Question 5.4 (Total: 14 marks; 2 marks per line)
Frigid Temperatures Inc. has sold 1,000 refrigerators during 2020 at a total price of $ 1,620,000, with a warranty guarantee that the product was free from any defects. The cost of the refrigeratetors sold was $1,080,000. The warranty covers one year, with an estimated cost of $ 10,000. In addition, Frigid Temperatures Inc. sold extended warranties on 600 refrigerators for four years beyond the one-year period for $ 210,000.
Required
1. Prepare the journal entries to record the sale and related warranties for 2020.
In: Accounting
Kyle, a single taxpayer, worked as a freelance software engineer
for the first three months of 2020. During that time, he earned
$54,000 of self-employment income. On April 1, 2020, Kyle took a
job as a full-time software engineer with one of his former
clients, Hoogle Inc. From April through the end of the year, Kyle
earned $200,000 in salary.
What amount of FICA taxes (self-employment and employment related)
does Kyle owe for the year? (Round your intermediate
calculations to the nearest whole dollar amount.)
In: Accounting
In: Economics
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Based on your understanding of the SARS case study, answer the following questions: In your opinion, what could be the possible reasons of a sudden outbreak of new disease? What are the ways of addressing a new and virulent contagious disease? Discuss in detail about the countries, which have faced epidemics in the past. What would have been the possible reasons for such outbreaks? Use the following resources as well as other outside resources for this assignment. Cheng, F. W. T., Ng, P. C., Chiu, W. K., Chu, W. C. W., Li, A. M., Lo, K. L., . . . Fok, T. F. (2005). A case-control study of SARS versus community acquired pneumonia. Archives of Disease in Childhood, 90(7), 747-749. doi:10.1136/adc.2004.063446 McLean, A., & Royal Society (Great Britain). (2005;2006;). SARS: A case study in emerging infections. Oxford;New York;: Oxford University Press. doi:10.1093/acprof:oso/9780198568193.001.0001 Support your responses with examples in a 2-4 page APA formatted Word Document. Include an introduction and conclusion. Cite any sources in APA format. Submission Details: Name your document SU_HCM4025_W1_A3_LastName_FirstInitial.doc Submit your document to the Submissions Area by the due date assigned. |
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| Due Date | |
| Sep 5, 2018 11:59 AM | |
In: Nursing
Problem 2:
The information shown below is taken from the accounts of Waverly Corporation for the year ended December 31, 2020.
|
Net income |
$314,000 |
|
Amortization of patent |
12,000 |
|
Proceeds from issuance of common stock |
103,000 |
|
Decrease in inventory |
27,000 |
|
Sale of building at a $15,000 gain |
85,000 |
|
Decrease in accounts payable |
15,000 |
|
Purchase of equipment |
185,000 |
|
Payment of cash dividends |
24,000 |
|
Depreciation expense |
55,000 |
|
Decrease in accounts receivable |
23,000 |
|
Payment of mortgage |
75,000 |
|
Increase in short-term notes payable |
8,000 |
|
Sale of land at a $5,000 loss |
40,000 |
|
Purchase of delivery van |
33,000 |
|
Cash at beginning of year |
205,000 |
Instructions
Prepare a statement of cash flows for Robinson Corporation for the year ended December 31,
2020.
In: Accounting
1.The 2020 Q2 unemployment rate in New Zealand was 4.0%. This represented 110,000 unemployed individuals. If the working-age population (adult, civilian, non-institutionalized) was 3,980,000, calculate the labor force participation rate.
2.The 2020 Q2 unemployment rate in New Zealand was 4.0%. This represented 110,000 unemployed individuals. If the working-age population (adult, civilian, non-institutionalized) was 3,980,000, calculate the number of employed individuals.
3.Between July and September of 2018, New Zealand's real disposable income increased from 61.3 billion NZD to 61.9 billion NZD. During that same period, New Zealand's real consumption increased from 38.9 billion NZD to 39.2 billion NZD.Calculate the MPC for New Zealand
In: Economics
Below is the net income of Blue Instrument Co., a private
corporation, computed under the three inventory methods using a
periodic system.
|
FIFO |
Average Cost |
LIFO |
||||
| 2018 | $25,900 | $22,900 | $19,900 | |||
| 2019 | 27,400 | 21,900 | 19,200 | |||
| 2020 | 29,200 | 27,400 | 24,200 | |||
| 2021 | 37,100 | 33,500 | 29,600 |
(Ignore tax considerations.)
(a) Assume that in 2021 Blue decided to change
from the FIFO method to the average-cost method of pricing
inventories. Prepare the journal entry necessary for the change
that took place during 2021, and show net income reported for 2018,
2019, 2020, and 2021.
(b) Assume that in 2021 Blue, which had been using the LIFO method since incorporation in 2018, changed to the FIFO method of pricing inventories. Prepare the journal entry necessary to record the change in 2021 and show net income reported for 2018, 2019, 2020, and 2021.
In: Accounting
| Blackwell Company's income statement for 2020 consisted of: | ||||||||
| Revenues | 1,220,000 | |||||||
| Cost of goods sold | 627,000 | |||||||
| Operating expenses | 295,000 | |||||||
| Depreciation expense | 60,000 | |||||||
| Interest expense | 26,000 | |||||||
| Gain on the sale of machinery | (12,000) | |||||||
| Loss on the sale of investments | 8,000 | 1,004,000 | ||||||
| Income before income tax | 216,000 | |||||||
| Income tax expense | 40,000 | |||||||
| Net income | 176,000 | |||||||
| Blackwell's comparative balance sheet information for 2020 included: | ||||||||
| 12/31/20 | 12/31/19 | |||||||
| Accounts receivable | 268,000 | 257,000 | ||||||
| Accounts payable | 47,000 | 42,000 | ||||||
| Income taxes payable | 17,000 | 13,500 | ||||||
| Interest payable | 9,000 | 7,500 | ||||||
| Bonds payable | 500,000 | 500,000 | ||||||
| Discount on bonds payable | 26,000 | 28,000 | ||||||
| Prepare the Cash flows from operating activities section of Blackwell's 2020 Statement of Cash Flows using the indirect method | ||||||||
| and the required disclosures for interest and income tax expense. | ||||||||
In: Accounting
On 1 July, 2018 Bundoora Ltd acquires 25 per cent of the issued capital of Preston Ltd for a cash consideration of $150,000.
At the date of acquisition, the share capital and retained earnings of Preston Ltd are as follows: Share capital $120,000 and Retained earnings $480,000 (Total Shareholders’ equity $600,000).
Additional information:
Required:
In: Accounting
| Blackwell Company's income statement for 2020 consisted of: | ||||||||
| Revenues | 1,220,000 | |||||||
| Cost of goods sold | 627,000 | |||||||
| Operating expenses | 295,000 | |||||||
| Depreciation expense | 60,000 | |||||||
| Interest expense | 26,000 | |||||||
| Gain on the sale of machinery | (12,000) | |||||||
| Loss on the sale of investments | 8,000 | 1,004,000 | ||||||
| Income before income tax | 216,000 | |||||||
| Income tax expense | 40,000 | |||||||
| Net income | 176,000 | |||||||
| Blackwell's comparative balance sheet information for 2020 included: | ||||||||
| 12/31/20 | 12/31/19 | |||||||
| Accounts receivable | 268,000 | 257,000 | ||||||
| Accounts payable | 47,000 | 42,000 | ||||||
| Income taxes payable | 17,000 | 13,500 | ||||||
| Interest payable | 9,000 | 7,500 | ||||||
| Bonds payable | 500,000 | 500,000 | ||||||
| Discount on bonds payable | 26,000 | 28,000 | ||||||
| Prepare the Cash flows from operating activities section of Blackwell's 2020 Statement of Cash Flows using the indirect method | ||||||||
| and the required disclosures for interest and income tax expense. | ||||||||
In: Accounting