Following are selected balance sheet accounts of Headland Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information.

Additional information:

Determine the category (operating, investing, or financing) and the amount that should be reported in the statement of cash flows for the following items.

There are different perspectives on human population growth and the dynamics associated with population change. Go to CIA World Factbook website and one developing country and compare the following and answer the questions:

Example of a developed country: China

• Population growth rate: 0.32 percent year 2020 estimation, rank 170 in the whole world
• Birth rate: 11.6 births per 1000 people 2020 estimation, rank 168 in the whole world
• Death rate: 8.2 deaths per 1000 people 2020 estimation, rank 85 in the whole world
• Net migration rate: 0.4 migrant (s) per 1000 people 2020 estimation, rank 123 in the whole world

Example of a developing country: Sudan

• Population growth rate: 2.69 percent year 2020 estimation, rank 17 in the whole world
• Birth rate: 33.8 births per 1000 people 2020 estimation, rank 23 in the whole world
• Death rate: 6.5 deaths per 1000 people 2020 estimation, rank 144 in the whole world
• Net migration rate: 0.4 migrant (s) per 1000 people 2020 estimation, rank 125 in the whole world

Please help me answer the following questions with the information I have provided above.

1.      Why do you think the population is increasing or decreasing for that country? Try to explain at least two reasons as to why this is happening?

2.      How do diseases affect the population? Can you think about any diseases that have affected the human population? (Please use peer reviewed sources to support your answer).

3.      Looking at the countries you compared, what are the toxins present in the environment that impact human health? Provide one example for each country.

Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 34,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contract on December 1, 2020, to sell 34,000 dinars on March 1, 2021. The forward points on the forward contract are excluded in assessing hedge effectiveness and are amortized to net income using a straight-line method on a monthly basis. Relevant exchange rates for the dinar on various dates are as follows:

Icebreaker must close its books and prepare financial statements at December 31.

Company purchases materials from a foreign supplier on December 1, 2020, with payment of 34,000 dinars to be made on March 1, 2021. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2020, Brandlin enters into a forward contract to purchase 34,000 dinars on March 1, 2021.

1. a-1. Assuming that Icebreaker designates the forward contract as a cash flow hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U.S. dollars.

2. a-2. What is the impact on 2020 net income?

3. a-3. What is the impact on 2021 net income?

4. a-4. What is the impact on net income over the two accounting periods?

5. b-1. Assuming that Icebreaker designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for the import purchase and foreign currency forward contract in U.S. dollars.

6. b-2. What is the impact on net income in 2020 and in 2021?

7. b-3. What is the impact on net income over the two accounting periods?

Section III - Income Taxes (45 points)

- XYZ began business on 1/1/18. During that year, they had pre-tax financial accounting income of$96,000 and paid $800 of officer life insurance (company is the beneficiary). The accountant has determined that a truck purchased in 2018 for $25,000 will be depreciated as follows:

                                                                2018                 2019                 2020                 2021                 2022

Financial Statement $5,000 $5,000 $5,000      5,000 5,000 Tax Return $9,000 $7,000 $4,000 $ 3,000      2,000

Prepare the journal entry to record income taxes for 2018. Assume that the tax rate for 2018 and beyond is 40%.

- In 2019, XYZ had a financial accounting income of 360,000, which includes $800 of municipal income which is not taxable. In addition to the depreciation differences discussed above, the pre-tax income also includes an unrealized holding loss of $25,000 that cannot be deducted for tax purposes until the security is sold. All securities are held in a trading portfolio.

Prepare the journal entries to record income taxes for 2019. Assume that the tax rate for 2019 and beyond remains at 40%.

- In 2020, XYZ had a financial accounting income of $500,000.. In addition to the depreciationdifference discussed in 2018, $9,000 of the security loss recorded in 2019 was realized in 2020 when some of the securities were sold. Also, in 2020 XYZ adopted the installment sales method for tax purposes and $22,000 of profit recognized in 2020 will be taxable in a future year when the related receivables are collected.

Pre pare the journal entries to record income taxes for 2020. Assume that the tax rate for 2020 has been changed, effective 1/1/2020 to 30% and that the new rate is expected to remain in effect for all future years.

Arrowhead is a manufacturing company that produces only one product, an electronic chip, and has provided the following data concerning its operations in January and February 2020:

January 2020 was the company’s first month of operations. The company has theoretical capacity to produce 1,200 chips a month without impacting any fixed costs. Since maintenance of the machines needs to be performed weekly, the company has practical capacity to produce 1000 chips a month. The company uses practical capacity as its denominator capacity level when determining a rate for its FMOH. The company uses FIFO inventory method for reporting purposes. All relevant costs are presented in the chart below and all estimated costs are equal to the actual costs incurred:

January 2020 February 2020

Selling price $400 $400

Chips in beginning FG inventory 0 200

Chips produced 800 800

Chips sold 600 600

Chips in ending FG inventory 200 400

Variable costs per unit:

    Direct materials $25 $25

    Direct labor $40 $40

    Variable manufacturing overhead $15 $15

    Variable selling and administrative $ 10 $ 10

Fixed costs:

    Fixed manufacturing overhead $120,000 $120,000

    Fixed selling and administrative $30,000 $30,000

A. What is the unit product cost for February 2020 under variable costing?

B. What is the unit product cost for February 2020 under absorption costing?

C. Create a contribution format income statement for February 2020. SHOW YOUR WORK. CLEARLY LABEL ALL STEPS.

D. What is the dollar value of the adjustment for product-volume variance to cost of goods sold (CGS) under absorption costing (if any) for February 2020? Don’t forget to indicate if this adjustment increases or decreases CGS.

Melisa was distraught. While her grandfather was getting on in years his loss had come as a shock late that Friday afternoon. She could think of no immediate family to contact and wandered her apartment wondering what to do. Finally at 9pm she realized she would have to do something so she called the closest funeral home to her grandfather ‘Lost Days Funeral Home’. Not expecting an answer so late she left a message hoping to hear back from them after the weekend. She was shocked to have the owner of Lost Days call her back within minutes. After 10pm on a Friday when most businesses should be closed! Susan (the owner of Lost Days) quickly put Melisa’s concerns to rest outlining a plan for the funeral (location and space for the religious service of her choice, cremation or burial of her grandfather, help with writing an obituary (article about her grandfather’s demise) and placing it in the local paper, organizing the wake (gathering of friends and family after the funeral), catering for the wake and even offered to help with a lawyer to assist in her role as executor (being responsible to act on the disposition of her grandfather’s possessions as outlined in his will). Now, instead of having a grief filled weekend with the stress of a funeral to arrange Melisa was now able to spend it recounting her fond memories of her grandfather.

based on the case study answer the following question:

Explain what you believe to be the need being satisfied, solution being offered or problem being solved by the funeral home from the purchaser’s perspective and why you believe this to be so.

Question:

1. Prove that the intersection of two compact sets is compact, using criterion (2).
2. Prove that the intersection of two compact sets is compact, using criterion (1).
3. Prove that the intersection of two compact sets is compact, using criterion (3).

Probably the most important new idea you'll encounter in real analysis is

the concept of compactness. It's the compactness of [a, b] that makes a

continuous function reach its maximum and that makes the Riemann in-

tegral exist. For subsets of R"h, there are three equivalent definitions of

compactness. The first, 9.2(1), promises convergent subsequences. The sec-

ond, 9.2(2) brings together two apparently unrelated adjectives, closed and

bounded. The third, 9.2(3), is the elegant, modern definition in terms of

open sets; it is very powerful, but it takes a while to get used to.

9.1. Definitions. Let S be a set in Rn. S is bounded if it is contained

in some ball B(0, R) about 0 (or equivalently in a ball about any point). A

collection of open sets {U} is an open cover of S if S is contained in U U(.

A finite subcover is finitely many of the Ua which still cover S. Following

Heine and Borel, S is compact if every open cover has a finite subcover.

9.2. Theorem. Compactness. The following are all equivalent conditions

on a set S in ]Rn.

(1) Every sequence in S has a subsequence converging to a point of S.

(2) S is closed and bounded.

(3) S is compact: every open cover has a finite subcover.

Criterion

(1)is the Bolzano-Weierstrass condition for compactness,

which you met for R in Theorem 8.3. The more modern Heine-Borel crite-

rion (3) will take some time to get used to. A nonclosed set such as (0, 1] is

not compact because the open cover {(1/n, oo)} has no finite subcover. An

unbounded set such as R is not compact because the open cover {(-n, n)}

has no finite subcover. This is the main idea of the first part of the proof.

Proof. We will prove that (3)->(2) -> (1) -> (3).

(3) ->(2). Suppose that S is not closed. Let a be an accumulation point

not in S. Then the open cover {{Ix - aI > 1/n}} has no finite subcover.

Suppose that S is not bounded. Then the open cover {{JxI < n}} has no

finite subcover.

(2) -> (1). Take any sequence of points in S C ]Rn. First look at just the

first of the n components of each point. Since S is bounded, the sequence

of first components is bounded. By Theorem 8.3, for some subsequence,

the first components converge. Similarly, for some further subsequence, the

second components also converge. Eventually, for some subsequence, all of

the components converge. Since S is closed, the limit is in S.

(1) =>. (3). Given an open cover {Ua}, first we find a countable subcover.

Indeed, every point x of S lies in a ball of rational radius about a rational

point, contained in some Ua. Each of these countably many balls lies in

some U,,. Let {Vi} be that countable subcover.

Suppose that {V} has no finite subcover. Choose xl in S but not in

V1. Choose X2 in S but not in V1 U V2. Continue, choosing xn in S but

not in U{V : 1 < i < n}, which is always possible because there is no finite

subcover. Note that for each i, only finitely many xn (for which n < i)

lie in V. By (1), the sequence xn has a subsequence converging to some

x in S, contained in some Vi. Hence infinitely xn are contained in Vi, a

contradiction.

9.3. Proposition. A nonempty compact set S of real numbers has a largest

element (called the maximum) and a smallest element (called the minimum).

Proof. We may assume that S has some positive numbers, by translating it

to the right if necessary. Since S is bounded, there is a largest integer part D

before the decimal place. Among the elements of S that start with D, there

is a largest first decimal place d1. Among the elements of S that start with

D.d1, there is a largest second decimal place d2. Keep going to construct

a = D.dld2d3.... By construction, a is in the closure of S.

Since S is closed, a lies in S and provides the desired maximum.

A minimum is provided by - max(-S).

Brighton investment is a Singapore resident company which had the following incomes for the year.

$

Trading profits in Singapore 1,500,000

Fixed deposit interest [UOB Singapore] 44,000

Gross royalty income for foreign countries:

- China 112,000

- Hong Kong 155,000

- Malaysia 35,000

- India 23,000

All the above foreign sourced income was remitted into Singapore on December 2019. Singapore has tax treaties with China, Malaysia and India but no treaty with Hong Kong. The withholding tax rates in foreign countries are: Malaysia - 8%

Hong Kong - 5.5%

China - 10%

India - 10%

Determine the final tax liability for Brighton Pte Ltd for the year of assessment 2020 after allowing the partial exemptions.

The values of certain types of collectibles can often fluctuate greatly over time. Suppose that the value of a particular limited edition figurine is found to be able to be modeled by the function

?(?) = −0.01?⁴ + 0.47?³ − 7.96?² + 49.18? + 65 for 0 ≤ ? ≤ 20 where ?(?) is in dollars, t is the number of years after the figurine was released, and ? = 0 corresponds to the year 1999.

a) What was the value of the figurine in the year 2009?

b) What was the value of the figurine in the year 2019?

c) What was the instantaneous rate of change of the value of the figurine in the year 2002?

d) What was the instantaneous rate of change of the value of the figurine in the year 2019?

e) Use your answers from parts a-d to estimate the value of the figurine in 2020.