The managers of Magma International Inc plan to manufacture engine blocks Complete A+ Answer

The managers of Magma International Inc plan to manufacture engine blocks Complete A+ Answer

The managers of Magma International Inc plan to manufacture engine blocks_AnswerThe managers of Magma International, Inc plan to manufacture engine blocks for classic cars from the 1960s era. The expect to sell 250 blocks annually for the next five years. The necessary foundry and machining equipment will cost a total of $800,000 and belongs in a 30% CCA class for tax purposes. The firm expects to be able to dispose of the manufacturing equipment for $150,000 at the end of the project. Labour and materials costs total $500 per engine block, fixed costs are $125,000 per year. Assume a 35% tax rate and a 12% discount rate.a.) What is the depreciation tax shield in the third year for this project?b.) What is the present value of the CCA tax shield?c.) What is the minimum bid price the firm should set as a sale price for the blocks if the firm were in a bidding situation?d.) Assume that management believes that auto restores will pay $3,000 retail per engine block. What is the NPV of this project?Bottom of Form

GB 518 Unit 6 Assignment_Problem 12-04A_Gallery Corporation McCord Corporation A+ answer

GB 518 Unit 6 Assignment_Problem 12-04A_Gallery Corporation McCord Corporation Question and answerProblem 16-5AB Statement of cash flows (direct method) L.O. P1, P3, P5Galley Corp., a merchandiser, recently completed its 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The companys balance sheets and income statement follow.GALLEY CORPORATIONComparative Balance SheetsDecember 31, 2011 and 20102011 2010AssetsCash $ 187,253 $ 125,874Accounts receivable 99,868 86,913Merchandise inventory 655,951 575,424Equipment 358,617 320,679Accum. depreciationEquipment (166,825) (109,890)Total assets $ 1,134,864 $ 999,000

Liabilities and EquityAccounts payable $ 74,901 $ 103,896Income taxes payable 29,506 25,974Common stock, $2 par value 613,500 565,500Paid-in capital in excess of par value, common stock 222,825 174,825Retained earnings 194,132 128,805

Total liabilities and equity $ 1,134,864 $ 999,000

GALLEY CORPORATIONIncome StatementFor Year Ended December 31, 2011Sales $ 2,310,000Cost of goods sold 1,062,600

Gross profit 1,247,400Operating expensesDepreciation expense $ 56,935Other expenses 445,229 502,164

Income before taxes 745,236Income taxes expense 145,321

Net income $ 599,915

Additional Information on Year 2011 Transactionsa.Purchased equipment for $37,938 cash.b.Issued 24,000 shares of common stock for $4.00 cash per share.c.Declared and paid $534,588 in cash dividends.

Required:Prepare a complete statement of cash flows; report its cash flows from operating activities according to the direct method. (Amounts to be deducted should be indicated with a minus sign. Omit the $ sign in your response.)

GALLEY CORPORATIONStatement of Cash FlowsFor Year Ended December 31, 2011Cash flows from operating activities$

Net cash operating activities $Cash flows from investing activities

Cash flows from financing activities

Net cash financing activities

$Cash balance at beginning of 2011

Cash balance at end of 2011 $

P12-4A)P13-4A)

McCord Corporation financial statements ?

Selected year-end financial statements of McCord Corporation follow. (Note: All sales are on credit;selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total assets, $182,400;common stock, $90,000; and retained earnings, $31,300.)McCORD CORPORATIONIncome StatementFor Year Ended December 31, 2005Sales . . . . . . . . . . . . . . . . . . . $348,600Cost of goods sold . . . . . . . . 229,150Gross profit . . . . . . . . . . . . . 119,450Operating expenses . . . . . . . . 52,500Interest expense . . . . . . . . . . 3,100Income before taxes . . . . . . . 63,850Income taxes . . . . . . . . . . . . . 15,800Net income . . . . . . . . . . . . . . $ 48,050McCORD CORPORATIONBalance SheetDecember 31, 2005Assets Liabilities and EquityCash . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts payable . . . . . . . . . . . . . . . . . . $ 16,500Short-term investments . . . . . . . . . 7,400 Accrued wages payable . . . . . . . . . . . . . . 2,200Accounts receivable, net . . . . . . . . 28,200 Income taxes payable . . . . . . . . . . . . . . . . 2,300Notes receivable (trade)* . . . . . . . . 3,500 Long-term note payable, securedMerchandise inventory . . . . . . . . . . 31,150 by mortgage on plant assets . . . . . . . . . 62,400Prepaid expenses . . . . . . . . . . . . . . 1,650 Common stock, $1 par value . . . . . . . . . . 90,000Plant assets, net . . . . . . . . . . . . . . . 152,300 Retained earnings . . . . . . . . . . . . . . . . . . 59,800Total assets . . . . . . . . . . . . . . . . . . $233,200 Total liabilities and equity . . . . . . . . . . . . . $233,200

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PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes Assignment Final Exam Answer

PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes Assignment Final Exam Answer PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes Assignment Final Exam Answer PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes Assignment Final Exam Answer

PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes Assignment Final Exam Answer

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PU 515 Applied Biostatistics Midterm Exam Detailed Answer

PU 515 Applied Biostatistics Midterm Exam_A+_Complete_Detailed Answer1. Glucose levels in patients free of diabetes are assumed to follow a normal distribution with a mean of 120 and a standard deviation of 16.a) What proportion of patients have glucose levels exceeding 115?b) If a patient has a glucose level of 140, what percentile is this?c) What is the probability that the mean glucose level exceeds 115 in a sample of 12 patients?2. The following are body mass index (BMI) scores measured in 12 patients who are free of diabetes and participating in a study of risk factors for obesity. Body mass index is measured as the ratio of weight in kilograms to height in meters squared.25 27 31 33 26 28 38 41 24 32 35 40a) Compute the mean BMIb) Compute the standard deviation of BMIc) Compute the median BMId) Compute Q1 and Q3e) Are there outliers in the distribution of BMI (justify your answer)?3. The following table shows the numbers of patients classified as underweight, normal weight, overweight and obese according to their diabetes status.UnderweightNormal WeightOverweightObeseDiabetes8346543No Diabetes12859340If a patient is selected at random,a) What is the probability that they are overweight?b) What is the probability that they are obese and diabetic?c) What proportion of the diabetics are obese?d) What proportion of normal weight patients are not diabetic?e) What proportion of patients are normal weight or underweight?4. Approximately 30% of obese patients develop diabetes. If a physician sees 10 patients who are obese,a) What is the probability that half of them will develop diabetes?b) What is the probability that none will develop diabetes?c) How many would you expect to develop diabetes?PU 515Applied BiostatisticsMidterm Exam5. A new non-invasive screening test is proposed that is claimed to be able to identify patients with impaired glucose tolerance based on a battery of questions related to health behaviors. The new test is given to 75 patients. Based on each patients responses to the questions they are classified as positive or negative for impaired glucose tolerance. Each patient also submits a blood sample and their glucose tolerance status is determined. The results are tabulated below.Screening TestImpaired Glucose ToleranceNot ImpairedPositive1713Negative837a) What is the sensitivity of the screening test?b) What is the false positive fraction of the screening test?6. BMI in children is approximately normally distributed with a mean of 24.5 and a standard deviation of 6.2.a) A BMI between 25 and 30 is considered overweight. What proportion of children are overweight?b) A BMI of 30 or more is considered obese. What proportion of children are obese?c) In a random sample of 10 children, what is the probability that their mean BMI exceeds 25?7. A national survey is conducted to assess the association between hypertension and stroke in persons over 55 years of age. Development of stroke was monitored over a 5 year follow-up period. The data are summarized below and the numbers are in millions.Developed StrokeDid not Develop StrokeHypertension1237No Hypertension426a) Compute the incidence of stroke in persons over 55 years of ageb) Compute the relative risk of stroke comparing hypertensive to non-hypertensive personsc) Compute the odds ratio of stroke comparing hypertensive to non-hypertensive persons8. Answer True or False to each of the followinga) If there are outliers, then the mean will be greater than the median.b) The 90th percentile of the standard normal distribution is 1.645.c) The mean is the 50th percentile of any normal distribution.d) The mean is a better measure of location when there are no outliers. HUM 112 World Cultures II Week 4 Assignment 1 Essay Descartes in his Discourse Answer

HUM 112 World Cultures II_Week 4 Assignment 1_Essay_Descartes in his Discourse_AnswerWeek 4 Assignment 1Assignment 1: EssayChoose one (1) of the three reading selections from the list of topic choices below. Read the selection in the textbook. Write a three to four (3-4) paragraph essay (250 words) which analyzes the surprise ending of the reading selection.Topic Choices:

Reading selection from Descartes Discourse on the Method (Part IV). Descartes begins with the problem of being able to prove his own existence but ends up with an argument proving the existence of God. Read more about the Discourse on the Method located at http://www.earlymoderntexts.com/pdf/descdisc.pdf.Reading selection from Swifts A Modest Proposal. Swift begins with offering the solution that the English could do things which might solve the problem of over-population and the mistreatment of citizens in Ireland and ends by offering the solution that an internal change in the Irish government would best solve the problem of over-population and a populace victimized by its own government. Read more about A Modest Proposal located at http://www.victorianweb.org/previctorian/swift/modest.html.Two reading selections from Voltaires Candide. The story begins by acknowledging the foolishness of the superstitious traditions held by the people in the city of Lisbon but ends by confirming Voltaires belief that religion in general is equally based in false superstitions.For the reading selection you choose:

1.Clearly state in your own words the surprise ending in the reading you selected. Identify the point in the reading when you realized that the ending would be different from what the beginning of the reading suggested that it would be.2.Since you were expecting a different ending, evaluate how successful the author was in convincing you to accept the validity of the surprise ending that was not clearly suggested at the beginning.Your assignment must:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA Style format. Check with your professor for any additional instructions.Include a cover page containing the tile of the assignment, the students name, the professors name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:

Explain how key social, cultural, and artistic contributions contribute to historical changes.Explain the importance of situating a societys cultural and artistic expressions within a historical context.Examine the influences of intellectual, religious, political, and socio-economic forces on social, cultural, and artistic expressions.Identify major historical developments in world cultures from the Renaissance to the contemporary period.Use technology and information resources to research issues in the study of world cultures.Write clearly and concisely about world cultures using proper writing mechanics.Conch Republic Electronics is a mid sized electronics manufacturer located in Key West Answer

Conch Republic Electronics is a mid sized electronics manufacturer located in Key West_Answer Conch Republic Electronics is a mid sized electronics manufacturer located in Key West, Florida. The company president is Shelley Couts, who inherited the company. When it was founded over 70 years ago, the company originally repaired radios and other household appliances. Over the years, the company expanded into manufacturing and is now a reputable manufacturer of various electronic items. Jay McCanless, a recent MBA graduate, has been hired by the companys finance department. One of the major revenue-producing items manufactured by Conch Republic is a personal digital assistant (PDA). Conch Republic currently has one PDA model on the market, and sales have been excellent. The PDA is a unique item in that it comes in a variety of tropical colors and is preprogrammed to play Jimmy Buffett music. However, as with any electronic item, technology changes rapidly, and the current PDA has limited features in comparison with newer models. Conch Republic spent $750,000 to develop a proto-type for a new PDA that has all the features of the existing one, but adds new features such as cell phone capability. The company has spent a further $200,000 for a marketing study to determine the expected sales figures for the new PDA. Conch Republic can manufacture the new PDA for $215 each in variable costs. Fixed costs for the operation are estimated to run $4.3 million per year. The estimated sales volume is 65,000, 82,000 108,000 94,000 and 57,000 per year for the next five years, respectively. The unit price of the new PDA will be $500. The necessary equipment can be purchased for $32.5 million and will be depreciated on a seven-year MACRS schedule. It is believed the value of the equipment in five years will be $3.5 million. Net working capital for the PDAs will be 20 percent of sales and will occur with timing of the cash flows for the year (i.e., there is no initial outlay for NWC). Changes in NWC will thus first occur in Year 1 with the first years sales. Conch Republic has a 35 percent corporate tax rate and a 12 percent required return. Shelly has asked Jay to prepare a report that answers the following questions: 1. What is the payback period on the project? 2. Create a net present value chart in your spreadsheet. 3. What is the IRR of the project? 4. What is the NPV of the project? 5. How sensitive is the NPV to changes in the price of the new PDA? 6. How sensitive is the NPV to chances in the quantity sold? 7. Should Conch Republic produce the new PDA? 8. Suppose Conch Republic loses sales on other models because of the introduction of the new model. How would this affect your analysis?ACC 550 Final Exam Answer Set 1 and 2 Complete A+ Answer

ACC 550 Final Exam Answer Set 1 and 2 Complete A+ AnswerSET 1:

1. (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.(Points : 30)Potential Matches:

1 : Earnings process completed and realized or realizable

2 : Cost of providing financial information versus the benefits derived from its use

3 : Accruals and deferrals in adjusting and closing process

4 : Business enterprise assumed to have a long life

5 : Stable dollar assumption

6 : Notes as part of necessary information to a fair presentation

7 : Valuing assets at amount originally paid for them

8 : The impact of an item on the overall financial operations of a company

9 : Presentation of error-free information with representational faithfulness

Answer

: Historical cost principle

: Going concern principle

: Matching principle

: Monetary unit

: Revenue recognition principle

: Full disclosure principle

: Reliability characteristic

: Cost-benefit relationship

: Materiality constraint

2. (TCO B) Adjusting Entries: Unearned rent at 1/1/12 was $28,300 and at 12/31/12 was $48,200. The records indicate cash receipts from rental sources during 2010 amounted to $145,200, all of which was credited to the Unearned Rent Account. You are to supply the missing adjusting entry.

3. (TCO B) Adjusting Entries: Information relating to the balances of various accounts affected by adjusting or closing entries appear below. You are asked to supply the missing journal entries which would account for the changes in the account balances. Interest receivable at 1/1/12 was $8,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $11,000. The 2010 income statement showed interest revenue in the amount of $8,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made.

4. (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/10 was $150,000. At 12/31/10, the balance of the account was $300,000. During 2010, one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

5. (TCO B) Adjusting Entries: Allowance for Doubtful accounts made on 1/1/10 was $40,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000 and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

Second Part

1. (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $9,000. During 2010 rent payments of $110,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $111,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2. (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3. (TCO C) Here is information related to the DRF Corporation.Retained earnings, December 31, 2012$ 3,890,000Sales4,500,000Selling and administrative expenses387,000Extraordinary Item(Loss)(Net of Tax)178,000Cash dividends declared on common stock82,600Cost of good sold1,780,000Other revenue142,500Other expenses77,800

Instructions: Prepare a multiple step income statement.

4. (TCO D) This is a balance sheet for the ABC corporation as of 12/31/12.Cash$ 60,000Accounts payable$ 55,000Accounts receivable (net)42,200Long-term liabilities60,000Inventories47,000Stockholders equity208,500Investments66,300Equipment (net)86,000Patents22,000Total $323500Total $323500

The following additional information is provided:(1) Cash includes the cash surrender value of a life insurance policy $7,400 and a bank overdraft of $1,500 has been deducted.(2) The net accounts receivable balance includes:(a) accounts receivable debit balances $56,000;(b) accounts receivable credit balances $6,000; and(c) allowance for doubtful accounts $7,800.(3) Inventories do not include goods costing $6,000 shipped out on consignment. Receivables of $2,000 were recorded on these goods.(4) Investments include investments in common stock, trading $14,000, available-for-sale $48,300, and franchises $4,000.(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.Instructions:Prepare a balance sheet in good form (stockholders equity details can be omitted).Do not worry about balancing the statement but rather use your time to compute the account balances properly for presentation purposes.

5. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $3,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors.

9 Periods10 Periods11 PeriodsFuture Value of 11.999002.158922.33164

Present Value of 1.50025.46319.42888Future Value of12.4875614.4865616.64549Ordinary Annuity of 1Present Value of6.246896.710087.13896Ordinary Annuity of 1Present Value of6.746647.246897.71008Annuity Due of 1Instructions(a) Assuming the computer has an 11-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6. (TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records.MARCH 31BANK RECONCILIATIONBalance per bank$26,746Add: Deposits in transit2,100Deduct: Outstanding checks(3,800)Balance per books$25,046Month of April ResultsPer BankPer BooksBalance April 30$27,995$24,355April deposits8,86413,889April checks13,10014,080April note collected3,000-0-(not included in April deposits)

April bank service charge35-0-April NSF check of a customer returned by the bank(recorded by bank as a charge)900-0-InstructionsCalculate the amount of the April 30(1) deposits in transit; and(2) outstanding checks.Show all your work for potential partial credit.

7. Steve Company was formed on December 1, 2010. The following information is available from Steves inventory record for Product X.

Units Unit Cost

January 1, 2012 (beginning inventory) 2800 $17.00

Purchases:

05-Jan-12 3600 $25.00

25-Jan-12 2800 $27.00

16-Feb-12 2400 $32.00

15-Mar-12 3300 $34.00

A physical inventory on March 31, 2012, shows 4800 units on hand.Instructions:Prepare schedules to compute the ending inventory at March 31, 2012, under each of the following inventory methods.(a) FIFO(b) LIFO(c) Weighted-averageShow supporting computations in good form. (Points : 40)

8. (TCO H) A machine cost $300,000 on April 1, 2012. Its estimated salvage value is $60,000 and its expected life is 8 years.Instructions:Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.(a) Straight-line for 2012(b) Double-declining balance for 2013(c) Sum-of-the-years-digits for 2013.

SET 2:

1. Question : (TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application.

2. Question : (TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to the Unearned Rent Account.

You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

3. Question : (TCO B) Adjusting Entries: Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $1,000. The 2010 income statement showed interest revenue in the amount of $2,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

4. Question : (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/10 was $150,000. At 12/31/10, the balance of the account was $300,000. During 2010,

one piece of equipment was sold. The equipment had an original cost of $100,000 and was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

5. Question : (TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was $70,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $70,000 and during 2010 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

Page: 1 2

1. Question : (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $30,000. During 2010 rent payments of $100,000 were made and charged to rent expense. The 2010 income statement shows as a general expense the item rent expense in the amount of $130,000. You are to prepare the missing

adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr. for debit and Cr. for credit.

2. Question : (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings. You are to provide the missing closing entry. For each journal entry write Dr. for debit and Cr. for credit.

3. Question : (TCO C) Presented below is information related to Bruce Van Company. Retained earnings, December 31, 2010 $650,000Sales 1,400,000Selling and administrative expenses 240,000Hurricane loss (pre-tax) on plant (extraordinary item) 290,000Cash dividends declared on common stock 33,600Cost of goods sold 780,000Gain resulting from computation error on depreciation charge in 2009(pre-tax) 520,000Other revenue 120,000

Other expenses 100,000

Instructions: Prepare in good form a multiple-step income statement for the year 2011. Assume a 30% tax rate and that 80,000 shares of common stock were outstanding during the year. Show EPS computations as well.

4. Question : (TCO D) The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011 Purple Company Balance Sheet as of December 31, 2011 Cash $ 80,000 Accounts payable $ 75,000Accounts receivable (net) 52,200 Long-term liabilities 100,000Inventories 57,000 Stockholders equity 218,500Investments 76,300Equipment (net) 96,000Patents$393,500 $393,500The following additional information is provided:(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank overdraft of $2,500 has been deducted.(2) The net accounts receivable balance includes:(a) accounts receivable debit balances $60,000;(b) accounts receivable 0;(c) allowance for doubtful accounts $3,800.(3) Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods.(4) Investments include investments in common stock, trading $13,000, available-for-sale $48,300, and franchises $15,000.(5) Equipment costing $5,000 with accumulated depreciation

$4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000.(6) An unrecorded liability was not recorded on the balance sheet of $2000.InstructionsPrepare a balance sheet in good form (stockholders equity details can be omitted.)

5. Question : (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors:

9 Periods 10 Periods 11 PeriodsFuture Value of 1 1.99900 2.15892 2.33164Present Value of 1 .50025 .46319 .42888Future Value of 12.48756 14.48656Ordinary Annuity of 1Present Value of 6.24689 6.71008 7.13896Ordinary Annuity of 1Present Value of 6.74664 7.24689 7.71008Annuity Due of 1(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?

6. Question : (TCO F) Daniels Company deposits all receipts and makes all payments by check. The following information is available from the cash records:MARCH 31BANK RECONCILIATION

Balance per bank $26,746Add: Deposits in transit 2,100Deduct: Outstanding checks (3,800)Balance per books $25,046Month of April Results Per Bank Per BooksBalance April 30 $27,995 $24,355April deposits 8,864 13,889April checks 13,100 14,080April note collected 3,000 -0-(not included in April deposits)April bank service charge 35 -0-April NSF check ofa customer returned by the bank(recorded by bank as a charge) 900 -0-InstructionsCalculate the amount of the April 30:(1) Deposits in transit(2) Outstanding checksShow all your work for potential partial credit.

7. Question : (TCO G) Rye Company was formed on December 1, 2010. The following information is available from Ryes inventory record for Product Bread. Units Unit CostJanuary 1, 2011 (beginning inventory) 1,700 $17.00Purchases:January 5, 2011 2,600 $20.00January 25, 2011 2,400 $21.00February

16, 2011 1,000 $22.00March 15, 2011 2,100 $25.00

A physical inventory on March 31, 2011, shows 3,000 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2011, under each of the following inventory methods:(a) FIFO.(b) LIFO.(c) Weighted-average.Show supporting computations in good form.

8. Question : (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage value is $50,000 and its expected life is eight years.InstructionsCalculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used.(a) Straight-line for 2010(b) Double-declining balance for 2011(c) Sum-of-the-years-digits for 2011

ACCT 553 Fed Taxes Mgmt Decisions Final Exam Answer

ACCT 553 Fed Taxes Mgmt Decisions Final Exam Complete A+ Answer

ACCT 553 Fed Taxes Mgmt Decisions Final Exam Complete A+ Answer

1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (Points : 5)portfolio income.active income.passive income.None of the above

2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (Points : 5)An ice cream making machine for inventory of Rocky Road ice creamLand for an office buildingOffice equipment for a computerAll of the above

3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: Personal credit card interest: $5,000 Home mortgage interest: $10,000 Interest paid on qualified education loans: $2,000 Investment interest (on loans used to buy stocks): $10,000What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5)$8,000$12,000$20,000$18,000

4. (TCO B) Unreimbursed expenses of employees are considered to be deductions: (Points : 5)for AGI.from AGI.for or from AGI, depending on the type of expense.None of the above

5. (TCO A) Which of the following expenditures is always an itemized deduction for individual taxpayers? (Points : 5)Charitable contributionsState and local income taxesMoving expensesAll of the above

6. (TCO E) Adam sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Adam received $80,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Adams $25,000 loan on the equipment. Adam paid $5,000 in selling expenses. What is the amount of Adams gain on the sale? (Points : 5)$90,000$125,000$80,000$70,000

7. (TCO I) Gary and Gerdy Gray purchased a home for $125,000 on September 15, 2010. On October 7, 2011 they were divorced, and as part of the divorce agreement, the home was transferred to Gerda, who sold the home on October 18, 2012 for $350,000. How much can Gerda exclude? (Points : 5)$350,000$250,000$225,000$0

8. (TCO I) Under the accrual method of accounting, expenses are generally accrued when: (Points : 5)the expenses are actually incurred.the taxpayer elects to take the deduction.payment is made.None of the above

9. (TCO D) Sean, a calendar year taxpayer, purchased stock on June 18, 2011 for $8,000. The stock became worthless on June 4, 2012. What is Seans loss in 2012? (Points : 5)$8,000 short-term capital lossNo loss$8,000 long-term capital loss$8,000 itemized deduction for investments

10. (TCO A) Which of the following is a primary source of tax authority? (Points : 5)Revenue rulingTax Court caseTemporary regulationAll of the above

11. (TCO F) A nonbusiness bad debt is deductible for tax purposes as a(n): (Points : 5)short-term capital loss.itemized deduction.long-term capital loss.ordinary business deduction.

12. (TCO A) The art of using existing tax laws to pay the least amount of tax legally possible is known as: (Points : 5)tax evasion.tax avoidance.tax elusion.None of the above

13. (TCO C) Which of the following items is not taxable? (Points : 5)Interest on U.S. Treasury bills, notes, and bonds issued by an agency of the United StatesInterest on federal income tax refundInterest on New York State bondsDiscount income in installment payments received on notes bought at a discount

14. (TCO B) Under the terms of their divorce agreement executed in October 2011, Keith transferred Corporation M stock to his former wife, Karen, as a property settlement. At the time of the transfer, the stock had a basis to Keith of $20,000 and a fair market value of $50,000. What is the tax consequence of this transaction to Keith, and what is Karens basis in the Corporation M stock? (Points : 5)Keith has a gain of $30,000; Karens basis is $20,000.Keith has a gain of $30,000; Karens basis is $50,000.Keith has no gain or loss; Karens basis is $20,000.Keith has no gain or loss; Karens basis is $50,000.

15. (TCO G) During 2012, Edward East had wages of $10,000 and received unemployment compensation of $6,200 from the state. Edward is single and 45 years old. What is the amount of unemployment compensation to be included in his gross income? (Points : 5)$0$2,100$4,200$6,200

16. (TCO F) Hobby expenditures are deductible to the extent of: (Points : 5)total individual gross income.hobby gross income.trade or business gross income.nonbusiness gross income.

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Essays

1. (TCO E) In 2012, Uriah Stone received the following payments: Interest on refund of federal income tax for 2011: $400 Interest on award for personal injuries in 2009 automobile accident: $300 Interest on municipal bonds: $1,500 United States savings bonds interest (Series H): $1,000What amount, if any, should Mr. Stone report as interest income on his 2012 tax return?

2. (TCO G) Would any of the following items be deductible on an individuals income tax return? If so, would the item be deductible for or from AGI? Explain each item.(a) Hobby expenditures of $2,000 in excess of hobby gross income(b) $3,000 loss on the sale of a personal sailboat(c) Interest of $8,000 on money borrowed to purchase tax-exempt securities (Points : 17)

3. (TCO F) Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000.(a) What is their excluded gain? How much must they recognize?(b) Suppose, instead, that the Masons sold their home for $720,000. They moved into a smaller house costing $220,000. What is their excluded gain? How much must they recognize? (Points : 17)

4. (TCO G) John Baron, a professional baseball player, raises Black Angus cattle under circumstances that would indicate that the activity is a hobby. His adjusted gross income for the year is $50,000, and he has $500 of other miscellaneous itemized deductions, all of which are subject to the two-percent floor. During the taxable year, the feed for the cattle cost $1,500. The income from the sale of cattle was $1,400.

(a) Under the hobby loss rule, to what extent is the expense of $1,500 deductible?(b) Under the two-percent-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions?

5. (TCO I) Rick, a single individual with a salary of $45,000, incurred and paid the following expenses during the year:Student loan interest: $800Medical expenses: $5,000Alimony: $11,000Mortgage interest on personal residence: $3,000State income taxes: $4,000Moving expenses: $1,500Contribution to a traditional IRA: $2,000Analyze the above expenses, and determine which ones are deductible for AGI. Please support your position.

6. (TCO I) Kim had the following transactions for 2012:Salary: $48,000Damage award (compensatory) for city bus accident: $18,000Loss on sale of stock investment: $5,600Loan from father to purchase auto: $14,000Alimony paid to ex-wife: $8,000What is Kims AGI for 2012?

7. (TCO F) Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners? (Points : 17)

8. (TCO B) Dave forms a corporation and transfers property having a basis to him of $22,000 and a fair market value of $29,000 to the corporation for 1,000 shares of $11 par stock. One year later, Hank transfers property having a basis to him of $3,500 and a fair market value of $4,500 for 100 shares of the stock. Hank is not related to Dave. The corporation issued no other stock.(a) How much gain does Dave recognize on his exchange? What is the basis to Dave of his 1,000 shares?(b) What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave?(c) What is the gain or loss that Hank recognizes on this transaction, and what is his basis in his 100 shares?

9. (TCO F) In 2012, OK Company had a net loss of $82,000 from operations. Jane owns OK Company and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 35% marginal tax bracket. Would Janes tax situation be better if OK Company were a proprietorship or a C corporation? Explain why.

10. (TCO H) On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012, she sold 48 shares, which could not be specifically identified, for $576, and on December 8, 2012, she sold another 25 shares for $150. What is her recognized gain or loss?

CMIT Network Design Paper A+ Answer

Network Design PaperThe University has recently leased a building in Adelphi, Maryland. The building will house some offices, classrooms, library, and computer labs.

Building dimensions:

Length: 240 Feet, Width: 95 Feet, Height: 30 Feet

The 50-year-old two-story building has the following layout:

There will be six computer labs that will be used for instruction. Each of these labs will have 26 computers (24 student computers and 1 instructor computer). Each of these labs will also have a server in the closet located inside the lab.

In addition to the six computer labs, there will also be a Student Computer Lab that will provide computer access to students to do their homework. There will be 30 computers in this lab and a server in the closet.

The library will also have some computers to allow students access to the library resources. There will be 10 computers for students use in the library, and 5 computers for Library staff.

There are five lecture classrooms in the building. Each of this room will have a computer for instructors use.

Finally, there are various offices in the building. Each of these offices will have one computer for the staff use, with the exception of the Admission office that will have 5 computers for staff use.

Equipment InventoryWorkstationPlacementNumber ofComputersUsersTotal Computers

6 Instructional

Computer labs26 Student and

Faculty156

Student Computer Lab31Student31

6 various offices6 Staff/Faculty 6

Admission office5 Staff5

Library10 Student10

Library5 Staff5

5 classrooms1Faculty5

ServerStaffTo be determined by students

Network Connecting DevicesIT StaffTo be determined by students

PrintersTo be determined by student

Two server rooms have been allocated, one on the first floor and one on the second floor.

Your task is to design the network for this new building with the following criteria:

Student-accessed computers should be on separate network from the staff-accessed computers.

The whole building will share one Internet access connection (T-1 link from Verizon). This connection will come into the Server Room on the first floor.

Security is very important for UMUC as we have to protect students and employees data as well as any intellectual property that UMUC has on the servers and computers.

The network has been assigned the 10.11.0.0 network address for all computers and devices. For Internet routing use 151.1.1.1 network address.

The network should use physical cable (not wireless), but do provide wireless access in the Student Lobby area.

Submission should include (in no more than three pages, excluding diagrams and references):

Network Addressing:

1. Define the subnet (based on: rooms, floor, department, or other criteria).

2. For each subnet, define the network address, subnet mask, and available IP addresses to be used by computers or devices.

Physical Network Design:

1. Define the topology that will be used.

2. Select the appropriate network media to use.

3. Select the appropriate network connecting devices to use.

4. Physical layout of the computers on the floor plan.

5. List of additional servers or network devices needed to implement the network.

6. Justifications for your network design (number 1 5 above)

You will be evaluated on your ability to

Implement appropriate IP addressing scheme

select and justify appropriate cable media that includes the length of each cable segment and number of nodes on each segment

select and justify appropriate topology such as star, bus, or ring for your network

select and justify of your selected network equipments

select and justify appropriate network services to meet network requirements

select and justify security implementation for the network

use proper grammar, formatting, network terminology, and reference citations

Feel free to use any drawings or attachments, and assume any number of computers or users (not when provided here). You will be graded on the basis of right media, topology and knowledge of network concepts.

Financial Accounting Information for Decisions Unit 1 Assignment Problem 1-1A ,1-8A and Problem 2-3A Answer

Financial Accounting Information for Decisions Unit 1 Assignment Problem 1-1A ,1-8A and Problem 2-3A AnswerFinancial Accounting Information for Decisions Unit 1 Assignment Problem 1-1A ,1-8A and Problem 2-3A Answer

Problem 1-1A)

Balance Sheet Income Statement Statement ofCash Flows

Transaction TotalAssets TotalLiab. TotalEquity NetIncome Operating Activities Financing Activities Investing Activities1 Owner invests cash for stock+++2 Incurs legal costs on credit+3 Pays cash for employee wagesProblem 1-8A)

Assets = Liabilities + EquityDate Cash + Accounts Receivable + Office Equipment = AccountsPayable + Common Stock Dividends + Revenues Expenses

May 1 +$60,000 = + $60,0001 3,200 = $3,2003 + $1,680 = + $1,6805 800 = 800

Part 3

THE SIMPSON CO.Income StatementFor Month Ended May 31Revenues:Consulting services revenue $10,400Expenses:Rent expense $3,200Salaries expense 1,700Advertising expense 60Cleaning expense 800Telephone expense 200Utilities expense 480Total expenses 6,440Net income $ 3,960

Problem 2-3A)

Part 1

FABIANO DISTRIBUTIONBalance SheetDecember 31, 2010Assets LiabilitiesCash $ 52,500 Accounts payable $ 7,500Accounts receivable 28,500Office supplies 4,500Trucks 54,000 EquityOffice equipment 138,000 Total equity 270,000Total assets $277,500 Total liabilities and equity $277,500

FABIANO DISTRIBUTIONBalance SheetDecember 31, 2011..

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