Which of the following taxpayers may claim the standard mileage rate?

Kamila, a sole proprietor, drove her new automobile 3,199 miles for business in 2020. She kept a contemporaneous record of her mileage.

Merlin, a sole proprietor, drove his 2018 automobile 15,832 miles for his business in 2020. He has been using actual expenses since he put the vehicle into service.

Joyce is a volunteer at the American Red Cross in her community. She estimates she drove at least 2,000 miles during 2020 for her volunteer work.

Sally, a reserve member of the Armed Forces, moved 1,956 miles to be closer to her aging parents.

Swift Corp., a capital goods manufacturing business that started on January 4, 2019, and operates on a calendar-year basis, uses the cost recovery method of profit recognition in accounting for all its sales. The following data were taken from the 2019 and 2020 records.

                                                                      2019                   2020

Installment sales                                 $800,000         $1,000,000

Cost of sales                                         $600,000         $700,000

Cash collections on sales of 2019 $500,000         $300,000

Cash collections on sales of 2020        –0–                $600,000

Instructions: Using cost recovery method

(a) Compute the amount of realized gross profit to be recognized in each year

(b) State where the balance of Unrealized Gross Profit in each year

answer with exel

Contingent Liability

Facts:

• You are auditing a very successful and highly profitable manufacturing company as of December 31, 2020.
• The Company has always maintained adequate insurance in different areas. The Company has decided, effective January 1, 2021, not to purchase insurance against risk of loss that may result from injury to others, damage to the property of others, or interruption of its business operations.
• The Company would like to record a $5,000,000 reserve as of December 31, 2020 for claims associated with future events which may occur.

Required:

Should the Company record this $5,000,000 Reserve for Claims (a contingent liability) in its 12/31/2020 Financial Statements? Why or why not?

In a company, beginning capital balances on June 1, 2020, are Coo $53,000 and Vid $65,500. During the month, drawings were Coo $8,200 and Vid $6,700. Net income was $30,000, and the partners share the income based on interest allowances of 10% on beginning capital balances and share the remaining income equally. What is the division of net income for Coo?

In a company, beginning capital balances on second quarter of 2020, are Coo $72,000 and Vid $67,500. During the quarter, drawings were Coo $11,500 and Vid $9,900. Net income was $37,000, and the partners share income equally. What is the company’s total equity in its statement of financial position at June 30, 2020?

Ramakrishnan, Inc., reported 2021 net income of $45 million and depreciation of $2,950,000. The top part of Ramakrishnan, Inc.’s, 2021 and 2020 balance sheets is reproduced below (in millions of dollars): 2021 2020 2021 2020 Current assets: Current liabilities: Cash and marketable securities $ 50 $ 17 Accrued wages and taxes $ 31 $ 26 Accounts receivable 85 83 Accounts payable 95 90 Inventory 173 126 Notes payable 90 85 Total $ 308 $ 226 Total $ 216 $ 201

Calculate the 2021 net cash flow from operating activities for Ramakrishnan, Inc. (Enter your answer in dollars not in millions.)

More Americans are approving of the way that Donald Trump is managing his job of being President of the United States of America. In an American Research Group poll of February 2020, American voters were at 37% approval, 59% disapproval. As of March 2020, 35% approved of the way President Trump was handling his job and 62% were disapproved. The poll consisted of 246 Republicans, 358 Democrats, 391 independents, and 105 non-voters and was sample dates were taken from March 16^th to March 19^th of 2020

1. State the confidence interval estimate in two ways:
   • the upper and lower limits
   • the sample proportion ± the error term
     (don’t forget to include the confidence level)

Keener Company budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for the fiscal year of July 1, 2020 through June 30, 2021.

Three (3) units of raw material are needed to produce each unit of finished product.
If 450,000 finished units were to be manufactured during the 2020-2021 fiscal year by Keener Company, the units of raw material needed to be purchased would be

1. On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share.

1. What is the total Compensation Expense pertaining to the restricted shares.

2. What is the journal entry on the date of the grant, January 1, 2018?

3. What is the journal entry to record the compensation expense on Dec 31, 2018?

4. What is the journal entry to record the compensation expense on Dec 31, 2019?

5. What is the journal entry to record the compensation expense on Dec 31, 2020?

6. What is the journal entry on the lifting of restrictions on December 31, 2020?

1. On January 1, 2018, ABC Company awarded 15M of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated by the end 2020. On the date of the grant, the stock had a market price of $3 per share.

1. What is the total Compensation Expense pertaining to the restricted shares.

2. What is the journal entry on the date of the grant, January 1, 2018?

3. What is the journal entry to record the compensation expense on Dec 31, 2018?

4. What is the journal entry to record the compensation expense on Dec 31, 2019?

5. What is the journal entry to record the compensation expense on Dec 31, 2020?

6. What is the journal entry on the lifting of restrictions on December 31, 2020?