Whispering Company reports pretax financial income of $66,100 for 2020. The following items cause taxable income to be different than pretax financial income.

Whispering’s tax rate is 30% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2020.Compute taxable income and income taxes payable for 2020.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.” (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Compute the effective income tax rate for 2020. (Round answer to 1 decimal places, e.g. 25.5%.)

6) Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

Problem 6-2AA Periodic: Alternative cost flows LO P3

[The following information applies to the questions displayed below.]

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.  

For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 365 units from the March 5 purchase; the March 29 sale consisted of 65 units from the March 18 purchase and 145 units from the March 25 purchase.

Problem 6-2AA Part 3

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.)

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March.

For specific identification, the March 9 sale consisted of 40 units from beginning inventory and 430 units from the March 5 purchase; the March 29 sale consisted of 90 units from the March 18 purchase and 170 units from the March 25 purchase.

Required.
1. Compute cost of goods available for sale and the number of units available for sale.
2. Compute the number of units in ending inventory.

3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar.)

Lehman company, a firm that has either failed or came close to collapsing during the Financial Crisis of 2007-2009,

1. Describe in some detail the events that led to the failure of the firm. What went wrong?
2. Describe the interconnectedness of the firm, and how that may have played a role in the US government’s response to its pending failure.

Ethical Decision Making at Black Diamond

Task: Read the “Black Diamond Equipment” case below and then answer the following questions.

>> The way that Black Diamond is run, I don't really consider this the American way, I consider Black Diamond an extension of the attitude, the culture, the ethos, and the values of the life defining mountain sports that we were founded to serve. Hi, my name is Peter Metcalf. I'm the CEO and lead founder of Black Diamond. Very early on in the beginning of the company the sports of climbing, mountaineering, alpinism and alpine skiing were relatively small at that time. They've grown dramatically. However, if you aggregated the global demand for that product then you could have a fairly meaningful business. So from that recognition and understanding the amount of money that goes into research and development, commercializing a product, and recognize it to be competitive, to do what we really wanted to do we had to think globally. It was going to be about finding these global markets through finding other people who shared our passion, who were young embryonic business people in many cases who wanted to get into the business because they shared that passion, they knew the markets, they knew the space, and could develop a business as a distributor for us. And as time went on we did begin to recognize that nobody really cares about Black Diamond as much as Black Diamond people do, and for that reason we would have to take charge ultimately of the businesses that we were, the business we were conducting overseas through independent distributors. And there was also a recognition that to be the same brand in Europe or in Asia as we were in North America, we would have to be something slightly different because of cultural values, cultural interpretations.

>> In Salt Lake, like every two to three months stay here for one week to two weeks and but we work together on a daily basis. My name's Thomas Hodel, I'm from Switzerland. Born in Lucerne. Doing outdoor sports were, was always a big part of my life so a big passion of me and that's why I'm here working at Black Diamond sharing that passion and I have two roles at the moment. On a global view I'm responsible for all the ski categories, so together with the team here we define strategies and directions for all the categories which belong to the ski side. And then in Europe I'm the European Category Director so the role there is to make sure whatever we do here works also in Europe and the European needs are covered. And it takes a long time to really figure out the differences in Europe and it's every country has a different culture, mentality. Having that European perspective, I think that's a, that's definitely asset I can bring into this glob- into this company and help this company to become more global and to address those needs better.

>> What is most important to the success of Black Diamond is our unique culture and in all of the, in all of our locations the people that we've put in place there to lead those businesses, they all have a real passion for these activities. They have spent substantial time here. They've been immersed in this culture. They see how we operate. At our Asian facility that we built as a Greenfield project eight or nine years ago, what we did right in the process of hiring, right when we started, was we got people, anybody like you have to learn to repel, repel off the roof. We'd do weekend events where we'd take them hiking. So we're instilling in folks in a myriad of ways what the BD attitude and philosophy is towards life, towards work, collegiality, cooperation. You're only as strong as your weakest member. You have to have implicit trust and confidence in the competency of your partners.

>> So yeah having been in Asia for almost seven years it's a very dynamic culture, especially in China. There's a strong sense of change. There's a strong sense of growth. My name is Vindi Agher [assumed spelling]. Actually you pronounce it as Vindi Agher, but that's difficult so Vindi Agher, I go with Vindi Agher. I'm the VP of Manufacturing here at Black Diamond. Our business is really global. Our customers are global. And our manufacturing is definitely global as well. So yeah we own our own factory in Zhuhai. The products that we assemble and produce in the factory in Zhuhai are also part of this protective products that we use, that will be used in climbing and mountaineering so the quality needs to be good. But also we want to ensure that it's been done in a good way. So we control it from start to finish which means how we treat the people, how we manufacture, and how we run the organization that we ensure that everything is done in the right way.

>> Then another part of our business when it comes down to the soft goods, that is made what we call in the trade OEMs, original equipment manufacturers. Our people, our engineers-- in this case also my daughter, she's a developer of the apparel line-- she is spending weeks at a time at these factory partners in a place like Vietnam or China or Bangladesh and I would not send a 26 year old, my 26 year old daughter to spend time and be in these factories if I weren't comfortable with them. But more importantly, we have a certification and compliance process. We have auditors that go into these factories. We have a very strict guideline of ethical sourcing requirements. So we check these factories. We're not at some sweatshop. The factories that we're in, I think of the apparel factory in Bangladesh, the people get three meals a day, there's healthcare, there's English language, there's money for additional education, it's well ventilated, well lit. It's clean. It's safe. Because that's very important to us and what our values are. Being a global operation brings with it incredible opportunities for growth, for unique insights, for innovation, for just thinking differently than you would otherwise think. It also is taxing, time consuming. It demands that you are constantly questioning your, we're Americans so our American sort of perspective on things. It requires us, if we want to be true to being global, to not just nod at being global but create a true global management team, make sure that that team is part of the leadership team and part of the decision making process. Because being global is about more than just selling globally. If you really want to be a global brand, you have to think globally. And that's easy to say and harder to do.

Questions:

1. How does Black Diamond integrate social responsibility into its culture? (1 mark)

2. How does the global nature of the company and its markets influence how it thinks about employee diversity? (1 mark)

3. (a) How would you describe Black Diamond’s ethics in terms of how it treats its employees at the company’s factory partners in Vietnam, China, and Bangladesh? (1 mark)

     (b) Do you think that it is appropriate for firms like Black Diamond to scrutinize its partner factories like this? (1 mark)

     (c) Why or why not? (1 mark)

Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest celebrities in a country. Construct a 95​% confidence interval. What does the result tell us about the population of all​ celebrities? Do the data appear to be from a normally distributed population as​ required?

What is the confidence interval estimate of the population mean muμ​? ​$ millionless than<muμless than<​million

​(Round to one decimal place as​ needed.)

Listed below are student evaluation ratings of​ courses, where a rating of 5 is for​ "excellent." The ratings were obtained at one university in a state. Construct a confidence interval using a

95​%confidence level. What does the confidence interval tell about the population of all college students in the​ state?

3.93.9​,

3.03.0​,

4.24.2​,

4.84.8​,

3.13.1​,

4.04.0​,

3.73.7​,

4.94.9​,

4.14.1​,

3.93.9​,

4.44.4​,

3.83.8​,

3.63.6​,

4.04.0​,

3.53.5

What is the confidence interval for the population mean

muμ​? less than<muμless than<

​(Round to two decimal places as​ needed.)

Refer to the accompanying data set and construct a 95​% confidence interval estimate of the mean pulse rate of adult​ females; then do the same for adult males. Compare the results.

Click the icon to view the pulse rates for adult females and adult males.

Construct a 95​% confidence interval of the mean pulse rate for adult females. bpmless than<muμless than<bpm

​(Round to one decimal place as​ needed.)

The mean playing time for a large collection of compact discs is 37 minutes, and the standard deviation is 4 minutes.

(a)

What value (in minutes) is 1 standard deviation above the mean? One standard deviation below the mean? What values are 2 standard deviations away from the mean?

1 standard deviation above the mean  

1 standard deviation below the mean  

2 standard deviations above the mean  

2 standard deviations below the mean

(b)

Assuming that the distribution of times is mound-shaped and approximately symmetric,

approximately what percentage of times are between 29 and 45 minutes? (Hint: See Example 3.19. Use the Empirical Rule.)

Less than 25 min or greater than 49 min?

Less than 25 min?

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2)

Data on weekday exercise time for 20 females, consistent with summary quantities given in the paper "An Ecological Momentary Assessment of the Physical Activity and Sedentary Behavior Patterns of University Students,"† are shown below.

Calculate the values of the median and interquartile range.

median interquartile range

Interpret the values of the median and interquartile range.

The median exercise time of indicates that half of the exercise times were below, and the remaining half were above. The interquartile range tells us that the middle fifty percent of exercise times had a range of.

I NEED TO: Write a 100-word paragraph (in your own words) stating whether the study below is correlational or experimental and explaining why you believe it is correlational or experimental. If you believe it is both or neither, explain your thinking with examples from the article/study listed below.

PLEASE READ THE STUDY, IT IS LISTED BELOW TO ANSWER THE ESSAY QUESTION ABOVE:

Facebook’s damaging effects on mental health have been widely reported in a series of studies – but could the social network be making us physically ill, too? Researchers found that people who spent time looking at other people’s Facebook profiles, felt real physical symptoms as sleep problems, weight change and muscle tension. Researchers interviewed 165 Facebook users, and found that people who were inclined to compare themselves to others felt more aware of physical ailments. It’s not that Facebook actually causes the symptoms in other words, but comparing onself to others perceived as ‘better off’ causes increased awareness of symptoms. Dr Bridget Dibb, Senior Lecturer in Health Psychology at the University of Surrey, said, ‘Comparing ourselves to others is not a new concept; however, with the rise of social media it is becoming a part of our everyday lives. ‘An entity like Facebook, with 2.27 billion active monthly users, has never existed before. The long term effect it has on individuals is unknown, but it is clear that comparison with others is associated with perceptions of ill-health.‘Users need to be aware of how they feel when they use sites like Facebook and recognize the dangers of comparisons in this context.’

Exercise 13-13 - Topic - Non Financial and Current Liabilities

Ayayai Corporation offers enriched parental benefits to its staff. While the government provides compensation based on Employment Insurance legislation for a period of 12 months, Ayayai increases the amounts received and extends the period of compensation. The benefit program tops up the amount received to 100% of the employee’s salary for the first 12 months, and pays the employee 70% of his or her full salary for another 6 months after the EI payments have stopped.
Zeinab Jolan, who earns $52,000 per year, announced to her manager in early June 2020 that she was expecting a baby in mid-November. On October 29, 2020, 9 weeks before the end of the calendar year and Ayayai’s fiscal year, Zeinab applied for and began her 18-month maternity leave. Assume that the Employment Insurance program pays her a maximum of $720 per week for 52 weeks.
For the purpose of this question, ignore any tax, CPP, and EI deductions when making payments to Zeinab.

A.) Prepare all entries that Ayayai Corporation must make during its 2020 fiscal year related to the parental benefits plan in regard to Zeinab Jolan.

B.) Prepare one entry to summarize all entries that the company will make in 2021 relative to Zeinab Jolan’s leave.

C.) Calculate the amount of parental benefits payable at December 31, 2020, and 2021.

Explain how these amounts will be shown on Ayayai’s SFP. (Round answers to 0 decimal places, e.g. 5,275.)