The following information is taken from ABC Corporation's financial statements:

December 31 2011 2010 Cash $90,000 $ 27,000 Accounts receivable, net 87,500 76,900 Inventory 155,000 175,000 Prepaid expenses 7,500 6,800 Land 90,000 60,000 Buildings 287,000 244,000 Accumulated depreciation (32,000) (13,000) Patents 20,000 35,000 $705,000 $611,700

Accounts payable $ 90,000 $ 84,000 Accrued liabilities 54,000 63,000 Bonds payable 125,000 60,000 Common stock 100,000 100,000 Retained earnings 351,000 312,700 Treasury stock, at cost (15,000) (8,000) $705,000 $611,700

For 2011 Year Net income $58,300 Net sales 218,000 COGS 108,000 Depreciation expense 19,000 Amortization of patents 5,000 Cash dividends declared and paid 20,000 Gain or loss on sale of patents none


Required:

1. Prepare a Statement of Cash Flows for ABC Corporation for the year 2011. (Use the indirect method.)

2. From the information provided, calculate the following items for the direct method.

A. Cash received from customers. (Hint: Work on A/R account.)

B. Cash paid to suppliers. (Hint: Work on Inventory and A/P accounts.)

Assignment 2

USE GAAP

INCLUDE US GAAP CODIFICATION (CITATIONS)

In 2010, the No-slice Golf Company decided to augment their very successful line of golf clubs with a new line of professional caliber golf balls. The executives at No-Slice were aware of the difficulty of penetrating the golf ball market but feel, with their name recognition and the possibility of receiving endorsements from tour professionals that were playing No-Slice clubs, chances for success were substantial. The company purchased $175 million of equipment and buildings in 2011 to begin production. The No-Slice golf ball has not performed up to expectations. The tour professionals did not care for the ball and did not endorse it. Significant improvements in golf balls by Callaway and Nike and the continued dominance of the Titleist ProV1 series made entering the market very difficult.

On July 1, 2017, the Board of Directors voted to sell off the golf ball manufacturing division. The company continued to operate the facility at current levels of production until the sale of the division was completed on June 1, 2018. No-Slice has a April 30 year end and the controller and CEO are concerned about the proper reporting for the disposal of the golf ball manufacturing division in the year-end April 30, 2018 financials. The company wants to issue the financial statements to the public by the end of June 2018.   You are to draft a report to the controller and CEO identifying the issues and accounting choices associated with reporting the disposal and the authoritative guidance that exists to determine the proper manner of reporting the assets, liabilities, and results of operation for the division.

Fischer, Inc. reports total tax expense on its income statement for year ended December 31, 2010 of $80,884 and cash paid for taxes of $77,546.
The tax footnote in the company's 10-K filing, reports the following deferred tax information.
Deferred tax assets and liabilities consisted of the following (in thousands):

Use the financial statement effects template to record Fischer's income tax expense for the current fiscal year along with the changes in both deferred tax assets and liabilities. Assume that income taxes payable increased by $22,862 thousand.   

Record tax expense, part cash and part deferred on the balance sheet below:

Cash Asset:

+Non Cash Asset:

=Liabilities:

+Contributed Capital:

+Earned Capital :

Bank of America, N.A. v. Barr, 9 A.3d 816 (2010), Supreme Judicial Court of Maine

Constance Barr was the sole owner of The Stone Scone, a business operated as a sole proprietorship. Based on documents signed by Barr on behalf of The Stone Scone, Fleet Bank approved a $100,000 unsecured small business line of credit for The Stone Scone. Fleet Bank sent a letter addressed to Barr and The Stone Scone, which stated, “Dear Constance H Barr: Congratulations! Your company has been approved for a $100,000 Small Business Credit Express Line of Credit.” The bank sent account statements addressed to both the Stone Scone and Barr. For four years, Fleet Bank provided funds to The Stone Scone. After that time, however, The Stone Scone did not make any further payments on the loan, leaving $91,444 unpaid principal. Bank of America, N.A., which had acquired Fleet Bank sued The Stone Scone and Barr to recover the unpaid principal and interest. Barr agreed to a judgment against The Stone Scone, which she had converted to a limited liability company (to limit the liability of her business), but denied personal responsibility for the unpaid debt. The trial court found Barr personally liable for the debt. Barr appealed.

Is Barr, the sole owner of The Stone Scone, personally liable for the unpaid debt? Why or why not?

Please normalize the following table [example from “Microsoft Office 2010: Advanced (Shelly Cashman Series)]. If you read the textbook carefully, you will be able to normalize this table below. If you properly normalize, you will have two tables as answers.

Can someone just answer 8 A B C D and E please!!!

Regression Analysis (Excel 2010 & 2007)

1.         Open a new Excel worksheet (which will be saved as REGRESSION.xlsx).  In cell A1 type your name.  In cell A2 type the course and section number (i.e. ECON225-01).  In cell A3 type the date.  Skip cell A4.  In cell A5 type “Assignment: Regression Analysis”.  In cell A6 type “File: REGRESSION.xlsx”.

2.         Type X in cell B8 and type Yin cell C8.  Type Miles in cell B9 and type Minutes  in cell C9.

In cells B10 through B18 enter the following values:

11, 10, 15, 7, 3, 6, 9, 12, 5

                        In cells C10 through C18, enter the following data values:  

                        28, 27, 35, 15, 8, 14, 20, 29, 13  

            Center format cells B8 through C18 for a more professional appearance.

3.         Click on the Datatab in the toolbar, then select Data Analysis. Next, select   Regressionfrom the Analysis Tools and click on OK.  In the Regression dialog boxes type C10:C18in the Input Y Range dialog box, then type B10:B18in the Input X Range dialog box.  Under Output Options select Output Range and type A20:I40in the output range dialog box.  Click onOK. A Summary Output table will appear.

4.         Select cell D27 and type Forecast for Y when X = 13:  Next select cell G27, then click on the Formulas tabin the toolbar, then select More Functions. Under the Function category select Statistical.  Under the Function name select  FORECAST.  In the dialog boxes type 13in the X dialog box, type C10:C18in the Known Y’s dialog box, and type B10:B18in the Known X’s dialog box.  Click on OK. The forecasted value for Y when X=13 will appear in cell G27.

5.         Return to the Home tab in the toolbar.  Select the columns of X and Y data values from B10 through C18(do not select their headings).  Next, click on the Insert tabin the toolbar, under Charts select Scatter, then select the first choice of a scatter diagram graph.    Resize and reposition the scatter diagram to the location of cell E9 for the top left corner of the diagram, and cell I 22 for the bottom right corner of the diagram.  (This will allow everything to fit on one printed page.) Delete the “Series 1” label box. You can label the axes with the variable names (Miles and Minutes) by clicking on the outside corner of the graph, then select Axis Titles in the toolbar. Label both the X and Y axes of the graph with their appropriate variable names.

            (Instructions continue on the next page.)

6.         Next, click any place inside of the scatter diagram. Under the Analysis options, click on Trendline,thenselectLinear Trendline. Click on OK. A trend line will be added to the scatter diagram.  Do a Print Preview to make sure that your graph fits onto the printed page.

7.         Save your worksheet on a disk as REGRESSION.xlsx and print-out the worksheet to submit to the instructor.  

8.         In addition to submitting a print-out of the worksheet(s), also submit typed answers to the following questions, referencing the data in your print-out and your textbook or Notes:

(a)        What is the regression equation for this data set? (Write the printed “a” and “b” values into the equation.  Hint: Under the Coefficient column the value for the Intercept is the value for “a” and the X Variable value is the value for “b”.)

(b)       Interpret the printed value for “a” relative to its definition, the X and Y variable names, and its value.  

(c)        Interpret the printed value for “b” relative to its definition, the X and Y variable names, and its value.

(d)       Interpret the printed value for “r” relative to its definition, the X and Y variable names, and its value.  (**Hint: Under the Regression Statistics section the Multiple R value is the correlation coefficient and the R Square value is the Coefficient of Determination.  The printed table value for “r” does not always indicate direction (+ or -), therefore, check that the sign for your “r” value agrees with the sign for your “b” value.)  

(e)        Interpret the printed value for “r²” relative to its definition, the X and Y variable names, and its value.  

In 2020, Melinda is a resident of Quebec and earns a gross salary of $100,000 from Bombardier. In her investment portfolio she sold 1,000 of her Spotify shares for $15,000 (she had originally purchased 2,000 shares a few years back for $8,000). She also received taxable dividends of $15,000 (eligible dividends). On October 1, 2020, Melinda made a Registered Retirement Savings Plan (RRSP) contribution of $10,500 which she will claim on her 2020 tax return. On the same day, she also made a contribution to her Tax-Free Savings Account (TFSA) for $2,000. Which statement is false?

a.Melinda’s dividends have been grossed-up and are eligible for a dividend tax credit on the $15,000 Melinda has capital gain of $7,000

b.Melinda has a taxable capital gain of $5,500

c.Melinda’s total income is $120,500

d.Melinda’s taxable income is $110,000