The managers of Magma International Inc plan to

manufacture engine blocks Complete A+ Answer

The managers of Magma International Inc plan to manufacture engine blocks_Answer
The managers of Magma International, Inc plan to manufacture engine blocks for
classic cars from the 1960s era. The expect to sell 250 blocks annually for the next five
years. The necessary foundry and machining equipment will cost a total of $800,000 and
belongs in a 30% CCA class for tax purposes. The firm expects to be able to dispose of
the manufacturing equipment for $150,000 at the end of the project. Labour and
materials costs total $500 per engine block, fixed costs are $125,000 per year. Assume a
35% tax rate and a 12% discount rate.
a.) What is the depreciation tax shield in the third year for this project?
b.) What is the present value of the CCA tax shield?
c.) What is the minimum bid price the firm should set as a sale price for the blocks if the
firm were in a bidding situation?
d.) Assume that management believes that auto restores will pay $3,000 retail per engine
block. What is the NPV of this project?

GB 518 Unit 6 Assignment_Problem 12-04A_Gallery

Corporation McCord Corporation A+ answer
GB 518 Unit 6 Assignment_Problem 12-04A_Gallery Corporation McCord Corporation
Question and answer
Problem 16-5AB Statement of cash flows (direct method) L.O. P1, P3, P5
Galley Corp., a merchandiser, recently completed its 2011 operations. For the year, (1)
all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from
customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable
reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6)
any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The
companys balance sheets and income statement follow.
GALLEY CORPORATION
Comparative Balance Sheets
December 31, 2011 and 2010
2011 2010
Assets
Cash $ 187,253 $ 125,874
Accounts receivable 99,868 86,913
Merchandise inventory 655,951 575,424
Equipment 358,617 320,679
Accum. depreciationEquipment (166,825) (109,890)
Total assets $ 1,134,864 $ 999,000

Liabilities and Equity

Accounts payable $ 74,901 $ 103,896
Income taxes payable 29,506 25,974
Common stock, $2 par value 613,500 565,500
Paid-in capital in excess of par value, common stock 222,825 174,825
Retained earnings 194,132 128,805
Total liabilities and equity $ 1,134,864 $ 999,000
GALLEY CORPORATION
Income Statement
For Year Ended December 31, 2011
Sales $ 2,310,000
Cost of goods sold 1,062,600
Gross profit 1,247,400
Operating expenses
Depreciation expense $ 56,935
Other expenses 445,229 502,164
Income before taxes 745,236
Income taxes expense 145,321
Net income $ 599,915
Additional Information on Year 2011 Transactions
a.
Purchased equipment for $37,938 cash.
b.
Issued 24,000 shares of common stock for $4.00 cash per share.
c.
Declared and paid $534,588 in cash dividends.
Required:
Prepare a complete statement of cash flows; report its cash flows from operating
activities according to the direct method. (Amounts to be deducted should be indicated
with a minus sign. Omit the $ sign in your response.)
GALLEY CORPORATION
Statement of Cash Flows
For Year Ended December 31, 2011
Cash flows from operating activities
$
Net cash operating activities $
Cash flows from investing activities
Cash flows from financing activities
Net cash financing activities

$
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
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

PU 515 Applied Biostatistics Midterm Exam Detailed

Answer
PU 515 Applied Biostatistics Midterm Exam_A+_Complete_Detailed Answer
1. Glucose levels in patients free of diabetes are assumed to follow a normal distribution
with a mean of 120 and a standard deviation of 16.
a) What proportion of patients have glucose levels exceeding 115?
b) If a patient has a glucose level of 140, what percentile is this?
c) What is the probability that the mean glucose level exceeds 115 in a sample of 12
patients?
2. The following are body mass index (BMI) scores measured in 12 patients who are free
of diabetes and participating in a study of risk factors for obesity. Body mass index is
measured as the ratio of weight in kilograms to height in meters squared.
25 27 31 33 26 28 38 41 24 32 35 40
a) Compute the mean BMI
b) Compute the standard deviation of BMI
c) Compute the median BMI
d) Compute Q1 and Q3
e) Are there outliers in the distribution of BMI (justify your answer)?
3. The following table shows the numbers of patients classified as underweight, normal
weight, overweight and obese according to their diabetes status.
Underweight
Normal Weight
Overweight
Obese
Diabetes
8
34
65
43
No Diabetes
12
85
93
40
If a patient is selected at random,
a) What is the probability that they are overweight?

b) What is the probability that they are obese and diabetic?

c) What proportion of the diabetics are obese?
d) What proportion of normal weight patients are not diabetic?
e) What proportion of patients are normal weight or underweight?
4. Approximately 30% of obese patients develop diabetes. If a physician sees 10 patients
who are obese,
a) What is the probability that half of them will develop diabetes?
b) What is the probability that none will develop diabetes?
c) How many would you expect to develop diabetes?
PU 515
Applied Biostatistics
Midterm Exam
5. A new non-invasive screening test is proposed that is claimed to be able to identify
patients with impaired glucose tolerance based on a battery of questions related to
health behaviors. The new test is given to 75 patients. Based on each patients responses
to the questions they are classified as positive or negative for impaired glucose tolerance.
Each patient also submits a blood sample and their glucose tolerance status is
determined. The results are tabulated below.
Screening Test
Impaired Glucose Tolerance
Not Impaired
Positive
17
13
Negative
8
37
a) What is the sensitivity of the screening test?
b) What is the false positive fraction of the screening test?
6. BMI in children is approximately normally distributed with a mean of 24.5 and a
standard deviation of 6.2.
a) A BMI between 25 and 30 is considered overweight. What proportion of children are
overweight?
b) A BMI of 30 or more is considered obese. What proportion of children are obese?
c) In a random sample of 10 children, what is the probability that their mean BMI
exceeds 25?
7. A national survey is conducted to assess the association between hypertension and
stroke in persons over 55 years of age. Development of stroke was monitored over a 5
year follow-up period. The data are summarized below and the numbers are in millions.
Developed Stroke
Did not Develop Stroke
Hypertension
12
37
No Hypertension
4
26
a) Compute the incidence of stroke in persons over 55 years of age
b) Compute the relative risk of stroke comparing hypertensive to non-hypertensive
persons

c) Compute the odds ratio of stroke comparing hypertensive to non-hypertensive

persons
8. Answer True or False to each of the following
a) If there are outliers, then the mean will be greater than the median.
b) The 90th percentile of the standard normal distribution is 1.645.
c) The mean is the 50th percentile of any normal distribution.
d) The mean is a better measure of location when there are no outliers.

HUM 112 World Cultures II Week 4 Assignment 1 Essay

Descartes in his Discourse Answer
HUM 112 World Cultures II_Week 4 Assignment 1_Essay_Descartes in his
Discourse_Answer
Week 4 Assignment 1
Assignment 1: Essay
Choose one (1) of the three reading selections from the list of topic choices below. Read
the selection in the textbook. Write a three to four (3-4) paragraph essay (250 words)
which analyzes the surprise ending of the reading selection.
Topic Choices:
Reading selection from Descartes Discourse on the Method (Part IV). Descartes begins
with the problem of being able to prove his own existence but ends up with an argument
proving the existence of God. Read more about the Discourse on the Method located at
http://www.earlymoderntexts.com/pdf/descdisc.pdf.
Reading selection from Swifts A Modest Proposal. Swift begins with offering the
solution that the English could do things which might solve the problem of overpopulation and the mistreatment of citizens in Ireland and ends by offering the solution
that an internal change in the Irish government would best solve the problem of overpopulation and a populace victimized by its own government. Read more about A
Modest Proposal located at
http://www.victorianweb.org/previctorian/swift/modest.html.
Two reading selections from Voltaires Candide. The story begins by acknowledging the
foolishness of the superstitious traditions held by the people in the city of Lisbon but
ends by confirming Voltaires belief that religion in general is equally based in false
superstitions.
For the reading selection you choose:
1.Clearly state in your own words the surprise ending in the reading you selected.
Identify the point in the reading when you realized that the ending would be different
from what the beginning of the reading suggested that it would be.
2.Since you were expecting a different ending, evaluate how successful the author was in

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.

Conch Republic Electronics is a mid sized electronics

manufacturer located in Key West Answer
Conch Republic Electronics is a mid sized electronics manufacturer located in Key
West_Answer
Conch Republic Electronics is a mid sized electronics manufacturer located in Key
West, Florida. The company president is Shelley Couts, who inherited the company.
When it was founded over 70 years ago, the company originally repaired radios and
other household appliances. Over the years, the company expanded into manufacturing
and is now a reputable manufacturer of various electronic items. Jay McCanless, a
recent MBA graduate, has been hired by the companys finance department. One of the
major revenue-producing items manufactured by Conch Republic is a personal digital
assistant (PDA). Conch Republic currently has one PDA model on the market, and sales
have been excellent. The PDA is a unique item in that it comes in a variety of tropical
colors and is preprogrammed to play Jimmy Buffett music. However, as with any
electronic item, technology changes rapidly, and the current PDA has limited features in
comparison with newer models. Conch Republic spent $750,000 to develop a proto-type
for a new PDA that has all the features of the existing one, but adds new features such as
cell phone capability. The company has spent a further $200,000 for a marketing study
to determine the expected sales figures for the new PDA. Conch Republic can
manufacture the new PDA for $215 each in variable costs. Fixed costs for the operation
are estimated to run $4.3 million per year. The estimated sales volume is 65,000, 82,000
108,000 94,000 and 57,000 per year for the next five years, respectively. The unit price of
the new PDA will be $500. The necessary equipment can be purchased for $32.5 million

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?

ACC 550 Final Exam Answer Set 1 and 2 Complete A+

Answer
ACC 550 Final Exam Answer Set 1 and 2 Complete A+ Answer
SET 1:
1. (TCO A) Listed below are several information, characteristics, and accounting
principles and assumptions. Match the letter of each with the appropriate phrase that
states its application.
(Points : 30)
Potential Matches:
1 : Earnings process completed and realized or realizable
2 : Cost of providing financial information versus the benefits derived from its use
3 : Accruals and deferrals in adjusting and closing process
4 : Business enterprise assumed to have a long life
5 : Stable dollar assumption
6 : Notes as part of necessary information to a fair presentation
7 : Valuing assets at amount originally paid for them
8 : The impact of an item on the overall financial operations of a company
9 : Presentation of error-free information with representational faithfulness
Answer
: Historical cost principle
: Going concern principle

: 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.

2. (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. (TCO C) Here is information related to the DRF Corporation.
Retained earnings, December 31, 2012
$ 3,890,000
Sales
4,500,000
Selling and administrative expenses
387,000
Extraordinary Item(Loss)(Net of Tax)
178,000
Cash dividends declared on common stock
82,600
Cost of good sold
1,780,000
Other revenue
142,500
Other expenses
77,800
Instructions: Prepare a multiple step income statement.
4. (TCO D) This is a balance sheet for the ABC corporation as of 12/31/12.
Cash
$ 60,000
Accounts payable
$ 55,000
Accounts receivable (net)
42,200
Long-term liabilities
60,000
Inventories
47,000
Stockholders equity
208,500
Investments
66,300
Equipment (net)
86,000
Patents
22,000
Total $323500
Total $323500
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $7,400 and a bank

overdraft of $1,500 has been deducted.

(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $56,000;
(b) accounts receivable credit balances $6,000; and
(c) allowance for doubtful accounts $7,800.
(3) Inventories do not include goods costing $6,000 shipped out on consignment.
Receivables of $2,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $14,000, available-forsale $48,300, and franchises $4,000.
(5) Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used
and is held for sale. Accumulated depreciation on the other equipment is $40,000.
Instructions:
Prepare a balance sheet in good form (stockholders equity details can be omitted).
Do not worry about balancing the statement but rather use your time to compute the
account balances properly for presentation purposes.
5. (TCO E) Jack Sawyer is presently leasing a copier from John Office Equipment
Company. The lease requires 11 annual payments of $3,500 at the end of each year and
provides the leaser (John) with an 8% return on its investment. You may use the
following 8% interest factors.
9 Periods
10 Periods
11 Periods
Future Value of 1
1.99900
2.15892
2.33164
Present Value of 1
.50025
.46319
.42888
Future Value of
12.48756
14.48656
16.64549
Ordinary Annuity of 1
Present Value of
6.24689
6.71008
7.13896
Ordinary Annuity of 1
Present Value of
6.74664
7.24689
7.71008
Annuity Due of 1
Instructions
(a) Assuming the computer has an 11-year life and will have no salvage value at the

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

January 1, 2012 (beginning inventory) 2800 $17.00

Purchases:
05-Jan-12 3600 $25.00
25-Jan-12 2800 $27.00
16-Feb-12 2400 $32.00
15-Mar-12 3300 $34.00
A physical inventory on March 31, 2012, shows 4800 units on hand.
Instructions:
Prepare schedules to compute the ending inventory at March 31, 2012, under each of
the following inventory methods.
(a) FIFO
(b) LIFO
(c) Weighted-average
Show supporting computations in good form. (Points : 40)
8. (TCO H) A machine cost $300,000 on April 1, 2012. Its estimated salvage value is
$60,000 and its expected life is 8 years.
Instructions:
Calculate the depreciation expense (to the nearest dollar) by each of the following
methods, showing the figures used.
(a) Straight-line for 2012
(b) Double-declining balance for 2013
(c) Sum-of-the-years-digits for 2013.
SET 2:
1. Question : (TCO A) Listed below are several information, characteristics, and
accounting principles and assumptions. Match the letter of each with the appropriate
phrase that states its application.
2. Question : (TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $5,300 and at
12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010
amounted to $60,000, all of which was credited to the Unearned Rent Account.
You are to prepare the missing adjusting entry. For each journal entry write Dr. for
debit and Cr. for credit.
3. Question : (TCO B) Adjusting Entries: Data relating to the balances of various
accounts affected by adjusting or closing entries appear below. (The entries which
caused the changes in the balances are not given.) You are asked to supply the missing
journal entries which would logically account for the changes in the account balances.
Interest receivable at 1/1/10 was $1,000. During 2010 cash received from debtors for
interest on outstanding notes receivable amounted to $1,000. The 2010 income statement
showed interest revenue in the amount of $2,900. You are to provide 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.
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

December 31, 2011 Cash $ 80,000 Accounts payable $ 75,000

Accounts receivable (net) 52,200 Long-term liabilities 100,000
Inventories 57,000 Stockholders equity 218,500
Investments 76,300
Equipment (net) 96,000
Patents
$393,500 $393,500
The following additional information is provided:
(1) Cash includes the cash surrender value of a life insurance policy $12,000, and a bank
overdraft of $2,500 has been deducted.
(2) The net accounts receivable balance includes:
(a) accounts receivable debit balances $60,000;
(b) accounts receivable 0;
(c) allowance for doubtful accounts $3,800.
(3) Inventories do not include goods costing $3,000 shipped out on consignment.
Receivables of $3,000 were recorded on these goods.
(4) Investments include investments in common stock, trading $13,000, available-forsale $48,300, and franchises $15,000.
(5) Equipment costing $5,000 with accumulated depreciation
$4,000 is no longer used and is held for sale. Accumulated depreciation on the other
equipment is $40,000.
(6) An unrecorded liability was not recorded on the balance sheet of $2000.
Instructions
Prepare a balance sheet in good form (stockholders equity details can be omitted.)
5. Question : (TCO E) Jack Sawyer is presently leasing a copier from John Office
Equipment Company. The lease requires 11 annual payments of $2,500 at the end of
each year and provides the leaser (John) with an 8% return on its investment. You may
use the following 8% interest factors:
9 Periods 10 Periods 11 Periods
Future Value of 1 1.99900 2.15892 2.33164
Present Value of 1 .50025 .46319 .42888
Future Value of 12.48756 14.48656
Ordinary Annuity of 1
Present Value of 6.24689 6.71008 7.13896
Ordinary Annuity of 1
Present Value of 6.74664 7.24689 7.71008
Annuity Due of 1
(a) Assuming the computer has an eleven-year life and will have no salvage value at the
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. Question : (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
(2) Outstanding checks
Show all your work for potential partial credit.
7. Question : (TCO G) Rye Company was formed on December 1, 2010. The following
information is available from Ryes inventory record for Product Bread. Units Unit Cost
January 1, 2011 (beginning inventory) 1,700 $17.00
Purchases:
January 5, 2011 2,600 $20.00
January 25, 2011 2,400 $21.00
February
16, 2011 1,000 $22.00
March 15, 2011 2,100 $25.00
A physical inventory on March 31, 2011, shows 3,000 units on hand.
Instructions
Prepare schedules to compute the ending inventory at March 31, 2011, under each of the
following inventory methods:
(a) FIFO.
(b) LIFO.
(c) Weighted-average.
Show supporting computations in good form.
8. Question : (TCO H) A machine cost $500,000 on April 1, 2010. Its estimated salvage
value is $50,000 and its expected life is eight years.
Instructions
Calculate the depreciation expense (to the nearest dollar) by each of the following
methods, showing the figures used.
(a) Straight-line for 2010
(b) Double-declining balance for 2011
(c) Sum-of-the-years-digits for 2011

ACCT 553 Fed Taxes Mgmt Decisions Final Exam Answer

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

Interest on federal income tax refund

Interest on New York State bonds
Discount income in installment payments received on notes bought at a discount
14. (TCO B) Under the terms of their divorce agreement executed in October 2011,
Keith transferred Corporation M stock to his former wife, Karen, as a property
settlement. At the time of the transfer, the stock had a basis to Keith of $20,000 and a
fair market value of $50,000. What is the tax consequence of this transaction to Keith,
and what is Karens basis in the Corporation M stock? (Points : 5)
Keith has a gain of $30,000; Karens basis is $20,000.
Keith has a gain of $30,000; Karens basis is $50,000.
Keith has no gain or loss; Karens basis is $20,000.
Keith has no gain or loss; Karens basis is $50,000.
15. (TCO G) During 2012, Edward East had wages of $10,000 and received
unemployment compensation of $6,200 from the state. Edward is single and 45 years
old. What is the amount of unemployment compensation to be included in his gross
income? (Points : 5)
$0
$2,100
$4,200
$6,200
16. (TCO F) Hobby expenditures are deductible to the extent of: (Points : 5)
total individual gross income.
hobby gross income.
trade or business gross income.
nonbusiness gross income.
Page: 1 2
Essays
1. (TCO E) In 2012, Uriah Stone received the following payments:
Interest on refund of federal income tax for 2011: $400
Interest on award for personal injuries in 2009 automobile accident: $300
Interest on municipal bonds: $1,500
United States savings bonds interest (Series H): $1,000
What amount, if any, should Mr. Stone report as interest income on his 2012 tax return?
2. (TCO G) Would any of the following items be deductible on an individuals income
tax return? If so, would the item be deductible for or from AGI? Explain each item.
(a) Hobby expenditures of $2,000 in excess of hobby gross income
(b) $3,000 loss on the sale of a personal sailboat
(c) Interest of $8,000 on money borrowed to purchase tax-exempt securities (Points : 17)
3. (TCO F) Michael and Mary Mason sold for $380,000 in November of 2012 their
residence that they had purchased in 2002 for $75,000. They made major capital
improvements during their 10-year ownership totaling $25,000.
(a) What is their excluded gain? How much must they recognize?

(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?

CMIT Network Design Paper A+ Answer

Network Design Paper
The University has recently leased a building in Adelphi, Maryland. The building will house
some offices, classrooms, library, and computer labs.
Building dimensions:
Length: 240 Feet, Width: 95 Feet, Height: 30 Feet
The 50-year-old two-story building has the following layout:
There will be six computer labs that will be used for instruction. Each of these labs will have
26 computers (24 student computers and 1 instructor computer). Each of these labs will also
have a server in the closet located inside the lab.
In addition to the six computer labs, there will also be a Student Computer Lab that will
provide computer access to students to do their homework. There will be 30 computers in
this lab and a server in the closet.
The library will also have some computers to allow students access to the library resources.
There will be 10 computers for students use in the library, and 5 computers for Library
staff.
There are five lecture classrooms in the building. Each of this room will have a computer for
instructors use.
Finally, there are various offices in the building. Each of these offices will have one
computer for the staff use, with the exception of the Admission office that will have 5
computers for staff use.
Equipment Inventory
Workstation
Placement
6 Instructional

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:

Student-accessed computers should be on separate network from the staff-accessed

computers.
The whole building will share one Internet access connection (T-1 link from Verizon).
This connection will come into the Server Room on the first floor.

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)

You will be evaluated on your ability to

Implement appropriate IP addressing scheme

select and justify appropriate cable media that includes the length of each cable
segment and number of nodes on each segment

select and justify appropriate topology such as star, bus, or ring for your network

select and justify of your selected network equipments

select and justify appropriate network services to meet network requirements

select and justify security implementation for the network

use proper grammar, formatting, network terminology, and reference citations

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.

Financial Accounting Information for Decisions Unit 1

Assignment Problem 1-1A ,1-8A and Problem 2-3A
Answer
Financial Accounting Information for Decisions Unit 1 Assignment Problem 1-1A ,1-8A
and Problem 2-3A Answer
Financial Accounting Information for Decisions Unit 1 Assignment Problem 1-1A ,1-8A
and Problem 2-3A Answer
Problem 1-1A)
Balance Sheet Income Statement Statement of
Cash Flows
Transaction Total
Assets Total
Liab. Total
Equity Net
Income Operating Activities Financing Activities Investing Activities
1 Owner invests cash for stock
+
+
+
2 Incurs legal costs on credit
+

3 Pays cash for employee wages

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..