Using the following financial statement data, calculate the difference between total nonoperating assets and total nonoperating liabilities. If your result is a negative value, please present your answer with a negative sign.

1. Use the Financial database from “Excel Databases.xls” on Blackboard. Use Total Revenues, Total Assets, Return on Equity, Earnings Per Share, Average Yield, and Dividends Per Share to predict the average P/E ratio for a company. Use Excel to perform a forward selection regression analysis. Assume a 5% level of significance. Identify observation 2 in the original dataset. Use the observed values from observation 2 to find the predicted value y-hat based on your final model selected. Write your answer as a number and round your final answer to a whole number.

https://drive.google.com/file/d/19TI3HId0greXS0nkmDuoITv1IMPF_TUK/view?usp=sharing

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Carl and Renee have the following:

Total income of $149,222

Total deduction $44,500

Taxable income $104,722

With the above information Carl and Renee have a tax payable of $11,420

Carl restore mustangs in 2018 that is classified as a hobby. The hobby produced the following revenues and expenses.

Compute carl and Renee's income tax payable (or refund due) (Hint: adjust their AGI and deductions from the primary information). Assume they did not make any addition payments of estimated income tax.

5.28  Total sleep time of college students. In Example 5.4, the total sleep time per night among college students was approximately Normally distributed with mean μ = 6.78 hours and standard deviation σ = 1.24 hours. You plan to take an SRS of size n = 120 and compute the average total sleep time.

1. (a) What is the standard deviation for the average time?

2. (b) Use the 95 part of the 68–95–99.7 rule to describe the variability of this sample mean.

3. (c) What is the probability that your average will be below 6.9 hours?

Suppose Bank​ Z's total asset value is $160 million and its total liability value is $125 million. The bank manager wants to know what happens when interest rates rise from 10​% to 11​%. If the average duration of the assets is 3.05 years and the average duration of liabilities is 1.50 years, the change in the market value of the assets is equal to ?​%, and the change in the market value of liabilities will be equal to ?​%. (Round your answers to two decimal places.​)

Midyear on July 31st, the Andrews Corporation's balance sheet reported:

Total Liabilities of $15.044 million
Total Common Stock of $1.270 million
Cash of $2.010 million
Retained Earnings of $15.284 million.

What were the Andrews Corporation's total assets?

Section III - Income Taxes (45 points)

- XYZ began business on 1/1/18. During that year, they had pre-tax financial accounting income of$96,000 and paid $800 of officer life insurance (company is the beneficiary). The accountant has determined that a truck purchased in 2018 for $25,000 will be depreciated as follows:

                                                                2018                 2019                 2020                 2021                 2022

Financial Statement $5,000 $5,000 $5,000      5,000 5,000 Tax Return $9,000 $7,000 $4,000 $ 3,000      2,000

Prepare the journal entry to record income taxes for 2018. Assume that the tax rate for 2018 and beyond is 40%.

- In 2019, XYZ had a financial accounting income of 360,000, which includes $800 of municipal income which is not taxable. In addition to the depreciation differences discussed above, the pre-tax income also includes an unrealized holding loss of $25,000 that cannot be deducted for tax purposes until the security is sold. All securities are held in a trading portfolio.

Prepare the journal entries to record income taxes for 2019. Assume that the tax rate for 2019 and beyond remains at 40%.

- In 2020, XYZ had a financial accounting income of $500,000.. In addition to the depreciationdifference discussed in 2018, $9,000 of the security loss recorded in 2019 was realized in 2020 when some of the securities were sold. Also, in 2020 XYZ adopted the installment sales method for tax purposes and $22,000 of profit recognized in 2020 will be taxable in a future year when the related receivables are collected.

Pre pare the journal entries to record income taxes for 2020. Assume that the tax rate for 2020 has been changed, effective 1/1/2020 to 30% and that the new rate is expected to remain in effect for all future years.

Duffert Industries has total assets of $1,050,000 and total current liabilities (consisting only of accounts payable and accruals) of $150,000. Duffert finances using only long-term debt and common equity. The interest rate on its debt is 9% and its tax rate is 40%. The firm's basic earning power ratio is 15% and its debt-to capital rate is 40%. What are Duffert's ROE and ROIC? Do not round your intermediate calculations.

Use the Financial database from “Excel Databases.xls” on Blackboard. Use Total Revenues, Total Assets, Return on Equity, Earnings Per Share, Average Yield, and Dividends Per Share to predict the average P/E ratio for a company. Use Excel to perform a forward selection regression analysis. Assume a 5% level of significance. Based on your final model, what is the p-value from the test of the overall model? Write your answer as a number and round to 3 decimal places.

Excel Data: https://drive.google.com/file/d/1TQG5r2wzLGk--75whZXyb0SDTHZTWS0S/view?usp=sharing