Flint Inc. reports accounting income of $106,200 for 2020, its first year of operations. The following items cause taxable income to be different than income reported on the financial statements.

Assume that the company follows the taxes payable method of accounting for income taxes under ASPE. During the year, Flint Inc. made tax instalment payments of $46,910.

QUESTIONS:

A) Calculate the taxable income and income tax expense for the year ended December 31, 2020.

B) Prepare the journal entry to record income taxes at December 31, 2020.

C) Prepare the income statement for 2020, beginning with the line “Income before income tax.”

D) Provide the balance sheet presentation for any resulting income tax accounts at December 31, 2020.

Case 6-29 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2]

[The following information applies to the questions displayed below.]

O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 91,000 units and sold 79,000 units. During its second year of operations, it produced 84,000 units and sold 91,000 units. In its third year, O’Brien produced 83,000 units and sold 78,000 units. The selling price of the company’s product is $78 per unit.

Case 6-29 Part-1

Required:

1. Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

a. Compute the unit product cost for Year 1, Year 2, and Year 3.

b. Prepare an income statement for Year 1, Year 2, and Year 3.

Consider the following information. Which of the following is correct? Check all that apply.

Date: October 8, 2020.   Name: Apple Computer.   Symbol: AAPL.   Close: 116, up $1. Day high: 117. Day low: 115. Volume: 133 million shares. 10-day average volume: 139.5 million shares. Market capitalization: $2 trillion. Dividend: 2.5%. PE: 35. Beta 1.3. YTD % change: 55%.

Check All That Apply

• Annual dividends total $2.50.

  Annual dividends total $2.50.

• Earnings per share in the last four quarters was $3.31.

  Earnings per share in the last four quarters was $3.31.

• The dollar volume of shares traded October 8 was $15,428,000.

  The dollar volume of shares traded October 8 was $15,428,000.

• The stock price at the beginning of the year was $74.84. The stock price at the beginning of the year was $74.84.

• The stock is more volatile than the general market.

MULTIPLE CHOICE Question 7

All of the following are typically characteristics of an exchange-traded fund EXCEPT:

Question 8

What is the name of the type of mutual fund that invests in certificates of deposit, government securities, and other very safe and liquid assets? This type of mutual fund is low risk and low return.

Question 9

Shares of mutual funds come in different classes, depending on how and when sales charges are incurred. Which of the following share classes tends to impose the highest front-load, that is, commission charged when the shares are purchase?

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For the following questions the price of an S&P 500 Index Futures contract equals 250 ∙ Current S&P 500 Index Value. The margin requirement on each contract is $20,000.

Please answer the following questions:

1. At Yahoo! Finance identify the last traded value for the S&P 500 Index and the date it was last retrieved:

2. At the CME Group site obtain the next four quarterly S&P 500 Index Futures quotes:

1. Answer the following questions:
   1. Over the next four quarters are the S&P 500 Index Futures contract prices rising, falling, or flat? What does that suggest about the market expectations for the S&P 500 over the next year?
   2. Focusing on the longest dated S&P 500 Index Futures contract, i.e., the contract that expires last, what is the value of this contract?

Organization: Freestanding ER Services

Title: ER Operations Manager

Outline:

1. Multiple Regression: Effect of Age and General Health Status Score on Total ER Cost.
   1. Purpose
   2. Importance
   3. Variables
   4. Sample Size
   5. Hypothesis
   6. Methodology
   7. Findings
   8. Interpretations/Implications

Description of each Section

Purpose: Identify the purpose of the analysis in this section. What questions do you hope to answer?

Importance: State and explain the importance of this analysis to the department/organization. How will the findings be used?

Variables: List all variables, explain how they will be measured, and how they will be collected.

Sample Size: State your sample size and when data is collected.

Hypothesis: What are your null and alternate hypothesis?

Methodology: State the statistical method used in this section.

Findings: Copy and Paste all relevant output from Excel into this section. State your major findings from the included tables/charts.

Interpretaions/Implications: Discuss what the department/organization needs to do based on the findings.

Data are drawn from a relatively symmetric and bell shaped distribution with a mean of 30 and a standard deviation of 3.

a.) what percentage of the observations fall between 27 and 33?

b.) what percentage of the observations fall between 24 and 36?

c.) what percentage of the observations are less than 24?

Henry Baer, below, with his mother, Violet Cunningham. Baer, 39, died from an antibiotic-resistant staph infection after his bloodline had become disconnected during a dialysis treatment. (Photo courtesy of Karen Gable) Henry Baer went in for his third dialysis treatment on New Year's Eve day in 2005. It turned out to be his last. He was only 39, but years of diabetes and high blood pressure had caused Baer's kidneys to shut down. Built-up waste and fluid were causing his limbs to swell and making him short of breath. He was sent for what's called in-center hemodialysis, the most common type of dialysis, at a beige-toned clinic near his home in Prescott Valley, Ariz. His first two sessions were pretty normal. A patient-care technician hooked Baer to a machine the size of a filing cabinet, connecting it with plastic tubing to the catheter in his chest. He sat in a lounge chair, still as stone, for about four hours as the machine, whirring gently, moved his blood through a specialized filter, then returned it, cleansed of toxins. It was uncomfortable and boring. "Sis, this isn't for me," he told his older sister, Karen Gable, vowing to make himself a viable candidate for a kidney transplant. Just over two hours into his next session, Baer's incoming bloodline "became disconnected," a federal inspection report says. The attending technician panicked, "yelling and screaming hysterically." Blood sprayed onto Baer's shirt, pants, arms and hands. Then, "contrary to emergency standing orders," the report continued, she reconnected the line to Baer's catheter, infusing him with "potentially contaminated blood." By the time Mike Wright, Baer's boss at a local car dealership, picked Baer up after the treatment, he was complaining of nausea. Over the next two days, Baer spiked a fever. His wife found him in bed, having a convulsion. He was taken to the hospital, where tests later showed that his catheter had become infected with antibiotic-resistant staph. The infection moved swiftly to his heart and brain. He died a few days later, on Jan. 7, 2006, leaving behind a 2-month-old daughter.

Questions: 1. What is venous needle dislodgement (VND)?

2. What causes VND?

3. What are the consequences of VND?

4. What are the risk factors for VND?

5. How do you prevent VND?

KPNG Consulting has five projects to consider. Each will require time in the next four quarters according to the table below

Revenue from each project is also shown. Develop a model whose solution would maximize revenue, meet the time budget of: 28 in the 1st quarter, 20 in the 2nd quarter, 18 in the 3rd quarter and 16 in the 4th quarter; at least three projects; and not do both projects C and D. If project B is chosen, project D must be chosen.