McGuire Corporation began operations in 2018. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2018, the bookkeeper used a check register to record all cash receipts and cash disbursements. No other journals were used. The following is a recap of the cash receipts and disbursements made during the year. Cash receipts: Sale of common stock $ 55,000 Collections from customers 295,000 Borrowed from local bank on April 1, note signed requiring principal and interest at 12% to be paid on March 31, 2019 29,000 Total cash receipts $ 379,000 Cash disbursements: Purchase of merchandise $ 182,500 Payment of salaries and wages 68,500 Purchase of office equipment 33,000 Payment of rent on building 9,250 Miscellaneous expenses 10,700 Total cash disbursements $ 303,950 You are called in to prepare financial statements at December 31, 2018. The following additional information was provided to you: Customers owed the company $16,500 at year-end. At year-end, $27,650 was still due to suppliers of merchandise purchased on credit. At year-end, merchandise inventory costing $43,400 still remained on hand. Salaries and wages owed to employees at year-end amounted to $4,350. On December 1, $2,250 in rent was paid to the owner of the building used by McGuire. This represented rent for the months of December through February. The office equipment, which has a 10-year life and no salvage value, was purchased on January 1, 2018. Straight-line depreciation is used. Required: Prepare an income statement for 2018 and a balance sheet as of December 31, 2018. (For Balance Sheet only, items to be deducted must be indicated with a negative amount.)

(filing status: single and she is her only dependent) tax calculations are as follows assuming a 2018 tax year). 2018 standard deduction amount is $6,500 and the exemption amount for 2018 is $4150. Bella s single and will claim herself as an exemption. She has a house mortgage interest amount of $4,300, property taxes of $3,900, and made $4,950 in charitable contributions during the year. All these are itemized deductions.

            Wages, salaries, and tips                                                           $38,700

            Plus: Interest income                                                                        142

                        Gross income                                                     $38,842

            Less: Adjustments to (gross) income                                                    0

                        Adjusted gross income                                                  $38,842

            Less: Standard deduction _____

            Less: Exemption (claim one only) _____

                        Taxable income $

            Tax liability                                                                             $

            Less: Taxes withheld                                                                4,150.00

                        Tax due                                                                      $ __________

1.          If Bella itemizes her deductions and uses one exemption, will she owe additional taxes for 2018? If she has underpaid by too great an amount, she may also be subject to an underpayment penalty regardless of whether she files her return by April 15 or not. Refer to IRS Publication 505.

2.         Recalculate Bella's income tax for 2018 taxes without itemizing her deductions and using the same tax schedule. Using President Trump's new income tax law adjustment an increase in the standard deduction and no personal exemption. (2018 Standard deduction = $12,000, Personal exemption = $0). The first $9,525 of her income is taxed at a10% tax rate, the amount over $9,525 is taxed at 12%). Is she eligible for a refund? Which income tax calculation will result in a lower federal income tax for Bella?

Exercise 21-27 Statement of cash flows; direct method [LO21-3, 21-5, 21-6, 21-8]

Comparative balance sheets for 2018 and 2017, a statement of income for 2018, and additional information from the accounting records of Red, Inc., are provided below.

Additional information from the accounting records:

1. During 2018, $241 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value.
2. In order to maintain the usual policy of paying cash dividends of $61 million, it was necessary for Red to borrow $61 million from its bank.

Required:
Prepare the statement of cash flows of Red, Inc., using the direct method to report operating activities. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

The comparative balance sheets for 2018 and 2017 are given below for Surmise Company. Net income for 2018 was $76 million.

Required:
Prepare the statement of cash flows of Surmise Company for the year ended December 31, 2018. Use the indirect method to present cash flows from operating activities because you do not have sufficient information to use the direct method. You will need to make reasonable assumptions concerning the reasons for changes in some account balances. A spreadsheet or T-account analysis will be helpful. (Hint: The right to use a building was acquired with a seven-year lease agreement. Annual lease payments of $10 million are paid at January 1 of each year starting in 2018.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

Schematic diagram pathophysiology of Non St elevation MI ,Aortic dissection and pericarditis

What is a Non-Rebreather?. Which patient uses this and what is the Literflow and FiO2 for this therapy?

The conflict between the goals of a firm’s owners and the goals of its non-owner managers is...

Quality institutions are:

Group of answer choices

extractive

informal

formal

non-extractive

describe the chemical nature of the non-covalent bonding interactions between peptides and lipids.