Mason Corporation began operations at the beginning of the current year. One of the company’s products, a refrigeration element, sells for $205 per unit. Information related to the current year’s activities follows.

Mason carries its finished goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year-end.

2. Compute Mason’s net income for the current year ended December 31.

Suppose there is a 3-year bond with a $1000 face value, 12% coupon payments and a 6% yield to maturity.

a) Without any calculation, briefly explain whether this bond will be selling a premium or a discount.

b) Calculate the price of this bond.

c) Calculate the duration of this bond.

d) If someone buys this bond and holds it for three years, what is their rate of return?

e) Suppose after one year, interest rates in the economy fall by 2%. If the person that bought this bond sells it at that time, what would be their rate of return? (Hint: First think about what the fall in interest rates will do to the bond’s price and then think about the rate of return.)

A 28 year old is admitted to the hospital following a car accident in which several bones were broken and third-degree burns (15% body surface area[BSA]) were suffered. The patient is able to consume solid foods but is frequently out of the hospital room for diagnostic tests or therapy when the food trays arrive. The effect on the patient's nutritional status would be:

The Aluminum Association reports that the average American uses 56.8 pounds of aluminum in a year. A random sample of 51 households is monitored for one year to determine aluminum usage. If the population standard deviation of annual usage is 12.4 pounds, what is the probability that the sample mean will be each of the following?

a. More than 59 pounds
b. More than 56 pounds
c. Between 55 and 57 pounds
d. Less than 53 pounds
e. Less than 49 pounds

On January 8, the end of the first weekly pay period of the year, Regis Company's employees earned $22,760 of office salaries and $70,840 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $12,860 of federal income taxes, $1,440 of medical insurance deductions, and $880 of union dues. No employee earned more than $7,000 in this first period. Required: 1.1 Calculate below the amounts for each of these four taxes of Regis Company. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. 1.2 Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. 2. Prepare the journal entry to record Regis’s employer payroll taxes resulting from the January 8 payroll. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.

Calculate below the amounts for each of these four taxes of Regis Company. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.)

Prepare the journal entry to record Regis Company's January 8 employee payroll expenses and liabilities. (Round your answers to 2 decimal places.) Record the employee payroll expenses and liabilities for the first weekly pay period of the year.

Prepare the journal entry to record Regis’s employer payroll taxes resulting from the January 8 payroll. Regis’s state unemployment tax rate is 5.4% of the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%. (Round your answers to 2 decimal places.) Record the employer’s payroll expenses and liabilities for the first weekly pay period of the year.

Carl's Automotive operating income for the year was $900,000. Their net profit margin was 2.25% and their operating profit margin was 4.25%. Their total taxes amount to 40%. Depreciation was 10% of net fixed assets which totaled $1,250,000. Create their Income statement. Be sure to include all items of an income statement (operating costs, DA, Int, Taxes, etc.).

The following information was taken from the records of Bridgeport Inc. for the year 2017: Income tax applicable to income from continuing operations $206,448; income tax applicable to loss on discontinued operations $27,336, and unrealized holding gain on available-for-sale securities (net of tax) $23,700.

Shares outstanding during 2017 were 109,300.

(a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 1.48.)

The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation.

Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $20,300. These amounts will not be taken by the employees until so late in 2018 that the payment is not viewed as requiring 2017 current financial resources.

The city received a piece of art this year as a donation. It is valued at $14,500. It will be used for general government purposes. There are no eligibility requirements. The city chose not to capitalize this property.

The general government uses the storage shed that was acquired this year. It is being depreciated over 10 years using the straight-line method with no salvage value. The city uses the equipment for health and sanitation and depreciates it using the straight-line method over five years with no salvage value.

The investments are valued at $132,100 at the end of the year.

For the equipment that has been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the equipment is received.

1. a-1. Prepare a statement of activities for governmental activities for December 31, 2017.
2. a-2. Prepare a statement of net position for governmental activities for December 31, 2017.

The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation.

Compensated absences (such as vacations and sick days) are legally owed to general government workers at year-end total $20,300. These amounts will not be taken by the employees until so late in 2018 that the payment is not viewed as requiring 2017 current financial resources.

The city received a piece of art this year as a donation. It is valued at $14,500. It will be used for general government purposes. There are no eligibility requirements. The city chose not to capitalize this property.

The general government uses the storage shed that was acquired this year. It is being depreciated over 10 years using the straight-line method with no salvage value. The city uses the equipment for health and sanitation and depreciates it using the straight-line method over five years with no salvage value.

The investments are valued at $132,100 at the end of the year.

For the equipment that has been ordered but not yet received, the City Council (the highest decision-making body in the government) has voted to honor the commitment when the equipment is received.

1. b-1. Prepare a statement of revenues, expenditures, and other changes in fund balances for the general fund as of December 31, 2017. Assume that the city applies the consumption method.
2. b-2. Prepare a balance sheet for the general fund as of December 31, 2017. Assume that the city applies the consumption method.