,000 | $555,000 | ||||
| Liabilities and Stockholders’ Equity | ||||||
| Accounts payable | $35,000 | $45,000 | ||||
| Bonds payable | 151,000 | 208,000 | ||||
| Common stock ($1 par) | 218,000 | 176,000 | ||||
| Retained earnings | 189,000 | 126,000 | ||||
| Total | $593,000 | $555,000 |
Additional information:
1. Net income for 2020 was $97,000.
2. Cash dividends of $34,000 were declared and paid.
3. Bonds payable amounting to $57,000 were redeemed for cash $57,000.
4. Common stock was issued for $42,000 cash.
5. Equipment that cost $45,000 and had a book value of $27,000 was sold for $35,000 during 2020; land was sold at cost.
PART A. Prepare a statement of cash flows for 2020 using the indirect method.
PART B. Compute free cash flow
2.
2020 2019
Cash $14,900 $10,400
Accounts receivable. 21,500. 23,400
Land. 19,700 25,900
Buildings 70,100 70,100
Accumulated depreciation—buildings. (14,800) (10,700)
Total $111,400 $119,100
Accounts payable $12,100 $28,300
Common stock 75,400 73,600
Retained earnings 23,900 17,200
Total $111,400 $119,100
Additional information:
1. Net income was $22,400. Dividends declared and paid were $15,700
2. No noncash investing and financing activities occurred during 2020.
3. The land was sold for cash of $4,900.
PART A.) Prepare a statement of cash flows for 2020 using the indirect method.
PART B.) Compute free cash flow
In: Accounting