Data Related To The Acquisition Of Timber Rights And Intangible Assets During The Current

Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: Timber rights on a tract of land were purchased for $1,100,000 on February 22. The stand of timber is estimated at 5,500,000 board feet. During the current year, 1,500,000 board feet of timber were cut and sold. On December 31, the company determined that $780,000 of goodwill was impaired. Governmental and legal costs of $9,000,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 15 years. Amortization is to be for three-fourths of a year. Required: 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. Do not round your intermediate calculation. Item Impairment, Amortization or Depletion Expense a. $ b. $ c. $ 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. a. b. c.

Which Of The Following Is Not True Of Regression Techniques For Estimating Costs? They

Which of the following is not true of regression techniques for estimating costs? They are designed to generate a line that best fits a set of data points. They help develop estimates that have a broader base than those based on a few select points. They permit the inclusion of more than one predictor. They typically use the highest and lowest activity points to estimate the relation between cost and activity.

Depreciation On The Company’s Equipment For 2017 Is Computed To Be $15,000. The Prepaid

Depreciation on the company’s equipment for 2017 is computed to be $15,000. The Prepaid Insurance account had a $6,000 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $810 of unexpired insurance coverage remains. The Office Supplies account had a $490 debit balance on December 31, 2016; and $2,680 of office supplies were purchased during the year. The December 31, 2017, physical count showed $578 of supplies available. Three-fourths of the work related to $13,000 of cash received in advance was performed this period. The Prepaid Insurance account had a $4,900 debit balance at December 31, 2017, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,090 of coverage had expired. Wage expenses of $1,000 have been incurred but are not paid as of December 31, 2017. Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate situations.    ********* please add explanation *********

This Question Is For U.S. Taxation SMITH FAMILY’S 2018 TAX SCENARIO Joseph L. Smith

This question is for U.S. Taxation SMITH FAMILY’S 2018 TAX SCENARIO Joseph L. Smith (age 45, Social Security number 145-26-9210) and Rita M. Smith (age 43, Social Security number 142-46-5108) are husband and wife. They live at 1650 Belmont Avenue, Chicago, IL 60615. David is a self-employed CPA and Rita is a third grade teacher. They have two children: Blake (age 5, Social Security number 310-51-2108) and Amelia (age 3, Social Security number 314-62-8924). In 2018, Joseph earned $182,000 and Rita earned $46,000. The Smith family has medical coverage through the school system for which Rita works. As an employee, Rita had $9,500 of federal tax withheld, $2,300 of IL state tax withheld, and the required Social Security and Medicare taxes. Joseph has an office with business expenses for 2018 as follows: Item Amount Office Rent $24,000 Office Supplies $8,000 Internet Charges $1,2000 Phone System Charges $4,800 Advertising Expenses $1,800 Postage Charges $1,500 Audit/Tax Software Charges $20,000 Business Gifts $400 The advertising expenses included local newspaper advertisements, digital marketing, and direct marketing flyers. The business gifts were $40 gift certificates given to his 10 largest clients in appreciation for their business. J Joseph purchased a 2017 Honda Civic in 2017. In 2018, he drove 24,000 business miles and 6,000 personal miles, and uses the standard mileage method for tax purposes. In 2018, Joseph made estimated quarterly federal tax payments of $18,000/quarter and estimated quarterly IL state tax payments of $3,000. All the payments were made within calendar 2018. Joseph also contributed $8,000 to his SEP account. Rita bought various supplies for her classroom, but did not closely track expenditures and thus only wants to take the allowed educator expenses deduction. Her teacher’s license was also renewed in 2018 for $125. Blake and Amelia are both in day care at the Riley Day Care Center at 1325 Lake Street, Chicago, IL 60612 (EIN 36-2875647). They are only in day care for 9 months of the year (weekly charge of $240.00/week), because Rita does not work during the summer. In addition to the wages and expenses as detailed, the Smiths have the following documented income and expenses: Item Amount Interest income from CDs $1,800 Interest Income from Series EE $4,000 Government Bonds Mortgage Interest on Principal Residence $15,000 Property taxes on Residence $8,000 PMI Insurance Payments $3,000 Cash Charitable Contributions $2,500 Non-Cash Contributions (Used Clothing to Salvation Army) $350 The Smiths itemized deductions in 2017. The federal tax refund was $3,500 and the IL state tax refund was $600. In addition, the Smiths own rental property (a “two flat” in Chicago) which they have rented out for the entire year. Total rental income was $30,000. Rental property related expenses were as follows: Item Amount Mortgage Interest on Rental Property $13,000 Property Tax $9,000 Repairs on Rental Units $2,6000 Depreciation on Rental Units (using SL Depreciation) $3,500 Utilities $3,000 Landscaping $500

Brewsky’s Is A Chain Of Micro-breweries. Managers Are Interested In The Costs Of The

Brewsky’s is a chain of micro-breweries. Managers are interested in the costs of the stores and believe that the costs can be explained in large part by the number of customers patron­izing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis and the analysis is as follows: Average monthly customer visits 1,462 Average monthly total costs $ 4,629 Regression Results Intercept $ 1,496 b coefficient $ 2.08 R2 0.86814 In a regression equation expressed as y = a bx, how is the letter x best described? (CMA adapted) The observed store costs for a given month. The estimate of the number of new customer visits for the month. Fixed costs per each customer-visit. The observed customer visits for a given month.

Obtaining Regression Estimates For Cost Estimation Requires Establishing The Existence Of A Logical Relation

Obtaining regression estimates for cost estimation requires establishing the existence of a logical relation between activities and the cost to be estimated. Which of the following is not used to refer to the cost to be estimated? left-hand side (LHS). Y term. dependent variable. independent variable.

Wages Of $9,000 Are Earned By Workers But Not Paid As Of December 31,

Wages of $9,000 are earned by workers but not paid as of December 31, 2017. Depreciation on the company’s equipment for 2017 is $11,320. The Office Supplies account had a $390 debit balance on December 31, 2016. During 2017, $5,383 of office supplies are purchased. A physical count of supplies at December 31, 2017, shows $588 of supplies available. The Prepaid Insurance account had a $5,000 balance on December 31, 2016. An analysis of insurance policies shows that $3,100 of unexpired insurance benefits remain at December 31, 2017. The company has earned (but not recorded) $550 of interest from investments in CDs for the year ended December 31, 2017. The interest revenue will be received on January 10, 2018. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31, 2017. The company must pay the interest on January 2, 2018. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2017. ***** please add explanation*******

Brewsky’s Is A Chain Of Micro-breweries. Managers Are Interested In The Costs Of The

Brewsky’s is a chain of micro-breweries. Managers are interested in the costs of the stores and believe that the costs can be explained in large part by the number of customers patron­izing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis and the analysis is as follows: Average monthly customer visits 1,462 Average monthly total costs $ 4,629 Regression Results Intercept $ 1,496 b coefficient $ 2.08 R2 0.86814 In a regression equation expressed as y = a bx, how is the letter b best described? (CMA adapted) The proximity of the data points to the regression line. An estimate of the probability of return customers. The fixed costs per customer visit. The estimate of the cost for an additional customer visit.

Problem 3-3 Nona Curry Started Her Own Consulting Firm, Curry Consulting Inc., On May

Problem 3-3 Nona Curry started her own consulting firm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during the month of May. May 1 Stockholders invested $15,000 cash in the business in exchange for common stock. 2 Paid $600 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $150 to advertise for the month in the County News. 9 Received $1,400 cash for services performed. 12 Paid $200 cash dividend. 15 Performed $4,200 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,200 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,000 paying $200 in cash and the balance on account. 30 Paid $180 for utilities. Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Prepare an income statement for the month of May 2017. Prepare a retained earnings statement for the month of May 2017. Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity)

Use (a) The Percentage Method And (b) The Wage-bracket Method To Compute The Federal

Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent.

Problem 6-6 Sales $ 7.500.000 Inventories-January 1 Raw Materials 200.000 Goods In Process 240.000

Problem 6-6 Sales $ 7.500.000 Inventories-January 1 Raw materials 200.000 Goods in process 240.000 Finished goods 360.000 Inventories-December 31 Raw materials 280.000 Goods in process 170.000 Finished goods 300.000 Accounting and legal fees 150.000 Advertising 160.000 Delivery expenses 200.000 Depreciation-machinery 60.000 Depreciation-office equipment 40.000 Depreciation-store equipment 70.000 Direct labor 950.000 Earthquake loss 300.000 Factory supplies used 110.000 Gain from expropriation of asset 100.000 Gain on sale of equipment 100.000 Income tax expense 320.000 Indirect labor 250.000 Interest income 10.000 Light, heat, and power 320.000 Office expenses 250.000 Office salaries 150.000 Purchases 3.000.000 Rent-factory building 120.000 Repair and maintenance-machinery 50.000 Sales returns and allowances 50.000 Sales salaries 400.000 Superintendence 210.000 Required: Prepare a multiple-step-income statement with supporting statement of cost of goods manufactured.

Hello I Have Following Last Year Exam Question Which I Can’t Solve: Heo And

hello I have following last year exam question which I can’t solve: heo and Leoni decide to focus on GB’s core competencies and outsource all of their IT needs. The current, in-house IT department is performing reasonably well in an operational sense, but not really delivering its potential for the business and projects were tending to overrun budgets. Therefore, they get in touch which the leading IT company ITCO. The proposal from ITCO is a three-year initial contract at a fixed price of £250,000 per year. The initial response of the in-house IT department to the possibility of outsoutcing was negative. They expressed concern over the recent large investment the company had made in replacing all computer systems, £100 million had been spent only last year, and they expected this equipment would service the company for another three years. Obviously there was a deep concern over job security. Currently, the IT department has ten staff earning, on average, £30,000 per year. ITCO had agreed to take on eight of these staff maintaining the terms and conditions they held with GB. Of the remaining two staff one, Charles, was eager to take early retirement and the other was to be retained within GB, at a salary of £30,000 to assist with management of the contract. A contract manager would have to be appointed by GB – this would be a new appointment, the company did not currently have anyone with those skills in-house – at an estimate salary of £50,000. Additional information provided by the finance director:  If Charles retired two years early the company would have to pay an extra £20,000 lump sum into the pension scheme  The building housing the IT department was on a three-year lease and the company was committed to an annual rental of £10,000 per year for that period. This building could be sublet if IT were outsourced generating £4,000 in the first year, £8,000 in the second, and £10,000 in the final year of the lease.  Current forecasts of consumables in the IT department are £5000, £6000 and £7000 over the next three years  The resale value of the IT equipment bought last year is £30,000.  Annual overheads for the IT department are £27,000 per year. 60% of the overhead varies with staff numbers. The remaining 40% is a share of central overhead charges. Theo and Leoni wonder whether they should accept or reject the outsourcing proposal, and whether they should take into account any other factors before a decision is made. many thanks in advance

Prepare The Consolidation Worksheet Journal Entries To Eliminate The Effects Of Intragroup Transactions At

Prepare the consolidation worksheet journal entries to eliminate the effects of intragroup transactions at 31 December 2018

The Names Of The Employees Of Hogan Thrift Shop Are Listed On The Following

The names of the employees of Hogan Thrift Shop are listed on the following payroll register. Employees are paid weekly. The marital status and the number of allowances claimed are shown on the payroll register, along with each employee’s weekly salary, which has remained the same all year. Complete the payroll register for the payroll period ending December 20, the 51st weekly payday. The state income tax rate is 2% of total earnings, the city income tax rate is 1.5% of the total gross earnings, and the wage-bracket method is used for federal income taxes. Hint: If wages are higher than the last amount on the appropriate wage-bracket table, the percentage method must be used

Two Major Competitors For Ywca : 1-SQPA ( Southern Queens Park Association) And 2-SAY

two major competitors for ywca : 1-SQPA ( Southern Queens Park Association) and 2-SAY ( Social Advocates for Youth, San Diego) and why you chose them. What competitive advantage(s) do you believe YWCA has in the industry and how can it better take advantage of the competition?

Working Capital. Current Ratio. (Round Your Answers To 2 Decimal Places.) Quick Ratio. (Round

Working capital. Current ratio. (Round your answers to 2 decimal places.) Quick ratio. (Round your answers to 2 decimal places.) Receivables turnover (beginning receivables at January 1, 2018, were $46,000). (Round your answers to 2 decimal places.) Average days to collect accounts receivable. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) Inventory turnover (beginning inventory at January 1, 2018, was $141,000). (Round your answers to 2 decimal places.) Number of days to sell inventory. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole number.) Debt to assets ratio. (Round your answers to the nearest whole percent.) Debt to equity ratio. (Round your answers to 2 decimal places.) Number of times interest was earned. (Round your answers to 2 decimal places.) Plant assets to long-term debt. (Round your answers to 2 decimal places.) Net margin. (Round your answers to 2 decimal places.) Turnover of assets. (Round your answers to 2 decimal places.) Return on investment. (Round your answers to 2 decimal places.) Return on equity. (Round your answers to 2 decimal places.) Earnings per share. (Round your answers to 2 decimal places.) Book value per share of common stock. (Round your answers to 2 decimal places.) Price-earnings ratio (market price per share: 2018, $11.80; 2019, $12.60). (Round your intermediate calculations and final answer to 2 decimal places.) Dividend yield on common stock. (Round your answers to 2 decimal places.)

A Building With A Cost Of $225,000 Has An Estimated Residual Value Of $45,000,

A building with a cost of $225,000 has an estimated residual value of $45,000, has an estimated useful life of 9 years, and is depreciated by the straight-line method. a. What is the amount of the annual depreciation? $ b. What is the book value at the end of the fifth year of use? $ c. If at the start of the sixth year it is estimated that the remaining life is 5 years and that the residual value is $10,000, what is the depreciation expense for each of the remaining 5 years? $

Willow Creek Company Purchased And Installed Carpet In Its New General Offices On September

Willow Creek Company purchased and installed carpet in its new general offices on September 30 for a total cost of $9,936. The carpet is estimated to have a 12-year useful life and no residual value. a. Prepare the journal entry necessary for recording the purchase of the new carpet. September 30 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek uses the straight-line method. Do not round intermediate calculations. Dec. 31

During The 2018 Tax Year, Frank (age 65) And Betty (age 63) Paid The

During the 2018 tax year, Frank (age 65) and Betty (age 63) paid the following medical expenses: Medical insurance $425 Prescription medicines and drugs 364 Hospital bills 2,424 Doctor bills 725 Prescription Eyeglasses for Frank’s dependent mother 75 Doctor bills for Betty’s sister, who is claimed as a dependent by Frank and Betty 220 In addition, during 2018, they drove 700 miles for medical transportation in their personal automobile. Their insurance company reimbursed Frank and Betty $1,420 during the year for the medical expenses. If their adjusted gross income for the year is $25,400, calculate their medical expense deduction. Use the Medical and Dental Expenses section of Schedule A reproduced below. Enter all amounts as positive numbers. If required, round your answers to the nearest dollar. Caution. Do not include expenses reimbursed or paid by others. Medical and Dental Expenses 1 Medical and dental expenses (see instructions) . . . . . . . . . . 1 2 Enter amount from Form 1040, line 7 2 3 Multiply line 2 by 7.5% (0.075) . . . . . . . . . . . . . . . . . . . . . . 3 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0- . . . . . . . . . . . . . . . . . 4

Kleen Company Acquired Patent Rights On January 10 Of Year 1 For $881,100. The

Kleen Company acquired patent rights on January 10 of Year 1 for $881,100. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $49,200. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles.

Dorothie Paid The Following Amounts During The Current Year: Interest On Her Home Mortgage

Dorothie paid the following amounts during the current year: Interest on her home mortgage (pre-12/16/17) $9,250 Service charges on her checking account 48 Credit card interest 168 Auto loan interest 675 Interest from a home equity line of credit (HELOC) 2,300 Interest from a loan used to purchase stock 1,600 Credit investigation fee for loan 75 Dorothie’s residence has a fair market value of $250,000. The mortgage is secured by the home at the time of purchase and has a balance of $180,000. Dorothie used the same home to secure her HELOC with a balance of $50,000. Dorothie used the proceeds of her HELOC to pay for college and to buy a new car. Dorothie has $1,000 of net investment income. Compute Dorothie’s interest deduction in the following scenarios: a. The current tax year is 2018. Use the Interest You Paid section of Schedule A on Page 5-23 to calculate Dorothie’s interest deduction for the current year. $10,250 b. Same as part a, and Dorothie used the HELOC proceeds to add a new bedroom to her home. $? c. Same as part a, but Dorothie’s home is valued at $1.2 million and her mortgage balance is $900,000. $?

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