Prepare closing entries for the below, is my question.

Transactions for Blackberry Mountain Inc for the month of January is as follows:

1 Company issued common stock for $21,000 2a Supplies are purchased for $3,000.

2b Insurance is paid for 6 months beginning January 1: $5,400 (record as an asset)

2c Rent is paid for 3 months beginning in January: $4,500 (record as an asset)

3 Blackberry Mountain Inc borrows $45,000 from 1st State Bank at 12% annual interest.

6 An equipment is purchased for $22,500 cash. It will be used for 3 years and will be depreciated monthly using straight-line depreciation with no salvage value. A full month of depreciation will be charged in January.

9 Services are performed for customers on account. Invoices totaling $9,800 are mailed.

10 Services are performed for cash customers: $7,600.

15 Blackberry Mountain Inc borrows $16,000 from 2nd State Bank at 9% annual interest.

16 Wages for the first half of the month are paid on January 16: $4,200

20 The company receives $3,000 from a customer for an advance order for services to be provided in January and February.

25 Collections from customers on account (see January 9 transaction): $4,500.

30 A $3,100 utility bill for January arrived. It is due on February 15.

Additional information for the adjusting entries at January 31:

a. The company completed 60% of the deliveries for the customer that paid in advance on January 20th.

b. Interest is accrued for the two bank loans (assume a full month for the 1st State Bank loan and ½ month for the 2nd State Bank loan).

c. The last 2 weeks wages earned by employees are $4,200 and will be paid on February 3rd.

d. Record January depreciation.

e. Adjust the prepaid asset accounts as needed.

Hello my name is Pete. I posted my previous question in error by forgetting to mention that I am located in New York State and am required to go by those rules and regulations.

Erica Swanson (SSN 376-38-4930), age 46, is a single parent with three children:

Her biological son, Sean Swanson (age 19) is a part-time college student who works fulltime as a landscaper

Her biological daughter, Brooklyn Swanson (age 14)

Her adopted daughter, Sydney Swanson (age 12)

Although Erica receives child support from her ex-husband, she provides more than half of the support of all three children. Although her ex-husband does spend time with the children, Erica is their custodial parent; all three children have lived with Erica for the whole year. Erica works as an office manager. Her W-2 from 2018 shows the following information:

Gross wages: $39,500

Social security tax withheld: $2,449

Medicare tax withheld: $573

Federal income tax withheld: $3,950

State tax withheld: $819

401(k) contribution: $5,500

In addition, she accrued $950 of taxable interest during the year. In order to work, Erica has made arrangements for her neighbor, Robin Murphy, to watch the girls after school and during the summer. During the year, Erica paid Robin a total of $5,200 for child care expenses for the two girls (divided evenly). Sean took a couple of classes at the local community college during the year. Erica paid $1,200 for his tuition, fees, and books. His full-time work schedule prohibited him from attending at least half-time. Erica has satisfied the full-year coverage health insurance requirement under the ACA.

Which filing status should Erica use?

What is the amount of wages that Erica should report on Form 1040?

What is the amount of taxable interest that Erica should report on Form 1040?

What is the amount of Erica's AGI?

How many qualifying dependents does Erica have?

What is the amount of Erica's basic standard deduction?

What is the amount of Erica's additional standard deduction?

How much taxable income does Erica have?

What is Erica's tax liability?

Child and dependent care credit

Assignment Details

Final Project Overview

Throughout this course, you have learned various components of accounting. These components work hand-in-hand to create the accounting cycle – the process of recording, summarizing and reporting transactions. The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle. In addition, you will be able to demonstrate your understanding through analysis of the completed information. This project will be completed in two parts in Units 3 and 5.

Final Project Data

On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred during December 2015.

(NOTE: There are no beginning balances – this is a new company.)

Adjustment Data:

One month's insurance coverage has expired.

The company occupied the office space for the month of December.

At the end of the month, $600 of office supplies are still available.

This month's depreciation on the computer equipment is $325.

Employees earned $525 of unpaid and unrecorded salaries as of month-end.

Final Project Requirements

Using the spreadsheet found here and information above, complete the following:

Journal entries to record the transactions that occurred during the month of December.

Prepare an unadjusted trial balance.

Week5 submission assignment

Assignment Details

Using the same data in the Unit 3 Submission and incorporating the feedback you received from your instructor on Submission 3, perform the steps below to complete the final project.

Adjustment Data:

One month's insurance coverage has expired.

The company occupied the office space for the month of December.

At the end of the month, $600 of office supplies are still available.

Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3)

Prepare an unadjusted trial balance (Completed in Unit 3)

Create adjusting journal entries at the end of the year, December 31 based on the adjustment data.

Prepare an adjusted trial balance.

Prepare an income statement, statement of stockholders' equity, and classified balance sheet.

Create closing journal entries to close all temporary accounts.

Prepare post-closing trial balance.

In addition, answer TWO of the questions below in 1-2 fully developed paragraphs. A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!!

Trap Adventures, Inc. is looking for an accountant. In your own words, explain to Trap's hiring team the role of accountant and accounting within business. Provide examples of the expectations of the accountant.

Discuss the financial position of Trap Adventures, Inc. using the following ratios:  

Current ratio

Return on equity: For each ratio, provide the calculation and an explanation of the meaning. Is this a positive or negative result for the Trap Adventures, Inc.?

Using Trap Adventures, Inc.'s income statement, evaluate the operations for the month of December. Complete a common-size income statement using sales as the base number. What is the largest percentage? What is the smallest percentage? What recommendations could be made to increase Trap's net income?

Currently, Trap Adventures, Inc. does not own any loans or bank notes (long-term liabilities). What would happen if Trap decides to obtain a bank loan for $25,000 to fund daily operations? How would this transaction impact the financial statements - which accounts would be affected? What is the debt to equity ratio? What does the debt to equity ratio represent

This question has 2 parts.

Assignment Details

Final Project Overview

Throughout this course, you have learned various components of accounting. These components work hand-in-hand to create the accounting cycle – the process of recording, summarizing and reporting transactions. The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle. In addition, you will be able to demonstrate your understanding through analysis of the completed information. This project will be completed in two parts in Units 3 and 5.

Final Project Data

On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips. The following transactions occurred during December 2015.

(NOTE: There are no beginning balances – this is a new company.)

Adjustment Data:

One month's insurance coverage has expired.

The company occupied the office space for the month of December.

At the end of the month, $600 of office supplies are still available.

This month's depreciation on the computer equipment is $325.

Employees earned $525 of unpaid and unrecorded salaries as of month-end.

Final Project Requirements

Using the spreadsheet found here and information above, complete the following:

Journal entries to record the transactions that occurred during the month of December.

Prepare an unadjusted trial balance.

Week5 submission assignment

Assignment Details

Using the same data in the Unit 3 Submission and incorporating the feedback you received from your instructor on Submission 3, perform the steps below to complete the final project.

Adjustment Data:

One month's insurance coverage has expired.

The company occupied the office space for the month of December.

At the end of the month, $600 of office supplies are still available.

Create journal entries to record the transactions that occurred during the month of December. (Completed in Unit 3)

Prepare an unadjusted trial balance (Completed in Unit 3)

Create adjusting journal entries at the end of the year, December 31 based on the adjustment data.

Prepare an adjusted trial balance.

Prepare an income statement, statement of stockholders' equity, and classified balance sheet.

Create closing journal entries to close all temporary accounts.

Prepare post-closing trial balance.

In addition, answer TWO of the questions below in 1-2 fully developed paragraphs. A fully developed paragraph should have a major point with 3 to 5 support sentences. One or two sentences is not acceptable or does not discuss the question. Be sure to show what you know!!!

Trap Adventures, Inc. is looking for an accountant. In your own words, explain to Trap's hiring team the role of accountant and accounting within business. Provide examples of the expectations of the accountant.

Discuss the financial position of Trap Adventures, Inc. using the following ratios:  

Current ratio

Return on equity: For each ratio, provide the calculation and an explanation of the meaning. Is this a positive or negative result for the Trap Adventures, Inc.?

Using Trap Adventures, Inc.'s income statement, evaluate the operations for the month of December. Complete a common-size income statement using sales as the base number. What is the largest percentage? What is the smallest percentage? What recommendations could be made to increase Trap's net income?

Currently, Trap Adventures, Inc. does not own any loans or bank notes (long-term liabilities). What would happen if Trap decides to obtain a bank loan for $25,000 to fund daily operations? How would this transaction impact the financial statements - which accounts would be affected? What is the debt to equity ratio? What does the debt to equity ratio represent

Accountability of Ex-HP CEO in Conflict of Interest Charges:

How could a CEO and chairperson of the board of directors of a major company resign in disgrace over a personal relationship with a contractor that led to a sexual harassment charge and involved a conflict of interest, a violation of the code of ethics? It happened to Mark Hurd on August 6, 2010. Hurd was the former CEO for HewlettPackard (HP) for five years and also served as the chair of the board of directors for four years. On departure from HP, Hurd said he had not lived up to his own standards regarding trust, respect, and integrity.

The board of directors of HP began an investigation of Hurd in response to a sexual harassment complaint by Jodie Fisher, a former contractor, who retained lawyer Gloria Allred to represent her. While HP did not find that the facts supported the complaint, they did reveal behavior that the board would not tolerate. Subsequent to Hurd’s resignation, a severance package was negotiated granting Hurd $12.2 million, COBRA benefits, and stock options, for a total package of somewhere between $40 and $50 million.

In a letter to employees of HP on August 6, interim CEO Cathie Lesjak outlined where Hurd violated the “Standards of Business Conduct” and the reasons for his departure. Lesjak wrote that Hurd “failed to maintain accurate expense reports, and misused company assets.” She indicated that each was a violation of the standards and “together they demonstrated a profound lack of judgment that significantly undermined Mark’s credibility and his ability to effectively lead HP.” The letter reminded employees that everyone was expected to adhere strictly to the standards in all business dealings and relationships and senior executives should set the highest standards for professional and personal conduct.

The woman who brought forward the sexual harassment complaint was a “marketing consultant” who was hired by HP for certain projects, but she was never an employee of HP. During the investigation, inaccurately documented expenses were found that were claimed to have been paid to the consultant for her services. Falsifying the use of company funds violated the HP Standards of Business Conduct.

As for the sexual harassment claim, Allred alleged in the letter that Hurd harassed Fisher at meetings and dinners over a several year period during which time Fisher experienced a number of unwelcome sexual advances from Hurd including kissing and grabbing. Fisher said that this continual sexual harassment made her uncertain about her employment status.

In August 2013, HP and former CEO, Mark Hurd, won dismissal of a lawsuit that challenged the computer maker’s public commitment to ethics at a time when Hurd was allegedly engaging in sexual harassment.

HP did not violate securities laws despite making statements such as a commitment to be “open, honest, and direct in all our dealings” because such statements were too vague and general, U.S. District Judge Jon Tigar in San Francisco wrote.

As a result, shareholders led by a New York City union pension fund could not pursue fraud claims over Hurd’s alleged violations of HP’s standards of business conduct, the judge ruled.

“Adoption of the plaintiff’s argument (would) render every code of ethics materially misleading whenever an executive commits an ethical violation following a scandal,” Tigar wrote.

Shareholders led by the Cement & Concrete Workers District Council Pension Fund of Flushing, New York, claimed in their lawsuit that the share price had been fraudulently inflated because of Hurd’s alleged activities.

They also claimed that HP’s statements about its rules of conduct implied that Hurd was in compliance, and that Hurd ignored his duty to disclose violations.

At most, Tigar said, such statements “constitute puffery—if the market was even aware of them.”

Tigar also said Hurd’s alleged desire to keep his dealings with Fisher secret did not by itself give rise to a fraud claim.

“Nothing suggests that Hurd thought that he could mislead investors with the statements the court finds were immaterial,” the judge wrote.

Questions:

1. When he was CEO, Hurd wrote in the Standards of Business Conduct at HP that “We want to be a company known for its ethical leadership….” His message in the preface continued: “Let us commit together, as individuals and as a company, to build trust in everything we do by living our values and conducting business consistent with the high ethical standards embodied within our SBC.”

What is the role of trust in business? How does trust relate to stakeholder interests? How does trust engender ethical leadership? Evaluate Mark Hurd’s actions in this case from an ethical and professional perspective.

2. Despite hundreds of pages of policies, codes of ethics, organizational values, and carefully defined work environments and company culture, lapses in workplace ethics occur every day. Explain why you think these lapses occur and what steps might be taken by an organization to ensure that its top executives live up to values it espouses.

3. Leo Apotheker, the former CEO of HP who succeeded Mark Hurd, resigned in September 2011, after just 11 months on the job—but he left with a $13.2 million severance package. Hurd left with a package between $40 million and $50 million. Do you think executives who resign from their positions or are fired because of unethical actions should be forced to give back some of those amounts to the shareholders to make them whole? Why or why not?

Discussion Question

Cash in Hand Topic: Revenue Recognition/Misrepresentation of Fact by Client Characters: Heather Hunter, Senior in CPA firm “Buzz” Thompson, Owner/manager of Fashion First Sandy, part-time bookkeeper of Fashion First Author: Mary Brady Greenawalt, Associate Professor of Business Administration, The Citadel Co-author: Janine Cloutier, Virginia Tech

In addition to the usual mix of compilation, review, and audit clients for which Heather Hunt serves as a senior in a small office of a regional CPA firm, she has been assigned a new client that recently engaged the firm. Fashion First, an incorporated retail outlet, is a thriving local store. The business is run by a single owner/manager, “Buzz” Thompson, who makes all major decisions. The business has not previously used the services of a CPA firm. In addition to preparation of financial statements, the CPA firm will handle tax returns for the business. At her first visit to the client’s office, Heather is introduced to Sandy, the part-time bookkeeper who is also a full-time accounting student at the local university. At a subsequent meeting, Sandy confides to Heather that she found the job at the beginning of the semester after an extensive search. Sandy really needs the money to help finance her education, and feels lucky to have found a good-paying job during the current economic downturn. Feeling that Heather is someone she can talk to and get advice from, Sandy describes a situation that has been on her mind for some time now. Sandy’s concern relates to the handling of sales revenues. When monies from sales revenues are counted and deposited on a weekly basis, a chart is filled out with categories carefully delineating the type of payment: cash, checks, American Express, or Visa/Mastercard. Sandy’s employer, after depositing the weekly total, brings this chart back with his own written-in total of the actual amount deposited. After looking over some of these weekly deposit chats, Sandy noticed that $500 cash was missing from each deposit. After a more thorough inspection of monthly tax documents that “Buzz” Thompson has filled out, Sandy noticed that the reported monthly gross revenue was $2,000 less than what had been actually counted. The employer is the only person handling the money after it has been counted. He is also the only one to deposit the money. When Sandy asked Mr. Thompson about revenue not being reported for tax purposes, he assured her that every dollar of income was reported on the tax forms. Furthermore, “Buzz” asserted, since Sandy wasn’t the person who signed the forms, she shouldn’t be concerned.

Questions: Explain your reasoning for each question in full length! What are the Ethical Issues? Who are the Primary Stakeholders? What are the Possible Alternatives? What are the Ethics of the Alternatives?

2.3. Each of the following scenarios presents a claim by a researcher. Assume that the sample sizes in each case was in the range of 20 to 25 observations per sample in each case. Answer the following for each scenario:

(i) state the appropriate null (HO) and alternate hypothesis (HA) in symbolic form (e.g. Hx : Meanleft = Meanright);

(ii) indicate whether it is a 1or 2-tailed test, and if a 1-tailed tests which tail is the area of rejection at.

A. Outside of the nesting season, male and female Robins do not differ in weight. An ornithologist thought however that females gained extra weight prior to nesting. She captured and weighed 20 adult females (F) and 22 males (M) from the same location just as they were started to build nests.wanted to know if this was also true during the nesting season.

B. A resident of Peterborough thinks the city is unusual in that the north end of the city (near Trent University) gets less rainfall than the south end (of the city (near Peterborough Airport). Data were collected for all rain events greater than 4 mm from weather stations at the University (TU) and the airport (PA) from April 1 to November 30 2019.

C. Whether the intensity of rain events (cm/hr) in August (AUG) differ from those in May (MAY) in Peterborough county.

D. A Professor wonders whether it is true that students actually spend more time (hours per week) on course work (ie “attending lectures” and doing assignments) in his online course(ON) compared to the same course taught face-to-face (F2F) in the same semester. He surveyed 25 students from each of the two courses.

   Slide 11 problem:

   5’ UGG 3’ -  mRNA

                      -Template DNA stand

  -Nontemplate DNA strand

Slide 33 problem:

The following sequence of nucleotides in a DNA strand was used as a template to synthesize a mRNA that was then translated into protein:

                        5’-TTAACGGCTTTTTTCCAT-3’

Predict the C-term aa and the N-term aa of the resulting polypeptide.

Slide 34 problem:

True or False? Explain your answer!

1.An individual ribosome can make only one type of protein.

2.The large and small subunits of an individual ribosome

always stay together and never exchange partners.

3.An mRNA may contain the sequence ATTGACCCCGGTCAA

Slide 35 problem:

A mutation in DNA generates a UGA stop codon in the middle of the mRNA coding for protein X. You are studying protein X and isolating it from mutated cells. Which one best describes your findings:

1. No changes whatsoever are found between protein X isolated from wild type and mutant cells
2. Protein X from wild type cells is shorter than the one from mutant cells
3. Protein X from wild type cells is longer than the one from mutant cells
4. Protein X from mutant cells has a new function

X Company was created on September 1 and prepares monthly financial statements. During September, X Company issued stock to investors for $98,000, borrowed $83,000 from a bank, bought merchandise that it planned to sell, paying $3,416 and promising to pay $5,166 in October, bought equipment, paying $5,100 and promising to pay $4,800 in December, paid $3,603 that it had promised to pay to suppliers for previous purchases on account, sold merchandise, receiving cash of $16,879 and promises to pay from customers of $4,881; the merchandise that was sold had cost $10,880, paid off a loan for $3,370 [ignore interest], received $3,727 from customers who had promised to pay, paid $5,470 for wages, utilties, and other miscellaneous expenses. 4. What were total assets on September 30 [assume no adjusting entries on September 30]? Tries 0/2 5. What was Net Income in September [assume no adjusting entries on September 30]?

Problem 6-4AA Periodic: Alternative cost flows LO P3

Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions.
  

  
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
  

  
2. Compute the number of units in ending inventory.


  
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification units sold consist of 790 units from beginning inventory, 205 from the February 10 purchase, 295 from the March 13 purchase, 145 from the August 21 purchase, and 520 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.)
  


4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.)