Eva received $57,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $8,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,400. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)

Problem 8-68 Part a (Algo)

a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year? (Round your final answer to the

Amount of FICA taxes?_________

c. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year? (Round your intermediate computations & final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

Self Employment tax liability?______

Additional Medicare Tax Liability?_____

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Rasheed works for Company A, earning $382,000 in salary during 2020.

Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate and final answer to the nearest whole dollar amount.)

Amount of FICA TAX?_________

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Carol works for ABC Company and earned $66,000 for the entire year 2018. How much in FUTA tax is her employer required to withhold in her name? Assume that the employer receives the maximum credit for state unemployment taxes.

Multiple Choice

A.$49.40.

B.$0.

C.$450.00.

D.$42.00.

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Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $184,000.

What is her self-employment tax liability and additional Medicare tax liability for 2020? (Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.)

Self Employment tax liability?______

Additional Medicare Tax Liability?_____

Seahawks’ Touchdowns, Inc. reported the following on its December 31, 2019 balance sheet (000’s omitted):

Accounts Receivable, net of allowance for doubtful accounts of $462                           $1,788

The company makes its adjusting entry for bad debts at the end of the year. During 2020, cash collections were $3,432. In addition, $368 in accounts receivable were written off and $3 was collected from an account written off in 2018. An aging of accounts receivable reveals the following:

Show your work and highlight your answer. T-accounts are included above if needed.

A. What were credit sales during 2020? _________________________

The next two questions are independent of each other.

B. If the company records bad debts based on the aging analysis, what is the 12/31/20 adjusting entry? NRV of A/R? Show your work and highlight your answers.

Adjusting Journal Entry:

Net Realizable Value of Accounts Receivable 12/31/20: _________________________

C. If the company records bad debts as 12.0% of credit sales, what is the 12/31/20 adjusting entry? NRV of A/R? Show your work and highlight your answers.

Adjusting Journal Entry:

Net Realizable Value of Accounts Receivable 12/31/20: _________________________

Marketing Scenario

You are the director of marketing for a company based out of Chicago IL and your firm sells custom-built athletic braces for college and pro athletes. The company wants to expand your customer base into senior citizens and begins to design and sell a new knee brace that will help older folks.

1. The new brace goes on sale JULY 1st 2020. Your company advertises on social media, their website, and senior citizens can buy the brace at local retailers like Target or Wal-Mart. The prices range from $19.99 to $34.99

2. Your company's key marketing message during the product launch is this: "Golden Brace is made for seniors who need additional support to stay active! We care about you!"

3. On September 1st 2020, your social media platform is flooded with complaints that the brace is starting to shred or fall apart after repeated use. Thankfully no person has been injured but a few customers are upset and they are sounding off.

4. Your boss tells you that they were aware of a possible manufacturing defect but decided to let it go. In addition, you are told that the marketing for the brace never stated that it should be worn all the time...only when senior citizens were choosing to be active.

5. Your boss finally tells you that it is YOUR JOB to find a solution. If not, you may be replaced.

So....

1. What is your DETAILED solution to the problem?

2. What is ethically wrong in this scenario?

**SHOW ALL WORK IN EXCEL QM**

Problem-4:

Every home football game for the past eight years at Eastern State University has been sold out. The revenues from ticket sales are significant, but the sale of food, beverages, and souvenirs has contributed greatly to the overall profitability of the football program. One particular souvenir is the football program for each game. The number of programs sold at each game is described by the following probability distribution:

Historically, Eastern has never sold fewer than 2,300 programs or more than 2,700 programs at one game. Each program costs $0.80 to produce and sells for $2.00. Any programs that are not sold are donated to a recycling center and do not produce any revenue.

1. Simulate the sales of programs at 10 football games. Use the random number table.
2. If the university decided to print 2,500 programs for each game, what would the average profits be for the 10 games simulated in part (a)?
3. If the university decided to print 2,600 programs for each game, what would the average profits be for the 10 games simulated in part (a)?

Turn the following into a structured informative abstract.

Metalinguistic awareness contributes to effective writing at university. Writing is a meaning-making process where linguistic, cognitive, social and creative factors are at play. University students need to master the skills of academic writing not only for getting their degree but also for their future career. It is also significant for lecturers to know who our students are, how they think and how we can best assist them. This study examines first-year undergraduate Australian and international engineering students as writers of academic texts in a multicultural setting at the University of Adelaide. A questionnaire and interviews were used to collect data about students’ level of metalinguistic awareness, their attitudes toward, expectations for, assumptions about and motivation for writing. The preliminary results of the research show that students from different cultures initially have different concepts about the academic genres and handle writing with different learning and writing styles, but those with a more developed metalanguage are more confident and motivated. The conclusion can also be drawn that students’ level of motivation for academic writing positively correlates with their opinion about themselves as writers. Following an in-depth multi-dimensional analysis of preliminary research results, some recommendations for writing instruction will also be presented.

E6.14 (LO 5) (Computation of Pension Liability) Nerwin, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its compensation plan. The plan will start on January 1, 2020. Each employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). On the basis of a discussion with the supervisor of the Personnel Department and an actuary from an insurance company, the controller develops the following information related to the pension plan.

The interest rate to be used is 8%.

Instructions

On the basis of the information above, determine the present value of the pension obligation (liability).

Question 11

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Flounder Inc., a greeting card company, had the following statements prepared as of December 31, 2020.

Scott Corporation (SC) is planning to import hand sanitizers into Trinidad and Tobago because of the increase in demand due to the Bird Flu influencer.

SC hired Trailblazer Corporation (TB) to transport the shipment of hand sanitizers from the Port of Pineapple on Monday 1^st October 2018 to SC’s warehouse in the Bamboo at a cost of TT$10,000. The shipment of hand sanitizers has to be stored at a particular temperature, to prevent it from been damaged during transportation, for which TB was duly informed.

At a meeting on 20^th September 2018 between SC and TB to discuss the transportation arrangement, TB’s CEO Mr. Right, presented SC’s CEO Mr. Wrong with a form containing an agreement to transport, which outlined the date and cost of delivery as stated above. The form also stated inter alia ”please read conditions of contract prior to signing” Mr Wrong signed the form, but failed to read the entire contents of the signed document. The conditions included an exclusion clause exempting TB from all losses however caused during the transportation of the sanitizers.

The shipment of hand sanitizers was subsequently damaged during transportation, because it was stored at the wrong temperature. SC on inspection the shipment thereafter, saw the damaged sanitizers and has indicated that they will seek damages via a legal action against TB. However, TB is seeking to rely on the exclusion clause mentioned above.

SC Corporation is arguing that they are not bound by the clause, because when their CEO signed the document, he was of the view that he was simply signing an agreement for the transport of the shipment of hand sanitizers. They also argued that if such clause is so critical to TB in terms of the exclusion of liability, merely stating ”please read condition of contract prior to signing” was not sufficient; indeed, some express notice of the exclusion clause should have given bearing in mind that the parties never contracted previously.

TB is holding strong to their view that they are protected by the exclusion clause and as such SC cannot sue them. Advise SC Corporation.

1. In each of the following scenarios, calculate the total increase in US GDP this year caused directly by the given information

   1. An individual purchases an old used car from their friend for $6,000. They buy a new engine for the car for $1,000, replace the brakes for $500, and paint it for $200. They then sell the car for $10,000

   2. A computer manufacturer in the US buys parts for its computer from Japan. The cost of these parts is $500. It produces and sells a computer for $700 using these parts.

   3. A child is running a lemonade stand. They purchase 20 lemons for $3 each and 500 grams of sugar for $0.01 per gram. Using these ingredients, they make and sell 50 cups of lemonade for $2 each and at the end of the day they have 5 lemons and 100 grams of sugar remaining (that they do not sell and eventually consume themselves).

   4. A video game company prints 2 million copies of a game that sells for $60. It sells 1.8 million of these this year and the remainder the following year.

   5. A sandwich shop buys $1000 of ham, $500 of cheese, and $300 of bread. It also buys a new meat slicer for $300. Using these, it produces and sells $2000 of sandwiches. There is no ham or cheese remaining after production, but the meat slicer is still in perfect condition.