From inception of operations to December 31, 2020, Metlock Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of customers with different risk characteristics. Bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account, and no year-end adjustments to the allowance account were made. Metlock’s usual credit terms are net 30 days.

The balance in Allowance for Doubtful Accounts was $114,400 (Cr.) at January 1, 2020. During 2020, credit sales totaled $7,920,000, the provision for doubtful accounts was determined to be $158,400, $79,200 of bad debts were written off, and recoveries of accounts previously written off amounted to $13,200. Metlock installed a computer system in November 2020, and an aging of accounts receivable was prepared for the first time as of December 31, 2020. A summary of the aging is as follows.

Based on the review of collectibility of the account balances in the “prior to 1/1/20” aging category, additional receivables totaling $52,800 were written off as of December 31, 2020. The 80% uncollectible estimate applies to the remaining $79,200 in the category. Effective with the year ended December 31, 2020, Metlock adopted a different method for estimating the allowance for doubtful accounts at the amount indicated by the year-end aging analysis of accounts receivable.

Prepare a schedule analyzing the changes in Allowance for Doubtful Accounts for the year ended December 31, 2020. Show supporting computations in good form. (Hint: In computing the 12/31/20 allowance, subtract the $52,800 write-off.)

A m = 4.0 mg insect has acquired a charge of q = -5.5 nC by flying close to a developing thunderhead. The insect

Do you agree with Canon’s decision to allow the two acquired companies to continue to operate independently? What are the pros and cons?

One treatment for acquired myasthenia gravis is acetylcholinesterase inhibitors. Where do acetylcholinesterase inhibitors have their activity in the neuromuscular junction?

identify the Failed mergers between

Bank of America acquired Merrill Lynch?

why these Alliances are Successful

Ford / Eddie Bauer?

To solve the following problem, it is recommended to use Excel.

Table 1 provides the GDP components expenditures and the current account balance amount at constant price 2010 (in Million US Dollars)

Table 1.UAE Expenditure, 2017 - 2019 (Million Dollars) at constant Price 2010

Requirements:

1. Complete table 2, based on in table 1 data.

Table 2

2. Complete Table 3 based the following statistics and your results in table 2 (GDP at constant price).

Table 3  United Arab Emirates Economic Variables, 2017– 2019

3. A worldwide recession (-4.5%) is expected during 2020 due to Covid-19. Assuming that the UAE experiences the same slowdown as the average for the world, what would be the UAE GDP in constant prices in the year 2020. (1 Mark)

4. Explain the different inflation rates obtained based on the CPI method and the inflation rates based on the GDP deflator method. (1 Mark)

.

5. (Bonus question) Illustrate graphically the GDP fluctuation during the period 2017-2020. (1 Mark)

Locate the Consumer Price Index – August 2020 publication

  Helpful Tip: You can find the answers to the questions below in the first two pages of the publication.

• What happened to the CPI inflation rate in March, April, and May 2020? Why do you think this happened?

• What happened to the core rate of inflation in March, April, and May 2020? Why do you think this happened?

Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $50,000.

b. Assume Brooke works for Company A for half of 2020, earning $50,000 in salary, and she works for Company B for the second half of 2020, earning $90,000 in salary. What is Brooke’s FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

FICA Tax Obligation ______________________

Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $50,000.

b. Assume Brooke works for Company A for half of 2020, earning $50,000 in salary, and she works for Company B for the second half of 2020, earning $90,000 in salary. What is Brooke’s FICA tax obligation for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

FICA Tax Obligation ______________________

Dutch Bakers has a $100,000 deferred tax liability that will create taxable income in 2020. Dutch established the deferred tax liability in 2017 when the tax rate was 40%, and in 2018 the tax rate enacted for 2020 was increased to 50%.
Part 2: In 2018, the year the tax rate change for 2020 is enacted, the effect of the change on tax expense will be a:

1. Debit of $50,000

2. Debit of $40,000

3. Debitof25,000

4. $0