Harry Rubenstein operates a private taxi business that provides personal transport services to passengers in the Mornington Peninsula region of Victoria. The following transactions relate to the purchase of a new motor vehicle by the business for use as a private taxi. The business is registered for GST and the GST rate is 10%.

REQUIRED:

(a) Prepare the journal entry to record the purchase of the motor vehicle on 1 July 2015.

(b) Prepare the journal entry to record the service expense on 15 March 2018.

(c) Prepare the journal entries to record the overhaul of the motor vehicle on 1 July 2018.

(d) Prepare the journal entry to record the sale of the motor vehicle on 1 July 2020.

Harry Rubenstein operates a private taxi business that provides personal transport services to passengers in the Mornington Peninsula region of Victoria. The following transactions relate to the purchase of a new motor vehicle by the business for use as a private taxi. The business is registered for GST and the GST rate is 10%.

REQUIRED:

(a) Prepare the journal entry to record the purchase of the motor vehicle on 1 July 2015.

(b) Prepare the journal entry to record the service expense on 15 March 2018.

(c) Prepare the journal entries to record the overhaul of the motor vehicle on 1 July 2018.

(d) Prepare the journal entry to record the sale of the motor vehicle on 1 July 2020.

Please note that problem solving often requires you to consider additional requirements that are not specifically listed.

You are to write a Java program to represent cars.

• The program has a Car class (Car.java) with constructors, accessors, mutators, and print methods.
• This class should not have static data members or static methods. The main method will be in another class.
• The data members include the car model year, make, model, retail price, and current value; for example, a 2020 Ford Mustang, retail of 28999, and current value 27500.
• There are two constructors. One constructor should have arguments used to set the car make, model, model year, and retail price, but set the current value will to zero without using an argument. Another constructor should have arguments used to set all the data members. Name the arguments in both constructors the same as the data members.
• There are accessors and mutators for each data member. The accessors will return the data member value. The mutators will sent the data member to a value passed in as an argument.
• The print method will output the data members to the console. We will keep it simple by just putting the data member values on the same line with spaces between. For example:

2020 Ford Mustang 28999 27500

The program has a Driver class (Driver.java) with the main method. The main method:

1. Instantiates an ArrayList of Cars and instantiates three Car objects (car1, car2, car3).
2. Adds the Car objects to the ArrayList of Cars. After adding the cars to the ArrayList, all operations on the objects are done by accessing the methods through the ArrayList. In other words, do not use car1, car2, or car3 variables after the cars are added to the ArrayList.
3. Change the current value of the third car to 10% less than its current value.
4. Set the first car’s retail price to $30,000.
5. Using a loop, printout the three cars using the ArrayList.

1. Exercise A3-20 (Algorithmic)
   Future Values of an Annuity

   Use Future Value Tables or your calculator to complete the requirements below.

   On December 31, 2020, you sign a contract to make annual deposits of $5,200 in an investment account that earns 10%. The first deposit is made on December 31, 2020.

   Required:

   1. Calculate what the balance in this investment account will be just after the seventh deposit has been made if interest is compounded annually. Round your answer to the nearest cent, if rounding is required.
   $

   2. Determine how much interest will have been earned on this investment account just after the seventh deposit has been made if interest is compounded annually. Round your answer to the nearest cent, if rounding is required.
   $

2. Exercise A3-11 (Algorithmic)
   Practice with Tables

   Use Future Value Tables and Present Value Tables, or your calculator, to complete the requirements below.

   Required:

   Round your answers to the nearest cent, if rounding is required.

   a. Determine the future value of a single cash flow of $5,480 that earns 7% interest compounded annually for 10 years.
   $

   b. Determine the future value of an annual annuity of 10 cash flows of $500 each that earns 7% compounded annually.
   $

   c. Determine the present value of $5,480 to be received 10 years from now, assuming that the interest (discount) rate is 7% per year.
   $

   d. Determine the present value of an annuity of $500 per year for 10 years for which the interest (discount) rate is 7% per year and the first cash flow occurs one year from now.
   $

   Feedback

3. 12)b. Determine the present value of an annuity of seven cash flows of $1,340 each (one at the end of each of the next 7 years) for which the interest (discount) rate is 8% per year.

Monty Corp. had the following long-term receivable account balances at December 31, 2019.

Transactions during 2020 and other information relating to Monty' long-term receivables were as follows:

Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

The tables in this problem are to be used as a reference for this problem. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

Partially correct answer iconYour answer is partially correct.

Describe the relevant cash flows in terms of amount and timing.

Determine the amount of interest income that should be reported in 2020. (Round answers to 0 decimal places, e.g. 8,971.)

Determine the portion of the note and any interest that should be reported in current assets at December 31, 2020. (Round answers to 0 decimal places, e.g. 9,871. Do not leave any answer field blank. Enter 0 for amounts.)

Prepare the long-term receivables section of Monty statement of financial position at December 31, 2020. (Round answers to 0 decimal places, e.g. 8,971.)

Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Monty's statement of financial position at December 31, 2020. (Round answers to 0 decimal places, e.g. 8,971.)

What is the END result, the cellular response, after the activation of an RTK?

After activation of this receptor, a Ras-GTPase gets activated, what would happen if Ras was activated in the absence of a signaling molecule/mitogen?

What is the END result, the cellular response, after the activation of an RTK?

After activation of this receptor, a Ras-GTPase gets activated, what would happen if Ras was activated in the absence of a signaling molecule/mitogen?

HMS Corporation is considering an expansion project that requires investment in capital assets of $545,000, costs of $15,000 to modify the assets before they can be put into operation, and additional raw materials inventory of $50,000 to support the project. In addition, HMS had spent $25,000 to study the viability of this project. The one-time after-tax opportunity costs associated with this project are $36,000. The project is expected to generate operating revenue of $600,000 per year, and the associated operating expenses are estimated at $275,000 per year. The capital assets belong to asset class 9, which has a CCA rate of 30 percent. The assets are expected to sell for $42,000 when the project terminates in eight years. Assume the asset class remains open after the project terminates. The firm’s cost of capital is 14 percent and marginal tax rate is 40 percent. a) What is the initial after-tax cash flow? b) What is the present value of the CCA tax savings? c) What is the present value of the after-tax operating cash flows? d) What is the ending after-tax cash flow? e) What is the NPV of the project?

1. HMS Corporation is considering an expansion project that requires investment in capital assets of $545,000, costs of $15,000 to modify the assets before they can be put into operation, and additional raw materials inventory of $50,000 to support the project. In addition, HMS had spent $25,000 to study the viability of this project. The one-time after-tax opportunity costs associated with this project are $36,000. The project is expected to generate operating revenue of $600,000 per year, and the associated operating expenses are estimated at $275,000 per year. The capital assets belong to asset class 9, which has a CCA rate of 30 percent. The assets are expected to sell for $42,000 when the project terminates in eight years. Assume the asset class remains open after the project terminates. The firm’s cost of capital is 14 percent and marginal tax rate is 40 percent.

a) What is the initial after-tax cash flow?

b) What is the present value of the CCA tax savings?

c) What is the present value of the after-tax operating cash flows?

d) What is the ending after-tax cash flow?

e) What is the NPV of the project?

Mark wants to save money to achieve three main objectives.

1º, he would like to be able to retire within 30 years with a retirement income of $23,000 per month for 20 years, with the first payment received 30 years and 1 month from now.

2º, he would like to buy a cabin in 10 years at an estimated cost of $320,000.

3º, after he dies at the end of the 20 year retirement period, he would like to leave a $1,000,000 inheritance to his nephew. Mark can save $2,100 per month (ordinary annuity) for the next 10 years.

In addition, Mark can obtain an effective annual return of 11 percent before retirement and an effective annual return of 8 percent after retirement.

(a) What is the amount of savings that Mark needs to have at the time of retirement?

(b) How much are Mark's savings immediately after buying the cabin?

(c) How much Mark will have to save each month (ordinary annuity contributions) after the purchase of the cabin (i.e. after the year 10 and until the year 30)?