Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20.

1. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business.
2. 5/1/2020 - Signed a one-year lease for a building and paid the first six month’s rent of $4,200.
3. 5/2/2020 - Bought equipment from Archery Supply, Inc for $2,000.
4. 5/10/2020 - Enrolled 10 students in a Bow Hunting for Beginners class to be held on 5/29. Each student paid $50 for the class
5. 5/15/2020 - Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
6. 5/25/2020 - Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
7. 5/28/2020 - Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was stored in the supply closet for future use.
8. 5/31/2020 - Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

Presented below are two independent situations related to future taxable and deductible amounts resulting from temporary differences existing at December 31, 2020.

1. Pearl Co. has developed the following schedule of future taxable and deductible amounts.

2. Martinez Co. has the following schedule of future taxable and deductible amounts.

Both Pearl Co. and Martinez Co. have taxable income of $3,600 in 2020 and expect to have taxable income in all future years. The tax rates enacted as of the beginning of 2020 are 30% for 2020–2023 and 35% for years thereafter. All of the underlying temporary differences relate to noncurrent assets and liabilities.

1. Compute the net amount of deferred income taxes to be reported at the end of 2020, and indicate how it should be classified on the balance sheet for situation one.

2. Compute the net amount of deferred income taxes to be reported at the end of 2020, and indicate how it should be classified on the balance sheet for situation two.

In 2020, RST Corporation has $75,000 of income before taxes in its accounting records.   In computing income tax expense, RST makes the following observations of differences between the accounting records and the tax return:

1. An accelerated depreciation method is used for tax purposes. In 2020, RST reports $6,000 more depreciation expense for tax purposes than it shows in the accounting records.

2. In 2020, RST collected $60,000 from a business that is renting a portion of its warehouse. The $60,000 covers the rental payment for the four years 2021-2024, and therefore no rental revenue has been recognized for 2020. However, XYZ must pay taxes on the entire amount collected in 2020.

The enacted tax rate in 2020 is 21% and is 23% in 2021 and years following.

Required:

1.      Calculate taxable income for 2020.

2.      Prepare the journal entry necessary to record income taxes at the end of 2020.

3.      How would any deferred tax amounts be reported on a classified balance sheet?

4.     Assume that RST’s 2021 pretax accounting income is $9,000 and that RST reports $3,000 more depreciation expense for tax purposes than it shows in the accounting records. Also during 2021, RST invests in tax-free municipal bonds that earn $3,000 interest in 2021. Prepare the journal entry necessary to record income taxes at the end of 2021.

5. What is the amount of net income or loss that RST would report on its 2021 income statement and how will it be reported?

Jeffery Company purchased 10% of the outstanding common stock (75,000 shares) of Another Company on January 1, 2020 for $750,000. The investment was not sufficient to give Jeffery Company the ability to significantly influence the operations of Another Company. On January 1, 2020, the fair value of the percentage of Another Company’s net assets purchased by Jeffery Company exceeded book value by $20,000. The difference was attributable to plant assets with remaining useful life of five years. During 2020, Another Company reported net income of $150,000 and paid dividends of $40,000. The fair value of Another Company’s common stock on December 31, 2020 was $15 per share.

The entry to record the purchase of the stock on January 1, 2020 would include?

The entry to record the dividends Jeffery Company received from Another Company would include? check figure; A credit to investment revenue for $4,000

As a result of the investment, Jeffery Company's income before income tax for the year ended December 31, 2020 would increase by? check figure;$379,000

The entry on December 31, 2020 to recognize changes in fair value would include? check figure: A credit to unrealized holding gain for $375,000

Jeffery Company would report an investment in Another Company on the balance sheet as of December 31, 2020 of?

Please explain in detail the answers I would appreciate the help thanks.

Suppose that the manager of the MileagePlus frequent flier program is promoted and consequently another individual is hired to replace him. Also suppose that United publishes in internal documentation that the average number of Premier Qualifying Miles (PQM) earned by individuals who travel for work at least once a month is 45,000 with a standard deviation of 5,000 miles. Further suppose that the new manager desires to test the claims that United has made to see if the statistics have changed.

a) First, are these statistics given by United describing the parent population or a sample ?

b) Define appropriate null and alternative hypothesis

c) Suppose that the new manager takes a sample of 50 such United customers. What is the probability that a sample of size 50 provides a sample mean within + - 1,000 miles of the 45,000 mile figure provided by United?

d) What is the probability that a sample of 50 such United customers provides a sample mean wiithin + - 500 miles?

e) Suppose that the new manager's sample has a sample average of 47,500 miles. Compute the 95% confidence interval for the population mean.

f) Based on the confidence interval you computed in part e), does this sample provide evidence for or against United's claim that the average number of Premier Qualifying Miles (PQM) earned is 45,000 ?

g) If the new manager wants to determine a specific p-value for the likelihood that the null hypothesis is true based on the sample collected in part c), should he use Z- or t- scores for the test statistic?

h) Determine and interpret the p-value

What type of economic system does United Kingdom have? How long has the country had this economic system? Describe the political, ethical, and legal considerations that United Kingdom may encounter with expansion, including economic integration and funding. How will all of this affect business entrance strategies?

Pet Boutique Corp. reported $2,952,010 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $203,000. On January 1, 2020, Pet Boutique had 104,000 and 520,000 outstanding preferred and common shares, respectively. The following transactions changed the number of shares outstanding during the year: Feb. 1 Declared and issued a 20% common share dividend. Apr.30 Sold 159,000 common shares for cash. May 1 Sold 50,000 preferred shares for cash. Oct. 31 Sold 42,000 common shares for cash. a. What is the amount of profit available for distribution to the common shareholders? b. What is the weighted-average number of common shares for the year? c. What is the earnings per share for the year?

Analysis Component: Did the sale of preferred shares on May 1, 2020, affect the basic earnings per common share?

It is January 1, 2020. Free cash flow for 2020, 2021, 2022, and 2023 are expected to be -$5,000; -$1,000; $5,000; and $15,000. Cash flow growth beyond 2023 is expected to stabilize at 10% for 2 years, beyond which point free cash flows are expected to grow at 4% in perpetuity. If the discount rate is 20%, what should be the value of the firm today if there is $1,000 excess cash? What should the enterprise value be (assuming the firm has no majority interest in a subsidiary)? Assume cash flows occur continuously throughout the year.

2020 Election ~ Bernie Sanders is a popular presidential candidate among university students for the 2020 presidential election. Leading into Michigan’s presidential primary election in 2020, a journalist, Lauren took a random sample of 11,663 university students and found that 8,891 of them support Bernie Sanders.

Using this data, Lauren wants to estimate the actual proportion of university students who support Bernie Sanders.

What is the required sample size to calculate a 95% confidence interval within 3.05 percentage points? Use z*=1.96.z*=1.96.

n=p*(1−p*)(z*ME)2

Comparative balance sheets: 2019 and 2020, an income statement for 2020 are provided below for Dandelion’s shop.

Balance Sheet

As of December 31^st

Income Statement

During the Year Ended December 31^st

Additional Information from the 2020 accounting records:

1. Dandelion owns a 10% of Acorn Inc. which is labeled as a Trading Security that increased in market value during 2020. Acorn gave out $1,100 worth of dividends to all of its owners during 2020.

2. Machinery (part of the Plant Property and Equipment value) with an original cost of $1,000 was sold. Depreciation was calculated using the straight-line method and exactly 90% of its useful life was used up.

3. $1,600 worth of equipment was purchased by issuing a bond. All other Property, Plant, and Equipment purchases were made in cash.

4. Depreciation is included as part of Operating Expense.

5. 100% of Convertible bonds were exchanged for 100 shares of $1 par common stock.

Instructions:   Prepare the statement of cash flow under the indirect method. Your finished product should have all the information disclosed on a formal statement, including a list of noncash transactions.

***Please explain/show work how you got each amounts***