At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported. Common stock, $12 par value $ 360,000 Paid-in capital in excess of par value, common stock 100,000 Retained earnings 360,000 In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Oct. 2 Retained Earnings 70,000 Common Dividend Payable 70,000 Oct. 25 Common Dividend Payable 70,000 Cash 70,000 Oct. 31 Retained Earnings 75,000 Common Stock Dividend Distributable 36,000 Paid-In Capital in Excess of Par Value, Common Stock 39,000 Nov. 5 Common Stock Dividend Distributable 36,000 Common Stock, $12 Par Value 36,000 Dec. 1 Memo—Change the title of the common stock account to reflect the new par value of $4. Dec. 31 Income Summary 290,000 Retained Earnings 290,000 Required: 2. Complete the following table showing the equity account balances at each indicated date.

At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.

In the fourth quarter, the following entries related to its equity are recorded.

Required:
2. Complete the following table showing the equity account balances at each indicated date.

Victor French made deposits of $4,600 at the end of each quarter to Book Bank, which pays 8% interest compounded quarterly. After 5 years, Victor made no more deposits. What will be the balance in the account 4 years after the last deposit?

A quarterly forecasted balance sheet is below. Calculate OWC in each quarter. What is the maximum OWC level?

Select one:

720,112.8

446,149.1

459,936.8

604,546.8

Every quarter, Bronx Co. ships computer chips to a firm in central Asia. It has not used any trade financing because the importing firm always pays its bill in a timely manner upon receipt of the computer chips. However, Bronx Co. was concerned that the foreign government may impose foreign exchange controls. Bronx Co. reconsidered whether it should use some form of trade financing that would ensure that it would be paid for its exports upon delivery. How could Bronx Co. have achieved its goal?

Problem 4 Hart Insurance is a regulated insurance company. During the 4th quarter of 2014 the company declared a dividend that was paid to shareholders at year end. Also, in the fourth quarter the company had to record a significant insurance loss associated with insurance coverage in an area hit by a major hurricane. As a result the company of the impairment and the dividend, the company had a retained deficit. However, state insurance laws prohibit paying a dividend when the company has an accumulated deficit.

Questions: Describe the ethical responsibilities of a CPA:

 Who is also the audit partner on the annual audit of Hart Insurance (i.e. what are the ethical responsibilities of a CPA who is also the audit partner on an audit engagement).

 Who is also the CFO (i.e. what are the ethical responsibilities of a CPA who also serves as a CFO for a company)?

 Who has also been hired by an attorney to investigate a potential violation of law on behalf of the board of directors?

The following case studies use the conceptual frameworks for members in public practice and for members in business that are embedded in new Codification of the AICPA Code of Professional Conduct. The conceptual frameworks were approved by the AICPA Professional Ethics Executive Committee in January of 2014 and it are effective beginning December 15, 2015. The AICPA Code of Professional Conduct (see reference above) includes both conceptual frameworks.

A payroll summary for Mark Consulting Company, owned by Mark Fronke, for the quarter ending June 30, 2019, appears below. The firm made the required tax deposits as follows

For April taxes, paid on May 15.

For May taxes, paid on June 17.

Required:

Using the tax rates given above, and assuming that all earnings are taxable, make the general journal entry on April 8, 2019, to record the employer’s payroll tax expense on the payroll ending that date.

Prepare the entries in general journal form to record deposit of the employee income tax withheld and the social security and Medicare taxes (employee and employer shares) on May 15 for April taxes and on June 17 for May taxes.

For the given quarterly sales data, a) calculate seasonal indices for each quarter, b) the year 4 annual forecast based on a linear regression trend forecasting method, c) the seasonally adjusted trend based quarterly forecasts for that 4th year, d) the year 4 annual forecast based on the Naive forecasting method, and e) the seasonally adjusted Naive based quarterly forecast for that 4th year.

a) Seasonal indices: Q1   ; Q2   ; Q3  ; Q4  

b) Year 4 forecast, trend based: Year 4  

c) Seasonally adjusted trend forecast, year 4: Year 4 Q1   ; Year 4 Q2   ; Year 4 Q3   ; Year 4 Q5  

d) Year 4 forecast, Naive based: Year 4  

e) Seasonally adjusted Naive forecast, year 4: Year 4 Q1   ; Year 4 Q2   ; Year 4 Q3   ; Year 4 Q5  

Vitamin B12 deficiency affects about one-quarter of the U.S. population and is more common in the elderly. This deficiency is often undetected and can lead to devastating and irreversible complications. Should vitamin B12 be added to municipal drinking water? Why or why not?

1.You find a quarter in the vending machine at work. Now you have to check the vending machine every day now. This is an example of ___.

2.

Every time you answer a question correctly in class, I praise you. This is an example of which learning theory?

3.

You have a fish tank that contains hundreds of small fish. You feed them the same time everyday by sprinkling the food on the surface of the water. The fish naturally come to the top to feed. One day, not feeding time, you simply check on the fish. As you are standing near the tank, the fish come to the top as though they are feeding. You could say that the fish ___.

4.

You are late for work and you are driving at least 100 miles per hour on the interstate. You are stopped by a State Trooper, and receive a speeding ticket. This is an example of ___.

5.

You go to the circus and see the tiger show. When the trainer cracks his whip, the tiger jumps through the hoop. This is an example of ___.

6.

Most mornings, Randy listens to his favorite song as he gets ready for work, including putting in his contacts. One afternoon, Randy hears his favorite song playing, and his eyes start watering.... something that usually happens only when he puts his contacts in. This is an example of classical conditioning. What is the unconditioned stimulus?