Note: This problem is for the 2019 tax year.

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788.

Alfred's salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes.

Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes.

Alfred and Beulah had interest income of $500. Alfred and Beulah receive a $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all of 2019 and they do not want to contribute to the Presidential Election Campaign.

Required:

Compute the Olds' net tax payable (or refund due) for 2019. Use Form 1040 and Schedule 1 to complete tax return.

• It may be necessary to complete the tax schedule and worksheet before completing Form 1040.
• Enter all amounts as positive numbers.
• If an amount box does not require an entry or the answer is zero, enter "0".
• Make realistic assumptions about any missing data.
• When computing the tax liability, do not round your immediate calculations. If required round your final answers to the nearest dollar.
• Use the 2019 Tax Rate Schedule provided. Do not use the Tax Tables.

• Assume that you are a partner of Apples and Oranges, CPAs. During the last year, you were part of the team that audited Parker and Smith, Inc., a small publicly held company. The audit went quite well, and the client had high praise for the work done by you and the other members of the audit team. One day six months after the completion of the audit, you receive this email from Jerome Parker, a president of Parker and Smith:

Hi [your name],

We are still talking around here about the good job you and the other members of the audit team did on our audit. You all seemed to have a thorough understanding of our business, and we found working with you a pleasure. Based on the good experience we had with the audit, we would like to engage your firm to do additional work for us. Specifically, we’d like your help in designing a new financial information system for our company. We’re also considering investing in stock being offered by one of our suppliers, and we’d like your input into that decision. Hope you can help us here! Looking forward to hearing from you. Regards, Jerome.

Write a letter to Mr. Parker in response to his email. Remember that you want to maintain a good working relationship with Parker and Smith. You also want to maintain proper professional and ethical standards.

Use the following information regarding ABC Co. in 2020 (assume this is the first year of operations for ABC Co., and assume ABC pays cash unless noted otherwise). Assume ABC uses FIFO perpetual for inventory, straight-line depreciation, and estimates it will not collect 4% of accounts receivable.

1/1 Issues 10,000 shares of common stock for $5 each.
2/15 Purchase 2,000 units of inventory at $4/unit.
3/1 Sells 500 units of inventory for $16/unit, customer pays on account.
4/1 Signs a 2-year lease for its manufacturing facility, paying the first years’ rent of $3,600 upfront.
6/1 Purchases equipment for $60,000 on account, 6 year useful life, $7,000 salvage value. It cost ABC $10,000 to have the equipment installed, also paid on account.
7/1 Sells 100 units of inventory for $20 per unit, customer pays on account.
9/1 The customer from the 3/1 sale of inventory paid back 70% of their balance.  
10/15 Declared and paid $3,000 of dividends.
12/1 Purchase $1,200 worth of supplies. By 12/31, 20% have been used.

What is ABC’s bad debt expense for 2020?

Group of answer choices

$176

$4,000

$400

$320

None of the above.

What is cost of goods sold for 2020?

Group of answer choices

$8,000

None of the above.

$2,400

$5,600

$2,000

What amount is reported on ABC’s 2020 Balance Sheet related to Property, Plant, & Equipment, assuming ABC depreciates beginning with the month of acquisition?

Group of answer choices

$63,875

$59,500

$51,167

None of the above.

$58,847

What is the journal entry related to the 3/1 sale of inventory?

Group of answer choices

Accounts Receivable 8,000

Sales   8,000

Cash   8,000

     Sales   8,000

Accounts Receivable 8,000

Inventory 8,000

Cost of Goods Sold 2,000

Sales   2,000

No entry required

Accounts Receivable 8,000

Sales   8,000

Cost of Goods Sold 2,000

Inventory   2,000

A company’s average monthly loan balance for the past year is $18,350,000. The interest rates on the loan fluctuated between 6.5% and 7.5% during the year.

The income statement shows interest expense of $1,150,000 for the year.

Answer these four following questions:

1. Show how you would calculate an interest expense Expectation for the interest expense account and show your expected interest expense amount.

2. Compare your expectation of interest expense with the income statement amount and show the difference.

3. If you have determined the tolerable difference is 10% of the company’s recorded amount compare the tolerable dollar amount of difference using this % with your calculated difference above and show the amount your calculated difference is either above or below the 10%tolerable amount.

4.Should you accept the income statement interest expense account as fairly stated or not and why.

Suppose that the forward price for a ton of lumber 1 year from now is $4,800. Storing a ton of lumber in a safe location for a year costs 5% of its value. The relevant interest rate is 18%. If the spot price of a ton of lumber is $4,000, what must be the convenience yield for this commodity?

Suppose that a small family farm sold its output for $100,000 in a given year. The family spent $25,000 on fuel, $40,000 on seed, fertilizer, and pesticides, and $25,000 on equipment, including maintenance. The family members could have earned $20,000 working at other occupations. What is the family’s accounting cost? What is the family’s economic cost? Could the family’s economic cost ever exceed its accounting cost? Why or why not

two paragraphs or more

In a recent​ year, the total scores for a certain standardized test were normally​ distributed, with a mean of 500 and a standard deviation of 10.5. Answer parts ​(a)dash​(d) below. ​(a) Find the probability that a randomly selected medical student who took the test had a total score that was less than 489. The probability that a randomly selected medical student who took the test had a total score that was less than 489 is . 1474. ​(Round to four decimal places as​ needed.) ​(b) Find the probability that a randomly selected medical student who took the test had a total score that was between 498 and 511. The probability that a randomly selected medical student who took the test had a total score that was between 498 and 511 is . 3922. ​(Round to four decimal places as​ needed.) ​(c) Find the probability that a randomly selected medical student who took the test had a total score that was more than 523. The probability that a randomly selected medical student who took the test had a total score that was more than 523 is nothing. ​(Round to four decimal places as​ needed.) ​(d) Identify any unusual events. Explain your reasoning. Choose the correct answer below. A. The events in parts left parenthesis a right parenthesis and left parenthesis b right parenthesis are unusual because their probabilities are less than 0.05. B. The event in part left parenthesis a right parenthesis is unusual because its probability is less than 0.05. C. None of the events are unusual because all the probabilities are greater than 0.05. D. The event in part left parenthesis c right parenthesis is unusual because its probability is less than 0.05.  

DataSpan, Inc., automated its plant at the start of the current year and installed a flexible manufacturing system. The company is also evaluating its suppliers and moving toward Lean Production. Many adjustment problems have been encountered, including problems relating to performance measurement. After much study, the company has decided to use the performance measures below, and it has gathered data relating to these measures for the first four months of operations.

Management has asked for your help in computing throughput time, delivery cycle time, and MCE. The following average times have been logged over the last four months:

Required:

1-a. Compute the throughput time for each month.

1-b. Compute the delivery cycle time for each month.

1-c. Compute the manufacturing cycle efficiency (MCE) for each month.

2. Evaluate the company’s performance over the last four months.

3-a. Refer to the move time, process time, and so forth, given for month 4. Assume that in month 5 the move time, process time, and so forth, are the same as in month 4, except that through the use of Lean Production the company is able to completely eliminate the queue time during production. Compute the new throughput time and MCE.

3-b. Refer to the move time, process time, and so forth, given for month 4. Assume in month 6 that the move time, process time, and so forth, are again the same as in month 4, except that the company is able to completely eliminate both the queue time during production and the inspection time. Compute the new throughput time and MCE.

. The amount spent in billions for online ads per year is shown below. Construct a time series plot of the data and describe the trend. please help with graphing and explaining

A travel association reported the domestic airfare (in dollars) for business travel for the current year and the previous year. Below is a sample of 12 flights with their domestic airfares shown for both years.

(a)Formulate the hypotheses and test for a significant increase in the mean domestic airfare for business travel for the one-year period.

H₀: μ_d ≥ 0

H_a: μ_d < 0

H₀: μ_d ≠ 0

H_a: μ_d = 0

H₀: μ_d = 0

H_a: μ_d ≠ 0

H₀: μ_d ≤ 0

H_a: μ_d > 0

H₀: μ_d < 0

H_a: μ_d = 0

Calculate the test statistic. (Use current year airfare − previous year airfare. Round your answer to three decimal places.)

Calculate the p-value. (Round your answer to four decimal places.)

p-value =

b) What is the sample mean domestic airfare (in dollars) for business travel for each year?

current$

previous$

(c) What is the percentage change in mean airfare for the one-year period? (Round your answer to one decimal place.)

?? %