Tim (40) and Tina (42) live in California. They have one son, Todd (age 10; Todd is a qualifying child of Tim and Tina). Tim’s brother, Bob, lives in New York. Although Bob did not live with Tim and Tina at all in 2020, Tim and Tina provided 90% of Bob's support. Bob is single and had $1,000 gross income in 2020.

What is the amount of Tim and Tina’s 2020 child tax credit (including other dependent tax credit)?

Assume that Tim and Tina's 2020 AGI is below the phaseout threshold for the child tax credit.

On January 1, 2018, Grumpy Contractors agreed to construct a building at a contract price of $5,000,000. Grumpy estimates that the project will be finished in 2020. Information related to the costs and billings for this contract are as follows:

Instructions:
Assuming the building was finished in 2020, calculate the gross profit that would be recorded for 2018, 2019 and 2020 using the:

a) Completed contract method.

b) Percentage of completion method.

Sarasota, Inc. began work on a $6,504,000 contract in 2020 to construct an office building. During 2020, Sarasota, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Sarasota’s 2020 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Luxley Corporation has $150,000 of income before taxes in its 2020 accounting records. In computing income tax expense, Luxley makes the following                                          
observations of differences between the accounting records and the tax return:                                          
                                          
1.     An accelerated depreciation method is used for tax purposes. In 2020, Luxley reports $12,000 more depreciation expense for tax purposes                                           
than it shows in the accounting records. The excess depreciation is expected to reverse in 2023.                                          
                                          
2.     In 2020, Luxley collected $120,000 from a business that is renting a portion of its warehouse. The $120,000 covers the rental payment                                           
for the four years 2021-2024, and therefore no rental revenue has been recognized for 2020. However, XYZ must pay taxes on the entire                                           
amount collected in 2020.                                          
                                          
The enacted tax rate in 2020 is 21%. It is 23% in 2021 and in 2022, and is 24% in 2023 and years following.                                          
                                          
Required:                                          
a.   Calculate taxable income for 2020.                                       
                                          
b.   Prepare the journal entry necessary to record income taxes at the end of 2020.                                        
                                          
c.   How would any deferred tax amounts be reported on a classified balance sheet?                                        
                                          
d.   Assume that Luxley’s 2021 pretax accounting income is $27,000 and that Luxley reports $6,000 more depreciation expense                                       
   for tax purposes than it shows in the accounting records, expected to reverse in 2024. Also during 2021, Luxley invests in tax-free                                       
   municipal bonds that earn $9,000 interest in 2021. Prepare the journal entry necessary to record income taxes at the end of 2021.                                        
                                          
e.   What is the amount of net income or loss that Luxley would report on its 2021 income statement and how will it be reported?                    

An Enterprises has the following business transaction estimates relating to the final quarter of 2020.

     $                   $                    $

                                                            October           November          December

Notes

1. Actual Receipts from Accounts Receivable are 70% of the previous months

Credit Sales and the balance of 30% owing is received in the following month.

Credit Sales for September 2020 were $80,000 as they were in August 2020.

Cash Sales were $16,500 in August 2020 and $18,000 in September of 2020.

2. Payment of Accounts Payable is paid 60% of purchases in the month of

Purchase and the remaining 40% in the month following. Purchases in

September 2020 were $36,000.

3. The cash balance at 1 October 2020 was $52,890

Required:

Prepare a cash budget month by month for the quarter ending 31 December 2020.

Note that marks will be deducted for each incorrect posting to the cash budget.        

can you do ASAP THANKS

Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2020, she files her state income tax return for 2019 and pays an additional $1,360 in state income taxes. During 2020, her withholdings for state income tax purposes amount to $4,760, and she pays estimated state income tax of $952. In April 2021, she files her state income tax return for 2020, claiming a refund of $2,448. Norma receives the refund in August 2021. Norma has no other state or local tax expenses. If an amount is zero, enter "0". a. Assuming that Norma itemized deductions in 2020, how much may she claim as a deduction for state income taxes on her Federal return for calendar year 2020 (filed April 2021)? $fill in the blank b. Assuming that Norma itemized deductions in 2020 (which totaled $27,700), how will the refund of $2,448 that she received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021. c. Assume that Norma itemized deductions in 2020 (which totaled $20,000) and that she elects to have the $2,448 refund applied toward her 2021 state income tax liability. How will the $2,448 be treated for Federal income tax purposes? Norma will include $fill in the blankas income in 2021. d. Assuming that Norma did not itemize deductions in 2020, how will the refund of $2,448 received in 2021 be treated for Federal income tax purposes? Norma will include $fill in the blank as income in 2021.

Question 4                                                                                                                  10 Marks

Tiger Ltd commenced operations on 1 July 2019 and has one employee, Brian King, who commenced employment on 1 July 2019. During the year ended 30 June 2020, Brian was paid $600 per week (an annual salary of $31,200). Hisonly weekly deductions were $150 for PAYG tax instalments. Brian has an entitlement to four weeks’ annual leave each year and a 17.5% annual leave loading. The annual leave is accumulating and vesting. During the year ended 30 June 2020, Brian took one week of annual leave. The PAYG tax deducted for this week was $175.

Brian also has an entitlement to eight days sick leave each year. The sick leave is non-accumulating and non-vesting. During the year ended 30 June 2020, Brian took twodays’ sick leave.

Required

1. Provide the journal entries for the one week of annual leave taken by Brian King during the year ended 30 June 2020.                                                       (3marks)

2. What is the amount of annual leave expense recognised by Tiger Ltd during the year ending 30 June 2020? What is the balance in the provision for annual leave as at 30 June 2020?                                                                         

3. Assume that the annual leave is non-accumulating. Provide the journal entries for the one week of annual leave taken by Brian Kingduring the year ended 30 June 2020.                                                                                           

4. Provide the journal entry for the two days’ sick leave taken by Brian King during the year ended 30 June 2020.                                                              

The following are the trial balance and the other information related to Bruce Sheffield, who operates a construction hauling business.

Sheffield withdrew $14,000 cash for personal use during the year.

1-From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020.

2-Prepare an income statement for 2020.

3-Prepare a statement of owner’s equity for 2020.

4-Prepare a classified balance sheet for 2020.

Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $590,000.

1. Calculate ROI for 2020. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) _______%
2. Calculate ROE for 2020. (Round your answer to 1 decimal place.) _______
3. Calculate working capital at December 31, 2020. _______
4. Calculate the current ratio at December 31, 2020. (Round your answer to 2 decimal places.) _______
5. Calculate the acid-test ratio at December 31, 2020. (Round your answer to 2 decimal places.) _______

e

Project Monitoring and Control Process Plan:
You have a Project Budget for building a five-bedroom house in Ashburn, VA. Assume that your building project is two months behind and has a $100,000.00 cost overrun. This should not be a surprise to you because of the monitoring processes. Identify and discuss some of the monitoring processes that could have alerted you of the schedule and cost problems. What are some of the controlling steps you would take to bring both the schedule and the cost back on track? Be sure to justify your answers. . Your Project Monitoring and Control Process Plan should be at least two pages including a summarization and conclusion page. If necessary, include data from the Project Budget and Project Schedule in the table shown below to support your schedule and cost problems.