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$
Cash balance at beginning of 2011
Cash balance at end of 2011 $
P12-4A)
P13-4A)
McCord Corporation financial statements ?
Selected year-end financial statements of McCord Corporation follow. (Note: All sales
are on credit;
selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total
assets, $182,400;
common stock, $90,000; and retained earnings, $31,300.)
McCORD CORPORATION
Income Statement
For Year Ended December 31, 2005
Sales . . . . . . . . . . . . . . . . . . . $348,600
Cost of goods sold . . . . . . . . 229,150
Gross profit . . . . . . . . . . . . . 119,450
Operating expenses . . . . . . . . 52,500
Interest expense . . . . . . . . . . 3,100
Income before taxes . . . . . . . 63,850
Income taxes . . . . . . . . . . . . . 15,800
Net income . . . . . . . . . . . . . . $ 48,050
McCORD CORPORATION
Balance Sheet
December 31, 2005
Assets Liabilities and Equity
Cash . . . . . . . . . . . . . . . . . . . . . . $ 9,000 Accounts payable . . . . . . . . . . . . . . . . . . $ 16,500
Short-term investments . . . . . . . . . 7,400 Accrued wages payable . . . . . . . . . . . . . . 2,200
Accounts receivable, net . . . . . . . . 28,200 Income taxes payable . . . . . . . . . . . . . . . . 2,300
Notes receivable (trade)* . . . . . . . . 3,500 Long-term note payable, secured
Merchandise inventory . . . . . . . . . . 31,150 by mortgage on plant assets . . . . . . . . . 62,400
Prepaid expenses . . . . . . . . . . . . . . 1,650 Common stock, $1 par value . . . . . . . . . . 90,000
Plant assets, net . . . . . . . . . . . . . . . 152,300 Retained earnings . . . . . . . . . . . . . . . . . .
59,800
Total assets . . . . . . . . . . . . . . . . . . $233,200 Total liabilities and equity . . . . . . . . . . . . .
$233,200
PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes
Assignment Final Exam Answer
PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes
Assignment Final Exam Answer
PROJ 592 Proj Cost and Schedule All Weeks Course Project All Parts Quizzes
Assignment Final Exam Answer
convincing you to accept the validity of the surprise ending that was not clearly
suggested at the beginning.
Your assignment must:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins
on all sides; citations and references must follow APA Style format. Check with your
professor for any additional instructions.
Include a cover page containing the tile of the assignment, the students name, the
professors name, the course title, and the date. The cover page and the reference page
are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Explain how key social, cultural, and artistic contributions contribute to historical
changes.
Explain the importance of situating a societys cultural and artistic expressions within
a historical context.
Examine the influences of intellectual, religious, political, and socio-economic forces on
social, cultural, and artistic expressions.
Identify major historical developments in world cultures from the Renaissance to the
contemporary period.
Use technology and information resources to research issues in the study of world
cultures.
Write clearly and concisely about world cultures using proper writing mechanics.
and will be depreciated on a seven-year MACRS schedule. It is believed the value of the
equipment in five years will be $3.5 million. Net working capital for the PDAs will be 20
percent of sales and will occur with timing of the cash flows for the year (i.e., there is no
initial outlay for NWC). Changes in NWC will thus first occur in Year 1 with the first
years sales. Conch Republic has a 35 percent corporate tax rate and a 12 percent
required return. Shelly has asked Jay to prepare a report that answers the following
questions: 1. What is the payback period on the project? 2. Create a net present value
chart in your spreadsheet. 3. What is the IRR of the project? 4. What is the NPV of the
project? 5. How sensitive is the NPV to changes in the price of the new PDA? 6. How
sensitive is the NPV to chances in the quantity sold? 7. Should Conch Republic produce
the new PDA? 8. Suppose Conch Republic loses sales on other models because of the
introduction of the new model. How would this affect your analysis?
: Matching principle
: Monetary unit
: Revenue recognition principle
: Full disclosure principle
: Reliability characteristic
: Cost-benefit relationship
: Materiality constraint
2. (TCO B) Adjusting Entries: Unearned rent at 1/1/12 was $28,300 and at 12/31/12 was
$48,200. The records indicate cash receipts from rental sources during 2010 amounted
to $145,200, all of which was credited to the Unearned Rent Account. You are to supply
the missing adjusting entry.
3. (TCO B) Adjusting Entries: Information relating to the balances of various accounts
affected by adjusting or closing entries appear below. You are asked to supply the
missing journal entries which would account for the changes in the account balances.
Interest receivable at 1/1/12 was $8,000. During 2010 cash received from debtors for
interest on outstanding notes receivable amounted to $11,000. The 2010 income
statement showed interest revenue in the amount of $8,900. You are to provide the
missing adjusting entry that must have been made, assuming reversing entries are not
made.
4. (TCO B) Adjusting Entries: Accumulated depreciation-machinery at 1/1/10 was
$150,000. At 12/31/10, the balance of the account was $300,000. During 2010, one piece
of equipment was sold. The equipment had an original cost of $100,000 and was 1/2
depreciated when sold. You are to prepare the missing adjusting entry. For each journal
entry write Dr. for debit and Cr. for credit.
5. (TCO B) Adjusting Entries: Allowance for Doubtful accounts made on 1/1/10 was
$40,000. The balance in the allowance account on 12/31/10 after making the annual
adjusting entry was $60,000 and during 2010 bad debts written off amounted to
$30,000. You are to provide the missing adjusting entry. For each journal entry write Dr.
for debit and Cr. for credit.
Second Part
1. (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $9,000. During 2010 rent
payments of $110,000 were made and charged to rent expense. The 2010 income
statement shows as a general expense the item rent expense in the amount of $111,000.
You are to prepare the missing adjusting entry that must have been made, assuming
reversing entries are not made. For each journal entry write Dr. for debit and Cr. for
credit.
expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at
the beginning of each period?
6. (TCO F) Daniels Company deposits all receipts and makes all payments by check.
The following information is available from the cash records.
MARCH 31
BANK RECONCILIATION
Balance per bank
$26,746
Add: Deposits in transit
2,100
Deduct: Outstanding checks
(3,800)
Balance per books
$25,046
Month of April Results
Per Bank
Per Books
Balance April 30
$27,995
$24,355
April deposits
8,864
13,889
April checks
13,100
14,080
April note collected
3,000
-0(not included in April deposits)
April bank service charge
35
-0April NSF check of a customer returned by the bank
(recorded by bank as a charge)
900
-0Instructions
Calculate the amount of the April 30
(1) deposits in transit; and
(2) outstanding checks.
Show all your work for potential partial credit.
7. Steve Company was formed on December 1, 2010. The following information is
available from Steves inventory record for Product X.
Units Unit Cost
adjusting entry that must have been made, assuming reversing entries are not made.
For each journal entry write Dr. for debit and Cr. for credit.
4. Question : (TCO B) Adjusting Entries: Accumulated depreciation-machinery at
1/1/10 was $150,000. At 12/31/10, the balance of the account was $300,000. During 2010,
one piece of equipment was sold. The equipment had an original cost of $100,000 and
was 1/2 depreciated when sold. You are to prepare the missing adjusting entry. For each
journal entry write Dr. for debit and Cr. for credit.
5. Question : (TCO B) Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was
$70,000. The balance in the allowance account on 12/31/10 after making the annual
adjusting entry was $70,000 and during 2010 bad debts written off amounted to
$40,000. You are to provide the missing adjusting entry. For each journal entry write Dr.
for debit and Cr. for credit.
Page: 1 2
1. Question : (TCO B) Adjusting Entries: Prepaid rent at 1/1/10 was $30,000. During
2010 rent payments of $100,000 were made and charged to rent expense. The 2010
income statement shows as a general expense the item rent expense in the amount of
$130,000. You are to prepare the missing
adjusting entry that must have been made, assuming reversing entries are not made.
For each journal entry write Dr. for debit and Cr. for credit.
2. Question : (TCO B) Adjusting Entries: Retained earnings at 1/1/10 were $100,000 and
at 12/31/10 it was $300,000. During 2010, cash dividends of $40,000 were paid and a
stock dividend of $40,000 was issued. Both dividends were properly charged to retained
earnings. You are to provide the missing closing entry. For each journal entry write Dr.
for debit and Cr. for credit.
3. Question : (TCO C) Presented below is information related to Bruce Van Company.
Retained earnings, December 31, 2010 $650,000
Sales 1,400,000
Selling and administrative expenses 240,000
Hurricane loss (pre-tax) on plant (extraordinary item) 290,000
Cash dividends declared on common stock 33,600
Cost of goods sold 780,000
Gain resulting from computation error on depreciation charge in 2009(pre-tax) 520,000
Other revenue 120,000
Other expenses 100,000
Instructions: Prepare in good form a multiple-step income statement for the year 2011.
Assume a 30% tax rate and that 80,000 shares of common stock were outstanding
during the year. Show EPS computations as well.
4. Question : (TCO D) The following balance sheet was prepared by the bookkeeper for
Purple Company as of December 31, 2011 Purple Company Balance Sheet as of
ACCT 553 Fed Taxes Mgmt Decisions Final Exam Complete A+ Answer
ACCT 553 Fed Taxes Mgmt Decisions Final Exam Complete A+ Answer
1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax
payer, such as salary, is classified as: (Points : 5)
portfolio income.
active income.
passive income.
None of the above
2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange?
(Points : 5)
An ice cream making machine for inventory of Rocky Road ice cream
Land for an office building
Office equipment for a computer
All of the above
3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross
income is $90,000. They had net investment income of $8,000. In 2012, they had the
following interest expenses:
Personal credit card interest: $5,000
Home mortgage interest: $10,000
Interest paid on qualified education loans: $2,000
Investment interest (on loans used to buy stocks): $10,000
What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5)
$8,000
$12,000
$20,000
$18,000
4. (TCO B) Unreimbursed expenses of employees are considered to be deductions:
(Points : 5)
for AGI.
from AGI.
for or from AGI, depending on the type of expense.
None of the above
5. (TCO A) Which of the following expenditures is always an itemized deduction for
individual taxpayers? (Points : 5)
Charitable contributions
State and local income taxes
Moving expenses
All of the above
6. (TCO E) Adam sold a piece of business equipment that had an adjusted basis to him
of $50,000. In return for the equipment, Adam received $80,000 cash and a painting
with a fair market value of $20,000 from the buyer. The buyer also assumed Adams
$25,000 loan on the equipment. Adam paid $5,000 in selling expenses. What is the
amount of Adams gain on the sale? (Points : 5)
$90,000
$125,000
$80,000
$70,000
7. (TCO I) Gary and Gerdy Gray purchased a home for $125,000 on September 15,
2010. On October 7, 2011 they were divorced, and as part of the divorce agreement, the
home was transferred to Gerda, who sold the home on October 18, 2012 for $350,000.
How much can Gerda exclude? (Points : 5)
$350,000
$250,000
$225,000
$0
8. (TCO I) Under the accrual method of accounting, expenses are generally accrued
when: (Points : 5)
the expenses are actually incurred.
the taxpayer elects to take the deduction.
payment is made.
None of the above
9. (TCO D) Sean, a calendar year taxpayer, purchased stock on June 18, 2011 for $8,000.
The stock became worthless on June 4, 2012. What is Seans loss in 2012? (Points : 5)
$8,000 short-term capital loss
No loss
$8,000 long-term capital loss
$8,000 itemized deduction for investments
10. (TCO A) Which of the following is a primary source of tax authority? (Points : 5)
Revenue ruling
Tax Court case
Temporary regulation
All of the above
11. (TCO F) A nonbusiness bad debt is deductible for tax purposes as a(n): (Points : 5)
short-term capital loss.
itemized deduction.
long-term capital loss.
ordinary business deduction.
12. (TCO A) The art of using existing tax laws to pay the least amount of tax legally
possible is known as: (Points : 5)
tax evasion.
tax avoidance.
tax elusion.
None of the above
13. (TCO C) Which of the following items is not taxable? (Points : 5)
Interest on U.S. Treasury bills, notes, and bonds issued by an agency of the United
States
(b) Suppose, instead, that the Masons sold their home for $720,000. They moved into a
smaller house costing $220,000. What is their excluded gain? How much must they
recognize? (Points : 17)
4. (TCO G) John Baron, a professional baseball player, raises Black Angus cattle under
circumstances that would indicate that the activity is a hobby. His adjusted gross
income for the year is $50,000, and he has $500 of other miscellaneous itemized
deductions, all of which are subject to the two-percent floor. During the taxable year, the
feed for the cattle cost $1,500. The income from the sale of cattle was $1,400.
(a) Under the hobby loss rule, to what extent is the expense of $1,500 deductible?
(b) Under the two-percent-of-adjusted-gross-income limitation, how much is the overall
deductible amount of his itemized deductions?
5. (TCO I) Rick, a single individual with a salary of $45,000, incurred and paid the
following expenses during the year:
Student loan interest: $800
Medical expenses: $5,000
Alimony: $11,000
Mortgage interest on personal residence: $3,000
State income taxes: $4,000
Moving expenses: $1,500
Contribution to a traditional IRA: $2,000
Analyze the above expenses, and determine which ones are deductible for AGI. Please
support your position.
6. (TCO I) Kim had the following transactions for 2012:
Salary: $48,000
Damage award (compensatory) for city bus accident: $18,000
Loss on sale of stock investment: $5,600
Loan from father to purchase auto: $14,000
Alimony paid to ex-wife: $8,000
What is Kims AGI for 2012?
7. (TCO F) Sara owns a sole proprietorship, and Phil is the sole shareholder of a C
(regular) corporation. Each business sustained a $9,000 operating loss and a $2,000
capital loss for the year. Evaluate how these losses will affect the taxable income of the
two owners? (Points : 17)
8. (TCO B) Dave forms a corporation and transfers property having a basis to him of
$22,000 and a fair market value of $29,000 to the corporation for 1,000 shares of $11 par
stock. One year later, Hank transfers property having a basis to him of $3,500 and a fair
market value of $4,500 for 100 shares of the stock. Hank is not related to Dave. The
corporation issued no other stock.
(a) How much gain does Dave recognize on his exchange? What is the basis to Dave of
his 1,000 shares?
(b) What gain or loss is recognized by the corporation when it issues its shares to Dave?
What is the basis to the corporation of the property it received from Dave?
(c) What is the gain or loss that Hank recognizes on this transaction, and what is his
basis in his 100 shares?
9. (TCO F) In 2012, OK Company had a net loss of $82,000 from operations. Jane owns
OK Company and works 20 hours a week in the business. She has a large amount of
income from other sources and is in the 35% marginal tax bracket. Would Janes tax
situation be better if OK Company were a proprietorship or a C corporation? Explain
why.
10. (TCO H) On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on
October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012,
she sold 48 shares, which could not be specifically identified, for $576, and on December
8, 2012, she sold another 25 shares for $150. What is her recognized gain or loss?
Number of
Users
Computers
26
Student and
Total Computers
156
Computer labs
Student Computer Lab
6 various offices
Admission office
Library
Library
5 classrooms
Server
Network Connecting Devices
Printers
31
6
5
10
5
1
Faculty
Student
Staff/Faculty
Staff
Student
Staff
Faculty
Staff
IT Staff
31
6
5
10
5
5
To be determined by students
To be determined by students
To be determined by student
Two server rooms have been allocated, one on the first floor and one on the second floor.
Your task is to design the network for this new building with the following criteria:
Security is very important for UMUC as we have to protect students and employees
data as well as any intellectual property that UMUC has on the servers and computers.
The network has been assigned the 10.11.0.0 network address for all computers and
devices. For Internet routing use 151.1.1.1 network address.
The network should use physical cable (not wireless), but do provide wireless access
in the Student Lobby area.
Submission should include (in no more than three pages, excluding diagrams and
references):
Network Addressing:
1. Define the subnet (based on: rooms, floor, department, or other criteria).
2. For each subnet, define the network address, subnet mask, and available IP addresses
to be used by computers or devices.
Physical Network Design:
1. Define the topology that will be used.
2. Select the appropriate network media to use.
3. Select the appropriate network connecting devices to use.
4. Physical layout of the computers on the floor plan.
5. List of additional servers or network devices needed to implement the network.
6. Justifications for your network design (number 1 5 above)
select and justify appropriate topology such as star, bus, or ring for your network
Feel free to use any drawings or attachments, and assume any number of computers or users
(not when provided here). You will be graded on the basis of right media, topology and
knowledge of network concepts.
Problem 1-8A)
Assets = Liabilities + Equity
Date Cash + Accounts Receivable + Office Equipment = Accounts
Payable + Common Stock Dividends + Revenues Expenses
May 1 +$60,000 = + $60,000
1 3,200 = $3,200
3 + $1,680 = + $1,680
5 800 = 800
Part 3
THE SIMPSON CO.
Income Statement
For Month Ended May 31
Revenues:
Consulting services revenue $10,400
Expenses:
Rent expense $3,200
Salaries expense 1,700
Advertising expense 60
Cleaning expense 800
Telephone expense 200
Utilities expense 480
Total expenses 6,440
Net income $ 3,960
Problem 2-3A)
Part 1
FABIANO DISTRIBUTION
Balance Sheet
December 31, 2010
Assets Liabilities
Cash $ 52,500 Accounts payable $ 7,500
Accounts receivable 28,500
Office supplies 4,500
Trucks 54,000 Equity
Office equipment 138,000 Total equity 270,000
Total assets $277,500 Total liabilities and equity $277,500
FABIANO DISTRIBUTION
Balance Sheet
December 31, 2011..