During 2020, Canadian resident Biff Johnson has calculated his Taxable Income to be $69,600.
Instructions:
Calculate Biff's 2020 federal Tax Payable before consideration of any tax credits. Complete the six (6) blanksin the table below:
| On First | |
| On Next At % | |
| Federal Tax Payable Before Credits |
In: Accounting
On January 1, 2020, a company had 700,000 shares of common stock outstanding. On March 1, it issued a 3-for-1 stock split. On July 1 it Issued 50,000 shares. On September 1 it Issued a 20% stock dividend. Determine the weighted-average number of shares outstanding as of December 31, 2020.
In: Accounting
Lesson 1 Discussion 2020 unread replies.2020 replies. Answer the following question(s): How can a SWOT analysis be used in order to identify areas of opportunity and improvement? How do the people of the organization factor in to future opportunities and improvements? Please provide examples in order to illustrate your response
In: Economics
Problem One:
On March 1, 2019, Mark Company acquired real estate on which it planned to construct a small office building. The company paid $75,000 in cash. An old warehouse on the property was razed at a cost of $6,400; the salvaged materials were sold for $1,200. Additional expenditures before construction began included $800 attorney’s fee for work concerning the land purchase, $3,800 real estate broker’s fee, $5,800 architect’s fee, and $11,000 to put in driveways and a parking lot.
Instructions
Problem Two:
Younger Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2018, at a cost of $188,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000.
Instructions
Year Depreciation Expense Accumulated Depreciation Book Value
2018
2019
2020
2021
Problem Three:
Kinder Company purchased a new machine on October 1, 2018, at a cost of $145,000. The company estimated that the machine will have a salvage value of $25,000.The machine is expected to be used for 20,000 working hours during its 5-year life.
Instructions
Compute the depreciation expense under the following methods for the year indicated.
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Date |
Account |
DR |
CR |
Problem Four:
On January 1, 2019, Jaime Inc. invested $900,000 in a mine estimated to have 1,200,000 tons of ore of uniform grade. During the 2019, 100,000 tons of ore were mined and sold.
Instructions
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Date |
Account |
DR |
CR |
Problem Five:
The following are selected 2019 transactions of Penaflok Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $200,000. Its useful life is indefinite.
May 1 Purchased for $120,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.
Instructions
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.
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Date |
Account |
DR |
CR |
In: Accounting
Part (A)
As at year ended 31 March 2019, the total carrying value of property, plant and equipment on the statement of financial position of Candy Limited was $720,000. The current assets as at year ended 2019 included interest receivable of $10,000. The related interest revenue would be taxed on a cash basis.
Property, plant and equipment included furniture and computer equipment. Furniture was acquired on 1 April 2016 at a cost of $800,000. The company purchased the computer equipment during the year 2019 for $600,000.
It is Candy Limited’s accounting policy to measure its property, plant and equipment at cost less accumulated depreciation. Accounting depreciation is provided on a straight-line basis over the useful life of the asset:
Furniture 5 years Computer Equipment 3 years
Full year depreciation will be provided for in the year of purchase and nil residual value is assumed.
As at 31 March 2018, the balances of deferred tax accounts in the statement of financial position were:
Deferred tax asset $16,000 (coming from tax losses carried forward) Deferred tax liability $96,000
As at 31 March 2019, tax depreciation of $800,000 had been allowed for furniture. The tax authority allows full deduction on the cost of any computer equipment in the year of purchase. For the year ended 31 March 2019, a tax loss of $40,000 was computed. All tax losses will be allowed to set off the future profits for tax purpose. As at 31 March 2019, the management estimated the taxable profits for the forthcoming years as follows:
2020
2021
2022 and beyond
$50,000 $40,000
No estimation is available The announced income tax rates for 2018 and thereafter was 20%.
5
Required:
(a) Prepare a table showing the temporary differences (1) furniture (2) computer equipment (3) interest receivable, with the following column headings as at 31 March 2019:
Carrying Deductible temporary Taxable temporary Item amount Tax base difference difference
[6 marks]
(b) Compute the deferred tax asset / liability related to (1) furniture (2) computer equipment (3) interest receivable for the year ended at 31 March 2019. [2 marks]
(c) Provide accounting entries for the adjustments of the deferred tax asset / liability for the year of 2019. Show your workings. Narratives are not required. [5 marks]
Part B
Sea Ltd. commenced its business in 2019. The company incurred a tax loss of $150,000 for the year ended 31 December 2019. It is expected that the company will not incur losses again and will be able to generate future taxable profits of $160,000. The tax rate for 2019 and thereafter is 30%.
Required:
(a) Provide the journal entries to record deferred tax regarding the tax loss in year 2019.
[2 marks]
(b) Assume the actual taxable profit for the year ended 31 December 2020 is $40,000 and the management of the company based on new information estimates the future taxable profits as $90,000 on 31 December 2021. Prepare the relevant journal entries for the year 2020.
Show all workings. Narratives are not required.
In: Accounting
Choose any quote on this reading below and explain.
I. Major Themes and Causal Mechanisms "State Power and the Structure of International Trade" operates simul taneously on three levels. Its first sentences announce a program for the revival of the state in studies of international relations: "In recent years, students of international relations have multinationalized, transnation 1 Krasner, "State Power and the Structure of International Trade," World Politics 28 (April 1976). This content downloaded from 146.96.128.36 on Thu, 28 Aug 2014 15:04:13 PM All use subject to JSTOR Terms and Conditions 152 WORLD POLITICS alized, bureaucratized and transgovernmentalized the state until it has virtually ceased to exist as an analytic construct_This perspective is at best profoundly misleading" (p. 317). Krasner s rhetoric is dazzling: the core subject matter of political sci ence is threatened and must be recovered. "State Power" sounds the ral lying cry for the defenders of the state. People who look to the state for redress of market unfairness, scholars whose human capital is invested in understanding how states work, and Hobbesian skeptics suspicious of visions of efficiency and harmony can all rally around the statist stan dard. Teaching and writing on this theme in the mid-1970s, after the defeat of the United States in Vietnam, Krasner helped to launch a counterwave of renewed interest in the state against the trends empha sizing economic interdependence, transnational relations, "ungov ernability," and the states alleged economic irrelevance. Leading economists had been more impressed with the advantages of multina tional firms over states. Not long before Krasner wrote, Charles Kindle berger had proclaimed that "the nation-state is just about through as an economic unit."2 Even political scientists sympathetic to the transna tionalist research agenda recoiled from such rhetoric. It was Krasners counterrhetoric that energized a statist reaction?and it mattered little that his article nowhere defines "the state"; contests over definitions also became part of the subsequent scholarly debate. Some of the appeal of "State Power" derives from its clear specifica tion of 2l puzzle. Puzzles are central to social science, and Krasner s puz zle is an important one. Why, he asks, has the world economy vacillated between openness and closure? To clarify this issue, Krasner carefiilly defines the continuum between openness and closure. While acknowl edging the significance of movements of capital, labor, and technology, he focuses on trade. He argues that openness or closure in the structure of international trade can be operationalized by examining tariff levels, trade as a proportion of national product, and the regionalization or globalization of trade. Krasner does not merely present an important puzzle; he provides a way to measure the dependent variable that he has identified. Thus he lays out the basis for a focused research program. "State Power" also advances a strong proposition, as stated above, that hegemonic ascendancy tends to create openness. Indeed, Krasner pro posed a set of explanatory variables?position in the world political economy, defined in terms of size, level of development, and changes in 2 Kindleberger, American Business Abroad: Six Lectures on
In: Economics
Read the following article from Unit II’s Required Reading (located in the Unit II Study Guide): Lytle, T. (2015). Confronting conflict. HR Magazine, 60(6), 26-31. Retrieved from https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx? direct=true&db=bth&AN=103708484&site=ehost-live&scope=site After reading the article, analyze the scenario provided below, and discuss in your case study paper. In your case study, be sure to address the following items: Begin the discussion by identifying which of the scenarios you chose. Include a brief statement that identifies your style of conflict management. Use the information provided in this unit to develop a process to resolve the conflict. Describe how you would handle the workplace investigation for the chosen scenario. As a result of a merger, the organization decided to decentralize its human resource management (HRM) functions and create area human resource (HR) generalists across the United States. One of their responsibilities is to handle all employee relations issues. You report directly to the senior vice president of HRM in the corporate headquarters in New York, and there is a dotted line reporting relationship to the vice president of field operations in your area, which is located in the Midwest. You just arrived at your new location for this position about six days ago. Armed with the information you have learned in Units I and II and aided by your own experience and ability to research, please read the scenarios below, and select one for this assignment. Please answer the questions, and follow the guidelines presented. Scenario #1: It is Sunday evening, and you receive a phone call from an employee, Ellen, who lives several states away. However, she lives and works in your area of responsibility. Ellen is emotional and states that she can no longer tolerate her young coworker being sexually abused by the manager in their three-person office. She gives you the coworker’s name and phone number, and she tells you that the young woman wants you to call her later that evening when her husband w ill be asleep. As requested, you call the coworker, Tammy, and she states that she is afraid of losing her job. Tammy is emotionally upset and says that she fears that if her husband knows about what the manager is doing, he w ill confront him at the office, and there may be violence. Tammy informs you that the manager has a violent temperament and is prone to explosive outbursts. Based on your knowledge of employment law, conflict management, and investigation procedures, what would be the best way to handle this situation? For example, what laws are involved? Where do you start? Who do you notify? When do you start? What do you tell the coworker (Ellen) and the employee (Tammy) who made the complaint? In this situation, you are the employee relations representative for the organization. What is your role in the investigative process? Describe the steps you will take to investigate this employee complaint.
In: Other
Oxidation states are important for keeping track of electrons in oxidation-reduction reactions. Here are some general rules to remember:
In most cases, oxygen has an oxidation state of −2.
Group 1 and group 2 elements on the periodic table have +1 and +2 oxidation states, respectively.
In most cases, hydrogen has an oxidation state of +1.
Many elements can have more than one oxidation state. In such cases, use the other elements in the compound whose oxidation states are known to determine the oxidation state of the element that varies.
Neutral compounds In a neutral compound, the sum of the oxidation states is zero. Note that the sign of the oxidation states and the number of atoms associated with each oxidation state must be considered. In H2O, for example, each hydrogen atom has an oxidation state of +1 and each oxygen atom has an oxidation state of −2 for a total of 2(+1)+(−2)=0.
Part A) What is the oxidation state of an individual carbon atom in CaCO3?
Express the oxidation state numerically (e.g., +1).
Part B) What is the oxidation state of an individual nitrogen atom in KNO3?
Express the oxidation state numerically (e.g., +1).
In an ion, the sum of the oxidation states is equal to the overall ionic charge. Note that the sign of the oxidation states and the number of atoms associated with each oxidation state must be considered. In OH−, for example, the oxygen atom has an oxidation state of −2 and the hydrogen atom has an oxidation state of +1, for a total of (−2)+(+1)=−1.
Part C) What is the oxidation state of an individual phosphorus atom in PO33−?
Express the oxidation state numerically (e.g., +1).
In: Chemistry
Topic:
How would you explain the finding that people in high-income
economies seem happier than people in low-income economies, but,
over time, people in high-income economies do not seem to be any
happier even if their country grows richer? Briefly discuss.
Optional Reading:
Income and Happiness
The Declaration of Independence in 1776 identified “certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness.” This did not guarantee happiness but did establish the pursuit of happiness as an “unalienable” right, meaning that right cannot be taken away, given away, or sold. Eighteenth century philosopher and social reformer Jeremy Bentham argued that government policy should promote the greatest happiness for the greatest number of people.
Many people today apparently agree. In recent polls, 77 percent of Australians and 81 percent of Brits believed that a government's prime objective should be promoting the greatest happiness rather than the greatest wealth. The United Nations in 2007 sponsored an international conference on “Happiness and Public Policy.” Thailand now compiles a monthly Gross Domestic Happiness Index. Even China has joined in the fun reporting a happiness index based on polling results about living conditions, income, the environment, social welfare, and employment. Australia, Canada, and the United Kingdom are also developing happiness indexes.
Economists have long shied away from asking people how they feel, preferring instead to observe their behavior. But more now see some value in asking questions. In the most extensive of polls, the Gallup organization asked people in 130 countries: “How satisfied are you with your life, on a scale of zero to ten?” The results, reported in 2007, are not surprising. Most people in the high income areas, such as the United States, Europe, and Japan, said they are happy. Most people in the poor areas, especially in Africa, said they are not. Also, within a given country, income and happiness are positively related. After evaluating all the results of the Gallup world poll, Angus Deaton of Princeton concluded: “The very strong international relationship between per capita GDP and life satisfaction suggests that, on average, people have a good idea of how income, or the lack of it, affects their lives.” 8
So these results are no surprise. What does puzzle economists is that other surveys suggest that in affluent countries people do not seem any happier over time even though each generation became richer than the last. For example, in the United States, the proportion of people who say they are happy has stayed about the same despite 60 years of economic growth. In Japan, happiness responses actually declined despite a substantial increase in real income over the last 50 years.
Here are two possible explanations. First, people begin taking for granted those luxuries they most desired. For example, two generations ago color TVs, automobiles, and major appliances were luxuries, but now they are must-items for most households. Computers and flat screen HDTVs will soon move from luxuries to necessities. As each generation attains a higher standard of living, people become less sensitive to the benefits, they take them for granted, and thus they say they are no happier.
Second, research suggests that what matters is not just the absolute level of income but income relative other people in the reference group. Imagine you have a choice between (1) earning $50,000 a year while others in your reference group make $25,000 or (2) earning $100,000 a year while others make $250,000 (suppose, too, that prices remain the same, so $100,000 is double the real income of $50,000). Which would you prefer? Studies show that when people face this hypothetical choice, most pick the $50,000 option. That is, they prefer to make more than others even if that means a lower real income. Thus, if all incomes rise on average over time, this does not affect that aspect of happiness linked to one’s relative standing. As the social critic H. L. Mencken long ago observed, "A wealthy man is one who earns $100 a year more than his wife's sister's husband."
SOURCES: Daniel Gilbert, Stumbling On Happiness, (New York: Knopf, 2006); Marina Kamenev, “Rating Countries for the Happiness Factor,” Business Week, 11 October 2006; Angus Deaton, “Income, Aging, Health, and Wellbeing Around the World: Evidence from the Gallup World Poll,” Princeton Working Paper, (August 2007)
In: Economics
On January 1, 2020, Sarasota Company purchased 10% bonds having a maturity value of $380,000, for $410,343.38. The bonds provide the bondholders with a 8% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Sarasota Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category. Prepare the journal entry at the date of the bond purchase.Prepare a bond amortization schedule.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2020.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2021.
In: Accounting