Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $11,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions. (Use the tax rate schedules.)

a. Determine Jeremy’s tax refund or taxes due.

b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?

c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions. What is Jeremy’s tax refund or tax due?

D. Determine Jeremy’s tax refund or taxes due (assume Jeremy did not receive the recovery rebate in advance of filing his tax return).

e. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy’s tax refund or tax due including the tax on the capital gain?

12. Farmer Inc. began business on January 1, 2021. Its pretax financial income for the first 2 years was as follows: 2021 $240,000 2022 560,000 The following items caused the only differences between pretax financial income and taxable income.

1. In 2021, the company collected $420,000 of rent; of this amount, $140,000 was earned in 2021; the other $280,000 will be earned equally over the 2022–2023 period. The full $420,000 was included in taxable income in 2021.

2. The company pays $10,000 a year for life insurance on officers.

3. In 2022, the company terminated a top executive and agreed to $90,000 of severance pay. The amount will be paid $30,000 per year for 2022–2024. The 2022 payment was made. The $90,000 was expensed in 2022. For tax purposes, the severance pay is deductible as it is paid. The enacted tax rates existing at December 31, 2021 are: 2021 20% 2023 30% 2022 25% 2024 30% Instructions

(a) Determine taxable income for 2021 and 2022.

(b) Determine the deferred income taxes at the end of 2021, and prepare the journal entry to record income taxes for 2021.

(c) Prepare a schedule of future taxable and (deductible) amounts at the end of 2022.

(d) Prepare a schedule of the deferred tax (asset) and liability at the end of 2022.

(e) Compute the net deferred tax expense (benefit) for 2022. (f) Prepare the journal entry to record income taxes for 2022. (g) Show how the deferred income taxes should be reported on the balance sheet at December 31, 2022.

Prepare a schedule of future taxable and (deductible) amounts at the end of 2022.

Prepare a schedule of the deferred tax (asset) and liability at the end of 2022.

Compute the net deferred tax expense (benefit) for 2022.

Prepare the journal entry to record income taxes for 2022.

12. Farmer Inc. began business on January 1, 2021. Its pretax financial income for the first 2 years was as follows: 2021 $240,000 2022 560,000 The following items caused the only differences between pretax financial income and taxable income.

1. In 2021, the company collected $420,000 of rent; of this amount, $140,000 was earned in 2021; the other $280,000 will be earned equally over the 2022–2023 period. The full $420,000 was included in taxable income in 2021.

2. The company pays $10,000 a year for life insurance on officers.

3. In 2022, the company terminated a top executive and agreed to $90,000 of severance pay. The amount will be paid $30,000 per year for 2022–2024. The 2022 payment was made. The $90,000 was expensed in 2022. For tax purposes, the severance pay is deductible as it is paid.

The enacted tax rates existing at December 31, 2021 are: 2021 20% 2023 30% 2022 25% 2024 30%

Instructions (a) Determine taxable income for 2021 and 2022. (b) Determine the deferred income taxes at the end of 2021, and prepare the journal entry to record income taxes for 2021. (c) Prepare a schedule of future taxable and (deductible) amounts at the end of 2022. (d) Prepare a schedule of the deferred tax (asset) and liability at the end of 2022. (e) Compute the net deferred tax expense (benefit) for 2022. (f) Prepare the journal entry to record income taxes for 2022. (g) Show how the deferred income taxes should be reported on the balance sheet at December 31, 2022.

The following are quotes from a currency dealer in the New York currency market:

1a. Which currency above has the widest bid ask spread?

Which has the narrowest?

b. Which currency above has the widest percentage bid ask spread?

Which has the narrowest?

2. Using the quotes provided above, answer the following question. (Phrase your answer to the second part of each of the following as either “If you sell one (identify the currency) to the dealer, you will receive (specify the number of units) (identify the currency)” or ““If you buy one (identify the currency) from the dealer, you will pay (specify the number of units) (identify the currency)”.)

a. What is the bid price in the quote for the Australian dollar? Explain what it means.

b. What is the ask price in the quote for the New Zealand dollar? Explain what it means.

c. What is the bid price in the quote for the Mexican peso? Explain what it means.

d. What is the ask price in the quote for the Egyptian pound? Explain what it means.

3. Using the quotes provided above, how many US dollars a customer would receive from this dealer in exchange for one million

a. British pounds?                  

b. Thai baht?                          

c. Swiss francs?                      

d. New Zealand dollars?        

(In these transactions, the customer is selling foreign currency and buying US dollars.)

4. Using the quotes provided above, how many units of the following foreign currencies would a customer receive from this dealer in exchange for one million US dollars?

a. Canadian dollars                

b. Korean won                       

c. euros                                   

d. Australian dollars               

(In these transactions, the customer is selling US dollars and buying foreign currency.)

5. Using the quotes provided above, how many units of the foreign currency indicated would it take to purchase one million US dollars

a. Australian dollars               

b. Brazilian real                                  

c. British pounds                    

d. Mexican pesos       

(In these transactions, the customer is selling foreign currency and buying US dollars.)

6. Using the quotes provide above, how many US dollars would it cost to purchase one million

a. euros?

b. New Zealand dollars?

c. Mexican pesos?

e. Egyptian pounds?

Maximum Word Count 500 words

Essay 20 Marks

b) On Thursday, 4th June 2020, a group of students from University of Ghana Business School (UGBS) and the Department of Political Science were debating whether Management should be classified as a Science or an Art. The students from the Department of Political Science were of the view that Management is an Art whiles those from UGBS believed that it should be considered as a Science. A student from UGBS retorted: “You people even call Political Science a Science how much more management, what is really Science about your Politics?”. Based on this debate, do you think management is a Science or an Art? Give examples to support your argument.

1.) Individual A and B have the following preferences: uA = (x1A) · (x2A)3 and uB = (x1B ) · (x2B ). Their endowments are given by ωA = (3, 0) and ωB = (0, 3). Solve for (and graph) competitive equilibrium and the contract curve.

2.) Individual A and B have the following preferences: uA = ln(x1A) + ln(x2A) and uB = ln(x1B ) + ln(x2B ). Their endowments are given by ωA = (2, 6) and ωB = (2, 4). Solve for (and graph) competitive equilibrium and the contract curve.

3.) Now re-solve problem 2 but replace individual A’s preferences with uA = x1Ax2A +x2B. That is, individual B has a positive externality on individual A.

Complete the following information about the organization and products and/or services you will focus on as you develop a complete marketing plan throughout the course. You may need to do research to get answers to the questions below. Be sure the organization and offer you select will 1) remain interesting to you for the duration of the course, and 2) have sufficient information available for you to conduct research and make informed recommendations in your marketing plan.

Company Profile

• Company Name: Disney
• Industry:
• Major products and/or services (names, types):
• Products and/or services your marketing plan will focus on:
• Target customers:

• Distribution channel(s):
• Headquarters (city, state, country):
• Year founded:
• Number of employees:
• Annual revenue (estimated)
• Key competitors:
• Link to Web site:
• Link to Yahoo! Finance information page (for public companies):

Market Segmentation and Targeting

• What problem does your product or service solve?
• Describe the total market for your solution: Who are potential customers?
• What are the key segments within this market?
• Identify and briefly describe 1–3 segments that this company serves.
• Which segment does this marketing plan focus on, and why? Why do you believe this segment will offer growth and profit opportunities?

Situation and Company Analysis

Economic Environment

Discuss factors that affect your consumers’ purchasing power and spending patterns. What is the economic environment that you are operating in? Is it growth, recovery or recession? Will it be easy to find staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?

Technical Environment

The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence you, consumers and competitors. Industry environment What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?

Competitive Environment

How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one? What is your advantage over competitors? Is the market large enough to support you and competitors?

Political Environment

Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operate?

SWOT Analysis

Instruction: Complete the table below with descriptive responses and explanation as you answer the questions below.

Mission, Objectives, and Goals

State the mission or business purpose: what the organization wants to achieve, in market-oriented terms. (Example: Disney’s mission could be, “We create happiness by providing the finest in entertainment for people of all ages.)

List 1–3 objectives that move the organization a step closer to achieving the mission. (Example: A Disney objective could be, “To be the most popular theme park for international visitors.”)

Convert objectives into specific marketing goals that are easy to measure and evaluate. (Example: Our goal is to increase the market share of international theme park visitors by 10% in the next two years.”)

Complete the following information about the organization and products and/or services you will focus on as you develop a complete marketing plan throughout the course. You may need to do research to get answers to the questions below. Be sure the organization and offer you select will 1) remain interesting to you for the duration of the course, and 2) have sufficient information available for you to conduct research and make informed recommendations in your marketing plan.

Company Profile

• Company Name: southwest airlines
• Industry:
• Major products and/or services (names, types):
• Products and/or services your marketing plan will focus on:
• Target customers:
• Distribution channel(s):
• Headquarters (city, state, country):
• Year founded:
• Number of employees:
• Annual revenue (estimated)
• Key competitors:
• Link to Web site:
• Link to Yahoo! Finance information page (for public companies):

Market Segmentation and Targeting

• What problem does your product or service solve?
• Describe the total market for your solution: Who are potential customers?
• What are the key segments within this market?
• Identify and briefly describe 1–3 segments that this company serves.
• Which segment does this marketing plan focus on, and why? Why do you believe this segment will offer growth and profit opportunities?

Situation and Company Analysis

Economic Environment

Discuss factors that affect your consumers’ purchasing power and spending patterns. What is the economic environment that you are operating in? Is it growth, recovery or recession? Will it be easy to find staff? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like?

Technical Environment

The technological environment changes rapidly. You need to make sure that you are aware of trends in your industry and other industries could affect your business. New technologies create new markets and can influence you, consumers and competitors. Industry environment What are the trends in your industry? Are there new entrants in the market? Has a substitute product been introduced? Are there changes in industry practices or new benchmarks to use?

Competitive Environment

How many competitors do you have? Who are the key competitors? What are the key selling points or competitive advantages of each one? What is your advantage over competitors? Is the market large enough to support you and competitors?

Political Environment

Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Are there any licenses and regulations that you should be aware of? Do you need to win support to be able to operate?

SWOT Analysis

Instruction: Complete the table below with descriptive responses and explanation as you answer the questions below.

Mission, Objectives, and Goals

State the mission or business purpose: what the organization wants to achieve, in market-oriented terms. (Example: Disney’s mission could be, “We create happiness by providing the finest in entertainment for people of all ages.)

List 1–3 objectives that move the organization a step closer to achieving the mission. (Example: A Disney objective could be, “To be the most popular theme park for international visitors.”)

Convert objectives into specific marketing goals that are easy to measure and evaluate. (Example: Our goal is to increase the market share of international theme park visitors by 10% in the next two years.”)