Wee Corporation began operations in 2011. It reported book income or loss of $(4,000), $5,000, and $5,000 during 2011-2013 respectively.

During 2011-2013, the difference between taxable income and book income resulted from the following items:

1) During 2011-2013, Wee accrued post-retirement healthcare costs (OPEB) of $2,000, $4,000, and $6,000 respectively. The OPEB costs are deductible for tax purposes when paid in 2018.

2) During 2013, Wee reported $3,000 of tax-exempt interest on municipal securities.

Tax rates for 2011-2014 were as follows.                 

Wee carries losses back whenever possible.

During 2014, the current year, Wee’s income statement and tax returns were as follows:

Other information:

1. Installment sales are taxed when collected, equally in 2016-2018.

2. Interest income is earned on tax-exempt securities.

3. Bad debts are deductible for taxes when the accounts are written off, equally in 2015 and 2016.

4. Depreciation expense will reverse equally in 2015 and 2016.

5. Wee determined that 60% of net operating loss carryforward would not be realized. Wee expects to earn no taxable income in 2015 and 2016.

6. On December 31, 2014, Congress enacted new tax rates, effective January 1, 2015. The new rates will be

2015 will 20%   

2016 and beyond 40%

1. Prepare a schedule of Wee’s temporary differences and carryforwards and related deferred tax assets and liabilities at December 31, 2013.

Temporary difference and Carryforwards            Rate                 DTA                DTL

Taxable / (Deductible)

2. Prepare a schedule of Wee’s temporary differences and carryforwards and related deferred tax assets and liabilities at December 31, 2014.

Temporary difference and Carryforwards            Rate                 DTA                DTL

Taxable / (Deductible)

3. Prepare Wee’s journal entries for 2014 taxes.

The United States federal personal income tax is calculated based on filing status and taxable income. There are four filing statuses (in this program we’ll use only three): single filers, married filing jointly, and head of household. The tax rates vary every year. Table 1 shows the rates for 2016. If you are, say, single with a taxable income of $10,000, the first $9,075 is taxed at 10% and the other $925 is taxed at 15%. So, your tax is $1,046.25.

Table 1. 2014 Taxable Income Brackets and Rates

Rate

Single Filers

Married Joint Filers

Head of Household Filers

10%

$0 to $9,075

$0 to $18,150

$0 to $12,950

15%

$9,076 to $36,900

$18,151 to$73,800

$12,951 to $49,400

25%

$36,901 to $89,350

$73,801 to $148,850

$49,401 to $127,550

28%

$89,351 to $186,350

$148,851 to $226,850

$127,551 to $206,600

33%

$186,351 to $405,100

$226,851 to $405,100

$206,601 to $405,100

35%

$405,101 to 406,750

$405,101 to 457,600

$405,101 to $432,200

39.6%

$406,751+

$457,601+

$432,201+

Source: Internal Revenue Service

Part I:

You are to re-write programming assignment 1 to compute personal income tax. Your program should prompt the user to enter the filing status and taxable income and compute the tax. Enter 0 for single filers, 1 for married filing jointly, and 2 for head of household.

Part II:

In this part of the assignment, you will reorganize your code using Methods. Your program must have at least four (4) methods i.e the main method, and the other three (3) for tax brackets that return the tax amount owed. You will organize the income ranges as an Array in each method and select an Array Record to compute specific tax in a tax bracket.

Part III

i) You are required to follow the Software Development Process (Ref: Chapter 2.16).

ii) Must include a Design Diagram [Ref: Fig. 6.11]

iii) Use UML [Ref: Fig 9.4] create class diagrams for your program

NOTE

There will be NO POINTS earned even if your code is working if you

1. don’t use methods

2. don’t use arrays

Hence you will get a 0/50.

Deliverables:

Note:

· Project name: ProgrammingAssignment_2

· Class name: ProgrammingAssignment_2

all persons mentioned below are New Zealand tax residents unless otherwise stated. All taxpayers have a 31 March balance date.

QUESTION 1. Tobby has been buying and selling residential houses since 2010 and is regarded as a land dealer for tax purposes. Tobby also owns 20% and his daughter (who is 22 years old) owns 5% of Tobby Rentals Ltd (the balance of 75% is owned by his close friend Fred), a company that invests in residential rental investment properties. In January 2012, the company bought a rental property. In December 2016, the company decided to sell the rental property for a very good price. You are required to explain whether the income from the sale of the property by Tobby Rentals Ltd is taxable income under sections CB 6, CB 9 and CB 6A.

QUESTION 2. Kim is married to Bruce, a property developer. Kim is settlor and trustee of a trust, which owns all the shares in Kim's family company, Guts Ltd. Guts Ltd recently sold a rental property which was bought nine years ago. Is the income derived by Guts Ltd assessable income under section CB 10?

QUESTION 3. Maryanne entered into a sale and purchase agreement on 15 October 2015 to buy a property in Auckland with the intention of providing a home for herself and her children. When she eventually sells it, she hopes to make a gain and leave her children a legacy. The title of the property was registered in her name on 15 December 2015. However, in April 2017, she got a new job in Wellington and entered into an agreement to sell the property on 1 May 2017 to move closer to her new job. Property prices have risen, so Maryanne is able to sell the house for much more than she paid for it. The title was registered in the buyer’s name on 1 July 2017. You are required to explain whether the income from the sale of the property by Maryanne is assessable income under sections CB 6 and CB 6A (show also which dates are relevant in arriving at your decisions). She is not associated with a land developer/divider or dealer or builder.

Spreadsheet and Statement of Cash Flows

The following information was taken from Lamberson Company's accounting records:

Additional information for the year:

a.      

b.     Dividends declared and paid totaled $700.

c.     On January 1, 2016, convertible preferred stock that had originally been issued at par value were converted into 500 shares of common stock. The book value method was used to account for the conversion.

d.     Long-term nonmarketable investments that cost $1,600 were sold for $2,300.

e.     The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the year.

f.      Equipment with a cost of $2,000 and a book value of $300 was sold for $100. The company uses one Accumulated Depreciation account for all depreciable assets.

g.     Equipment was purchased at a cost of $16,200.

h.     The 12% bonds payable were issued on August 31, 2016, at 97. They mature on August 31, 2026. The company uses the straight-line method to amortize the discount.

i.       Taxable income was less than pretax accounting income, resulting in a $396 increase in deferred taxes payable.

j.      Short-term marketable securities were purchased at a cost of $1,300. The portfolio was increased by $300 to a $3,800 fair value at year-end by adjusting the related allowance account.

Required

1.     Prepare a spreadsheet to support Lamberson Company's 2016 statement of cash flows. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

1.     Prepare the statement of cash flows.

2. Compute the cash flow from operations to sales ratio and the profit margin ratio for 2016. Round your answers to one decimal place.

a.     Cash flows from operations ratio :%

b.     Profit margin:  %

Income statements and balance sheets follow for The New York Times Company. Refer to these financial statements to answer the requirements.

Continued next page

Continued next page

Required:

a. Compute net operating profit after tax (NOPAT) for 2016 and 2015. Compute net operating assets (NOA) for 2016 and 2015. Assume that combined federal and state statutory. Compute return on net operating assets (RNOA) for 2016 and 2015. Net operating assets are $397,299 thousand in 2014.

b. Compute return on common shareholders equity (ROE) for 2016 and 2015. Stockholders’ equity attributable to New York Times Company in 2014 is $726,328 thousand.

c. What is nonoperating return component of ROE for 2016 and 2015?

d.    Comment on the difference between ROE and RNOA. What inference do you draw from this comparison?

Please Show Work - Excel or Word Answer is Prefered.

The purpose of this assignment is to assess your understanding of economic externalities, public goods and how they are paid for. Write a 1 to 1.5 page (500-750 words) essay. In your paper, discuss the definition of externality, why government intervention is usually required to address the economic failure that results, and how taxes are used to fund this.

Use your textbook and at least one other reliable source to find information. The online library or Google Scholar are both good options.

Structure your paper as follows:

1. Intro paragraph (5 points) – provide overview of the information you will cover, including describing how externalities, market failures, and taxes are related.

2. Body paragraphs (15 points) – detailed description of each of the following as they relate to your thesis.
   1. Taxes
      1. Clearly define and give an example of each type of tax approaches: proportional, regressive, progressive. The examples do not need to be actual taxes, just taxes that you realistically create to give examples of the three types of taxation.
   2. Externalities
      1. Define the concept of economic externality.
      2. Give an example of a positive and a negative economic externality.
      3. Why is government intervention generally required to adjust for economic externalities?
   3. Public Goods
      1. Give an example of a public good and explain why it is a public good (think about the excludability and rivalry of the good).
      2. Why do public goods need to be paid for via taxes?
      3. Explain the Free Rider problem, and how it is addressed via taxes.

3. Summary (3 points)
   1. Restate your thesis and provide a conclusion about your main points.

4. References page (3 points)
   1. Provide a list of references; must include author, title, publication title, publication year, and source or retrieval information.

Content requirements: (3 points)

• Content should be in your own words, with 20% or less from outside sources
• In-text citations used for any information from outside sources, should include author and publication year
• Quotation marks enclose any information used word-for-word.

Writing mechanics: (6 points)

• Times 12 point font, double-spaced text, indent first line of each paragraph
• Proofread and correct all errors in capitalization, punctuation, grammar, and spelling

JAVA programming - please answer all prompts as apart of 1 java assignment.

Part A

Create a java class InventoryItem which has

• a String description
• a double price
• an int howMany

Provide a copy constructor in addition to other constructors. The copy constructor should copy description and price but not howMany, which defaults to 1 instead. In all inheriting classes, also provide copy constructors which chain to this one.

Write a clone method that uses the copy constructor to create a copy. Create similar clone methods in all classes in this assignment.

Write a toString for this class that returns something like "Footo the Wonder Boot Exploder ($22.99)" (leave out howMany)

Also write an equals method for this class. InventoryItems can only be equal to other InventoryItems, and only if they have the same price and description (even if howMany is different). Note how the equals method agrees with the copy constructor about what it means for two InventoryItems to be the same.

Add a method view(), that prints something like "Viewing: Footo the Wonder Boot Exploder"

In a harness class with a main, create several InventoryItems, clone them, and check that equals works properly.

Part B

Create a class Book which inherits from InventoryItem and also has a String author (Book will use description to hold the book's title). toString for this class will return something like "Book: The Curse of the Flying Wombat by Constance deCoverlet ($12.95)".

For Book, override view() to print something like "Opening Book Exerpt: The Curse of the Flying Wombat"

Also override equals to require author is the same, in addition to the requirements in the superclass (chain the equals methods together).

Create a class MusicCD which inherits from InventoryItem and also has a String performer (it will use description to hold the CD's title). toString for this class will return something like "CD: Tommy Gnosis: Greatest Hits ($18.65)"

For MusicCD override view() to print something like "Now Playing Sample: Greatest Hits".

Also override equals to require performer is the same, in addition to the requirements in the superclass.

In your main, create more InventoryItem variables, but point them at a Book and a MusicCD. Use clone to make copies of each type and make sure this works. Check that equals works properly.

1) a negatively charged rod is brought near a second rod that is neutral and suspended from a non conducting spring. The second rod begins to move toward the negative rod, showing attraction of the two rods. after the first rod is removed, the second rod... a) has no net charge. b) has a positive net charge. c) has a negative net charge. d) is polarized with one positive and one negative end

2) An isolated solid metal sphere that sits on an insulating stand is given a net charge of -10 uC. Which of the following statements best describes the charged sphere? A) the net charge will be evenly throughout the volume (B) The net charge will be distributed evenly over the surface of the sphere (C) The net charge will concentrate on the side of the sphere near the insulating stand D) The net charge will be distributed evenly, with half the charge on the outside of the sphere, and half the charge on the inside.

3) Four equally charged positive particles are held in position in a square arrangement, so that each side of the square has a length R. What is the net force on an electron placed in the center of the square? .a) F= 3kq^2/R2 (B) F=4kq^2/R2 C) F=sqrt2 Kq^2/r^2 (D) 0

4) In a laboratory, an oil droplet carrying a two-electron charge is observed to hover between electrically charged plates so that the electric force upward is equal to the gravitational force downward. Which of the following expressions can be used to determine the mass of the oil droplet?

5) The theoretical distance of an electron (in its ground state) from the proton nucleus of a hydrogen atom is called the Bohr radius, which is approximately 5.29 X 10-11 m. What is the electric force of the proton on the electron at this distance?

Larsen Company is a manufacturer of car seats. Each car seat passes through 1st the assembly department and 2nd testing department. This problem focuses on the testing department. Direct materials are added when the testing department process is 90% complete. Conversion costs are added evenly during the testing department’s process. As work in assembly is completed, each unit is immediately transferred to testing. As each unit is completed in testing, it is immediately transferred to Finished Goods. Suppose that Larsen Company uses FIFO in all of its departments. Data for the testing department for October 2014 are as follows:

                                                   Physical      Transferred-          Direct             Conversion

                                                       units          In Costs           Materials                    Costs

Beg. work in process ^a                   7,500        $2,800,000        $0 $835,460

Transferred in currently                 ? =_____ <------ question

Units Completed [UC]                      26,300

End. work in process ^b                     3,700

Total costs added currently        - - - - - - -          $7,735,250       $9,704,700          $3,955,900

-----------------------------------
^aDegree of completion: transferred-in,?____%; direct materials,0%; conversion, 70%.

^bDegree of completion: transferred-in costs,100%; direct materials,0%; conversion costs, 60%.

[And answer Question 1-5 step by step]

Required: Fill in the blanks ABOVE and below. Grading will NOT consider your format and step-by-step solution:

1.a. Are the %s on Beg. Inventory REQUIRED for YOU to compute the equivalent units in the Required Item 1 below? Y/N? ____.

1.b. Compute the Current-period’s equivalent units in the TESTING department:

For the Transferred-in ______________, Direct Material ________________, and Conversion _____________________.

2. Is the total equivalent units the total of OUTPUT or INPUT done? My answer is it’s ________.

4. Calculate the Current-period’s Cost per equivalent unit for:

the Transferred-in ______________, Direct Material ________________, and

Conversion _______________.

5. Assign costs to the units completed and transferred out: $___________________;

and to those in ending work in process: $___________________.