At the end of 2015, Payne Industries had a deferred tax asset account with a balance of $40 million attributable to a temporary book–tax difference of $100 million in a liability for estimated expenses. At the end of 2016, the temporary difference is $80 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2016 is $205 million and the tax rate is 40%.

Required: 1. Prepare the journal entry(s) to record Payne’s income taxes for 2016, assuming it is more likely than not that the deferred tax asset will be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

2. Prepare the journal entry(s) to record Payne’s income taxes for 2016, assuming it is more likely than not that one-fourth of the deferred tax asset will ultimately be realized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

A manager receives a forecast for next year. Demand is projected to be 528 units for the first half of the year and 960 units for the second half. The monthly holding cost is $2 per unit, and it costs an estimated $55 to process an order.

a. Assuming that monthly demand will be level during each of the six-month periods covered by the forecast (e.g., 88 per month for each of the first six months), determine an order size that will minimize the sum of ordering and carrying costs for each of the six-month periods. (Round your answers to the nearest whole number.)

Period Order Size

1 – 6 months units

7 – 12 months units

b. If the vendor is willing to offer a discount of $10 per order for ordering in multiples of 50 units (e.g., 50, 100, 150), would you advise the manager to take advantage of the offer in either period? If so, what order size would you recommend? (Round intermediate calculations to 2 decimal places.)

Period Order Size

1 – 6 months units

7 – 12 months units

1. What is the molarity of a solution that contains 18.7 g of KCl (MW=74.5) in 500 mL of water?
   
2. 25 g of NaOH (MW = 40) is added to 0.5 L of water. What is the molarity of this solution if an additional 0.25 L of water is added to this solution?
   
3. How many grams of H₂SO₄ (MW = 98) are in 750 mL of 3 N H₂SO₄?
   
4. What is the normality of a solution that contains 280 g of NaOH (MW=40) in 2000 mL of solution?
   
5. A serum potassium is 19.5 mg/100 mL. This value is equal to how many mEq/L (MW = 39)?

You are given a series of 5 tubes, each of which contains 5 mL of saline. To the first tube is added 1 mL of serum, and a serial dilution using 1 mL is carried out in the remaining tubes.

6. What is the dilution in the first tube?
7. What is the final dilution in the third tube
8. The third tube was run, and the triglyceride concentration was 3 mg/dL. Give the triglyceride concentration in the 1^st tube:
9. What is the concentration of the original specimen?
10. What result do you report out?

Johnson paid $325,000 to acquire 100% of Willis Corporation in a statutory merger. In addition, Johnson also agreed to pay the shareholders of Willis $0.40 in cash for every dollar in income from continuing operations of the combined entity over $75,000 in the first three years following acquisition. Johnson projects that there is a 20% (45%, 35%) probability that the income from continuing operations in the first three years following acquisition is $65,000 ($90,000, $115,000 respectively). Johnson uses a discount rate of 7%.

Information for Willis Corporation immediately before the merger was as follows:

Previously unreported items identified as belonging to Willis:

1. Show your determination of the contingent consideration.
2. Show your determination the goodwill to be reported in this acquisition.

Python program

A number game machine consists of three rotating disks labelled with the numbers 0 to 9 (inclusive). If certain combinations of numbers appear when the disks stop moving, the player wins the game.

The player wins if

• the first and third numbers are the same, and the second number is less than 5, or
• all three numbers are the same, or
• the sum of the first two numbers is greater than the third number;

otherwise the player loses.

Write a Python program to simulate this number game by randomly generating 3 integer values between 0 and 9 (inclusive), and printing whether the player has won or lost the game.

To randomly generate a number between and including 0 and 9, use the randintmethod from random library module. For example, x = random.randint(1,100)will automatically generate a random integer between 1 and 100 (inclusive) and store it in x.

Sample output 1:

Random numbers: 2 3 5
You lose.

Sample output 2:

Random numbers: 7 7 0
You win!

3. (a) California Bank holds $375 million in deposits and maintains a reserve ratio of 5%. Show the T-account of the bank

Money Multiplier =

Final Money Supply =

(b) If First Bank has deposits = $500,000, reserves = $100,000, and loans = $400,000. Show the T-account of the bank:

If the Fed requires banks to hold 5% as reserves:
Required Reserves =

Excess Reserves =

Final Money Supply =

(c) If First Bank decides to decrease its reserves to the required amount. Show the new T-Account of the bank.

Final Money Supply =

(d) The banking system has $100 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 40%. Show the T-Account of the banks.

Final Money Supply =

5. Suppose you win the lottery. You have a choice between earning $100,000 fora year for 20 years or an immediate payment of $1,200,000. If the interest rate is 3%:

(a) Which choice would you make?

(b) For what range of interest rates should you take the immediate payment?

1. The ________________________ of two events A and B is the event that consists of all the elements contained in A and B.
2. If A and B are mutually exclusive then A∩B = _________ and P(A∩B) = ________.
3. If A and B are independent, P(A∩B) = ____________________ (finish the formula).

4.  The law of large numbers says that if an experiment is repeated again and again, the         relative frequency probability will get closer to the _____________________________

5.  If the P(A\B) = 0.6 and P(A∩B) = 0.3, find P(B).

6.  If you roll a single fair die and count the number of dots on top, what is the probability of getting a number of at most 3 on a single throw?

7.  You roll two fair dice, a blue one and a yellow one. Each part has single probability.

1. Find P(odd number on the blue die and even on the yellow die).

     b)  Find P(even on the blue die and greater than 1 on the yellow die).

8.  An urn contains 12 balls identical in every respect except color.  There are 6 red balls, 4 green balls, and 2 blue balls. Each part has single probability.

     a)  You draw two balls from the urn, but replace the first ball before drawing the second.  Find the probability that the first ball is red and the second is green.

     b)  Repeat part (a), but do not replace the first ball before drawing the second.

9.  A computer package sale comes with four different choices of printers and five choices of monitors.  If a store wants to display each package combination that is for sale, how many packages must be displayed?   

10.  You have 100 parts in a box and 25 of them are bad.  What is the probability that:

            a)         the first part you draw will be bad?

            b)         the first part will be good?

            c)         if you draw two parts, both will be good?

USING MINITAB CREATE the following charts

Please provide detailed MINITAB Walk Through

The shape of the graph of a binomial distribution depends on the value of both n and p. To see how the shape changes for a fixed value of n, you will let p vary and graph each probability distribution. Let X be a binomial random variable with n = 10.

a. For p = 0.11 obtain a bar chart of the binomial probability distribution.

b. For p = 0.50 obtain a bar chart of the binomial probability distribution.

c. For p = 0.89 obtain a bar chart of the binomial probability distribution.

d. Describe the effect of changing p.

Now see what happens when you hold p constant and vary n. Let X be a binomial random variable with p = 0.25.

a. Obtain a bar chart of the binomial probability distribution for n = 5.

b. Obtain a bar chart of the binomial probability distribution for n = 50.

c. Describe the effect of changing n.

Now you want to see graphically the effect of changing the standard deviation of a Normal distribution. Let mu = 100 for both distributions, but let sigma(σ) = 10 for one and sigma(σ) = 16 for the other distribution. Recall that for each distribution the first value should be 3sigma(σ) below the mean of 100, and the last value should be 3sigma(σ) above the mean of 100. When MINITAB creates the X values for you, for both distributions this time set the data IN STEPS OF 2. Overlay the two density functions on the same graph (in MINITAB), and paste in the box below.