Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items athrough h that require adjusting entries on December 31, 2017, follow.
  
Additional Information Items

1. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired.
2. An inventory count shows that teaching supplies costing $2,776 are available at year-end 2017.
3. Annual depreciation on the equipment is $12,814.
4. Annual depreciation on the professional library is $6,407.
5. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,700, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018.
6. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,600 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
7. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.

Required:
1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.

2-a. Post the balance from the unadjusted trial balance and the adjusting entries in to the T-accounts.
2-b. Prepare an adjusted trial balance.

3-a. Prepare Wells Technical Institute's income statement for the year 2017.
3-b. Prepare Wells Technical Institute's statement of owner's equity for the year 2017.
3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017.

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow.
  
Additional Information Items

1. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
2. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2018.
3. Annual depreciation on the equipment is $13,200.
4. Annual depreciation on the professional library is $7,200.
5. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2019.
6. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
7. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
8. The balance in the Prepaid Rent account represents rent for December.
   

1) Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.

2A) Post the balance from the unadjusted trial balance and the adjusting entries into the T-accounts.
2B) Prepare an adjusted trial balance.

3A)Prepare Wells Technical Institute's income statement for the year 2018.
3B) Prepare Wells Technical Institute's statement of retained earnings for the year 2018.
3C) Prepare Wells Technical Institute's balance sheet as of December 31, 2018.

In 2019, what is the earned income credit allowed Don Andersen, a head of household taxpayer, assuming he has adjusted gross income of $9,500 and earned income of $5,000? He maintains his household with his daughter.

1) $2004
2) $2049
3) $2094
4) $0

5) None of the above answers are within $20 (plus or minus) of the correct answer.

In 2019, what is the earned income credit allowed Don Andersen, a head of household taxpayer, assuming he has adjusted gross income of $20,500 (consisting of interest income of $3,700 and earned income of $16,800)? He maintains his household with his daughter.

1) 3,447
2) 3,474
3) 3,287
4) $0

5) None of the above answers are within $20 (plus or minus) of the correct answer.

Looking around do you believe Code of Ethics even matters? We see individuals violating their own Code for small things. For example I am a thief. I still from University. When I teach on ground classes I have gone home with Dry Erase markers and have used them at home and not brought them back. During work time I check my personal emails. What about these actions?

A university is trying to determine what PRICE to charge for football tickets. At a price of $6 per ticket, it averages 70,000 people per game.
For every increase of $1, it loses 10,000 people from the average number . Every person at the game spends an average of$1.50 on concessions.

a) What price per ticket should be charged to MAXIMIZE REVENUE? ( Please explain the steps )

b) How many people will attend at that price? Please show your work.

A class survey in a large class for first-year college students asked, "About how many hours do you study in a typical week?". The mean response of the 427 students was x¯¯¯ = 12 hours. Suppose that we know that the study time follows a Normal distribution with standard deviation 7 hours in the population of all first-year students at this university. What is the 99% confidence interval (±0.001) for the population mean?

Confidence interval is from ____to_____ hours.

In your work as an accountant you advise a client, Avon Pty. Ltd. (Avon), on various matters. Avon entered into a $500,000 one year contract in June 2016 with Central Queensland University (a registered Research Service Provider) to undertake research and development for Avon. The contract was to run from July 2016 to June 2017. Avon wants your advice about tax offsets and how this expense could be treated by the ATO in the 2016-17 tax year.

Describe how the following transactions would affect U.S. exports, imports, and net exports:

1. Students in Prague flock to see the latest movie from Hollywood.
2. Mrs. Jones in Philadelphia buys a new Volvo.
3. The student bookstore at Oxford University in England sells a copy of a U.S. printed/authored textbook
4. A Canadian citizen shops at a store in northern Vermont to avoid Canadian sales taxes.
5. An American art professor spends the summer touring museums in Europe.

Describe how the following transactions would affect U.S. exports, imports, and net exports:

1. Students in Prague flock to see the latest movie from Hollywood.
2. Mrs. Jones in Philadelphia buys a new Volvo.
3. The student bookstore at Oxford University in England sells a copy of a U.S. printed/authored textbook
4. A Canadian citizen shops at a store in northern Vermont to avoid Canadian sales taxes.
5. An American art professor spends the summer touring museums in Europe.

(16.19) A class survey in a large class for first-year college students asked, "About how many hours do you study in a typical week?". The mean response of the 427 students was x¯¯¯ = 17 hours. Suppose that we know that the study time follows a Normal distribution with standard deviation 8 hours in the population of all first-year students at this university. What is the 99% confidence interval (±0.001) for the population mean? Confidence interval is from to hours.