Questions
Crane Co. provides music lessons to many clients across the city. The following information is available...

Crane Co. provides music lessons to many clients across the city. The following information is available to be used in recording annual adjusting entries at the company’s September 30, 2021, year end:

1. On October 1, 2020, the company had a balance of $1,980 in its supplies account. Additional supplies were purchased during the year totalling $1,760. The supplies inventory on September 30, 2021, amounts to $600.
2. On November 1, 2020, Crane purchased a one-year insurance policy for $3,000.
3. On January 2, 2021, a client paid $1,500 for six months of lessons starting April 2, 2021.
4. On February 1, 2021, Crane purchased a grand piano (to be used in music lessons) for $25,200. The piano’s estimated useful life is 14 years.
5. On May 1, 2021, Crane borrowed $27,180 from the bank and signed a 10-month, 8% note payable. Interest and principal are to be paid at maturity.
6. On August 1, 2021, Crane signed a contract with a neighbourhood school to provide weekly piano lessons to some of its students for a fee of $1,700 per month. The contract called for lessons to start on September 1, 2021. The school has not yet been sent an invoice for the month of September.
7. On August 15, 2021, the company paid $9,090 to Pinnacle Holdings to rent additional studio space for nine months starting September 1. Crane recorded the full payment as Prepaid Rent.
8. Crane’s instructors have earned salaries of $2,500 for the last week of September 2021. This amount will be paid to the instructors on the next payday: October 6, 2021.
9. Music lessons were provided to a local church group for $1,200 on September 30, 2021. Crane has not yet invoiced the group or recorded the transaction.
10. In early October 2021, Crane received an invoice for $985 from the utility company for September utilities. The amount has not yet been recorded or paid.


Prepare the adjusting journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

In: Accounting

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2019. Alfred’s Social Security number is 111-11-1109. Beulah’s Social Security number is 123-45-6780, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah’s death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years’ income taxes. Sarah’s Social Security number is 123-45-6788.

Alfred’s salary for 2019 is $150,000. He is an executive working for Cherry, Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes.

Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes.

Alfred and Beulah had interest income of $500. They receive a $1,900 refund on their 2018 state income taxes. They itemized deductions on their 2019 Federal income tax return (total of $21,000). Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all months of 2019 and do not want to contribute to the Presidential Election Campaign.

Compute the Olds’ net tax payable (or refund due) for 2019.

In: Accounting

NOTE: THIS IS ALL INFORMATION PROVIDED Eric Mendes and Becky Conners, each age 42, married on...

NOTE: THIS IS ALL INFORMATION PROVIDED

Eric Mendes and Becky Conners, each age 42, married on September 7, 2016. Eric and Becky will file a joint return for 2018. Eric’s Social Security number is 444-55-6667. Becky’s Social Security number is 321-21-4321. Becky adopted Mendes as her married name. They live at 4450 Emerald Street, Los Angeles, California 90032.

Eric divorced his former wife, Sara Mendes, in March of 2016. Under the divorce agreement Eric pays Sara $1,250 per month for the next 10 years or until Sara’s death, whichever comes first. During 2018, Eric made all twelve payments to her. In addition, Eric paid Sara $22,000 which is designated as being for her share of the marital property. Eric and Sara had no children. Sara’s Social Security number is 677-76-9292.

Eric’s 2018 salary is $150,000. He is an executive working for Maple Manufacturing Company. As part of his compensation package, Maple provides him with group term life insurance equal to twice his annual salary. His employer withheld $25,000 for federal income taxes and $8,500 for California income taxes.

Becky recently graduated from law school and is employed by the law firm of Davis and Davis. She received a salary of $85,000 in 2018. Her employer withheld $9,000 for federal income taxes and $4,000 for California income taxes.

Eric and Becky had $550 of interest income from Bank of America. They received a $1,900 refund on their 2017 California income tax return during the year. They itemized deductions during 2017 (itemized deductions exceeded their standard deduction by $600). During 2018 they paid $7,200 of mortgage interest and $8,000 of property taxes on their personal residence. They made charitable cash contributions of $1,800 to their church during 2018. Both spouses had health insurance the entire year and do not want to contribute to the Presidential Election Campaign.

Prepare Eric and Becky’s 2018 federal income tax return. Part of your assignment is to select the forms necessary to prepare this income tax return. Forms are available at IRS.gov

In: Accounting

Hello! I have some problem wit this task. Comprehensive Problem 7-1 David and Darlene Jasper have...

Hello! I have some problem wit this task. Comprehensive Problem 7-1 David and Darlene Jasper have one child, Sam, who is 6 years old (birthdate July 1, 2013). The Jaspers reside at 4639 Honeysuckle Lane, Los Angeles, CA 90248. David's Social Security number is 577-11-3311, Darlene's is 477-98-4731, and Sam's is 589-22-1142. David's birthdate is May 29, 1986 and Darlene's birthday is January 31, 1988. David and Darlene's earnings and withholdings for 2019 are: David: Earnings from Apple Company (office manager) $26,600 Federal income tax withheld 800 State income tax withheld 1,050 Darlene: Earnings from Rose Company (perfume tester) $25,500 Federal income tax withheld 1,050 State income tax withheld 1,000 Their other income includes interest from Pine Tree Savings and Loan of $1,900. Other information and expenditures for 2019 are as follows: Interest: On home acquisition mortgage $11,312 Credit card 925 Taxes: Property taxes on personal residence 1,300 State income taxes paid in 2019 (for 2018) 315 Contribution (with written acknowledgement) to church 1,045 Medical insurance 675 Medical and dental expenses 6,175 Income tax return preparation fee paid in 2019 200 Actual general state sales tax for 2019 1,016 Payment of union dues 225 Contribution to David's IRA 1,000 David and Darlene received a letter from Sam's daycare provider which contains information regarding child care expenses. Required: Complete David and Darlene's Form 1040, Schedule 1, Schedule 3, Schedule A, Schedule B, Form 2441, and Form 8880. Make realistic assumptions about any missing data. The taxpayers do not want to make a contribution to the presidential election campaign. Enter all amounts as positive numbers. If an amount box does not require an entry or the answer is zero, enter "0". If required round any dollar amount to the nearest dollar (unless instructed otherwise on the tax form). Assume alternative minimum tax is not a factor.

My question is how to fill a form 8880? Please help me with it ASAP.

In: Accounting

B. E. is a 68-year-old man who presents to the outpatient office with continuing visual pain...

B. E. is a 68-year-old man who presents to the outpatient office with continuing visual pain and joint pain in his left knee. As you begin taking his history, you notice he is wearing a hearing aid. You decide to do a functional assessment.

He states that he can bathe himself as long as he sits down to bathe but cannot climb into the bathtub. His wife has placed a chair in the bathroom for him to use during bathing. He has not difficulty with toileting, dressing, or eating but “gets tired and sore” if he walks more than a block. He dreads going to stores because he can’t “walk that much” and relies on his wife for grocery shopping, housekeeping, cooking, and doing the laundry. He hires a neighborhood boy to mow the lawn. He is able to drive without difficulty; his car has automatic transmission. He lives in a two-story house and says that once he is downstairs for the day, he tries not to go upstairs until bedtime. His home has one bathroom on the lower level. He is a retired postal worker and enjoys spending time with his wife in the flower garden. Lately the knee pain has kept him from doing his gardening chores. He is active in his church and local civic clubs. He and his wife have been looking forward to a seniors’ cruise that is scheduled in 2 months.

1)     What are three additional questions you might ask regarding his history?

2)     What is your assessment of B. E.’s self-care ability? Are there other questions that may be included in a functional assessment?

3)     What can you do to enhance your communication with B. E. during the interview and examination?

4)     When assessing his hearing, B. E. states he has worn his hearing aids for 2 years. He says that in the last few months it seems to be less effective although he replaced the battery. What could be causing this hearing loss?

5)     On the basis of the above assessment, what are expected findings in the aging person?

In: Nursing

59. Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is marriedto Michele...

59. Martin S. Albert (Social Security number 111-11-1111) is 39 years old and is marriedto Michele R. Albert (Social Security number 123-45-6789). The Alberts live at 512Ferry Road, Newport News, VA 23601. They file a joint return and have two depend-ent children, Charlene, age 17, and Jordan, age 18. Charlene’s Social Security num-ber is 123-45-6788, and Jordan’s Social Security number is 123-45-6787. In 2015,Martin and Michele had the following transactions: a. Martin received $120,000 in salary from Red Steel Corporation, where he is a con-struction engineer. Withholding for Federal income tax was $10,750. The amounts withheld for FICA taxes were as follows: $7,049 ($113,700 x 6.2%) for SocialSecurity and $1,740 ($120,000 x 1.45%) for Medicare. Martin worked in Mexicofrom January 1, 2014, until February 15, 2015. His $120,000 salary for 2015 includes $18,000 he earned for January and one-half of February 2015 while working in Mexico. b. Martin and Michele received $800 in qualified dividends on Green, Inc. stock and $400 interest on Montgomery County (Virginia) school bonds. c. Martin received $2,300 interest from a Bahamian bank account. d. Michele received 50 shares of Applegate Corporation common stock as a stockdividend. The shares had a fair market value of $2,500 at the time Michelereceived them, and she did not have the option of receiving cash. e. Martin and Michele received a $1,200 refund on their 2014 Virginia income taxes.Their itemized deductions in 2014 totaled $14,000. f. Martin paid $6,600 alimony to his former wife, Rose T. Morgan (Social Security number 123-45-6786). g. Martin and Michele kept the receipts for their sales taxes paid of $1,100. h. Martin and Michele’s itemized deductions were as follows: • State income tax paid and withheld totaled $5,100. • Real estate taxes on their principal residence were $3,700. • Mortgage interest on their principal residence was $2,500. • Cash contributions to the church totaled $2,800. Part 1—Tax Computation Compute the Alberts’s net tax payable (or refund due) for 2017.

In: Accounting

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...

Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred’s Social Security number is 111-11- 1112. Beulah’s Social Security number is 123-45-6789, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304.

Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah’s death, whichever occurs first. Alfred pays Sarah $15,000 in 2018. In addition, in January 2018, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years’ income taxes. Sarah’s Social Security number is 123-45-6788.

Alfred’s salary for 2018 is $150,000, and his employer, Cherry, Inc. (Federal I.D. No. 98-7654321), provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society, Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives a salary of $42,000 in 2018. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes.

Alfred and Beulah had interest income of $500. They receive a $1,900 refund on their 2017 state income taxes. They itemized deductions on their 2017 Federal income tax return (total of $15,000). Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2018. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Both spouses had health insurance for all months of 2018 and do not want to contribute to the Presidential Election Campaign. Compute the Olds’ net tax payable (or refund due) for 2018. If you use tax forms for your solution, you will need Form 1040 and Schedules A

In: Accounting

Mitosis unfolds through a sequence of stages marked by specific events in the cell.

Mitosis unfolds through a sequence of stages marked by specific events in the cell. The structural changes in the cell are about by a series of tightly coordinated underlying mechanisms.

Sort each process into the appropriate bin to indicate the stage of mitosis in which it occurs. If a process occurs in more than one stage, sort it to the stage when it first occurs.

  • Cohesins join sister chromatids of duplicated chromosome.
  • Tubulins assemble into spindle microtubules.
  • Microtubules attach to kinetochores.
  • Spindle microtubules disassemble.
  • Kinetochores are motionless in relation to poles of cell.
  • Kinetochores move toward poles of cell.

 

 

In: Biology

Suppose that the legal reserve ratio set by the Fed is 10% and that the Fair Bank in Fairdealing

Suppose that the legal reserve ratio set by the Fed is 10% and that the Fair Bank in Fairdealing, Missouri, initially exhibits checkable deposit accounts of $250 and a reserve account of $70.

a) A customer of Fair Bank deposits $100 into her checking account. Fair Bank loans 80% of the deposit and places the rest in its reserves at the St. Louis Fed. How much have in excess reserves after the deposit and loan?

b) Place the figures below to represent changes in the accounts of Fair Bank and the Federal Reserve of St. Louis balance sheets resulting from the deposit and loan.

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In: Economics

A defined benefit plan has a strategic (i.e., target) asset allocation of 60% equity and 40% debt.

A defined benefit plan has a strategic (i.e., target) asset allocation of 60% equity and 40% debt. This means that the pension should be weighted 60% in equities and 40% in debt instruments. During a certain year, interest rates increase by 300 basis points (3%), impacting the debt portion of the portfolio. The equity portion of the portfolio increases by 4%. Discuss the impact of these changes on the defined benefit pension plan and its asset allocation. Considering the pension funds strategic asset allocation, what actions should the portfolio manager take, if any.

In: Finance