Question

Jack is performing the audit on leases of Anglo Ltd for the year ended 31 December 2019. From the ledger, Jack noticed that there are three items, which are on the lease, i.e. a van, a lathe machine and the oven. As part of the audit, Jack would send standard confirmation letters to the lessors. Two days before the end of the fieldwork,Jack received confirmation from the van’s lessor. Jack’s client has had a short payment of the van lease by$10,000. Jack sent the second reminder confirmation and managed to receive the confirmation from the lathemachine’s lessor. The lease would only start from 1 January 2020. Jack has to yet to receive any confirmationpertaining to the leasing of the oven.

Requirements:

a)Suggest three (3) actions/procedures that Jack should take in the future to make sure that the confirmation letter will be received and answered promptly.
b)Propose two (2) further actions/procedures that Jack should take for the discrepancies to two of the items listed above.

Required information

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

During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.)

*$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property).

Ignore the Net Investment Income Tax.

a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.)

Gross tax Liability=

Accounting Changes-Depreciation
Described below are two independent and unrelated situations involving accounting
changes. Each change occurs during 2016 before any adjusting entries or closing entries
were prepared.
a. On December 30, 2012, Rival Industries acquired its office building at a cost of
$1,000,000. It was depreciated on a straight-line basis assuming a useful life of 40
years and no salvage value. However, plans were finalized in 2016 to relocate the
company headquarters at the end of 2020. The vacated office building will have a
salvage value at that time of $700,000.
b. At the beginning of 2013, the Hoffman Group purchased office equipment at a cost of
$330,000. Its useful life was estimated to be 10 years with no salvage value. The
equipment was depreciated by the sum-of-the years’-digits method. On January 1,
2016, the company changed to the straight-line method.
Instructions:
a. Briefly describe the way company should report this accounting change in the
financial statements.
b. Prepare any 2016 journal entry related to the change.

Cheyenne Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $52,500 in 2018, $57,500 in 2019, and $62,200 in 2020. Cheyenne’s pretax financial income for 2017 is $278,800, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017. Taxable income $ Income taxes payable $ Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017. (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.) Account Titles and Explanation Debit Credit Prepare the income tax expense section of the income statement for 2017, beginning with the line “Income before income taxes.”. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cheyenne Corporation Income Statement (Partial) $ $ $

A date written in MMDDYYYY format is palindromic if it is read identically from left to right and from right to left. For example, the date February 2, 2020 (02022020).

Develop a Java program (called Palindrome Dates.java) that identifies all palindromic dates in a given year. The program must have the following functionality:

When running the program, the user is prompted to enter a year A.
Afterwards, the program calculates all the palindromic dates and prints them on the screen (separated by a space) in MMDDYYYY format.
Finally, the program prints on the screen the total number of palindromic dates in that year.
Tip: use the LocalDate and DateTimeFormatter classes included in Java to handle dates. For this, it requires doing two imports:
import java.time.LocalDate;
import java.time.format.DateTimeFormatter;
To iterate between dates you can use the following example which increments the start date by one day until it arrives just before the end date.
for (LocalDate date = start; date.isBefore (end); date = date.plusDays (1)) {
         // Processing of the date contained in the date object
}

Jurica Corporation manufactures various trim pieces for vehicle manufacturers. The company has a number of plants, including the Juriquilla Plant, which makes door trim pieces.

Mr. Bates is both the regional manager for the Central America region and the plant manager of the Juriquilla Plant. His budget as the regional manager is charged to the Juriquilla Plant.

Bates has just heard that the company received a bid from an outside vendor to supply the equivalent of the entire annual output of the Juriquilla Plant for $20.5 million. Bates is astonished at the low outside bid because the budget for the Juriquilla Plant’s operating costs for the upcoming year is $24.16 million. If this bid is accepted, the Juriquilla Plant will be shut.

The budget for the Juriquilla Plant’s operating costs for the coming year is presented below.

*Fixed corporate expenses allocated to plants and other operating units based on total budgeted wage and salary costs.

Additional facts regarding the plant’s operations are as follows:

1. Due to Juriquilla’s commitment to use high-quality fabrics in all of its products, the Purchasing Department was instructed to place yearly purchase orders with major suppliers to ensure the receipt of sufficient materials for the coming year. If these orders are canceled as a consequence of the plant closing, termination charges would amount to 20% of the cost of direct materials.

2. Approximately 300 plant employees will lose their jobs if the plant is closed. This includes all of the direct laborers and supervisors as well as the plumbers, electricians, and other skilled workers classified as indirect plant workers. Some would be able to find new jobs while many others would have difficulty. All employees would have difficulty matching Jurquilla’s base pay of $11.50 per hour, which is the highest in the area. A clause in Juriquilla’s current contract with the union may help some employees; the company must provide employment assistance to its former employees for 12 months after a plant closing. The estimated cost to administer this service would be $0.79 million for the year.

3. Some employees would probably choose early retirement because Jurica Corporation has an excellent pension plan. In fact, $0.61 million of the annual pension expense would continue whether the Juriquilla plant is open or not.

4. Bates and his staff would not be affected by the closing of the Juriquilla Plant. They would still be responsible for administering three other area plants.

5. If the Juriquilla Plant were closed, the company would realize about $3.68 million salvage value for the equipment and building. If the plant remains open, there are no plans to make any significant investments in new equipment or buildings. The old equipment is adequate and should last indefinitely.

Required:

1. Before looking at the numbers, discuss the human factors and other non-numerical factors that are at play when considering a make or buy decision of this magnitude?  

2. Jurica Corporation plans to prepare a financial analysis that will be used in deciding whether or not to close the Denver Cover Plant. Management has asked you to identify:

1. The annual budgeted costs that are relevant to the decision regarding closing the plant.
2. The annual budgeted costs that are not relevant to the decision regarding closing the plant.
3. Any nonrecurring costs that would arise due to the closing of the plant.

3. Looking at the data you have prepared in (1) above,

1. Calculate the financial advantage (disadvantage) of closing the plant. You should calculate this for both the first year and the years after the first year.

2. Based on your analysis as a manager should the plant be closed. Discuss your decision.

Your work should be submitted in full and grammatically correct sentences.

Calculations should be organized into tables that are easy to follow. If you have a mistake in your work but I cannot understand your calculations, I cannot give partial credit.

Grading Rubric:

Leach Inc. experienced the following events for the first two years of its operations:

Year 1:

1. Issued $17,000 of common stock for cash.
2. Provided $85,700 of services on account.
3. Provided $43,000 of services and received cash.
4. Collected $76,000 cash from accounts receivable.
5. Paid $45,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense account.

Year 2:

1. Wrote off an uncollectible account for $750.
2. Provided $95,000 of services on account.
3. Provided $39,000 of services and collected cash.
4. Collected $88,000 cash from accounts receivable.
5. Paid $72,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.

b. Prepare the income statement, statement of changes in stockholders’ equity, and balance sheet for Year 1. (Balance Sheet only: Items to be deducted must be indicated with a minus sign.)
  

Leach Inc. experienced the following events for the first two years of its operations:

Year 1:

1. Issued $17,000 of common stock for cash.
2. Provided $85,700 of services on account.
3. Provided $43,000 of services and received cash.
4. Collected $76,000 cash from accounts receivable.
5. Paid $45,000 of salaries expense for the year.
6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.
7. Closed the revenue account.
8. Closed the expense account.

Year 2:

1. Wrote off an uncollectible account for $750.
2. Provided $95,000 of services on account.
3. Provided $39,000 of services and collected cash.
4. Collected $88,000 cash from accounts receivable.
5. Paid $72,000 of salaries expense for the year.
6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 4 percent of the ending accounts receivable balance will be uncollectible.

Required:
a. Record the Year 1 events in general journal form and post them to T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

During Year 1 and Year 2, Agatha Corp. completed the following transactions relating to its bond issue. The corporation’s fiscal year is the calendar year.

Year 1

Year 2

. Find percent of radiant energy contained in the visible spectrum for a blackbody at 5800 K. Use the closed form series approach. Recall that this series is given as F(ζ)=15/π^4 ∑_(n=1)^20▒e^(-nζ)/n (6/n^3 +6 ζ/n^2 +ζ^3+3 ζ^2/n) (Hint: Consider using readily available software to implement and solve for F) 1b. Find total emissive power of the blackbody at 5800 K. 2. Find percent of radiant energy contained in the visible spectrum for a blackbody at 2500 K. Choose either tabulation or closed form series approach. For tabulation, use the blackbody radiation tabulation provided. 3. Given a PV cell with 0.25 volts and 2.5 amperes output, determine the number of cells and the cell arrangement such that the module would provide 5 V and 75 W. 4. Ideally, how much energy could a 12 V, 100 amp-hour battery store? Assume that the battery does not change voltage with discharge. Provide answer in units of Joules.