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You are a business planner and accountant Answer

You are a business planner and accountant Answer

You are a business planner and accountant. Gloria has come to you to get some advice on which supplier will best meet her needs and objectives. You are a business planner and accountant. Part of your expertise is in helping prospective business owners evaluate the various manufacturing and supplier options available based on the product they manufacture. You have a long history of working with widget manufacturers, which is why Gloria is meeting with you. Additionally, you are an expert in global business issues and can help Gloria review foreign supply options, including the applicable laws, customs regulations, and tax implications of using a foreign supplier versus a domestic supplier. Gloria has come to you to get some advice on which supplier will best meet her needs and objectives.
Prepare a paper that addresses the following.

What elements are necessary for a valid contract to exist? Define what constitutes a “valid offer.” Evaluate each proposal and discuss whether each of the offers constitutes a valid offer. Why or why not?

Each proposal involves a different country. What are the particular concerns for Gloria in doing business in other countries? What contract provisions does she need to include in any business contract in order to protect her business?

How can Gloria continue to protect herself and her family from personal liability if she obtains her widgets from a foreign manufacturer? Use your textbook and library references to answer these questions. Evaluate each proposal. Does it constitute an offer?

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You are a business planner and accountant Answer

The information below will allow you to prepare the 2012 federal tax return for Bill and Joyce Schnappauf Answer

The information below will allow you to prepare the 2012 federal tax return for Bill and Joyce Schnappauf Answer

The information below will allow you to prepare the 2012 federal tax return for Bill and
Joyce Schnappauf. The information is provided in three phases, which correspond to the
three major components of computing income tax—gross income, deductions and
losses, and property transactions. If your instructor assigns these problems, at the end of
each major segment (i.e., Chapter 4, Chapter 8, and Chapter 12), you should complete
the appropriate portions of the forms indicated. If you are not using a tax software package,
you should not complete the second page of Form 1040 until you have completed
Chapter 12.
Completing the tax return problem will help you understand the reporting procedures
for the information in each major segment of the text. In addition, it will aid you
in reviewing the major topics discussed in the book; it serves as an overview of the
course.

THE SCHNAPPAUF FAMILY
In 2012, Bill and Joyce Schnappauf live in Wakefield, R.I. Bill is 53, and Joyce is 51. Bill
is a district sales manager for USC Equipment Corporation, a Rhode Island firm that
manufactures and distributes gaming equipment. Joyce is a self-employed author of
children’s books. The Schnappaufs have three children, Will, 21, Dan, 19, and Tom, 16.
In February 2013, the Schnappaufs provide the following basic information for preparing
their 2012 federal income tax return:
1. The Schnappaufs use the cash method of accounting and file their return on a calendar-year basis.
2. Unless otherwise stated, assume that the Schnappaufs want to minimize the current year’s tax liability. That is, they would like to defer income when possible and take the largest deductions possible, a practice they have followed in the past.
3. Joyce’s Social Security number is XXX-XX-XXXX
4. Bill’s Social Security number is XXX-XX-XXXX
5. Will’s Social Security number is XXX-XX-XXXX
6. Dan’s Social Security number is XXX-XX-XXXX
7. Tom’s Social Security number is XXX-XX-XXXX
8. The Schnappaufs do not have any foreign bank accounts or foreign trusts.
9. Their address is 27 Northup Street, Wakefield, R.I. (02879).
10. The Schnappaufs do not wish to contribute to the presidential election campaign.
PHASE I—CHAPTERS 1–4
The first phase of the tax return problem is designed to introduce you to some of the tax forms and the supporting documentation (Forms W-2, 1099-INT, etc.) needed to complete a basic tax return. The first four chapters focus on the income aspects of individual taxation. Accordingly, this phase of the tax return focuses on the basic income concepts.
1. Bill’s W-2 is provided (Exhibit A-1). The 2012 W-2 includes his salary ($94,000), bonus ($47,000), and income from group-term life insurance coverage in excess of $50,000 ($121.44), and is reduced by his 7 percent contribution ($6,580) to USC’s qualified pension plan. The company matches Bill’s contribution to the plan.
2. The Schnappaufs receive two 1099-INTs for interest (Exhibits A-2 and A-3), two 1099-DIVs for dividends (Exhibits A-4 and A-5), and a combined interest and dividend statement (Exhibit A-6).
3. Joyce and her brother, Bob, are co-owners of, and active participants in, a furniture-restoration business. Joyce owns 30 percent, and Bob owns 70 percent of the business. The business was formed as an S corporation in 2004. During 2012, the company pays $5,000 in dividends. The basis of Joyce’s stock is $27,000.
4. The Schnappaufs receive a 2011 federal income tax refund of $1,342 on May 12, 2012. On May 15, 2012, they receive their income tax refund from the state of Rhode Island. In January 2013, the state mails the Schnappaufs a Form 1099-G (Exhibit A-7). Their total itemized deductions in 2011 were $22,854.
5. During 2012, Joyce is the lucky ninety-third caller to a local radio station and wins $500 in cash and a stereo system. Despite repeated calls to the radio station, she has not received a Form 1099—MISC. In announcing the prize, the radio station host said that the manufacturer’s suggested retail price for the stereo system is
$625. However, Joyce has a catalog from Supersonic Electronics that advertises the system for $520.
6. The Schnappaufs receive a Form W-2G (Exhibit A-8) for their winnings at the Yardley Casino in Connecticut.
7. On June 26, 2012, Bill receives a check for $17,400 from the United Insurance Corporation. Though he was unaware of it, he was the designated beneficiary of an insurance policy on the life of his uncle. The policy had a maturity value of $16,980, and the letter from the company stated that his uncle had paid premiums on the policy of $2,950 (Exhibit A-9).
8. Joyce is active in the school PTO. During the year, she receives an award for outstanding service to the organization. She receives a plaque and two $75 gift certificates that were donated to the PTO by local merchants.
9. To complete phase I, you will need Form 1040, Schedule B, and Schedule D.

INSTRUCTIONS: If you are using tax software to prepare the tax return or are not completing
phases II and III of the problem, ignore the instructions that follow. If you are preparing
the return manually, you cannot complete some of the forms used in phase I until
you receive additional information provided in phase II or phase III. Therefore, as a general
rule, you should only post the information to the appropriate form and not compute
totals for that form. The following specific instructions will assist you in preparing Part I
of the return.
a. The only form that can be totaled is Schedule B.
b. Only post the appropriate information to Schedule D. Do not total any columns.
More information is provided in phase III of the tax return problem.
c. Do not calculate total income or adjusted gross income on page 1 of Form 1040.
d. Post the appropriate information on page 2 of Form 1040, but do not total this
page, compute the federal tax liability, or determine the refund or balance due.
PREPARATION AID: Tax forms and instructions can be downloaded from the IRS’s home
page (http://www.irs.treas.gov). You can also download IRS Publication 17, which is a
useful guide in preparing the tax return.
PHASE II—CHAPTERS 5–8
This is the second phase of the tax return problem you began at the end of Chapter 4.This phase of the tax return incorporates the material from Chapters 5, 6, 7, and 8 by providing you with information concerning the Schnappaufs’ deductions for 2012. They provide you with the following information.
1. Joyce writes children’s books for a variety of publishers. She has been selfemployed since 2004. As a freelance writer, Joyce incurs costs associated with preparing a manuscript for which she does not yet have a contract. During the year, Joyce makes 4 business trips, each 3 days long, to meet with various publishers. For shorter trips that are closer to home, she either drives or takes the train and
returns the same day. On December 10, 2012, Joyce receives an advance (see below) on her next book. Under the contract, Joyce is scheduled to begin work on the book on February 1, 2013, and must have it completed by November 30, 2013. The Schnappaufs’ home has 2 telephones. Joyce has a separate phone number for her business. The information on Joyce’s business is listed below.
Royalties (Exhibits A-10 to A-12)
Publisher’s advance $4,500
Office supplies 180
Train tickets 640
Airfare (4 trips) 1,800
Lodging (12 nights) 2,120
Meals (12 days) 510
Telephone ($28 monthly fee per phone line) 672
Internet provider 416
Cell phone, including business calls 876
Business-related postage 108
Printing/copying 217
Legal fees 1,100
Interest on auto 374
2. On January 2, 2012, Joyce purchases a new car to use in her business. The car, a Volster, costs $15,200. Joyce pays $2,200 in cash and finances the balance through the dealer. She uses the car 40 percent of the time for business and drives a total of 10,500 miles during 2012. The total expenses for the 10,500 miles driven are: repairs and maintenance, $320; insurance, $735; and gasoline,$1,845.
The correct depreciation expense for 2012 is $608 ($15,200 × 40% × 10%).
3. Joyce’s office is located in a separate room in the house and occupies 375 square feet. The total square footage of the house is 2,500. The Schnappaufs purchased the home on July 7, 1998, for $70,000. The local practice is to allocate 10 percent of the purchase price to land. The depreciation percentage for the office is 0.02564.
When Joyce started her business on January 1, 2004, the fair market value of the house was $108,000. The total household expenses for 2012 are as follows:
Heat $2,170
Insurance 1,425
Electricity 690
Repairs to kitchen 2,750
Cleaning 1,510
4. Bill began work on his MBA at Denville University. He enrolled in two courses,and paid $2,650 in tuition and $180 for books.
5. Bill and Joyce each contribute the maximum to their respective IRA accounts in 2012. The IRA account is Joyce’s only retirement vehicle. Bill’s basis in his IRA before the current year’s contribution is $26,000, and Joyce’s basis is $36,000. The fair market value of Bill’s IRA on 12/31/12 is $41,720, and the fair market value of Joyce’s IRA is $57,100. In addition, Bill and Joyce contributed $2,000 to a Coverdell Education Savings Account for Thomas.
6. On June 15, 2012, the Schnappaufs’ 2011 station wagon is totaled in Hurricane
Ann. The car was purchased for $28,700 in November 2010. The Schnappaufs
receive a check for $21,200 from Zippy Insurance Company that represents the
fair market value of the car minus a $750 deductible. On June 26, 2012, they
replace the car with a 2012 station wagon. The new car costs $31,400, and the
Schnappaufs receive a rebate check from the car’s manufacturer for $2,500.
7. The hurricane also damages part of the Schnappaufs’ house. A tree falls and makes a hole in the roof above the kitchen. Water damages the kitchen, causing the new dishwasher to short out, and it has to be replaced. In addition, the linoleum
floor has to be replaced. The cost of fixing the hole in the roof is $1,000. The Schnappaufs receive $700 ($1,000 repair cost minus $300 deductible) to fix the roof. Information concerning the dishwasher and the floor is as follows:
Property Dishwasher Floor
Date 3/30/12 3/16/12
Acquired
Original
Cost $780 $1,500
FMV
Before $780 $1,350
FMV
After 0 0

Reimbursement $380 $850

8. The Schnappaufs incur the following medical expenses (before considering the
$700 reimbursement they receive from their health insurance policy):
Medical premiums $3,800
Doctors 1200
Chiropractor 650
Dentist 1,900
Vet fees (family dog Sandy) 350
Prescription drugs 340
Over-the-counter drugs (aspirin, cough syrup) 175
In addition, Bill purchases an Exsoaligner machine for $700. The machine was recommended by the chiropractor to help strengthen Bill’s back muscles.
9. The Schnappaufs pay the following property taxes:
Wakefield house $7,700
Family car used by Bill (ad valorem) 480
Joyce’s car (ad valorem) 510
10. The Schnappaufs receive two Form 1098s for the cost of interest on bank loans. They also pay interest on their personal credit cards.
Jefferson Trust 1098 (Exhibit A-13—Wakefield house)
Jefferson Trust 1098 (Exhibit A-14—Home equity)
Dempsey’s Department Store revolving account $191
Brooks’ Bargain Basement revolving account 67
Jefferson Trust bank card 212
The proceeds from the home equity loan were used to renovate their kitchen and pay for Tom’s tuition to private school. The interest on the portion of the loan used for private school tuition is $640.
11. Bill and Joyce make cash charitable contributions to the United Fund Campaign
($1,750), Adelade University ($300), Tremon University ($2,000), and Christ
the King Church in Kingston, R.I. ($2,600). The Schnappaufs have documentation
to verify their cash contributions. They also donate property to the Salvation
Army on July 15, 2012:
Property FMV Original Cost Date Acquired
Antique table $515 $225 1/4/01
Dishwasher 150 700 5/6/05
Sofa bed 160 800 13/14/07
Men’s suits (2) 140 540 Various
The Salvation Army acknowledges that these amounts represent the fair market
value of the donated items.
12. The Schnappaufs incur the following expenses:
Type Amount
2010 tax preparation fee (paid in 2012) $ 900
Safety deposit box 35
Investment journals 405
Investment advice 875
Business publications (Bill) 550
Gambling losses 2640
13. Because Joyce is self-employed, they make federal estimated tax payments of
$225 per quarter on April 15, 2012, June 15, 2012, September 15, 2012, and January 15, 2013. They also make estimated payments of $140 per quarter to the state of Rhode Island on April 15, 2012, June 15, 2012, September 15, 2012, and December 31, 2012.
14. Bill and Joyce paid $6,150 in tuition, $625 for books, and $7,630 for room and board for Will, a junior, to attend Springbrook State University. They also paid $15,000 in tuition, $515 in books, and $8,130 in room and board for Dan, a freshman at Prescott College.
15. Other information:
a. Joyce’s business is named Queensbridge Books, and her employer I.D. number is 05-3456345.
b. The Salvation Army’s address is 15 High Street, Wakefield, R.I. 02879.
c. To complete phase II, you will need the following additional forms: Schedule A, Schedule C, Schedule SE, and Forms 4562, 4684, 8283, 8606, 8829, and 8863.
INSTRUCTIONS: If you are using tax software to prepare the tax return or are not completing
phase III of the problem, ignore the instructions that follow.
As in phase I, there are forms in phase II that cannot be completed without additional
information which is provided in phase III. Therefore, as a general rule, you
should only post the information to the appropriate form and not compute totals for that
form. The following specific instructions will assist you in preparing Part II of the return.
a. The only form that can be completed at the end of phase II is Form 8283.
b. Do not calculate total income or adjusted gross income on page 1 of Form
1040.
c. Post the appropriate information on page 2 of Form 1040, but do not total
this page, compute the federal tax liability, or determine the refund or balance
due.
d. Do not calculate the total itemized deductions on Schedule A.
e. Do not total Joyce’s expenses on Schedule C.
f. Do not compute Joyce’s self-employment tax on Schedule SE.
g. Do not complete the summary section of Form 4562.
h. Complete Form 4684 only to the point at which adjusted gross income is
requested.
i. On Form 8829, complete Part I, and only post the appropriate indirect
expenses. Do not calculate the allowable depreciation or the allowable home
office deduction.
PHASE III—CHAPTERS 9–12
This is the third and final phase of the Schnappauf family’s tax return. This phase incorporates
the material in Chapters 9, 10, 11, and 12 requires you to analyze the various types of property transactions discussed in those chapters.
1. On February 11, 2012, Bill inherits his father’s summer home. The house, located in South Lake Tahoe, Nevada, has a fair market value of $496,000 at the date of his father’s death. His parents had purchased the house in 1974 for $127,000 and
made $59,000 worth of capital improvements to it. Twenty percent of the total
value of the property is attributable to the land. Because Bill and Joyce ultimately
would like to use the property as a vacation home, they decide to rent it out. Bill
actively participates in the management of the property. The property is first advertised
for rent on March 1, 2012, but is not rented until April 15, 2012. Bill provides
the following income and expense information for the Lake Tahoe rental
property:
Rent $18,000
Repairs 4,720
Management fee 2,750
Property taxes 9,375
Insurance 1,900
In addition, Bill buys a new stove for $1,240 and a new refrigerator for $970 on
March 20, 2012.
2. The Schnappaufs receive Form 1099-B (Exhibit A-15) from Pebble Beach Investors
for the sale of several securities. Details on the securities sales are provided
below. The selling price listed is net of brokerage commissions and represents the
amount the Schnappaufs actually receive from the sale.
Stock DateAcquired DateSold SalePrice PurchasePrice 150 shares Pfizer Corp 5/12/89 8/15/12 $ 6,000 $ *
300 ” Texas Instruments 7/30/94 10/25/12 17,100 **
50 shares Alcoa 6/10/06 10/23/12 525 1,800
25 shares Luminent 4/28/12 9/4/12 900 2,700
60 ” Textron 9/11/12 10/27/12 10,410 9,100
300 shares Hasbro 1/7/01 12/20/12 6,125 3,150
*When Joyce graduated from college on May 12, 1989, her father gave her 150 shares of Pfizer Corporation stock
that he had acquired on October 27, 1981, for $1,300. At the date of the gift, the fair market value of the stock was $1,800. In January 1998, Pfizer Corporation stock split 2 for 1.
**The Schnappaufs acquired 500 shares of preferred stock in Texas Instruments for $7,810. Shortly after the purchase, they received a nontaxable 10% stock dividend.
3. On May 18, 2012, Joyce purchases a computer system for $2,560. She also buys a color printer/copier/fax machine for $560. All the equipment is used exclusively in her business.
4. On June 12, 2012, Joyce sells her old computer system for $355 and her printer for $110. She had acquired the computer system and printer on February 18, 2009, for $2,710 and $490, respectively. When the Schnappaufs prepared their 2009 tax
return, they elected to expense the computer and printer using Section 179. The
computer system and the printer were used exclusively in her business.
5. Joyce receives a Schedule K-1 (Exhibit A-16) for her interest in the furniture-restoration business.
6. Other information:
a. The rental property in Lake Tahoe is located at 100 Paraiso Drive, South Lake Tahoe (88197).
INSTRUCTIONS: To complete phase III, you need the following additional forms: Schedule
E and Forms 4562 and 8582. You now have all the information necessary to complete
the schedules that you did not finish in phases I and II.

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Bill and Joyce Schnappauf

St. Louis Federal Reserve Look up current economic indicators for GDP, Inflation Answer

St. Louis Federal Reserve Look up current economic indicators for GDP, Inflation Answer


Assignment #4 Directions for completing the assignment Using the St. Louis Federal Reserve – Fred website: http://research.stlouisfed.org/fred2/search Look
up current economic indicators for GDP, Inflation, U and Economic Growth . Put the last 3 years in an excel spreadsheet and graph each overtime in a separate graph. Compare the relationship between them. More specifically, once you are at the website, I want
you to use the following for prices, (the change in CPI is the inflation rate) unemployment and GDP. CPI – Consumer Price Index For All Urban Consumers: All Items, SA – seasonally adjusted – (Prices) U – Civilian Unemployment Rate (Unemployment) GDP – Real
Gross Domestic Product, 3 Decimal (GDP) Change in Real Gross Domestic Product, (Economic Growth)

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St. Louis Federal Reserve Look up current economic indicators for GDP

A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500 Answer

A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500 Answer


1. A company has Liabilities of $23,500 and Stockholders’ Equity
of $56,500. How much does the company have in Assets?

2. Beginning Retained Earnings are $65,000; sales are $29,500;
expenses are $33,000; and dividends paid are $3,500. How
much is the net income or loss for the company?

3. The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit or credit?

4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?
5. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What is the adjusting journal entry on December 31?

6. A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?

7. ABC Corporation has received an invoice for $4,500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the Cash account and will the Cash account be debited or credited?
8. Bond and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500; Accounts Receivable, $12,000; Cash, $3,500; Equipment, $44,000; Land, $21,000; Mortgage Payable, $45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned Revenue, $6,000; Wages Payable, $4,500. How much are Bond and Associates’ current liabilities?
9.Olympic Enterprises has the following inventory data: Assuming average cost, what is the cost of goods sold for the June 14 sale?cost June 1 Beginning inventory Quanity 5 $52 June 4 Purchase QTY10 $55 June 7 Sale QTY12 $0 June 11 Purchase QTY9 $58 June 14 Sale QTY 8 $0

10. A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the company’s cost of goods sold?
11. Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and the cost of goods sold is $50,000. What is the inventory turnover?
12. Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?
13. What is an audit opinion?

14. A company has $235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,250 credit balance. If the company estimates 7% of credit sales will be uncollectible, what is the amount of the journal entry to record estimated uncollectible accounts?

15. Bestway, Inc. had credit sales of $142,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $643. If Bestway estimates that 2% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts?

16. An asset has a cost of $50,000, with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Under double-declining-balance, what is the asset’s fourth full year of depreciation expense?
17. A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the journal entry for this transaction?
18. On January 1, Bixby Machine signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,585 on June 30 and December 31 of each year. What is the correct journal entry for recording the second semiannual payment (round interest calculation to the nearest dollar)?

19. On January 1, $500,000 of 8%, 10-year bonds were sold for $530,000. The bonds require semiannual interest payments on June 30 and December 31. What is the correct entry for recording the June 30 interest payment on the bonds?

20. Motor Works, Inc. has declared a $20,000 cash dividend to shareholders. The company has 5,000 shares of $15-par, 10% preferred stock and 10,000 shares of $20-par common stock. The preferred stock is non-cumulative. How much will the preferred and common stockholders receive on the date of payment?

21. Allied Industries, Inc. has 250,000 shares of $7-par common stock outstanding. They have declared a 7% stock dividend. The current market price of the common stock is $11/share. What is the amount that will be credited to Paid-in Capital in Excess of Par Common Stock on the date of declaration?

22. Accounts receivable amount to $215,000 for the beginning of the year and $245,000 for the end of the year. Income reported on the income statement for the year is $300,000. How much is the cash flow from operating activities on the cash flow statem

23. Operating expenses other than depreciation for the year were $400,000. Accrued
expenses increased by $35,000. What are the cash payments for operating expenses
reported on the cash flow statement using the direct method?

24. Red Line, Inc. has a cash balance of $80,000, short-term investments of $20,000, net
receivables of $60,000, and inventory of $450,000. Current liabilities total $200,000.
What is Red Line’s quick ratio?

25.What are the earnings per share for RiverNet sales? $220,000 Net income $37,000 Market price per share of common stock $28.75 Dividends $4,100 Average number of shares of common stock outstanding 10,000?

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A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500 Answer

On January 1, 2013, Shea Company issues 700 bonds, 15 years Complete Answer

On January 1, 2013, Shea Company issues 700 bonds, 15 years Complete Answer


Assignment Choice #2: Straight-Line: Bond Computations, Amortization, and Bond Retirement
Prepare journal entries.

Journals required:

On January 1, 2013, Shea Company issues 700 bonds, 15 years (1000 par value bonds at 97) with a coupon rate of 6% and maturing in 2030. The straight line method is used to amortize any bond discount or premium on a semi-annual basis. Be sure to label the discount or premium as: discount on bonds within long-term liability or premium on bonds within long-term liability (the discount r premium in the system relates to the sale of inventory and does not apply here). Also label to cash inflow and outflows from the bonds including interest payments as: Cash, Bonds- within the bank and checking account. Do not forget the journals required every six months.

Two years later, on December 31, 2014 Shea retires 20% of these bonds by buying them on the open market at 104 (or $1040 a bond). All interest and amortization is accounted for by two separate journal entries for each and paid through December 31, 2016, the day before the purchase is to occur. Purchase these bonds with Cash, Bonds within the bank and checking account

Required:

In QuickBooks™, provide the journal entry at January 1, 2015 for the issuance of the 700 bonds.
In QuickBooks™, provide the entries for interest expense and amortization expense up to December 31, 2016.
In QuickBooks™, provide the journal entry which retires 20% (140 bonds) of the bond in the public market.
Go to Company widget, select settings and then chart of accounts. Select Cash, bonds and Bonds, Liability registers. Click on each and you will see the transactions you made in each register. Copy and paste (or export) each to word document being sure two columns of number show and submit to the assignment area.

Journal entries done in Excel and not in Quickbook.

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On January 1, 2013, Shea Company issues 700 bonds, 15 years

ACC 230 Financial Reporting Week 4 CheckPoint Analyzing an Income Statement Answer

ACC 230 Financial Reporting Week 4_CheckPoint_ Analyzing an Income Statement Answer


ACC 230 Financial Reporting Week 4_CheckPoint_ Analyzing an Income Statement Answer

ACC/230 Checkpoint Week 4
ACC230 / ACC 230 / CheckPoint: Analyzing an Income Statement
CheckPoint: Analyzing an Income Statement
Resource: Ch. 3 of Understanding Financial Statements • Complete Problem 3.16b on p. 111 (Ch. 3).
Analyze the income statement of Eastman Kodak located at http://wps.prenhall.com/bp_fraser_financial_8 (Select Chapter 1 from the top menu, then Internet Links in the left-hand menu to access the income statement.)
Write a 200- to 300-word response to the problem. In addition, include your analysis of indicators like earnings per share, operating income, and comprehensive income.

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ACC 230 Financial Reporting  Week 4_CheckPoint

HSM 541 Health Service Systems Week 4 Mid Term differentiate between urban and rural healthcare in America Answer

HSM 541 Health Service Systems Week 4 Mid Term differentiate between urban and rural healthcare in America Answer

HSM 541 Health Service Systems Week 4 Mid Term differentiate between urban and rural healthcare in America Answer

All Questions
1. Question : (TCO A) Differentiate between urban and rural healthcare in America. Briefly discuss how rural healthcare is different in terms of access, costs, and quality. Use an example to support your point(s).

2. Question : (TCO D) Differentiate between Medicare and Medicaid roles in the healthcare system, and detail how each agency impacts costs, quality, and access in the delivery of medical care in America. Which program is doing a better job balancing these issues, and why?

3. Question : (TCO D) Describe the characteristics and demographics of uninsured populations. Discuss the reasons why Americans are uninsured. List at least one option to curb the growing number of uninsured people.

4. Question : (TCO C) Discuss whether you see marketplace competition as a positive or negative influence on the development of hospitals and health services in the U.S. Defend your position; offer example(s) to support your points.

5. Question : (TCO B) Discuss whether government plays a role to ensure an adequate healthcare workforce. Identify three ways that local, state, or federal governments can positively impact workforce shortages.

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HSM-541-Health Service Systems Week 4 Mid Term

McBean Inc. reported net income of $300,000 for the year ended December 31, 2009 Answer

McBean Inc. reported net income of $300,000 for the year ended December 31, 2009_Answer

McBean Inc. reported net income of $300,000 for the year ended December 31, 2009_Answer


McBean Inc. reported net income of $300,000 for the year ended December 31, 2009_Answer

3. McBean Inc. reported net income of $300,000 for the year ended December 31, 2009.
McBean Inc. had 50,000 shares of common stock outstanding throughout 2009. On January 1, 2009, McBean Inc. issued 400, five-year, $1,000 face value bonds at par. The bonds pay 6 percent interest, and each bond can be converted into 20 shares of common stock. Assume McBean Inc. has a 30 percent income tax rate. None of the bonds were converted in 2009. Required: 1 Compute the basic EPS and diluted EPS for McBean Inc. for 2009.

5. On Nov 1, 2010 you purchased a 2 year insurance policy for $4800. You debited insurance expense. At the end of the year you did not prepare an adjustment. The books are closed. What is the entry to be prepared at the beginning of 2011?
6. On Sept 1, 2010 you received $3600 of rental income 1 year in advance. You credited rent revenue. At the end of the year you did not prepare an adjustment. The books are closed. What is the entry to be prepared at the beginning of 2011?

7. On Oct 1, 2010 you borrowed $12000 and issued a 1 year note payable. The interest rate was 8%. At the end of the year you did not prepare an adjustment. The books are closed. What is the entry to be prepared at the beginning of 2011?
8. On Jan 1, 2010 you had in supplies inventory $1200. On Feb 1 you purchased supplies costing $1800 and you debited supplies expense. On April 1, you purchased supplies costing $500 and debited supplies. On November 1, you purchased $900 of supplies and debited supplies expense. At the end of the year you had $300 of supplies on hand. You did not make an adjusting entry. The books are closed. What is the entry to be prepared at the beginning of 2011?

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McBean Inc reported net income

Schweser Satellites Inc. produces satellite earth stations Complete A+ Answer

Schweser Satellites Inc. produces satellite earth stations Complete A+ Answer

Schweser Satellites Inc. produces satellite earth stations Complete A+ Answer


Schweser Satellites Inc. produces satellite earth stations that sell for $95,000 each. The firm’s fixed costs, F, are $2 million, 50 earth stations are produced and sold each year, profits total $600,000; and the firm’s assets (all equity financed) are $6 million. The firm estimates that it can change its production process, adding $3.5 million to investment and $520,000 to fixed operating costs. This change will (1) reduce variable costs per unit by $8,000 and (2) increase output by 25 units, but (3) the sales price on all units will have to be lowered to $90,000 to permit sales of the additional output. The firm has tax loss carryforwards that render its tax rate zero, its cost of equity is 13%, and it uses no debt.

What is the incremental profit?

To get a rough idea of the project’s profitability, what is the project’s expected rate of return for the next year (defined as the incremental profit divided by the investment)? Round your answer to two decimal places.

Should the firm make the investment?

Would the firm’s break-even point increase or decrease if it made the change?

Would the new situation expose the firm to more or less business risk than the old one?

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Schweser Satellites Inc. produces satellite earth stations

MGMT 550 Managerial Communication Oral Presentation Assignment Week 4 Power Point A+ Answer

MGMT 550 Managerial Communication Oral Presentation Assignment_Week 4 Power Point Answer

Assignment: Oral Presentation
For the purpose of this assignment, you are the chief information officer for the Stone Goose Company. This is your big chance to be the principle change agent in the Stone Goose Company and to propose a new social media policy to executive management. Currently, your company does not use social media for communication or marketing. You have noticed that the employees, however, are quite fond of social media.
You may use your creative imagination to determine the type of business in which Stone Goose Company is involved. Brainstorm and propose ideas that will help the business improve operational efficiencies, save money, increase revenue or market share, improve guest satisfaction, increase social responsibility, and enhance brand image.
Expect resistance and garner enough evidence to persuade your audience to implement your ideas. You will need to include external research to support your claims.
Week 4’s Oral Presentation should convince Stone Goose Company’s executive management that it needs a social media policy and that you should be given this assignment.
Assignments such as this help you develop business-oriented communication skills and give you the opportunity to practice developing an integrated business strategy for this fictional company. This activity will make the course come alive through the application of the principles from the textbook, course materials, and discussions.
Guidelines
• Persuade a business audience to accept your ideas.
• Create logical, well supported arguments by linking evidence to your claims.
• Develop an organizational structure that is easy to understand and follow.
• Adapt your ideas to a specific audience and anticipate and address their concerns.
• Describe how your recommendation meets the program criteria.

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MGMT 550 WEEK 4