Ann Johnson is a single taxpayer and is employed as a secretary by State University of Texas. She has the following items pertaining to her income tax return for the current year:

• Received a $20,000 salary from her employer, who withheld $3,000 federal income tax

• Received a gift of 1,000 shares of Beta Corporation Stock with a $100,000 FMV from her mother. She also received $4,000 of cash dividends from the Beta Corporation. The dividends are qualified dividends.

• Received $1,000 of interest income on bonds issues by the City of Tyler Texas

• Received a regular stock dividend (nontaxable under Sec. 305) of 50 shares of Beta Corporation stock with a $5,000 FMV

• Ann’s employer paid $2,000 of medical and health insurance premiums on her behalf

• Received $12,000 alimony from her ex-husband

• State University provided $50,000 of group term life insurance. Ann is 42 years old and is not a key employee (consult insurance table to calculate tax liability)

• Received a $1,000 cash award from her employer for being designated Secretary of the Year

• Total itemized deductions are $8,000

Complete Form 1040 and accompanying schedules for Ann’s federal income tax return for the current year.

(TCO 5) You have been accepted into a prestigious private university in Illinois for your doctoral program. Congratulations! Since no one from this school has ever graduated in only 4 years, you anticipate that you will need to make 11 semi-annual tuition payments of $35,000 each with the first cash flow 6 months from today. If you choose to discount these cash flows at an annual rate of 8%, what is the present value cost of tuition to attend your university of choice? (TCO 5) You are about to purchase a new car from a dealer who has a new and unusual payment plan. You have the choice to pay $29,000 cash today or $32,000 in 4 years. If you have the opportunity to borrow the cash price value of the car at a rate of 3.0% and repay the loan in a lump sum in 4 years, which option should you take and why? (TCO 5) Which choice has a greater present value if we assume a required rate of return of 8%? (1) A lump-sum cash flow today of $248.69 (2) $100 cash flows occurring 1, 2, and 3 years from today (3) A single cash flow of $331 3 years from today

Alice Johnson, Social security number 2222-23-3334 is a single taxpayer and is employed as a secretary by state university of florida. she has the following items pertaining to her income tax return for the current year.

-received a $30,000 salary from her employer, who withheld $4200 federal income tax.

- received a gift of 1000 shares of Ace corporation stock with a $100,000 FMV from her mother. She also received $4000 of cash dividends from the Ace Corporation. The dividends are qualified dividends.

- Received $1000 of interest income on bonds issued by the city of Tampa

- Received a regular stock dividend (nontaxable under sec 305) of 50 shares of ace corporation with a $5000 FMV -Alice's employer paid $2000 of medical and health insurance premiums on her behalf

- received $13,000 alimony from her ex-husband. They divorced on Aug 1, 2014

- State university provided $60,000 of group term life insurance, Alice is 42 years old and is not a key employee. The table in the text is applicable

- received a $1000 cash award from her employer for being designated the secretary of the year

- total itemized deductions are $10,000

complete form 1040 and accompanying schedules for Alice Johnsons 2019 return

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

he following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017. Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $530,000 at face value. Sep. 1 Acquired $1,290,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $565,000. Nov. 1 Purchased $2,050,000 of M&D Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments bonds $ 1,243,000 M&D Corporation bonds $ 2,123,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

(Hint: Interest must be accrued.)

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end.
2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $570,000 at face value.

Sep. 1 Acquired $1,410,000 of American Instruments' 10% bonds at face value.

Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds.

Oct. 2 Sold the Distribution Transformers bonds for $625,000.

Nov. 1 Purchased $2,250,000 of M&D Corporation 6% bonds at face value.

Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments.

The market prices of the investments are: American Instruments bonds $ 1,367,000 M&D Corporation bonds $ 2,327,000 (Hint: Interest must be accrued.)

Required:

1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end.

2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $440,000 at face value.

Sep. 1 Acquired $1,020,000 of American Instruments' 10% bonds at face value.

Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds.

Oct. 2 Sold the Distribution Transformers bonds for $485,000.

Nov. 1 Purchased $1,600,000 of M&D Corporation 6% bonds at face value.

Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments.

The market prices of the investments are: American Instruments bonds $ 974,000

M&D Corporation bonds $ 1,664,000

(Hint: Interest must be accrued.)

Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, intending to profit from short-term differences in price and maintaining them in an active trading portfolio. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017. Mar. 31 Acquired 8% Distribution Transformers Corporation bonds costing $570,000 at face value. Sep. 1 Acquired $1,410,000 of American Instruments' 10% bonds at face value. Sep. 30 Received semiannual interest payment on the Distribution Transformers bonds. Oct. 2 Sold the Distribution Transformers bonds for $625,000. Nov. 1 Purchased $2,250,000 of M&D Corporation 6% bonds at face value. Dec. 31 Recorded any necessary adjusting entry(s) relating to the investments. The market prices of the investments are: American Instruments bonds $ 1,367,000 M&D Corporation bonds $ 2,327,000 (Hint: Interest must be accrued.) Required: 1. Prepare the appropriate journal entry for each transaction or event during 2018, as well as any adjusting entries necessary at year end. 2. Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2018. The company buys debt securities, not intending to profit from short-term differences in price and not necessarily to hold debt securities to maturity, but to have them available for sale when circumstances warrant. Ornamental’s fiscal year ends on December 31. No investments were held by Ornamental on December 31, 2017.

(Hint: Interest must be accrued.)

Indicate any amounts that Ornamental Insulation would report in its 2018 income statement, 2018 statement of comprehensive income, and 12/31/2018 balance sheet as a result of these investments.

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