Question & Answer

One way to classify forging operations is by the degree to which the work is constrained in the die. By this classification, name the three basic types.

Padma needs a new truck to help her expand Padma’s Plumbing Palace. Business has been booming, and Padma would like to accelerate her tax deductions as much as possible (ignore §179 expense and bonus depreciation for this problem). On April 1, Padma purchased a new delivery van for $25,000. It is now September 26 and Padma, already in need of another vehicle, has found a deal on buying a truck for $22,000 (all fees included). The dealer tells her if she doesn’t buy the truck (Option 1), it will be gone tomorrow. There is an auction (Option 2) scheduled for October 5 where Padma believes she can get a similar truck for $21,500, but there is also a $500 auction fee. Padma makes no other asset acquisitions during the year.  a. Which option allows Padma to generate more depreciation deductions this year (the vehicles are not considered to be luxury autos)? b. Assume the original facts, except that the delivery van was placed in service one day earlier on March 31 rather than April 1. Which option generates more depreciation deduction?

On December 21, 2014, Zurich Company provided you with the following information regarding its trading investments. December 31, 2014 Investments (Trading) Cost Fair Value Unrealized Gain (Loss) Stargate Corp. shares $20,000 $19,000 $(1,000) Carolina Co. shares 10,000 9,000 (1,000) Vectorman Co. shares 20,000 20,600 600 Total of portfolio $50,000 $48,600 $(1,400) Previous fair value adjustment balance –0– Fair value adjustment—Cr. $ (1,400) During 2015, Carolina Company shares were sold for $9,500. The fair value of the shares on December 31, 2015, was Stargate Corp. shares—$19,300; Vectorman Co. shares—$20,500. Instructions (a) Prepare the adjusting journal entry needed on December 31, 2014. (b) Prepare the journal entry to record the sale of the Carolina Company shares during 2015. (c) Prepare the adjusting journal entry needed on December 31, 2015.

Which is the largest tax collected by the U.S. government?  What types of taxpayers are subject to this tax?

Why might efforts to address the issue of global warming be hampered by a lack of understanding of probability amongst the general public?

The four axes are the three linear axes: X, Y, and Z; and the rotational axis:

On January 2, 2009, Banno Corporation issued $1,500,000 of 10% bonds at 97 due December 31, 2018. Legal and other costs of $24,000 were incurred in connection with the issue. Interest on the bonds is payable annually each December 31. The $24,000 issue costs are being deferred and amortized on a straight-line basis over the 10-year term of the bonds. The discount on the bonds is also being amortized on a straight-line basis over the 10 years. (Straight-line is not materially different in effect from the preferable “interest method.”) The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2014, Banno called $900,000 face amount of the bonds and redeemed them. Instructions Ignoring income taxes, compute the amount of loss, if any, to be recognized by Banno as a result of retiring the $900,000 of bonds in 2014 and prepare the journal entry to record the redemption.

During the Covid-19 pandemic, U.S. interest rates were extremely low. Explain how the low interest rates affected businesses’ and households’ behavior to borrow. (LO2)

Glass is classified as a ceramic material; yet glass is different from the traditional and new ceramics. What is the difference?

This year Luke has calculated his gross tax liability at $1,800.  Luke is entitled to a $2,400 nonrefundable personal tax credit, a $1,500 business tax credit, and a $600 refundable personal tax credit.  In addition, Luke has had $2,300 of income taxes withheld from his salary.  What is Luke’s net tax due or refund?

Ansel purchased raw land three years ago for $200,000 to hold as an investment. After watching the value of the land drop to $150,000, he decided to contribute it to Mountainside Developers LLC in exchange for a 5 percent capital and profits interest. Mountainside plans to develop the property and will treat it as inventory, like all of the other real estate it holds. a. If Mountainside sells the property for $150,000 after holding it for one year, how much gain or loss does it recognize, and what is the character of its gain or loss? [Hint: See §724.] b. If Mountainside sells the property for $125,000 after holding it for two years, how much gain or loss does it recognize, and what is the character of the gain or loss? c. If Mountainside sells the property for $150,000 after holding it six years, how much gain or loss is recognized, and what is the character of the gain or loss?

Describe the type of event that qualifies as a casualty for tax purposes.

What are some of the important design functions of IC packaging?

What is a terpolymer?

What is the distinguishing feature of a radial drill press?

1.    : Do you think it is wise for a top executive to fire a manager who is bringing in big sales and profits for the company but not living up to a cultural value of “showing respect for employees”? Explain.

Why does exchange rate overshooting occur? What determines its magnitude?

Silverman Company purchased machinery for $162,000 on January 1, 2014. It is estimated that the machinery will have a useful life of 20 years, salvage value of $15,000, production of 84,000 units, and working hours of 42,000. During 2014, the company uses the machinery for 14,300 hours, and the machinery produces 20,000 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and doubledeclining- balance methods.

A plate that is 250 mm wide and 25 mm thick is to be reduced in a single pass in a two-high rolling mill to a thickness of 20 mm. The roll has a radius = 500 mm, and its speed = 30 m/min. The work material has a strength coefficient = 240 MPa and a strain hardening exponent = 0.2. Determine (a) roll force, (b) roll torque, and (c) power required to accomplish this operation.

Jekyll and Hyde formed a corporation (Halloween Inc.) on October 31 to develop a drug to address spilt personalities. Jekyll will contribute a patented formula valued at $200,000 in return for 50 percent of the stock in the corporation. Hyde will contribute an experimental formula worth $120,000 and medical services in exchange for the remaining stock.  Jekyll’s tax basis in the patented formula is $125,000, whereas Hyde has a basis of $15,000 in his experimental formula.

What is clay, used in making ceramic products?

An oxyacetylene torch supplies 8.5 ft3 of acetylene per hour and an equal volume rate of oxygen for an OAW operation on 1/4 in steel. Heat generated by combustion is transferred to the work surface with a heat transfer factor of 0.3. If 80% of the heat from the flame is concentrated in a circular area on the work surface whose diameter = 0.40 in, find: (a) rate of heat liberated during combustion, (b) rate of heat transferred to the work surface, and (c) average power density in the circular area.

1.       An organizational consultant said, “Some aspect of functional structure appears in every organization.” Do you agree? Explain.

Why might a recovering economy (and hence a fall in government expenditure on social security benefits) make the government feel even more concerned to make discretionary cuts in government expenditure?

Explain how the conversion feature of convertible debt has a value (a) to the issuer and (b) to the purchaser.