Brent received 1,000 shares of Alabama Corporation stock from his uncle as a gift on July​ 20, 2017​, when the stock had a $275,000 FMV. His uncle paid $ 100,000 for the stock on April​ 12, 2002. The taxable gift was $ 275,000​, because his uncle made another gift to Brent for $25,000 in January and used the annual exclusion. The uncle paid a gift tax of $13,750. Without considering the transactions​ below, Brent's AGI is $75,000 in 2018. No other transactions involving capital assets occur during the year.

Analyze each transaction​ below, independent of the​ others, and determine Brent's AGI in each case. ​(Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest dollar. Use a minus sign or parentheses to enter a​ loss.)

a. He sells the stock on October​ 12, 2018​, for $281,000.

b. He sells the stock on October​ 12, 2018​, for $106,750.

c. He sells the stock on December​ 16, 2018​, for $269,000.

1.Prepare Rockin Robbin's ​multi-step income statement for the year ended June 30, 2018

2. Journalize Rockin Robbin's closing entries.

3. Prepare a​ post-closing trial balance as of June 30, 2018

Prepare Rockin Robbin's ​multi-step income statement for the year ended June 30, 2018.

​(Use a minus sign or parentheses to show other​ expenses.)

On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2017 and 2018 follows:

Abbey Company:

   2017 2018

Benjamin Company:

Assume that a tax rate of 40 percent is applicable to both companies :

1. On consolidated financial statements for 2018, what are the income tax expense and the income tax currently payable if Abbey and Benjamin file a consolidated tax return as an affiliated group?
2. On consolidated financial statements for 2018, what are the income tax expense and income tax currently payable if they choose to file separate returns?

a. Income tax expense

   Income tax payable

b. Income tax expense

   Income tax payable

Sabel Co. purchased assembly equipment for $836,000 on January 1, 2018. Sabel’s financial condition immediately prior to the purchase is shown in the following horizontal statements model.

The equipment is expected to have a useful life of 380,000 miles and a salvage value of $38,000. Actual mileage was as follows:

Required

1. Compute the depreciation for each of the five years, assuming the use of units-of-production depreciation.
2. Assume that Sabel earns $248,000 of cash revenue during 2018. Record the purchase of the equipment and the recognition of the revenue and the depreciation expense for the first year in a financial statements model like the preceding one. The first event is recorded as an example.
3. Assume that Sabel sold the equipment at the end of the fifth year for $40,400. Calculate the amount of gain or loss on the sale.

Answer:

A-

B.

C.

Assume that Sabel sold the equipment at the end of the fifth year for $40,400. Calculate the amount of gain or loss on the sale.

On June 30, 2018, Georgia-Atlantic, Inc., leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $403,067 over a five-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2018. Georgia-Atlantic’s incremental borrowing rate is 8%, the same rate IC used to calculate lease payment amounts. IC purchased the equipment from Builders, Inc.. at a cost of $3.4 million. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: 1. What pretax amounts related to the lease would IC report in its balance sheet at December 31, 2018?

2. What pretax amounts related to the lease would IC report in its income statement for the year ended December 31, 2018?

question: Why is retained earnings on December 31, 2018, equal to $80,000 in all three cases despite the reporting of different amounts of net income each year?

Is it A,B, or C?

A: Net income over sufficiently long time periods equals cash inflows minus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the va

B: Net income over sufficiently long time periods equals cash inflows plus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the val

C: Net income over sufficiently long time periods equals cash inflows minus cash outflows. Walmart acquired the land in 2016 for $100,000 and sold it for $180,000 in 2018. Thus, the total effect on net income through the realization of the increase in the va

The following table represents the average temperatures in San Francisco for the first three
months of 2017 and 2018. Use Python

2017    2018
Days Jan Feb March Jan Feb March
1 50 52 42 51 62 54
2 48 57 43 55 62 51
3 52 58 44 55 63 48
4 52 57 51 58 64 48
5 46 56 50 59 63 51

1. Using this table, create 2 Nested Lists, one for each year.

Call those lists temp_2017 and temp_2018.
Each of those lists is composed of 3 sequence of values. Each sequence corresponds to a
month and is composed of 5 temperatures.   

2. Using the created nested lists, write a script that display:

a. The temperatures for each of the first 5 days of February 2017
b. The temperatures for each of the third, fourth and fifth day of March 2018
c. The temperature for January 3rd, 2018

DEF Company incorporated on January 1, 2018 after receiving authorization to issue 5,000 shares of $100 par value preferred stock and 500,000 shares of $10 par value common, with the former having a 10% cumulative dividend feature. During fiscal 2018, the company engaged in the following equity transactions: January 1 Issued 500 shares of preferred stock for $120 each. January 1 Issued 10,000 shares of common stock for $25 each. June 30 Bought 1,000 shares of common stock for the treasury at $30 each. December 31 Declared the preferred stock dividend and a $1.00 per-share dividend on the common. DEF’s fiscal 2018 comprehensive income consisted of the following: sales revenue of $2,500,000, cost of goods sold of $1,600,000, operating expenses of $300,000, income taxes of $215,000, and $40,000 of other comprehensive income from a transaction not subject to income tax.

Required—Prepare in good form each of the following: DEF’s fiscal 2018 statement of stockholders’ equity.

Janenda Inc. issued $5,000,000 of convertible

5-year bonds on July 1, 2017. The bonds provide for 6% interest payable semiamuially on January 1 and July 1. The discount in

connection with the issue was $120,000, which is being amortized monthly on a straight-line basis.

The bonds are convertible after one year into 15 shares of Janenda Inc.’s $1 par value common stock for each $1,000 of bonds.

On October 1, 2018, $600,000 of bonds were turned in for conversion into common stock. Interest has been accrued monthly

and paid as due. At the time of conversion, any accrued interest on bonds being converted is paid in cash.

Instructions

Instructions

Prepare the journal entries to record the conversion, amortization, and interest in connection with the bonds as of the following

dates. (Round to the nearest dollar.)

(a) October 1, 2018. (Assume the book value method is used.)

(b) October 31, 2018.

(c) December 31, 2018, including closing entries for end-of-year.

Problem 19-11 EPS; nonconvertible preferred stock; treasury shares; shares sold; stock dividend [LO19-4, 19-5, 19-6, 19-7]

On December 31, 2017, Dow Steel Corporation had 780,000 shares of common stock and 48,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $580,000 and $87,000 to common and preferred shareholders, respectively, on December 15, 2018.

On February 28, 2018, Dow sold 68,000 common shares. In keeping with its long-term share repurchase plan, 5,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2018, was $3,000,000. The income tax rate is 40%.
  
Required:
Compute Dow's earnings per share for the year ended December 31, 2018. (Do not round intermediate calculations. Enter your answers in thousands.)