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.

A shopping center project is proposed to the city council. It cannot be built unless a zoning change is approved by the council. The planning board must first make a recommendation, for or against the zoning change, to the council.
Let A1 = city council approves the zoning change A2 = city council disapproves the change

The prior is: Pr(A1) = .7,   Pr(A2) = .3

Let B denote the event of a negative recommendation by the planning board.

Past history with the planning board and the city council indicates the following

Pr(B|A1) = .2, Pr(B|A2) = .9

3. ____ The planning board has recommended against the zoning change. What is the posterior probability that the city council will approve the zoning change? a) 0.2 b) 0.22 c) 0.3 d) 0.34 e) 0.43


4. ____ You own a local store in the downtown of the city. If the shopping center project is not allowed, your revenue will be $3,000. If allowed, your revenue will be $1,000. The cost of operation is $2,000. Then, you will choose to ______ because your expected profit (or loss if you choose to exit) is ____.

a) Stay, $140 b) Stay, $320 c) Stay, $400 d) Exit, $140 e) Exit, $320

WorldBiz operates divisions around the world. Its European division—EuroBiz (EB)—has recently reported the following information to you at WorldBiz’s head office. You are trying to decide whether to direct your internal audit staff to investigate more closely. From the Financial Statement Notes 2015 2014 2013 Accounts Receivable (gross) $ 105,000 $ 65,000 $ 45,000 Allowance for Doubtful Accounts (6,300 ) (7,800 ) (5,400 ) Accounts Receivable, Net 98,700 57,200 39,600 Other Information Gathered Net Sales Revenue $ 655,000 $ 605,000 $ 540,000 Accounts Receivable Write-offs 14,600 12,725 6,600 Bad Debt Expense 13,100 15,125 13,500 Sales Discounts (3/10, n/30) 3,500 9,500 5,500 Required: 1-a. For each of the years, calculate the proportion of gross accounts receivables estimated to be uncollectible as allowed for in the Allowance for Doubtful Accounts. (Round your answers to 1 decimal place.) 2-a. For each of the years, calculate the proportion of Net Sales Revenue that Bad Debt Expense represents. (Round your answers to 1 decimal place.) 4-a. Calculate the average days to collect in 2015 and 2014. (Use 365 days in a year. Round your answers to 1 decimal place.)

2. The missing Monkey Poo Company is trying to determine how many poo fabricating machines to buy for its factory. The of a new fabricating machine is 50 units of output, and the price of a one-year-old machine is 42 unit of output. These relative prices are expected to be the same in the future. The expected future marginal product of fabricating machines, measured in units of output, is 140-2K, where K is the number of machines in use. There are no taxes of any sort. The real interest rate is 8% per year:

a. what is the user cost of capital? Specify the units in which your answer is measured.

b. Determine the number of machines that will allow the company to maximize its profits.

c. Suppose that the company must pay a tax equal to 30% of its gross revenue. What is the optimal      
     number of machines for the company?

d. Suppose that in addition to the 30% tax on revenue described in part (c), the firm can take advantage of a 20% investment tax credit, which allows it to reduce its taxes paid by 20% of the cost of any new machines purchased. What is the desired capital stock now? (Hint: An investment tax credit effectively reduces the price of capital to the firm.)

I posted this question before too but answer was wrong can you please make sure the answer is right

Required information

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

In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the contract is as follows:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:

The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.

Required:

1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.

The pizzeria’s cost formulas appear below:

In November, the pizzeria budgeted for 2,250 pizzas at an average selling price of $22 per pizza and for 210 deliveries.

Data concerning the pizzeria’s actual results in November appear below:

Required:

1. Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November.

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,400 per month plus $0.08 per car washed. The company expects to wash 8,000 cars in August and to collect an average of $6.90 per car washed.

The actual operating results for August are as follows:

Required:

Calculate the company's revenue and spending variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

A statistical program is recommended.

The owner of a movie theater company would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow.

(a) Use α = 0.01 to test the hypotheses

for the model y = β₀ + β₁x₁ + β₂x₂ + ε,  where

Find the value of the test statistic. (Round your answer to two decimal places.)

Use α = 0.05 to test the significance of β₁.

Find the value of the test statistic. (Round your answer to two decimal places.)

Use α = 0.05 to test the significance of β₂.

Find the value of the test statistic. (Round your answer to two decimal places.)

Find the p-value. (Round your answer to three decimal places.)

p-value =

The following is a partial trial balance for the Green Star Corporation as of December 31, 2021:

There were 110,000 shares of common stock outstanding throughout 2021.

Required:

1. Prepare a single-step income statement for 2021, including EPS disclosures.

2. Prepare a multiple-step income statement for 2021, including EPS disclosures.

nd EPS answer to 2 decimal places.)