Schedule C

Dave Sanders does computer consulting work on the side. He received a 1099 from his largest client showing that he made $25,300 from his work for that company. He also earned an additional $3750 from other clients. Dave incurred the following expenses:

Office supplies                 $226

Insurance                         $535

Advertising                       $545

Telephone                        $767

He also drove 1585 business miles in 2020 and would like to use the standard mileage rate rather than actual expenses.

Complete the Schedule C for Dave. He uses his social security number 123-45-6789 and does not have an employer identification number. The name of the business is Dave’s Computer Consulting and he does the work from his home at 221 Main St, Heron, IL 61820. He uses the cash method of accounting. This business was started in 2012. He does not need to file 1099 forms.

Word length: 2,500 words/excluding references References: Yes using either APA or AGLC style and include a reference list

Scenario:

James Strong is a managing director of ABC Pty Ltd, a large private Company that specialises in accounting services.

For the current income year, James has the following receipts and expenses:

a) Salary of $500,000

b) Rent from his apartment in London that derives $600 (equivalent) per week

c) An amount of $20,000 received by James for personal injury, $5,000 of this amount was for loss of salary

d) $5,000 incurred by James for undertaking a Graduate Certificate in Accounting.

e) Reimbursement of his telephone bill by ABC Pty Ltd.

f) Dividends of $20,000 received on his Telstra Share portfolio

g) A bottle of wine worth $2,000 he receives from the CEO of ABC Pty Ltd at Easter

Task: Your firm has been approached by James Strong to provide a letter of advice in relation to the tax implications of these amounts. You are to write a letter of advice that addresses these issues citing the relevant cases and legislation. At this time, you are not required to perform any calculations.

You work in a Finance department and are asked to analyze the economics of an existing jet, which would be retired in four years. A new jet is purchased each time a jet is retired because the CEO travels regularly. If other managers use the existing jet, the company would save $1,000,000 each year on commercial airline flights, however, operating costs (e.g. fuel, maintenance) for the existing jet would be $700,000 greater each year, and the jet would need to be replaced at the end of three years instead of four. Assume the company does not pay taxes. The opportunity cost of capital is 8%. Assume a new jet costs $10 million and has a life of ten years. Assume GE would not allow other managers to use a new jet.

Should the company allow other officers to use the existing jet (i.e. allow managers to use the existing jet for three years, but not use the new jet)?

You have been hired as a staff accountant by a small company that recently completed an initial public offering (IPO) of its common stock. At its inception, the company had been financed by Pegasus, an investment group. Pegasus had bought a significant amount of the company’s debt (equal to a third of its total assets) in the form of convertible bonds. The stock price has appreciated significant since the IPO, and Pegasus has decided to convert its debt securities into equity, giving Pegasus a 28% stake in the company. Your CEO, Dane Hathaway, argues that this conversion should not be reported on the cash flow statement. “It didn’t involve any cash both way, and it’s not like the structure of our business has changed. We haven’t increased or changed our fixed assets, and we haven’t given anything up.”

Research the appropriate Codification and prepare a business memo explaining whether Dane's reasoning is correct and citing your references.

At the most recent strategic planning meeting, the board of directors of your company has voted to issue additional stock to raise capital for major expansions for the company in the next five years. The board is considering $5 billion. Take the most recent financial statements and prepare a set of projected financial statements based on the given assumptions. The CEO requests that you prepare a written report (including the financial statements) for her. The company is Starbucks.

Generate a projected income statement based on the given scenario. Analyze the impact on the income statement based on the given scenario.

Generate a projected statement of retained earnings based on the given scenario. Analyze the impact on the statement of retained earnings based on the given scenario.

Generate a projected balance sheet based on the given scenario. Analyze the impact on the balance sheet based on the given scenario.

Generate a projected cash flow statement based on the given scenario. Analyze the impact on the cash flow statement based on the given scenario.

.

The grade appeal process at a university requires that a jury be structured by selecting five individuals randomly from a pool of eight students and thirteen faculty.​

(a) What is the probability of selecting a jury of all​ students?

(b) What is the probability of selecting a jury of all​ faculty?

(c) What is the probability of selecting a jury of three students and two ​faculty?

​​(Round to five decimal places as​ needed.)

A university system enrolling thousands of students needs to determine how many credit hours, on the average, each student takes per quarter. From previous studies, the population standard deviation is known to be 2.3 credit hours per quarter. Suppose the administration wanted to estimate the mean to within 0.1 hours with 95% confidence. How large a sample would they need to take?

B- In light of your study of the course subjects and your readings through the Internet and/or the university e-library, Provide examples from the real world for successful and unsuccessful mergers and acquisitions cases in recent years and state the specific reasons behind their success or failure. (Do not provide general reasons behind success or failure & only one example should be provided for each case).