Question & Answer

How does a corporation determine the minimum amount of estimated tax payments it must make to avoid underpayment penalties?  How do these rules differ for large corporations.

Maria has been operating Mansfield Park as a C corporation and decides she would like to make an S election. What is the earliest the election will become effective under each of these alternative scenarios? a. Maria is on top of things and makes the election on January 1, 2024. Effective Jan. 1, 2024 b. Maria is mostly on top of things and makes the election on January 15, 2024. Effective Jan. 1, 2024 c. Maria makes the election on February 10, 2024. She needed a little time to convince a C corporate shareholder to sell its stock to a qualifying shareholder. That process took all

Presented below is information related to Blowfish radios for the Hootie Company for the month of July. Units Unit Units Selling Date Transaction In Cost Total Sold Price Total July 1 Balance 100 $4.10 $ 410 6 Purchase 800 4.20 3,360 7 Sale 300 $7.00 $ 2,100 10 Sale 300 7.30 2,190 12 Purchase 400 4.50 1,800 15 Sale 200 7.40 1,480 18 Purchase 300 4.60 1,380 22 Sale 400 7.40 2,960 25 Purchase 500 4.58 2,290 30 Sale 200 7.50 1,500 Totals 2,100 $9,240 1,400 $10,230 Instructions (a) Assuming that the periodic inventory method is used, compute the inventory cost at July 31 under each of the following cost flow assumptions. (1) FIFO. (2) LIFO. (3) Weighted-average. (b) Answer the following questions. (1) Which of the methods used above will yield the lowest figure for gross profit for the income statement? Explain why. (2) Which of the methods used above will yield the lowest figure for ending inventory for the balance sheet? Explain why.

In year 0, Javens Inc. sold machinery with a fair market value of $400,000 to Chris. The machinery’s original basis was $317,000, and Javens’s accumulated depreciation on the machinery was $50,000, so its adjusted basis to Javens was $267,000. Chris paid Javens $40,000 immediately (in year 0) and provided a note to Javens indicating that Chris would pay Javens $60,000 a year for six years beginning in year 1. What are the amount and character of the gain that Javens will recognize in year 0?  What amount and character of the gain will Javens recognize in years 1 through 6?

: Outline the factors managers should consider that will influence work team effectiveness.

Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2024, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket maximum of $9,000. The only other health plan they have is a vision insurance plan. Are they eligible to contribute to a health savings account? Why or why not. If so, what is their maximum HSA contribution and deduction?

As a result of the Financial Reform Act of 2010, the Consumer Financial Protection Bureau was established and housed within the Federal Reserve. Explain the role of this bureau. (LO3)

What is the nature of interest? Distinguish between “simple interest” and “compound interest.”

A steel ring has an inside diameter = 30 mm and an outside diameter = 50 mm at room temperature (21°C). If the coefficient of thermal expansion of steel = 12.1 x 10-6 mm/mm per °C, determine the inside diameter of the ring when heated to 500°C.

Using the facts in problem 52, what is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid?  This would result in what type of tax rate structure?

What are some of the important applications of nickel?

Yong recently paid his accountant $10,000 for elaborate tax planning strategies that exploit the timing strategy. Assuming this is an election year and there could be a power shift in the White House and Congress, what is a potential risk associated with Yong’s strategies?

1.       Think of a class that you’ve taken in the past. What standards of performance did your professor establish? How was your actual performance measured? How was your performance compared to the standards? Do you think the standards and methods of measurement were fair? Were they appropriate to your assigned work? Why or why not?

Solve Problem 20.27 except that the corner radius on the punch = 10 mm.

Grinding creates high temperatures. How is temperature harmful in grinding?

Nancy operates a business that uses the accrual method of accounting. In December, Nancy asked her brother, Hank, to provide her business with consulting advice. Hank billed Nancy for $5,000 of consulting services in year 0 (a reasonable amount), but Nancy was only able to pay $3,000 of the bill by the end of this year. However, Nancy paid the remainder of the bill in the following year.  a) How much of the $5,000 consulting services will Hank include in his income this year if he uses the cash method of accounting? What amount can Nancy deduct this year for the consulting services?  b) How much of the $5,000 consulting services will Hank include in his income this year if he uses the accrual method of accounting? What amount can Nancy deduct this year for the consulting services?

Describe the effect of strain rate in metal forming.

The superalloys divide into three basic groups, according to the base metal used in the alloy. Name the three groups

: Do you think Kevin could make a go of the business alone? Should he try? Discuss.

Use the information provided in BE12-1. Assume that at January 1, 2016, the carrying amount of the patent on Celine Dion’s books is $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful until the end of 2023. Prepare the journal entries to record the $24,000 expenditure and 2016 amortization.

Identify some of the details and decisions that are included within the scope of process planning.

Mason was shocked to learn that the current Code is the Internal Revenue Code of 1986.  He thought that U.S. tax laws change more frequently.  What is wrong with Mason’s perception?

Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. Instructions (a) Prepare (summary) journal entries to record the items noted above. (b) Compute Jones’s accounts receivable turnover for the year. The company does not believe it will have any bad debts. (c) Use the turnover ratio computed in (b) to analyze Jones’s liquidity. The turnover ratio last year was 6.0.

A consulting firm was hired to determine whether a particular trading strategy could generate abnormal returns. The strategy involved taking positions based on recent historical movements in stock prices. The strategy did not achieve abnormal returns. Consequently, the consulting firm concluded that the stock market is weak-form efficient. Do you agree? Explain. (LO6)

How might differences in presentation of comparative data under GAAP and IFRS affect adoption of IFRS by U.S. companies?