Question & Answer

Describe the spinning process in glassworking

Illini Corporation reported taxable income of $500,000 from operations for this year. In addition, the company distributed an automobile to its sole shareholder, Yuki. The auto’s fair market value was $30,000 and its tax basis to Illini was $0. The auto’s E&P tax basis was $15,000. Illini had accumulated E&P of $1,500,000 at the beginning of the year.

A tensile test for a certain metal provides flow curve parameters: strain-hardening exponent is 0.3 and strength coefficient is 600 MPa. Determine (a) the flow stress at a true strain = 1.0 and (b) true strain at a flow stress = 600 MPa.

Why must an S corporation report separately stated items to its shareholders? How is the character of a separately stated item determined?  How does the S corporation report this information to each shareholder?

Explain the following terms. (a) LIFO layer. (b) LIFO reserve. (c) LIFO effect.

Describe what is meant by qualified business income for purposes of the deduction for qualified business income.

Candice Willis will invest $30,000 today. She needs $150,000 in 21 years. What annual interest rate must she earn?

Why is the MCL curve horizontal?

Describe the mechanical limitation on the deduction for interest on qualified educational loans.

A 2.0-in-thick slab is 10.0 in wide and 12.0 ft long. Thickness is to be reduced in three steps in a hot rolling operation. Each step will reduce the slab to 75% of its previous thickness. It is expected that for this metal and reduction, the slab will widen by 3% in each step. If the entry speed of the slab in the first step is 40 ft/min, and roll speed is the same for the three steps, determine: (a) length and (b) exit velocity of the slab after the final reduction

According to the video on composites, list the primary purpose of the matrix and the reinforcement in a composite.

Why is it a nontax advantage for corporations to be able to trade their stock on the stock market?

Derive an expression for true strain as a function of D and Do for a tensile test specimen of round cross section, where D = the instantaneous diameter of the specimen and Do is its original diameter.

1.    : If you are the CEO of a global company, how might you determine whether a globalization, multidomestic, or glocalization strategy would work best for your enterprise? What factors would influence your decision?

In 2024, Sheryl is claimed as a dependent on her parents’ tax return.  Her parents report taxable income of $600,000 (married filing jointly). Sheryl did not provide more than half her own support.  What is Sheryl’s tax liability for the year in each of the following alternative circumstances?

The current date in the production calendar is day 14. There are three orders (A, B, and C) to be processed at a particular work center. The orders arrived in the sequence A-B-C at the work center. For order A, the remaining process time = 8 days, and the due date is day 24. For order B, the remaining process time = 14 days, and the due date is day 33. For order C, the remaining process time = 6 days, and the due date is day 26. Determine the sequence of the orders that would be scheduled using (a) first-come-first-serve, (b) earliest due date, (c) shortest processing time, (d) least slack time, and (e) critical ratio.

Cooke Company has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.   Instructions (a) Prepare a complete worksheet. (b) Prepare a classified balance sheet. (Note: $10,000 of the mortgage payable is due for payment in the next fiscal year.) (c) Journalize the adjusting entries using the worksheet as a basis. (d) Journalize the closing entries using the worksheet as a basis. (e) Prepare a post-closing trial balance.

1.    : What strategic plans could the college or university at which you are taking this management course adopt to compete for students in the marketplace? Would these plans depend on the school’s goals?

Dean supports Leicester City football club and has paid £80 for a ticket to watch them play in a cup final. The maximum amount he is willing to pay for the ticket is £200. Another Leicester City supporter offers him £400 for the ticket. Even though there are no restrictions on the resale of the tickets, Dean decides not to sell. Is his decision consistent with the predictions of rational decision making in standard economic theory? Explain your answer.

Tawana owns and operates a sole proprietorship and has a 40 percent marginal tax rate.  She provides her son, Jonathon, $8,000 a year for college expenses.  Jonathon works as a pizza delivery person every fall and has a marginal tax rate of 15 percent.  a. What could Tawana do to reduce her family tax burden?  b.How much pretax income does it currently take Tawana to generate the $8,000 after-taxes given to Jonathon?  c. If Jonathon worked for his mother’s sole proprietorship, what salary would she have to pay him to generate $8,000 after taxes (ignoring any Social Security, Medicare, or self-employment tax issues)?  d.How much money would this strategy save?

On January 30, 2013, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2014, Frazier Corporation agreed to settle the action and pay $920,000 in damages to certain current and former employees. How should this settlement be reported in the 2014 financial statements? Discuss.

The weekly demand and supply schedules for t-shirts (in millions) in a free market are as follows: Price (£) 8 7 6 5 4 3 2 1 Quantity demanded 6 8 10 12 14 16 18 20 Quantity supplied 18 16 14 12 10 8 6 4            (a)  What are the equilibrium price and quantity?          (b)  Assume that changes in fashion cause the demand for t-shirts to rise by 4 million at each price. What will be the new equilibrium price and quantity? Has equilibrium quantity risen as much as the rise in demand? Explain why or why not.          (c)  Now plot the data in the table and mark the equilibrium. Also plot the new data corresponding to (b).

To illustrate these figures, draw the demand curve corresponding to the following table.  P (£) TE (£) 2.50 5.00 10.00 20.00 40.00 400 200 100 50 25 1000 1000 1000 1000 1000                            If the curve had an elasticity of –1 throughout its length, what would be the quantity demanded (a) at a price of £1; (b) at a price of 10p; (c) if the good were free?

The U.S. Treasury attempted to resolve the credit crisis by establishing a plan to buy mortgage-backed securities held by financial institutions. Explain how the plan could improve the situation for MBS. (LO5)

Compare and contrast the three types of tax law sources and give examples of each.