Question & Answer

Cross-linking (curing) of thermosetting plastics is accomplished by one of three ways. Name the three ways

An automatic turning process is set up to produce parts with a mean diameter = 6.255 cm. The process is in statistical control and the output is normally distributed with a standard deviation = 0.004 cm. Determine the process capability.

What are the three major stages in the production of silicon-based integrated circuits?

Assume the same information as in IFRS17-12 except that Roosevelt has an active trading strategy for these bonds. The fair value of the bonds at December 31 of each year-end is as follows. 2014 $534,200 2017 $517,000 2015 $515,000 2018 $500,000 2016 $513,000 Instructions (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries to record the interest received and recognition of fair value for 2014. (c) Prepare the journal entry to record the recognition of fair value for 2015.

Using the facts in problem 38, if Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income?  What is their marginal rate if, instead, they reported an additional $100,000 in deductions?

On January 1, 2014, Lombard Co. sells property for which it had paid $690,000 to Sargent Company, receiving in return Sargent’s zero-interest-bearing note for $1,000,000 payable in 5 years. What entry would Lombard make to record the sale, assuming that Lombard frequently sells similar items of property for a cash sales price of $640,000?

Using the facts in problem 40, if Scot and Vidia earn an additional $80,000 of taxable income, what is their marginal tax rate on this income?  How would your answer differ if they, instead, had $80,000 of additional deductions?

1.      : Meet with Pate and the employee to try to resolve the current issue, and then start working with Miranda and other senior managers to develop stronger policies regarding sexual harassment and treatment of employees, including clear-cut procedures for handling complaints.

Identify some of the important applications of zinc.

1.       Give five examples of business processes at Tesla.  How do they create business value for Tesla and its shareholders?

Using the facts in Problem 45, what interest rate does the State of New York bond need to offer to make Fergie indifferent between investing in the two bonds?

What is hardness, and how is it generally tested?

Using the facts from Problem 49, what will happen to the government’s tax revenues if Song chooses to spend more time pursuing her other passions besides work in response to the tax rate change and therefore earns only $75,000 in taxable income?  What is the term that describes this type of reaction to a tax rate increase?  What types of taxpayers are likely to respond in this manner?

Using the facts in Problem 51, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid?  This would result in what type of tax rate structure?

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 “generally accepted accounting principles.” She has also heard that certain terms have special meanings in accounting relative to everyday use. Shewould like you to explain the meaning of terms she has come across related to accounting. Instructions Go to http://www.fasb.org and access the FASB Concepts Statements and respond to the following items. (Provide paragraph citations.) When you have accessed the documents, you can use the search tool in your Internet browser. (a) How is “materiality” defined in the conceptual framework? (b) The concepts statements provide several examples in which specific quantitative materiality guidelines are provided to firms. Identity at least two of these examples. Do you think the materiality guidelines should be quantified? Why or why not? (c) The concepts statements discuss the concept of “articulation” between financial statement elements. Briefly summarize the meaning of this term and how it relates to an entity’s financial statements.

This year Jorge received a refund of property taxes that he deducted on his tax return last year.  Jorge is not sure whether he should include the refund in his gross income.  What would you tell him?

An electron-beam welding operation uses the following process parameters: accelerating voltage = 25 kV, beam current = 100 milliamp, and the circular area on which the beam is focused has a diameter = 0.020 in. If the heat transfer factor = 90%, determine the average power density in the area in Btu/sec in2.

The cash method of accounting means that taxpayers don’t recognize income unless they receive cash or cash equivalents. True or false? Explain.

Explain why some public firms decided to go private in response to the passage of the Sarbanes-Oxley (SOX) Act. (LO6)

Suppose you asked your favorite AI learning tool “What basis does a shareholder take in property received in a liquidating distribution?” and the AI tool provided the following response:

Tiffany is unmarried and has a 15-year-old qualifying child.Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck.Tiffany is allowed to claim a $1,000 child tax credit for her qualifying child.What amount of taxes will Tiffany owe (or what amount will she receive as a refund) when she files her tax return?

What price should be used when there is such a distortion?

Laura Li, a U.S. resident, works for three months this summer in China.  What type of tax authority may be especially useful in determining the tax consequences of her foreign income?

Identify and describe the approach the FASB requires for reporting changes in accounting principles.

What determines whether someone is considered a tax return preparer?