The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000

The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,500 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company. 18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders.

The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,000 23,000

The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,500 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company. 18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders.

The University of Pittsburgh Medical (UPMS) School grades each class in the following manner:

All students whose score is plus or minus two standard deviations from the mean course score receive a grade of “Pass.”

Students whose score is above two standard deviations from the course mean receive a grade of “Pass with Distinction.”

And, students whose score is below two standard deviations from the course mean receive a grade of “Fail.” Course scores are always assumed to be normally distributed.

Approximately what percentage of medical students in each class receives a “Pass with Distinction”?

Please refer to the USA. irs.gov for any refernce

Form 1040. William A. Gregg, a high school educator, and Mary W. Gregg, a microbiologist, are married and file a joint income tax return for 2019. Neither William nor Mary is over 50 years old, and both have excellent sight. They provide the sole support of their three children: Barry, Kimberly, and Rachel (all under age 17). The following information is from their records for 2019:

salaries and wages, William. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,000

Federal income tax withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Salaries and wages, Mary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000

Federal income tax withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000
Interest income—Home Savings and Loan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 690

Interest income—City Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220

Tax-exempt interest income—State of Texas Bonds . . . . . . . . . . . . . . . . . . . . . . 1,400
Itemized deductions as follows:

Hospitalization insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320
Unreimbursed fees of doctors, hospitals, etc. . . . . . . . . . . . . . . . . . . . . . . . . 740

Unreimbursed prescription drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310
Real estate taxes on residence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,300

State income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,700
State sales taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 720

Interest paid on original home mortgage . . . . . . . . . . . . . . . . . . . . . . . . . . . .18,430
Charitable contribution—Faith Church. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000

Charitable contribution—State University. . . . . . . . . . . . . . . . . . . . . . . . . . . .200
Quarterly estimated federal taxes paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,500

Calculate the 2019 Federal income tax and the tax due (or refund) for the Greggs assuming they file a joint return. Form 1040, along with Schedules A and B, may be completed. Supply fictitious information for the address and Social Security numbers. (Note: Use 2019 tax forms since the 2020 forms may not be available.)

The will of the Nguyen family patriarch established the Nguyen Family Trust after his death in 2018. In financial year 2019-20 the trust carried on a number of income earning activities. These included running a trading business with sales of $100,000 and allowable deductions of $30,000 as well as leasing an office in Singapore which provided $35,000 in rent. The trust incurred $5,000 in deductible expenses and investment income from Australian shares for which it received $7,000 in fully franked dividends. There are three (3) beneficiaries of the trust and all are Australian resident individuals:

• Duc (the father) aged 45 – who is to be paid 25% of the net income of the trust

• Hue (the mother) aged 42 – who is also to be paid 25% of the net income of the trust

• An (the son) aged 17 – who is to have the balance of the trust income accumulated for his benefit and distributed to him if he attains 25 years of age – subject to the trustee being able to pay, in its absolute discretion, such amounts as it deems fit for An’s education, maintenance and advancement in life.

In accordance with the terms of the trust, on 30 June 2020 the trustee distributes the net income of the trust 25% each to Duc and Hue. Duc is an undischarged bankrupt and has other income of $30,000. Hue has no income. During the tax year the trust paid An’s university fees of $10,000 and provided him with a living allowance of $8,000.

a) Calculate the net income of the trust

b) Explain who will pay the tax on the net income of the trust, on what basis and at what rates.

An analysis of the accounts of Crane Company reveals the following manufacturing cost data for the month ended September 30, 2020.

Costs incurred: raw materials purchases $62,300, direct labor $48,200, manufacturing overhead $26,900. The specific overhead costs were: indirect labor $6,000, factory insurance $4,900, machinery depreciation $6,400, machinery repairs $2,800, factory utilities $3,900, miscellaneous factory costs $1,770. Assume that all raw materials used were direct materials.

Prepare the cost of goods manufactured schedule for the month ended September 30, 2020.

Required information
  
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.

3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.)

On December 31, 2018, Kohl Company performed engineering consulting services for Hemingway, Inc. Hemingway was short of cash, and Kohl Co. agreed to accept a $200,000 zero-interest-bearing note due December 31, 2020, as payment in full. Hemingway is somewhat of a credit risk and typically borrows funds at a rate of 10%. Kohl is much more creditworthy and has various lines of credit at 6%.

Prepare the following journal entries for Kohl Co.:

(a) Prepare the journal entry to record the transaction of December 31, 2018

(b) Prepare the adjusting journal entry for December 31, 2019

(c) Prepare the adjusting journal entry and the collection of the note for December 31, 2020

Please show supporting computations.