For its first year if operations, Altitude Inc. reports pretax GAAP income of $100,000 in 2020. Assume pretax income in 2021 and 2022 of $125,000 and $90,000 respectively. The enacted income tax rate in all years is 25%. The following additional information is available for the first three years of operation (with the exception of the one item in the 4th year).

• Prepaid rent in the amount of $20,000 was recorded on December 21, 2020 for 2021 rent.
• A warranty accrual of 30,000 was recorded on December 31, 2020. The warranty was paid evenly over the years 2021-2023.
• The company recorded interest revenue of $500 each of the three years on municipal bonds.

1. Compute the income tax payable each year for 2020, 2021, 2022
2. Determined the balance of any deferred tax assets or deferred tax liabilities at the end of each year (2020, 2021, 2022)
3. Record the journal entry related to taxes in 2020, 2021, 20222

For its first year of operations, Altitude Inc. reports pretax GAAp income of 100,000 in 2020. Assume pretax GAAP income in 2021 and 2022 of 125,000 and 90,000, respectively. The enacted income tax rate in all years is 25%. The following additional information is available for the first three years of operation (with the exception of the one item in the 4th year): Prepaid rent in the amount of 20,000 was recored on December 31, 2020 for 2021 rent. A warranty accrual of 30,000 was recorded on December 31, 2020. The warranty was paid evenly over the years 2021-2023. The company recorded interest revenue of 500 each of three years on municipal bonds.

1. Compute the income tax payable each year for 2020, 2021, and 2022

2. Determined the balance of any Deferred Tax Assets or Deferred Tax Liabilities at the end of each year (2020, 2021, 2022)

3. Record the journal entries related to taxes in 2020, 2021, 2022

C programming:

Assume you have the following spreadsheet as example.csv. This .csv file can have more than 1000 lines of data.

Read the spreadsheet which is example.csv file in your new c program and then sort the above data by latitude in ascending order. Use bubble or insertion sort and time it. Please do not hard code anything, especially do not hard code .csv file.

Desrosiers Ltd. had the following long-term receivable account balances at December 31, 2019:

Notes receivable    $1,800,000

Notes receivable—Employees 400,000

Transactions during 2020 and other information relating to Desrosiers' long-term receivables were as follows:

1. The $1.8-million note receivable is dated May 1, 2019, bears interest at 9%, and represents the balance of the consideration received from the sale of Desrosiers's electronics division to New York Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2020, 2021, and 2022. The first principal and interest payment was made on May 1, 2020. Collection of the note instalments is reasonably assured.

2. The $400,000 note receivable is dated December 31, 2019, bears interest at 8%, and is due on December 31, 2022. The note is due from Marcia Cumby, president of Desrosiers Ltd., and is secured by 10,000 Desrosiers common shares. Interest is payable annually on December 31, and the interest payment was made on December 31, 2020. The quoted market price of Desrosiers's common shares was $45 per share on December 31, 2020.

3. On April 1, 2020, Desrosiers sold a patent to Pinot Company in exchange for a $200,000 non–interest bearing note due on April 1, 2022. There was no established exchange price for the patent, and the note had no ready market. The prevailing rate of interest for a note of this type at April 1, 2020, was 12%. The present value of $1 for two periods at 12% is 0.79719 (use this factor). The patent had a carrying amount of $40,000 at January 1, 2020, and the amortization for the year ended December 31, 2020 would have been $8,000. The collection of the note receivable from Pinot is reasonably assured.

4. On July 1, 2020, Desrosiers sold a parcel of land to Four Winds Inc. for $200,000 under an instalment sale contract. Four Winds made a $60,000 cash down payment on July 1, 2020, and signed a four year, 11% note for the $140,000 balance. The equal annual payments of principal and interest on the note will be $45,125, payable on July 1, 2021, through July 1, 2024. The land could have been sold at an established cash price of $200,000. Desrosiers had paid $150,000 for the land when it purchased it. Collection of the instalments on the note is reasonably assured.

5. On August 1, 2020, Desrosiers agreed to allow its customer, Saini Inc., to substitute a six-month note for accounts receivable of $200,000 it owed. The note bears interest at 6% and principal and interest are due on the note's maturity date.

Instructions

a. For each note:

1. Describe the relevant cash flows in terms of amount and timing.

2. Determine the amount of interest income that should be reported in 2020.

3. Determine the portion of the note and any interest that should be reported in current assets at December 31, 2020.

4. Determine the portion of the note that should be reported as a long-term investment at December 31, 2020.

b. Prepare the long-term receivables section of Desrosiers's SFP at December 31, 2020.

c. Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Desrosiers's SFP at December 31, 2020.

d. Determine the total interest income from the long-term receivables that would appear on Desrosiers's income statement for the year ended December 31, 2020.

The following information applies to Tammy Taxpayer, employed by Time Travellers Ltd. (a Canadian Controlled Private Corporation).

Gross salary $110,000

Bonus. 50,000

Bonus based on Tammy's hard work negotiating contracts on behalf of the company (of which $15,000 was received on December 25, 2019 and the remainder will be received on January 15, 2020)                    

During 2019, Time Travellers withheld the following amounts from her gross salary:

Registered Pension Plan. $6,000

Charitable Donations - United Way. 2,000

Federal and Provincial Income Taxes. 28,750

• Tammy's employer made a $6,000 matching contribution to her registered pension plan.

• Travelling expenses for a 3 week trip for Tammy were reimbursed by Time Traveller. The cost of the entire trip was $3,000. Tammy spend one week attending a business conference and the other two weeks she stayed on as a vacation

• Time Traveller provided Tammy with a Mercedes Benz, which she used for 10 months of the year for work and pleasure. The following pertains to her automobile usage:

Monthly lease payment. $800

Kilometres driven for employment purposes 29,000 kms

Total kilometres driven during the year 32,000 kms

Operating costs paid by the employer $4,300

• Tammy was required to pay professional association dues of $1,500 for the year.

• Tammy incurred the following expenses while on company business trips throughout the year:

Hotel accommodations $3,500

Airline fare 6,400

Meals 2,300

All of these expenses were charged to Tammy's personal credit card and reimbursed by the employer.

• Tammy was awarded a Shirley Elford glass sculpture, valued at $900, for exceeding her sales targets by 20%.

• Tammy was given one of the limited underground parking spots in her building. The cost of the parking spot is $1,500 and is paid by Time Travellers Ltd.

• Tammy exercised her stock options in 2019. She acquired 2,000 shares on August 1, 2019 for $15 per share when the shares were trading for $22 per share. The options were granted in 2018, when the shares were trading for $14 per share. On November 1, 2019, Tammy sold her shares for $25 per share.

• Time Travellers paid $300 for Tammy's income tax preparation.

REQUIRED:    

Calculate the amount that would be included in calculation of Tammy Taxpayer's Net Employment Income for taxation purposes for the 2019 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME.

The following information applies to Tammy Taxpayer, employed by Time Travellers Ltd. (a Canadian Controlled Private Corporation).

Bonus based on Tammy’s hard work negotiating contracts on behalf of the company (of which $15,000 was received on December 25, 2019 and the remainder will be received on January 15, 2020)                    

During 2019, Time Travellers withheld the following amounts from her gross salary:

• Tammy’s employer made a $6,000 matching contribution to her registered pension plan.

• Travelling expenses for a 3 week trip for Tammy were reimbursed by Time Traveller. The cost of the entire trip was $3,000. Tammy spend one week attending a business conference and the other two weeks she stayed on as a vacation

• Time Traveller provided Tammy with a Mercedes Benz, which she used for 10 months of the year for work and pleasure. The following pertains to her automobile usage:

• Tammy was required to pay professional association dues of $1,500 for the year.

• Tammy incurred the following expenses while on company business trips throughout the year:

All of these expenses were charged to Tammy’s personal credit card and reimbursed by the employer.

• Tammy was awarded a Shirley Elford glass sculpture, valued at $900, for exceeding her sales targets by 20%.

• Tammy was given one of the limited underground parking spots in her building. The cost of the parking spot is $1,500 and is paid by Time Travellers Ltd.

• Tammy exercised her stock options in 2019. She acquired 2,000 shares on August 1, 2019 for $15 per share when the shares were trading for $22 per share. The options were granted in 2018, when the shares were trading for $14 per share. On November 1, 2019, Tammy sold her shares for $25 per share.

• Time Travellers paid $300 for Tammy’s income tax preparation.

REQUIRED:

Calculate the amount that would be included in calculation of Tammy Taxpayer’s Net Employment Income for taxation purposes for the 2019 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME.

The following information applies to Tammy Taxpayer, employed by Time Travellers Ltd. (a Canadian Controlled Private Corporation).

Bonus based on Tammy’s hard work negotiating contracts on behalf of the company (of which $15,000 was received on December 25, 2019 and the remainder will be received on January 15, 2020)                    

During 2019, Time Travellers withheld the following amounts from her gross salary:

• Tammy’s employer made a $6,000 matching contribution to her registered pension plan.

• Travelling expenses for a 3 week trip for Tammy were reimbursed by Time Traveller. The cost of the entire trip was $3,000. Tammy spend one week attending a business conference and the other two weeks she stayed on as a vacation

• Time Traveller provided Tammy with a Mercedes Benz, which she used for 10 months of the year for work and pleasure. The following pertains to her automobile usage:

• Tammy was required to pay professional association dues of $1,500 for the year.

• Tammy incurred the following expenses while on company business trips throughout the year:

All of these expenses were charged to Tammy’s personal credit card and reimbursed by the employer.

• Tammy was awarded a Shirley Elford glass sculpture, valued at $900, for exceeding her sales targets by 20%.

• Tammy was given one of the limited underground parking spots in her building. The cost of the parking spot is $1,500 and is paid by Time Travellers Ltd.

• Tammy exercised her stock options in 2019. She acquired 2,000 shares on August 1, 2019 for $15 per share when the shares were trading for $22 per share. The options were granted in 2018, when the shares were trading for $14 per share. On November 1, 2019, Tammy sold her shares for $25 per share.

• Time Travellers paid $300 for Tammy’s income tax preparation.

REQUIRED:

Calculate the amount that would be included in calculation of Tammy Taxpayer’s Net Employment Income for taxation purposes for the 2019 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME.

The following information applies to Tammy Taxpayer, employed by Time Travellers Ltd. (a Canadian Controlled Private Corporation). Gross salary $110,000 Bonus 50,000 Bonus based on Tammy’s hard work negotiating contracts on behalf of the company (of which $15,000 was received on December 25, 2019 and the remainder will be received on January 15, 2020) During 2019, Time Travellers withheld the following amounts from her gross salary: Registered Pension Plan $6,000 Charitable Donations – United Way 2,000 Federal and Provincial Income Taxes 28,750 Tammy’s employer made a $6,000 matching contribution to her registered pension plan. Travelling expenses for a 3 week trip for Tammy were reimbursed by Time Traveller. The cost of the entire trip was $3,000. Tammy spend one week attending a business conference and the other two weeks she stayed on as a vacation Time Traveller provided Tammy with a Mercedes Benz, which she used for 10 months of the year for work and pleasure. The following pertains to her automobile usage: Monthly lease payment $800 Kilometres driven for employment purposes 29,000 kms Total kilometres driven during the year 32,000 kms Operating costs paid by the employer $4,300 Tammy was required to pay professional association dues of $1,500 for the year. Tammy incurred the following expenses while on company business trips throughout the year: Hotel accommodations $3,500 Airline fare 6,400 Meals 2,300 All of these expenses were charged to Tammy’s personal credit card and reimbursed by the employer. Tammy was awarded a Shirley Elford glass sculpture, valued at $900, for exceeding her sales targets by 20%. Tammy was given one of the limited underground parking spots in her building. The cost of the parking spot is $1,500 and is paid by Time Travellers Ltd. Tammy exercised her stock options in 2019. She acquired 2,000 shares on August 1, 2019 for $15 per share when the shares were trading for $22 per share. The options were granted in 2018, when the shares were trading for $14 per share. On November 1, 2019, Tammy sold her shares for $25 per share. Time Travellers paid $300 for Tammy’s income tax preparation. REQUIRED: Calculate the amount that would be included in calculation of Tammy Taxpayer’s Net Employment Income for taxation purposes for the 2019 taxation year. PLEASE SHOW EACH ITEM THAT MAKES UP NET EMPLOYMENT INCOME

In 2019, Pharoah Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Pharoah had revenues of $18,800 and expenses other than interest and taxes of $8,000 for 2020. (Assume that the tax rate is 20%.) Throughout 2020, 1,800 shares of common stock were outstanding; none of the bonds was converted or redeemed.

(a) Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)

(b) Assume the same facts as those assumed for part (a), except that the 60 bonds were issued on September 1, 2020 (rather than in 2019), and none have been converted or redeemed. Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)

(c) Assume the same facts as assumed for part (a), except that 20 of the 60 bonds were actually converted on July 1, 2020. Compute diluted earnings per share for 2020. (Round answer to 2 decimal places, e.g. $2.55.)

Serial Problem Business Solutions LO P1, P2 Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $46,000 during the first three months of 2020, and that the Accounts Receivable balance on March 31, 2020, is $22,617. Required: 1a. Prepare the adjusting entry to record bad debts expense, which are estimated to be 1% of total revenues on March 31, 2020. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31. 1b. Prepare the adjusting entry to record bad debts expense, which are estimated to be 2% of accounts receivable on March 31, 2020. There is a zero unadjusted balance in the Allowance for Doubtful Accounts at March 31. 2. Assume that Business Solutions's Accounts Receivable balance at June 30, 2020, is $20,850 and that one account of $84 has been written off against the Allowance for Doubtful Accounts since March 31, 2020. If Rey uses the method in part 1b, what adjusting journal entry is made to recognize bad debts expense on June 30, 2020?