Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
> Alpha Company sold on account merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company.
> Bravo Company returned, to Alpha Company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450
Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

Determining Net Income from Net Cash Flow from Operating Activities Sanhueza, Inc., reported a net cash flow from operating activities of $159,500 on its statement of cash flows for the year ended December 31, 2016. The following information was reported in the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method: Decrease in income taxes payable $3,400 Decrease in inventories 8,500 Depreciation 13,100 Gain on sale of investments 5,900 Increase in accounts payable 2,400 Increase in prepaid expenses 1,400 Increase in accounts receivable 6,400 Determine the net income reported by Sanhueza, Inc., for the year ended December 31, 2016. $

Examine the table below which estimates the number of voters by race in the 2016 election in a particular county. Do the results from the election suggest President Trump earned the expected number of votes from each racial/ethnic group based on their distribution in the county’s population? Performs an appropriate hypothesis test to examine this issue, being sure to list all steps and writing out your conclusion in words. (HINT: Did Trump’s vote proportion match those of the proportion of residents of each racial group)

Below are some data from the land of milk and honey

a. compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year

b. compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from the preceding year. For each year, identify the variable that does not change. Explain why your answer makes sense.

c. Did economic well-being increase more in 2017 or 2018, explain

3. Individuals who enrolled in Affordable Care Act Heath Insurance Marketplace plans represented about 4.1% of all Americans with insurance in 2015. The Department of Health & Human Service wanted to determine whether the rate of enrollment in these marketplace plans in 2016 grew as compared to the 2015 rate of 4.1%. It selected a random sample of 500 insured Americans in 2016 and found that 29 of them enrolled in ACA marketplace plans.

a) Could the Department of Health & Human Service be reasonably sure that the enrollment rate increased? Calculate a p-value for the observed proportion and interpret it.

b) If the significance level is set at .01, is this change in enrollment rate statistically significant? State your hypotheses and conduct a test.

On January 1, 2016, SugarBear Company acquired equipment costing $150,000, which will be depreciated on the assumption that the equipment will be useful for five years and have a residual value of $12,000. The estimated output from this equipment is as follows: 2016 - 15,000 units; 2017 - 24,000 units; 2018 - 30,000 units; 2019 - 28,000 units; 2020 - 18,000 units. The company is now considering possible methods of depreciation for this asset.

Required:

a.) Calculate what the depreciation expense would be for each year of the asset's life, if the company chooses:

i.) The straight-line method

ii.) The units-of-production method

iii.) The double-diminishing-balance method

b.) Briefly discuss the criteria that a company should consider when selecting a depreciation method.

Below are some data from the land of milk and honey

1. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year.
2. Compute the percentage change in nominal GDP, real GDP and the GDP deflator in 2017 and 2018 from the preceding year. For each year, identify the variable (“price” or “quantity”) that does not change. Explain why your answer makes sense.
3. Did economic well-being increase more in 2017 or 2018? Explain.

The following information pertaining Juniper Corporation is available for the year ended 2015,its first year of operations: : Pretax financial income, $200,000. Excess of tax deprecation over book depreciation equals $36,000 in 2015 (future taxable). This temporary difference (i.e., $36,000 depreciation expense) will be reversed as follows: $23,000 in 2016 and $13,000 in 2017. The tax rates of 2015, 2016 and 2017 are 30%, 25%, and 25%, respectively. Instructions: (a) Compute Juniper’s 2015 taxable income. (b) Prepare a schedule to show the derivation of the deferred tax liability at the end of 2015. (c) Prepare the journal entry to record income tax expense, deferred income tax liability, and income taxes payable of Juniper for 2015.