Julian and Jenna carry on a partnership business and for the income year ended 30 June, the partnership net income was $38,000, as returned by their accountant. However, included in the deductions was a salary of $12,000 paid to Julian’s wife (who is not a business partner). The Commissioner disallows all but $2,000 of this amount.

Required:

a) What authority, if any, does the Commissioner have in disallowing the claim for salary?

b) What course of action, if any, is available to the partners in disputing the assessment?

c) Will Julian’s wife be required to pay tax on $2,000, or $12,000, for the current income year. Why?

d) On what basis should future salary payments be made to Julian’s wife?

In a survey of 2046 adults in a recent​ year, 742 made a New​ Year's resolution to eat healthier. Construct​ 90% and​ 95% confidence intervals for the population proportion. Interpret the results and compare the widths of the confidence intervals.

The​ 90% confidence interval for the population proportion p is

Minden Company introduced a new product last year for which it is trying to find an optimal selling price. Marketing studies suggest that the company can increase sales by 5,000 units for each $2 reduction in the selling price. The company’s present selling price is $90 per unit, and variable expenses are $60 per unit. Fixed expenses are $837,600 per year. The present annual sales volume (at the $90 selling price) is 25,900 units.

Required:

1. What is the present yearly net operating income or loss?

2. What is the present break-even point in unit sales and in dollar sales?

3. Assuming that the marketing studies are correct, what is the maximum annual profit that the company can earn? At how many units and at what selling price per unit would the company generate this profit?

4. What would be the break-even point in unit sales and in dollar sales using the selling price you determined in (3) above (e.g., the selling price at the level of maximum profits)?

What is the present yearly net operating income or loss?

What is the present break-even point in unit sales and in dollar sales? (Do not round intermediate calculations.)

Assuming that the marketing studies are correct, what is the maximum annual profit that the company can earn? At how many units and at what selling price per unit would the company generate this profit?

What would be the break-even point in unit sales and in dollar sales using the selling price you determined in Required (3) (e.g., the selling price at the level of maximum profits)? (Do not round intermediate calculations.)

Katie is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net business income from Engineers One is $170,000. Assume that Katie’s allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers One’s qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income, no capital gains or qualified dividends, and that her taxable income before the deduction for qualified business income is $400,000. Calculate Katie’s deduction for qualified business income.

Katie is a shareholder in Engineers One, a civil engineering company. This year, Katie’s share of net business income from Engineers One is $170,000. Assume that Katie’s allocation of wages paid by Engineers One to its employees is $300,000 and her allocation of Engineers One’s qualified property is $150,000 (unadjusted basis of equipment, all purchased within past three years). Assume Katie has no other business income, no capital gains or qualified dividends, and that her taxable income before the deduction for qualified business income is $140,000. Calculate Katie’s deduction for qualified business income.

The balance sheet for Stud Clothiers is shown next. Sales for the year were $3,200,000, with 75 percent of sales sold on credit.

Compute the following ratios: (Use a 360-day year. Do not round intermediate calculations. Round your answers to 2 decimal places. Input your debt-to-total assets answer as a percent rounded to 2 decimal places.)

Suppose you receive $160 at the end of each year for the next three years.

a. If the interest rate is 8%​, what is the present value of these cash​ flows?

b. What is the future value in three years of the present value you computed in​(a​)?

c. Suppose you deposit the cash flows in a bank account that pays 8% interest per year. What is the balance in the account at the end of each of the next three years​(after your deposit is​ made)? How does the final bank balance compare with your answer in​(b​)?

Jack Taylor is a 34-year-old male who came to the clinic with a complaint of a sinus infection. He had an episode of hematuria yesterday, so the clinic nurse checked his urine sample with a dipstick. The client is six feet tall, 272 pounds, and his vital signs were T.101.6, P. 68, R. 18 and BP. 130/80. The urine sample has the following results: Glucose ++, Protein +, Ketones trace, Blood trace, Specific gravity 1.020, leukocytes none, and Nitrites none. The health care provider schedules the client to return to the clinic tomorrow for diabetic education. The provider also writes an order for home glucose monitoring equipment and for Augmentin 875/125mg tablet by mouth twice a day for 10 days.

Focus Questions

1. Discuss the pathophysiology of diabetes as applied to the client
2. What educational information should the nurse provide the client today?
3. Are there any questions the nurse should ask the client today to assist in preparing for tomorrow’s educational session?
4. What educational information should the nurse prepare for tomorrow’s educational session

Jack returns for his follow-up appointment. He has not eaten breakfast, so a fingerstick fasting glucose is performed. The result is 168 mg dl. He is happy about his sudden diagnosis. He listens politely to the nurse’s information but gives every indication that he will do as he pleases. During the discussion, Jack revealed that he had a work-related accident four years ago, that resulted in permanent disability. He has a weight lifting restriction of 10lbs and cannot stand or walk for more than 20 minutes. His typical meal pattern is one meal for three or four days per week. He usually does not eat on the other days of the week. He is the family cook as he is home while his wife works. There are two children, ages 6 and 9, at home. Jack consumes a wide variety of foods preferring to fry meats.

Focus Questions

1. What adjustments should the nurse make in the teaching plan?
2. What referrals are appropriate for the client?
3. What psychosocial needs might the client have?
4. How will the nurse address the client’s psychosocial needs?

After 3 months Jack returns for a follow-up appointment. His blood glucose monitoring log reveals fasting blood glucose of 155mg dl-210mg dl and evening blood sugars of 220 mg dl to 286mg dl. The client states that he has been watching what he eats and trying to eat more regularly. The client is not exercising. His weight today is pounds. The health care provider orders Glucophage 500mg 1tablet by mouth 3 times per day.

Focus Questions

1. How could the nurse obtain a more accurate picture of the client’s diet?
2. What educational information is appropriate to discuss with the client today?
3. What psychosocial support can the nurse give the client today?

Kojima Berhad is trying to estimate its need of funds for the second quarter of year 2009. The company's actual and forecasted sales are as follows:

Actual                         RM                             Forecasted                             RM

January                       160,000                       April                                        180,000

February                     190,000                       May                                         260,000

March                          140,000                      June                                        220,000

July                                           280,000

b) The collection of sales is as follows:

• 30% is for cash

• 70% is collected one month after sales

c) The purchases of the raw materials are 60% of sales and made one month in advance. The payments are made in the same month in which the sales occur.

d) Rent expenses is RM3.000 per month. 6% of interest payment on RM150,000 notes payable is to be paid in May.

f) Wages and salaries in April, May and June are estimated to be RM10,000, RM12.000 and RM14.000 respectively.

g) Other fixed monthly expenses:

• Depeciation RM15,000

• Insurance RM 3,000

h) The company plans to pay RM10,000 in cash for a new cutting machine in June. This new machine will depreciate RM500 per month.

i) The cost of renovation of RM50,000 will be paid equally in May and June. A quarterly dividend of RM5.000 will be received in June.

k) Kojima Berhad's ending cash balance for March is RM30.000 and a minimum balance the firm wishes to have is RM50.000 per month and the amount will be increased to RM100,000 starting from June.

You are required to prepare a cash budget for Kojima Berhad for the second quarter of year 2009.                                                                                                                             

Piya Jordan is a 68 year old patient who was admitted to the hospital to have surgery to remove an abdominal mass. She underwent a colectomy yesterday removing a mass from her right ascending colon. She has a large abdominal incision with a clean, dry and intact dressing, but fortunately did not require a colostomy. She is on the post operation surgical unit and is requiring post-operative nursing care. She is alert and fully oriented to her surroundings. She has a nasogastric tube in place which has drained 10cc of yellow drainage in the past 8 hours. She is complaining of abdominal discomfort and she states “I’m sick to my stomach and my belly is full”. Please briefly answer to the following questions(NOT long answers because this is a concept map):

1-Plan (treatments)

2-Potential Complications (side effects)/Education

3-Evaluation (what you expect to happen)

A cash flow series is increasing geometrically at the rate of 7% per year. The initial payment at EOY 1 is $5000, with increasing annual payments ending at EOY 20. The interest rate is 17% compounded annually for the first eight years and 5% compounded annually for the remaining 12 years. Find the present amount that is equivalent to this cash flow.