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(What did you learn about homologous, analogous, vestigial, biochemical, and fossils and their significance in evolution theory. Cite example/ Remember: do NOT us I in your conclusion... refer to Laboratory write up for a guide

Who is the father of genetics?

Answer this question 

Identify markers that would indicate Mr. Wolfgang's need for the establishment of a temporary territorial space.

The projected sales price for a new product (which is still in the development stage of the product life cycle) is P100. The company has estimated the life-cycle cost to be P60 and the first-year cost to be P120. On this type of product, the company requires a P24 per unit profit. What is the target cost of the new product?

The comparative balance sheet of Posner Company, for 2011 and the preceding year ended December 31, 2010, appears below in condensed form: PREPAREA CASH OUT FLOW USING THE DIRECT AND INDIRECT METHOD Year 2011 Year 2010 Cash 53,000 $ $ 50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments .... 70,000 Equipment 573,200 450,000 Accumulated depreciation-equipment(142,000) (176,000) TOTTAL ASSETS $629,700 $542,000 Accounts payable $ 62,500 $ 43,800 Bonds payable, due 2011 .... 100,000 Common stock, $10 par 325,000 285,000 Paid-in capital in excess of par CS 80,000 55,000 Retained earnings 162,200 58,200 TOTTAL LIAB+ OE $629,700 $542,000 The income statement for the current year is as follows: Sales $625,700 Cost of merchandise sold 340,000 Gross profit $285,700 Operating expenses: Depreciation expense $26,000 Other operating expenses 68,000 94,000 Income from operations $191,700 Other income: Gain on sale of investment $ 4,000 Interest expense 6,000 (2000) Income before income tax $189,700 Income tax 60,700 Net income $129,000 Additional data for the current year are as follows: (a) Fully depreciated equipment costing $60,000 was scrapped, no salvage, and equipment was purchased for $183,200. (b) Bonds payable for $100,000 were retired by payment at their face amount. (c) 5,000 shares of common stock were issued at $13 for cash. (d) Cash dividends declared and paid, $25,000.

An employee receives an hourly rate of $10, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 50; federal income tax withheld, $120; cumulative earnings for the year prior to this week, $5,500; Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. Prepare the journal entries to record the salaries expense and the employer payroll tax expense.

You are an Audit Senior currently planning the 30 June 20X9 audits of Comp Limited (Comp), 
Health Limited (Health) and News Limited (News). At recently scheduled planning meetings 
with Comp, Health and News, you obtain the following overview of this year’s operations for 
each of the three client companies:

Comp is a manufacturer of computer hardware. The old costing system that was developed inhouse, could no longer keep up with the complex and detailed manufacturing costing process 
that provides tender/bid submission costings and the company’s comprehensive reporting
requirements. As a result, Comp purchased and installed a popular off the shelf (not 
customized) costing system to support the highly sophisticated and cost sensitive nature of its 
product designs. Since this system had been utilised by many other firms in the industry, Comp
has not thoroughly tested the adequacy of the features and controls inherent within the system. 
At the same time, the staffs are not feeling confident with the new system due to lack of training 
and supervision. Staff are also concerned that data might be lost when converting to the new 
system.
Health operates chemist shops in Perth. A large proportion of the sales transactions are
conducted in cash. Health claims on having strong control policies and procedures in place to 
monitor the employees handling cash transactions and safeguarding the cash. However, the 
proper implementation of those policies had been questioned by the previous auditor. As Health
is planning to expand to Mandurah and Busselton, it is applying for a bank loan to obtain 
additional funding for the expansion. Before approving the loan, the bank requires Health to
provide them with an audited financial statement. The unaudited figures of current year suggest 
Health’s revenue to have increased significantly by 25 percent from last year while the gross 
profit appears to have increased marginally by 5 percent.
News has been in the paper manufacturing business for the last 17 years. It manufactures and 
distributes paper throughout the Australian continent. During the last five years, News opened 
four new factories in three different locations, financed mainly from bank loans. Due to rapid 
growth in the company, the financial director John Brown is keen to set up an internal audit 
department. Currently the project appears to have stalled, as some of the senior executives do 
not foresee the benefit of setting up such a department and are unwilling to commit any 
additional fund or resources on this plan. The senior executives argue that they are competent 
enough to monitor the internal controls of News.
Required:
Prepare a memorandum to the audit manager, outlining your risk assessments relating to Comp, 
Health and News. When making your risk assessments:
(a) Identify and discuss the risks that may arise from each of the above companies. In your 
explanation, please mention the components of the audit risk model affected.
(b) Identify how the audit plan will be affected and recommend specific audit procedures 
to address these risks.

Maximum 1200 words (exclude references)

Must using these references: ‘Leung, P., Coram, P., Cooper, B.J., Richardson, P. (2019). Audit and Assurance (1st Ed), John Wiley & Sons Australia (ISBN: 9780730363477)’ 

Frank Kane company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of july 31 has a credit balance of K225 and there is no undeposited cash on hand.

a) Assuming that there were no errors in journalizing or posting, What is the explanation of this unusual balance 

Story Manufacturing produces a chemical pesticide and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had a zero beginning balance. During January, 42,000 gallons of chemicals were started into production. During the month, 34,000 gallons were completed, and 8,000 remained in process, partially completed. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly through the process.

1. Your aunt recently received the annual report for a company in which she has invested. The report notes that the statements have been prepared in accordance with IFRS. She has also heard that certain terms have special meanings in accounting relative to everyday use. She would like you to explain the meaning of terms she has come across related to accounting. Instructions Access the TASB Framework at the TASB website (http://eifrs.iasb.org/ ). When you have accessed the documents, you can use. the search tool in your Internet browser to prepare responses to the following 1. How is "materiality" defined in the Framework? 2. Briefly discuss how materiality relates to (1) the relevance of financial information, and (2) completeness. 3. Your aunt observes that under IFRS, the financial statements are prepared on the accrual bases. According to the Framework, what does the "accrual basis" mean?

Consider a stock priced at $30. There are put and call options available at exercise prices of 30 and a time to expiration of six months. The calls are priced at $2.89 and the puts cost $2.15. There are no dividends on the stock and the options are European. Assume that all transactions consist of 100 shares or one contract (100 options). Use this information to answer the following questions.

Melissa and Maui purchased a brand new house. They are both very excited about decorating the interior and the exterior of the house. Melissa plans to have everything colour coordinated. To match the navy blue wall paint, she orders navy blue ceramic vinyl floor tiles from Ceramic Tiles Fiji (CTF). Melissa placed an order for one hundred 30cm by 30cm navy blue ceramic vinyl square tiles. In order to process Melissa’s order, CTF required upfront payment of the entire contract sum of $7,000.00. Melissa attends to the payments on 3 May 2017. The terms of the agreement stipulates: “that the order will be processed within two weeks from the date of the receipt of full payment. That the tiles will be delivered within two weeks from the date of receipt of full payment. It also states that the purchaser has to exclusively engage the services of Delivery Fiji for the delivery of tiles.” Melissa feels it is quite unfair that they have to engage the services of Delivery Fiji and pay them a hefty sum of $100.00 for a very small distance. Melissa wanted to make her own arrangement for delivery at a much cheaper rate, however CTF objected to the same. On 30th May at about 9am some orders (tiles) were ready for delivery. These tiles were for three different buyers and one of them was Melissa. The other two buyers included one Smith and one Misha. The Delivery Fiji delivery truck was required to attend to the loading of the tiles at 9.30am. The tiles were packed in boxes and left at the delivery area at 9.05am with the respective buyer’s initials and were ready to be transported to the buyers. Melissa’s navy blue tiles were packed in a navy blue box and the box was marked with letter “M” on top. There was another light blue box which had tiles for a different buyer Smith but it was unmarked. A purple box contained tiles for Misha and the box was marked with letter “M” on top. All boxes were coloured differently corresponding to the colour of the tiles in the box. Unbeknown to CTF at about 9.30 am, an intruder went into its delivery area and loaded one navy blue carton of tile and drove away. At that time the security officer of CTF who was supposed to be at the delivery area was out in the parking space attending to a relative. Delivery Fiji truck reached CTF’s delivery area at 9.50am to take delivery of all tiles. The attending staff loaded the tiles in the delivery truck. They were provided with a list by CTF which had the three buyers’ addresses written in different coloured ink (light blue, navy blues and purple) corresponding to the colour of the carton of tile. Delivery Fiji mistakenly delivers the purple coloured carton to Melissa’s residence. Melissa acknowledges receipt by signing the delivery docket. The delivery docket had a clause which exempted Delivery Fiji from all forms of liabilities once the goods were safely delivered to its destination and the same was acknowledged. Melissa opened the box after two weeks when the tile layer arrived at her place to lay the tile and, to her dismay the tiles were not what she had ordered and expected it to be. It was not ceramic navy blue vinyl tiles instead it was plain light blue tiles. Melisa now wishes to return the tiles to CTF and claim her money and damages. CTF is disputing this by stating that the return of the sale period ended after 3 days from the date of delivery. Melissa further argues that they received a different order altogether and that CTF breached their agreement. CTF argues that the property and risk passed to Melissa once the tiles were packed and left at the delivery area. Melissa seeks to sue CTF and Delivery Fiji. CTF convenes a discussion with Delivery Fiji in this respect and finds out that only two boxes were loaded for delivery by them on that day. CTF carries out an investigation and the CCTV footage reveals that one box was stolen from their delivery area on 30 May at about 9.30am. Nevertheless, they still insist that they are not liable to Melissa in anyway. Meanwhile Smith was declared a bankrupt on 2 May, 2017. Delivery Fiji had delivered the tiles to the address provided by CTF for Smith. Smith had made an instalment of $3,000.00 and he was supposed to pay the remaining balance of $5,000.00 to CTF upon receipt of the goods. CTF is demanding remaining payment from Smith. CTF argues that the property and the risk passed to Smith once the tiles were packed and left at the delivery area. Meanwhile Misha did not receive anything and she had paid $4,000.00 as deposit and was supposed to pay the remaining balance of $5,000.00 to CTF upon receipt of the goods. Answer the following questions 1. Did the property and the risk indeed pass to Melissa, Smith and Misha once the goods were left at CTF’s delivery area? 2. What remedies are available for Melissa and Misha? 3. Is Delivery Fiji liable to Melissa, Smith or Misha? 4. What remedies and defences will Delivery Fiji advance in its favour? 5. What arguments will CTF advance in its favour to dispute the various allegations against them? 6. Can CTF be exempted from all liabilities or are they liable to the buyers for their loss. 7. What is Smith’s position in this respect taking into consideration his insolvency? 8. Are CTF and Delivery Fiji engaged in deceptive and misleading commercial practice?

Takei Company's payroll for the week ending January 15 amounted to $367,000 for salaries and wages. None of the employees has reached the earnings limits specified for federal or state employer payroll taxes. The following deductions were withheld from employees' salaries and wages: Federal Income Tax $75,000 State Income Tax 13,500 FICA Taxes 28,075 Union Dues 4,100 United Fund Contributions 2,700 Federal unemployment tax (FUTA) rate is 6.2% less a credit equal to the rate paid for state unemployment taxes. The state unemployment tax (SUTA) rate is 5.4%.

the Andreotti family—comprising Mr. Andreotti, aged 40, Mrs. Andreotti, aged 38, and their three young children— relocated to Barcelona in 2020 when Mr. Andreotti received a job offer from a leading investment banking giant. For the next six years, they rented a three-bedroom condominium for 2.000€ in Barcelona per month, which included parking and condominium fees.While renting made life easy, the Andreotti family began weighing the pros and cons of purchasing a flat, in the same building, that became available in June 2020. In the past three years, the real estate market had softened somewhat, and the cost of the flats were stable. The idea of home ownership as a form of pension investment appealed to the couple. The monthly rents could be used for mortgage payments instead. While searching for the right property they found a nice apartment with 200 square meters, very close to Diagonal-Numancia, one of the best locations of the city.The apartment was owned and been promoted by a state-owned construction company and was offering to type of alternatives: Option A: renting the apartment with a perpetual contract, meaning for ever and ever. The Andreotti family thought that could be a good solution for them. The family was very happy living in that area, and they had the chance to live there forever at an offered price of 1.600€ per month. The contract contained a clause stating that the rent price will be growing at a 0.1% monthly.

Jadine Company provided the following information in the current year:

January 1 December 31
Current assets 700,000 ?
Property, plant & equipment 3,000,000 4,000,000
Current liabilities ? 300,000
Non-current liabilities 1,000,000 ?
Working capital of P600,000 remains unchanged. Net income for the current year was P400,000.
No dividends were declared during the year and there were no other changes in shareholders’
equity.
3. What is the amount of current assets on December 31?
A. 300,000
B. 450,000
C. 600,000
D. 900,000
4. What is the shareholders’ equity on December 31?
A. 2,600,000
B. 2,700,000
C. 3,000,000
D. 3,700,000
5. What is the amount of non-current liabilities on December 31?
A. 1,100,000
B. 1,600,000
C. 1,900,000
D. 2,200,000

In January 2017, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. Mar. 1 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 50 $1,000, 7% Yoakem bonds for $50,000. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.60 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $58 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $49,000. At December 31, the fair value of the Muninger common stock was $55 per share. The fair value of the Tatman common stock was $24 per share.

Preparing a Cash Budget

La Famiglia Pizzeria provided the following information for the month of October:

1. Sales are budgeted to be $151,000. About 85% of sales is cash; the remainder is on account.
2. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month.
3. Food and supplies purchases, all on account, are expected to be $113,000. La Famiglia pays 25% in the month of purchase and 75% in the month following purchase.
4. Most of the work is done by the owners, who typically withdraw $6,000 a month from the business as their salary. (Note: The $6,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90% of their wages are paid in the month incurred and the remaining 10% in the next month.
5. Utilities average $5,950 per month. Rent on the building is $4,100 per month.
6. Insurance is paid quarterly; the next payment of $1,400 is due in October.
7. September sales were $181,500 and purchases of food and supplies in September equaled $130,000.
8. The cash balance on October 1 is $2,147.

Suppose you are the assistant controller in charge of general ledger accounting at Linbarger Bottling Company. Your company has a large loan from an insurance company. The loan agreement requires that the company’s cash account balance be maintained at $200,000 or more, as reported monthly. At June 30, the cash balance is $80,000, which you report to Lisa Infante, the financial vice president. Lisa excitedly instructs you to keep the cash receipts book open for one additional day for purposes of the June 30 report to the insurance company. Lisa says, “If we don’t get that cash balance over $200,000, we’ll default on our loan agreement. They could close us down; put us all out of our jobs!” Lisa continues, “I talked to Oconto Distributors (one of Linbarger’s largest customers) this morning. They said they sent us a check for $150,000 yesterday. We should receive it tomorrow. If we include just that one check in our cash balance, we’ll be in the clear. It’s in the mail!” Requirement (a) Who will suffer negative effects if you do not comply with Lisa Infante’s instructions? Who will suffer if you do comply? (b) What are the ethical considerations in this case? (c) What alternatives do you have?

Dave Schonhardt, president of Schonhardt Industries, wishes to issue a press release to bolster his company’s image and maybe even its stock price, which has been gradually falling. As controller, you have been asked to provide a list of 20 financial ratios along with some other operating statistics relative to Schonhardt Industries’ first quarter financials and operations. Two days after you provide the ratios and data requested, Steven Verlin, the public relations director of Schonhardt, asks you to prove the accuracy of the financial and operating data contained in the press release written by the president and edited by Steven. In the press release, the president highlights the sales increase of 25% over last year’s fi rst quarter and the positive change in the current ratio from 1.5:1 last year to 3:1 this year. He also emphasizes that production was up 50% over the prior year’s first quarter. You note that the press release contains only positive or improved ratios and none of the negative or deteriorated ratios. For instance, no mention is made that the debt to assets ratio has increased from 35% to 55%, that inventories are up 89%, and that while the current ratio improved, the acid-test ratio fell from 1:1 to 0.5:1. Nor is there any mention that the reported profit for the quarter would have been a loss had not the estimated lives of Schonhardt’s plant and machinery been increased by 30%. Steven emphasizes, “The prez wants this release by early this afternoon.” Instructions (a) Who are the stakeholders in this situation? (b) Is there anything unethical in president Schonhardt’s actions? (c) Should you as controller remain silent? Does Steven have any responsibility?

Problem1: Master Budget with Supporting Schedules You have just been hired as a management trainee by Cravat Sales Company, a nationwide distributor of a designer’s silk ties. The company has an exclusive franchise on the distribution of the ties, and sales have grown so rapidly over the last few years that it has become necessary to add new members to the management team. You have been given responsibility for all planning and budgeting. Your first assignment is to prepare a master budget for the next three months, starting April 1. You are anxious to make a favourable impression on the president and have assembled the information below. The company desires a minimum ending cash balance each month of $10,000. The ties are sold to retailers for $8 each. Recent and forecasted sales in units are as follows: January (actual) . . . . 20,000 . . . . . June . . . . . . . . . . . . 60,000 February (actual) . . . 24,000 . . . . . July . . . . . . . . . . . . . 40,000 March (actual) . . . . . 28,000 . . . . . August. . . . . . . . . . . 36,000 April . . . . . . . . . . . . 35,000 . . . . . . May . . . . . . . . . . . 45,000 . . . . . . . September . . . . . . . 32,000 The large buildup in sales before and during June is due to Father’s Day. Ending inventories are sup- posed to equal 90% of the next month’s sales in units. The ties cost the company $5 each. Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 25% of a month’s sales are collected by month-end. An additional 50% is collected in the following month, and the remaining 25% is collected in the second month following sale. Bad debts have been negligible. The company’s monthly operating expenses are given below: Variable: Sales commissions ... $1 per tie Fixed: Wages and salaries . . . . . . . $22,000 Utilities . . . . . . . . . . $14,000 . . . . . . . Insurance . . .. . . . . . . . . . . . $1,200 Depreciation . . . . . . $1,500 . . . . . . . Miscellaneous . . . . . $3,000 . . . . . . All operating expenses are paid during the month, in cash, with the exception of depreciation and insurance expired. Land will be purchased during May for $25,000 cash. The company declares dividends of $12,000 each quarter, payable in the first month of the following quarter. The company’s balance sheet at March 31 is given below: Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,000 Accounts receivable ($48,000 February sales; $168,000 March sales). . . . . . . . . . . . . . . . . . . . . . . . Inventory (31,500 units) . . . . . . . . . . . . . . . . . . . . . . . . . 216,000 157,500 Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 Fixed assets, net of depreciation . . . . . . . . . . . . . . . . . . 172,700 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $574,600 Liabilities and Stockholders’ Equity Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 85,750 Dividends payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,850 Assets The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $40,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $10,000 in cash. Required: Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets: a. A sales budget by month and in total. b. A schedule of expected cash collections from sales, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. e. A cash budgets. Show the budget by month and in total. f. A budgeted income statement for the three-month period ending June 30. Use the contribution approach. g. A budgeted balance sheet as of June 30

Herzog Company, organized in 2019, has the following transactions related to intangible assets. 1/2/19 Purchased patent (7-year life) $560,000 4/1/19 Goodwill purchased (indefinite life) 360,000 7/1/19 10-year franchise; expiration date 7/1/2027 440,000 9/1/19 Research and development costs 185,000 Instructions: Prepare the necessary entriesto record these intangibles. All costsincurred were for cash. Make the adjusting entries as of December 31, 2019, recording any necessary amortization and the reflecting all balance accurately as of that date.

A tractor that cost $36,000 and on which $26,500 of depreciation had been recorded, was disposed of for $10,200.

a. Indicate whether a gain or loss should be recorded, and for what amount.
Assume that the tractor of Part (a), above, was instead discarded.
b. Indicate whether a gain or loss should be recorded, and for what amount.
Assume that the tractor of Part (a), above, was instead sold for $9,400.
c. Indicate whether a gain or loss should be recorded, and for what amount.

Ex. Prepare an income statement, an owner's equity statement, and a balance sheet for the accupuncture practice of Golda Bear, from the items listed below for the month of September, 2016.

Owner’s Capital, September 1                               $47,000

Accounts payable                                                      7,000

Equipment                                                                  35,000

Service revenue                                                         28,000

Owner’s Drawings                                                      6,000

Insurance expense                                                     4,500

Cash                                                                           3,000

Utilities expense                                                          700

Supplies                                                                      4,800

Salaries and wages expense                                      9,000

Accounts receivable                                                    14,000

Rent expense                                                              5,000

Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Karl lives with Ashley, and she fully supports him. Bill spent 2018 traveling in Europe and was not a college student. He had gross income of $4,655 in 2018. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2018, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises LLC (98-7654321), a data processing service that she operates as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2018 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000, office expenses of $66,759, employee salary of $63,000, employee payroll taxes of $4,820, business meal expenses (before the 50% reduction) of $22,000, and rent expense of $34,000. The rent expense includes payments related to renting an office ($30,000) and payments related to renting various equipment ($4,000). There is no depreciation because all depreciable equipment owned has been fully depreciated in previous years. No fringe benefits are provided to the employee. Ashley personally purchases health insurance on herself and Bill. The premiums are $23,000 per year. Ashley has an extensive stock portfolio and has prepared the following analysis: Stock Number of Shares Date Purchased Date Sold Per-Share Cost Per-Share Selling Price Total Dividends Beige 10 10/18/17 10/11/18 $80 $ 74 $30 Garland 30 10/11/11 10/11/18 43 157 70 Peach 15 3/10/18 8/11/18 62 33 45 Note: Ashley received a Form 1099–B from her stockbroker that included the adjusted basis and sales proceeds for each of her stock transactions. The per-share cost includes commissions, and the per-share selling price is net of commissions. Also, the dividends are the actual dividends received in 2018, and these are both ordinary dividends and qualified dividends. Ashley had $800 of interest income from State of Ohio bonds and $600 of interest income on her Wayne Savings Bank account. She paid $25,000 of alimony to her former husband. His Social Security number is 123-45-6788. Ashley itemizes her deductions and provides the following information, which may be relevant to her return: Item Amount Comment Unreimbursed medical expenses for Ashley $11,786 Does not include health insurance premiums. State income taxes paid 1,830 Real property taxes on personal residence 3,230 Interest paid on home mortgage (Form 1098) 8,137 The loan is secured by the residence and was incurred when the home was purchased. Charitable contributions 1,399 $940 cash payments to Ashley’s church and $459 cash payments made to homeless persons for whom she felt sorry. She can document all the expenditures. Sales taxes 619 Amount per sales tax table. Ashley made a $26,000 estimated Federal income tax payment, does not want any of her taxes to finance presidential elections, has no foreign bank accounts or trusts, and wants any refund to be applied against her 2019 taxes. Forms needed: 1040 pages 1 and 2; Schedules 1, 2, 3, A, C, D; Form 8949 Part 1(B) and Part 2(E); Schedule SE p. 1; worksheet line 12a. United States tax is applicable

Risks are part of life. As you learned in this module, one way to manage risks is to purchase insurance. Do an analysis on your current responsibilities and risk at your stage of life. Then evaluate your options and do a little research to shop for your choice of one of the following insurance coverages. Automobile insurance Renters insurance Homeowners insurance Health insurance Life insurance Other insurance (disability, business, or other specialty, etc.) Your assignment is to get a quote, talk about what you are currently paying, or ask a friend or relative. You might compare and contrast coverages. Consider the following: the reputation, reliability, and rating of the insurance company; what is being insured; the amount being insured; the price; and other considerations such as customer service, etc. This will be 200‒250 words in a Word document

Jean’s Vegetable Market had the following transactions during 2019: 1. Issued RM50,000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of RM22,000. 3. Acquired land by issuing common stock of par value RM100,000. 4. Declared and paid a cash dividend of RM2,000. 5. Sold a long-term investment (cost RM3,000) for cash of RM8,000. 6. Acquired an investment in IBM stock for cash of RM15,000. What is the net cash provided (used) by investing activities?

As part of the initial investment, Ray Blake contributes equipment that had originally cost $96,200 and on which accumulated depreciation of $72,150 has been recorded. If similar equipment would cost $159,500 to replace and the partners agree on a valuation of $49,300 for the contributed equipment, what amount should be debited to the equipment account? a.$96,200 b.$159,500 c.$36,975 d.$49,300

Global Line Inc., is considering a new 4-year expansion project that requires an initial fixed asset investment of $800,000. The fixed asset will be depreciated straight-line to zero over its 4-year life, after which time it will have a market value of $100,000 (before taxes).The project requires an initial investment in net working capital of $45,000. The project is estimated to generate $724,000 in annual sales, with costs of $480,000. The tax rate is40percent and the required return on the project is 14percent. What is the NPV of this project? Should we accept this project?

You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepared and sent you an e-mail stating that he thinks you overstated net income. He explains that although he has invested a great deal in security, he is sure shoplifting and other forms of inventory shrinkage have occurred, but he does not see any deduction for shrinkage on the income statement. The store uses a perpetual inventory system. Required  Prepare a brief memorandum that responds to the owner's concerns Help!!! It needs to be atlest 200 words.

Topics: Cash to Accrual  AND Error Correction

A. Zamboanga Enterprises records all transactions on the cash basis. The company’s accountant prepared the following income statement at the end of the company’s first year of operations:
Zamboanga Enterprises
Income Statement
For the Year Ended December 31, 2006
Sales  P2, 016, 000
Selling and administrative expenses:
 Salaries expense P624,000
 Rent expense   360,000
 Utilities expense   232,000
 Equipment   240,000
 Commission expense   302,400
 Insurance expense     48,000
 Interest expense     24,000     1,830, 400
Net income  P     185,600 

You have been asked to prepare an income statement on the accrual basis. The following information is given to you to assist in the preparation:
(a.) Amounts due from costumers at year-end were P224,000. Of this amount, P24,000 will probably not be collected.

(b.) Salaries of P88,000 for December 2006 were paid on January 5, 2007.

(c.) Zamboanga rents its building for P24,000 a month, payable quarterly in advance. The contract was signed on January 1, 2006.

(d.) The bill for December’s utility costs of P21,600 was paid January 10, 2007.

(e.) Equipment of P240,000 was purchased on January 1, 2006. The expected life is 5 years, no salvage value. Assume straight-line depreciation.

(f.) Commissions of 15% of sales are paid on the same day cash is received from customers. 

(g.) A 1-year insurance policy was issued in company assets on July 1, 2006. Premiums are paid annually in advance.

(h.) Zamboanga barrowed P400,000 for one year on May 1, 2006. Interest payments based on an annual rate of 12% are made quarterly, beginning with the first payment on August 1, 2006.

QUESTION:
How much is the net income before income tax under the accrual basis of accounting?

B. Misamis Company’s December 31, year end financial statement contained the following errors:
 December 31, 2005 December 31, 2006
 Ending Inventory P100,000 understated P90,000 overstated
 Depreciation expense     20,000 understated 
As insurance premium of P75,000 was prepaid in 2005 covering the years 2005, 2006, and 2007. The same was charged to expense in full in 2005. In addition, on December 31,2006, a fully depreciated machinery was sold for P160,000 cash, but the sale was not recorded until 2007. There were no other errors during 2005, 2006, and 2007 and no corrections have been made for any errors. Ignore income tax considerations.
QUESTIONS:
Based on the above and the result of your audit, answer the following:
1. What is the total effect of the errors on the 2005 net income?
(over or under by?)

2. What is the total effect of the errors on the 2006 net income? (over or under by?)

3. What is the total effect of the errors on the company’s working capital at December 31, 2006?

4. What is the total effect of the errors on the balance of the company’s retained earnings at December 31, 2006?

5. What is the total effect of the errors on the company’s working capital at December 31, 2007?

Valuing Bonds The Morgan Corporation has two different bonds currently outstanding. Bond M has a face value of $30,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and finally pays $1,000 every six months over the last six years. Bond N also has a face value of $30,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. If the required return on both these bonds is 8 percent compounded semiannually, what is the current price of Bond M? Of Bond N?

11. The Mangold Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $1,100 every six months over the subsequent eight years, and finally pays $1,400 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. If the required return on both these bonds is 9 percent compounded semiannually, what is the current price of bond M? Of bond N?

Valuing Bonds The Mangold Corporation has two different bonds currently outstanding. Bond M has a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $1,100 every six months over the subsequent eight years, and finally pays $1,400 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. If the required return on both these bonds is 9 percent compounded semiannually, what is the current price of bond M? Of bond N?

Gabriel Health Services Ltd. requires $1.5 million in financing over the next two years. The firm can borrow at 5 percent per year over the two years. However, with some economic forecasting, it has been suggested that financing in the first year will be 3.5 percent and 6.25 percent in the second year. a. Determine the total interest charges under both possibilities.

Paxton Lynch, radio station manager in Denver, Colorado, is in the 25 percent federal marginal tax bracket and pays an additional 5 percent in income taxes to the state of Colorado. Paxton currently has more than $20,000 invested in corporate bonds bought at various times that are earning differing amounts of taxable interest: $10,000 in ABC earning 5.9 percent; $5,000 in DEF earning 5.5 percent; $3,000 in GHI earning 5.8 percent; and $2,000 in JKL earning 5.4 percent. What i

Oxford Engineering manufactures small engines. The engines are sold to manufacturers who install them in such products as lawn mowers. The company currently manufactures all the parts used in these engines but is considering a proposal from an external supplier to supply the starter assembly used in these engines. The starter assembly is currently manufactured in Division 3 of Oxford Engineering. Last year, Division 3 manufactured 136,000 starter assemblies, but over the next several years, it is expected that 160,000 assemblies will be needed each year. Total costs related to the starter assembly for last year were as follows: Direct material $252,960 Direct labor $163,200 Total overhead $408,000 Total $824,160 Further analysis of overhead revealed the following information: $183,600 of total overhead was variable. $109,000 of the fixed overhead were allocated costs that will continue even if the production of the starter assembly is discontinued. Tidnish Electronics, a reliable supplier, has offered to supply starter assembly units at $6.00 per unit. If the company buys the assembly from Tidnish, the vacated plant space could be used for storage and, in so doing, avoid $53,000 of outside storage charges currently incurred. REQUIRED By how much will Oxford Engineering's total profits change if they decide to buy the starter assembly from Tidnish Electronics instead of making it themselves? (Note: if the buy costs are less than the make costs, enter the difference as a positive number; if the buy costs are more than the make costs, enter the difference as a negative number.)

Foto Company makes 8,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows: Direct materials $ 12.30 Direct labor 19.90 Variable manufacturing overhead 2.10 Fixed manufacturing overhead 10.00 Unit product cost $ 44.30 An outside supplier has offered to sell the company all of these parts it needs for $41.40 a unit. If the company accepts this offer, the facilities now being used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $51,200 per year. If the part were purchased from the outside supplier, all of the direct labor cost of the part would be avoided. However, $6.10 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company's remaining products. Required: a. How much of the unit product cost of $44.30 is relevant in the decision of whether to make or buy the part? (Round "Per Unit" to 2 decimal places.) b. What is the financial advantage (disadvantage) of purchasing the part rather than making it? c. What is the maximum amount the company should be willing to pay an outside supplier per unit for the part if the supplier commits to supplying all 8,000 units required each year? (Round "Per Unit" to 2 decimal places.)

. To the nearest cedi, how much must he save during each of the next 10 years (with equal deposits being made at the end of each year, beginning a year from today) to meet his retirement goal? (Note: Neither the amount he saves nor the amount he withdraws upon retirement is a growing annuity.)

Problem No 3: The Heather Honey Company purchases honeycombs from beekeepers for $2.00 a pound. The company produces two main products from the honeycombs—honey and beeswax. Honey is drained from the honeycombs, and then the honeycombs are melted down to form cubes of beeswax. The beeswax is sold for $1.50 a pound. The honey can be sold in raw form for $3.00 a pound. However, some of the raw honey is used by the company to make honey drop candies. The candies are packed in a decorative container and are sold in gift and specialty shops. A container of honey drop candies sells for $4.40. Each container of honey drop candies contains three quarters of a pound of honey. The other variable costs associated with making the candies are as follows: Decorative container . . . . . . . . . . . . . . . . . . . . . . . . $0.40 Other ingredients . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.20 Variable manufacturing overhead . . . . . . . . . . . . . . 0.10 Total variable manufacturing cost . . . . . . . . . . . . . . $0.95 The monthly fixed manufacturing overhead costs associated with making the candies follow: Master candy maker’s salary . . . . . . . . . . . . . . . . . . $3,880 Depreciation of candy making equipment . . . . . . . . 400 Total fixed manufacturing cost . . . . . . . . . . . . . . . . . $4,280 The monthly fixed manufacturing overhead costs associated with making the candies follow: The master candy maker has no duties other than to oversee production of the honey drop candies. The candy making equipment is special-purpose equipment that was constructed specifically to make this particular candy. The equipment has no resale value and does not wear out through use. A salesperson is paid $2,000 per month plus a commission of 5% of sales to market the honey drop candies. The company had enjoyed robust sales of the candies for several years, but the recent entrance of a competing product into the marketplace has depressed sales of the candies. The management of the company is now wondering whether it would be more profitable to sell all of the honey rather than converting some of it into candies. Required: 1. What is the incremental contribution margin per container from further processing the honey into candies? 2. What is the minimum number of containers of candy that must be sold each month to justify the continued processing of honey into candies? Explain. Show all computations.