Suppose IQ scores were obtained from randomly selected

twinstwins.

For

2020

such pairs of​ people, the linear correlation coefficient is

0.8670.867

and the equation of the regression line is

ModifyingAbove y with caret equals 5.44 plus 0.93 xy=5.44+0.93x​,

where x represents the IQ score of the

twin born secondtwin born second.

​Also, the

2020

x values have a mean of

96.2696.26

and the

2020

y values have a mean of

94.9594.95.

What is the best predicted IQ of the

twin born firsttwin born first​,

given that the

twin born secondtwin born second

has an IQ of

9494​?

Use a significance level of 0.05

Sunland Co. began operations on January 2, 2020. It employs 17 people who work 8-hour days. Each employee earns 10 paid vacation days annually. Vacation days may be taken after January 10 of the year following the year in which they are earned. The average hourly wage rate was $20 in 2020 and $21.75 in 2021. The average vacation days used by each employee in 2021 was 9. Sunland Co. accrues the cost of compensated absences at rates of pay in effect when earned.

Prepare journal entries to record the transactions related to paid vacation days during 2020 and 2021

On January 1, 2020, Castaway Corp. issued 5,000 shares of preferred stock ($15 par value) at $45 per share. Each share of preferred stock is redeemable at the option of the stockholder at $45 per share. On September 1, 2020, preferred shareholders holding 1,000 shares of preferred stock redeemed their stock.

The entry recorded by Castaway Corp. on January 1, 2020, would not include the following:

On July 1, 2018, Kirby, Inc. issued $3,000,000, 6%, 5-year bonds at a price of 98. Interest is payable semiannually on January 1 and July 1. The bonds are callable at 102. Kirby uses straight-line amortization. On January 1, 2020, Kirby paid interest and recorded amortization on all of the bonds, and purchased the entire issue at the call price. Prepare journal entries to record: The issue of the bonds on July 1, 2018. The payment of interest and amortization of any discount or premium on January 1, 2019, July 1, 2019, and January 1, 2020 (ignore accrual entries). The repurchase of the bonds on January 1, 2020.

On April 1, 2019 Garr Co. issued $4,800,000 of 5%, 5-year convertible bonds at a price of 102. The bonds pay interest on April 1 and October 1. Bond premium is amortized each interest payment period on a straight-line basis.

On April 1, 2020, all of these bonds were converted into 20,000 shares of $5 par common stock.

a) Prepare the entry to record the original issuance of the convertible bonds.

b) Prepare the entries to record the interest payment and premium amortization at October 1, 2019 and April 1, 2020.

c) Prepare the entry to record the conversion on April 1, 2020.

Eastman Corporation manufactures one product. On December 31, 2018, Eastman adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $850,000. Inventory data are as follows:

                Year                       Inventory @ Year-End Prices                       Price Index (base year 2018

                2019                       $1,180,000                                                                           1.05

                2020                       $1,940,000                                                                           1.15

                2021                       $1,800,000                                                                           1.25

1. Compute the inventory at December 31, 2019, 2020 and 2021, using the dollar-value LIFO method for each year, including the LIFO Reserve.

Please show computations.

2. Prepare the journal entries for the LIFO reserve for 2019 and 2020.

During 2020, Blue Spruce Corporation started a construction job with a contract price of $6.16 million. Blue Spruce ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Blue Spruce sends billings as revenues are earned. Billings are non-refundable. The following information is available:

Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method.

2020

2021

2022

The following account balances are taken from Sherwood Ltd.’s adjusted trial balance at June 30, 2020:

Prepare a single-step statement of income for the year ended June 30, 2020.

.

.

.

Prepare a multi-step statement of income for the year ended June 30, 2020.

On the 1st March 2019, Concept Limited purchased printing equipment costing $186,000 by issuing a 5 year, 4% unsecured note payable. The note requires $42,000 annual principal repayments plus interest each 1st March. Journalise the transactions to account for the acquisition of equipment. (Remember to allocate the current and non-current portions of the liability) Accrue interest on the note payable at the 31st December, 2019. Record the payment of the first instalment (including interest) of the note payable on 1st March, 2020 and then accrue interest as at 31st December, 2020. Prepare an excerpt from the Balance Sheet as at 31st December, 2020 showing liabilities.

Habiby, Inc., began operations in 2018 and has the following income and expenses for 2018 through 2021.

a. What is the amount of tax that Habiby should pay each year? If an amount is zero, enter "0".

b. How much would Habiby have paid in tax if the old NOL rules were in place but the corporate tax rate was 21 percent?. If an amount is zero, enter "0".