Discuss how international trade affects employment. Relative to China, in which industries do you think the US have a comparative advantage (in which industries do you think the US not have a comparative advantage)? If the US stops trading with China, how will employment be affected in these industries?
In: Economics
In: Economics
Task: You are employed to Peter Pan Ltd a company owned by Peter Pantry, a merchandiser involved in the business of selling baking utensils and equipment. On January 1st, 2018 you were appointed to the position of Chief Financial Officer which made you responsible for the maintenance of the company’s accounting records, internal control and preparation of the financial statements. The following trial balance was extracted from the books of Peter Pan Ltd, at June 30, the end of the company’s fiscal year.
Peter Pan Ltd Trial Balance as at June 30, 2018
| A/C Name | DR $ | CR$ |
| Cash | 440,000 | |
| Accounts receivable | 530,000 | |
| Allowance for bad debts | 40,000 | |
| Merchandise Inventory | 320,000 | |
| Store Supplies | 10,000 | |
| Prepaid rent | 280,000 | |
| Furniture & Equipment | 600,000 | |
| Accumulated Depreciation- Furniture & Equipment | 120,000 | |
| Accounts Payable | 145,000 | |
| Wages payable | ||
| Notes payable-Long Term | 510,000 | |
| Unearned Sales Revenue | 260,000 | |
| Peter Party, Capital | 1,900,000 | |
| Peter Party, Withdrawal | 75,000 | |
| Sales Revenue Earned | 1,095,000 | |
| Cost of goods sold | 645,000 | |
| wages Expense | 525,000 | |
| Rent Expense | 210,000 | |
| Utilities Expense | 230,000 | |
| Depreciation Expense-Furniture & Equipment | ||
| Store Supplies Expense | 160,000 | |
| Bad Debt Expense | ||
| Interest Expense | 45,000 | |
| Total | 4,070,000 | 4,070,00 |
The following additional information is available at June 30, 2018:
(i) Eight (8) months’ rent amounting to $280,000 was PAID IN ADVANCE on January 1, 2018
(ii) The Furniture and equipment is being depreciated over 10 years on the double-declining balance method of depreciation, down to a residue of $80,000.
(iii) Wages earned by employees NOT yet paid amounted to $35,000 at June 30, 2018.
(iv) A physical count of inventory at June 30, 2018, reveals $290,000 worth of inventory on hand.
(v) On January 1, 2018 the company received $260,000 IN ADVANCE for sales to be provided evenly from January 1, 2018, through October 31, 2018. None of the revenue from this client has been recorded.
(vi) The aging of the Accounts Receivable schedule at June 30, 2018 indicated that the Allowance for Bad-Debts should be $65,000.
Required:
a) Prepare the necessary adjusting journal entries on June 30, 2018. [Narrations are not required]
b) Prepare the company’s multiple-step income statement for the year ended June 30, 2018.
c) Prepare the company’s statement of owner’s equity for the year ended June 30, 2018.
d) Prepare the company’s classified balance sheet as at June 30, 2018.
In: Accounting
Only do Part 2 Please:
Part 2: Scheduling of Deferred Taxes
From the information below, prepare Excel schedules (similar the chapter notes) for 2015 and 2016 to calculate deferred income taxes. Remember, when preparing the 2015 schedule, you do not know about any changes that come about in 2016 (i.e., prepare the 2015 schedule with 2015 information only). Given the following information for Company Z for 2015 (in its first year of calculating deferred income taxes):
1) Company Z has one depreciable asset purchased January 2, 2015. The cost of the asset was $50,000. For financial statement purposes, Company Z is depreciating this asset over 10 years with no salvage value. For tax purposes Company Z is using MACRS, and the asset qualifies as a 5 year asset. Company Z has scheduled out the annual depreciation difference as follows:
Straight-line MACRS
Year (for financial) (for tax) Difference
2015 $5,000 $ 10,000 (5,000)
2016 5,000 16,000 (11,000)
2017 5,000 9,600 (4,600)
2018 5,000 5,760 (760)
2019 5,000 5,760 (760)
2020 5,000 2,880 2,120
2021 5,000 -0- 5,000
2022 5,000 -0- 5,000
2023 5,000 -0- 5,000
2024 5,000 -0- 5,000
2) The company recognized $18,000 for income from its equity method investment in 2015, but received only $12,000 in dividends from this investment (and recognized $12,000 in dividend income for tax purposes).
3) During 2015, Company Z recorded $14,000 as unearned subscription revenue, and plans to deliver the subscriptions in 2016. The IRS rules require that this amount be recognized as revenue in 2015.
4) The company also recognized estimated warranty expense of $6,000 in 2015. The warranties are expected to be paid out in 2017.
5) Pretax financial income was $200,000 in 2015, and a tax rate of 30 percent was enacted for the current and future years.
For 2016 (suggestion: use the blank column to record 2015 information, to reconcile totals across each line):
1) Assume that the depreciable asset continues to be depreciated on the methods above.
2) During 2016, the equity investment earned $30,000 and paid dividends to Company Z totaling $18,000. (Use a separate line in the schedule to record this new deferral.)
3) During 2016, $8,000 of the subscriptions were delivered. The balance will be delivered in 2017.
4) During 2016, $2,000 of the warranties was paid out. The balance will be settled in 2017.
5) Pretax financial income was $250,000 in 2016, and a tax rate of 40 percent was enacted for current and future years.
In: Accounting
Match the following strengths and weakness with (a) between-group design or (b) within-group design. ____ More susceptible to individual characteristics that might confound an association (e.g., age, gender, genetic susceptibility). ____ More susceptible to confounding from time-related factors (e.g., learning effects, external factors). ____ Outcome of interest is compared before and after the intervention in a single cohort.
In: Nursing
Draw a Lorenz curve diagram representing the cumulative share of income as a function of the cumulative share of the population from the lowest to the highest individual income level. Explain how economic inequality using the Gini coefficient can be illustrated using this diagram. What would you expect the impact on inequality of the decrease in productivity to be? Illustrate using the Lorenz curve and explain.
In: Economics
Credit Pulls Databases
• Should consumers trust / rely on information from a so-called credit pulls database?
• What are the biggest problems with making financial decisions based on anecdotal, crowdsourced info?
• Is it possible for an individual to independently and accurately predict his or her odds of getting approved for a given credit card and receiving a certain spending limit? Is it worth trying?
In: Finance
Mercury vapor emits lights as several wavelengths, but the primary ones are 365.4 nm, 404.7 nm, and 435.8 nm. Assuming all the energy from a 100 W bulb is released equally across these three wavelengths, how many photons per second are emitted for each wavelength, and what is the energy of individual photons (in J and kJ/mol) for each wavelength?
In: Chemistry
Explain when an expenditure should be capitalized
based upon accounting principles. From time to time, it is
suggested that all business expenditures should be deducted when
incurred for tax purposes. Do you agree with this proposition, and
if so, why?
In addition, can an individual take a medical deduction for a
capital improvement to his or her personal residence? If so,how is
it calculated?
In: Accounting
Reaction times are normally distributed with mean 100 seconds and standard deviation of 10 seconds.
a) What is the probability that a randomly chosen individual has reaction time of more than 45 seconds?
b) In a random sample of 36 individuals from the above population of reaction times, what is the probability that the sample mean reaction time is more than 45 seconds
In: Statistics and Probability