Using your text, complete the following. In these problems, apply your knowledge of the rules and laws associated with Schedule C.

● Problem 37, on page 6-54.

● Problem 38, on page 6-55.

● Problem 39, on page 6-55.

● Problem 41, on page 6-55.

● Problem 46, on page 6-56.

● Problem 48, on page 6-56.

● Problem 54, on page 6-57.

● Problem 55, on page 6-58.

37.Kelly is a self-employed tax attorney whose practice primarily involves tax planning. During the year, she attended a three-day seminar regarding new changes to the tax law. She incurred the following expenses:

Lodging $400

Meals 95

Course registration 350

Transportation 150

How much can Kelly deduct? ____________________________

Kelly believes that obtaining a CPA license would improve her skills as a tax attorney. She enrolls as a part-time student at a local college to take CPA review courses. During the current year, she spends $1,500 for tuition and $300 for books. How much of these expenses can Kelly deduct? Why?

38.Jackie owns a temporary employment agency that hires personnel to perform accounting services for clients. During the year, her entertainment expenses for her clients include the following:

Cab fare to and from restaurants $ 350

Gratuity at restaurants 300

Meals 4,000

Cover charges 250

Jackie also held a holiday party for her employees, which cost $1,500. All expenses are reasonable.

Can Jackie deduct any of these expenses? If so, how much? _________________

How is the deduction classified? __________________________________

39.David is a college professor who does some consulting work on the side. He uses 25% of his home exclusively for the consulting practice. He is single and 63 years old. His AGI (without consideration of consulting income) is $45,000. Other information follows:

Income from consulting business $4,000

Consulting expenses other than home office 1,500

Total costs relating to home:

Interest and taxes 6,500

Utilities 1,500

Maintenance and repairs 450

Depreciation (business part only) 1,500

41.Charles, a self-employed real estate agent, attended a conference on the impact of some new building codes on real estate investments. His unreimbursed expenses were as follows:

Airfare $480

Lodging 290

Meals  100

Tuition and fees 650

How much can Charles deduct on his return? _______________________

46. Michael is the sole proprietor of a small business. In June 2019, his business income is $12,000 before consideration of any § 179 deduction. He spends $245,000 on furniture and equipment in 2019. If Michael elects to take the § 179 deduction and no bonus on a conference table that cost $25,000 (included in the $245,000 total), determine the maximum cost recovery for 2019 with respect to the conference table: ____________________________

48. Brittany purchased a building for $500,000 on January 1, 2011. The purchase price does not include land. Calculate the cost recovery for 2011 and 2019 if the real property is

Residential real property: ____________________________________

A warehouse: __________________________________________________

54.Rebecca is a doctor with an AGI of $125,000 before consideration of income or loss from her dog breeding business. Her home is on 15 acres, 10 of which she uses to house the animals and provide them with ample space to play and exercise. Her records show the following related income and expenses for the current year:

Income from fees and sales $2,500

Expenses:

Dog food $4,000

Veterinary bills 3,500

Supplies 1,200

Publications and dues 350

a.How must Rebecca treat the income and expenses of the operation if the dog breeding business is held to be a hobby? __________________________________

b.How would your answer differ if the operation were held to be a business?

55. Eric, who is single, has income from his Schedule C of $150,000. His taxable income is $120,000 after his other deductions. What is Eric’s QBI deduction for 2019?

This assignment will allow you to practice applying activity-based costing (ABC), which includes classifying activities on a unit level, batch level, product level, or facility level; computing activity overhead rates using ABC; and determining overhead cost per unit based on given information.

Use a Word document to complete the following in your Financial and Managerial Accounting textbook:

● Exercise 17-1, “Computing Plantwide Overhead Rates,” page 789 (bottom of the page).

● Exercise 17-3, “Assigning Costs Using ABC,” page 790.

● Exercise 17-4, “Plantwide Overhead Rate,” page 790.

Exercise 17-1 Computing plantwide overhead rates  P1

Xie Company identified the following activities, costs, and activity drivers for 2017. The company manufactures two types of go-karts: deluxe and ba

Required

1. Compute a single plantwide overhead rate, assuming that the company assigns overhead based on 125,000 budgeted direct labor hours.

2. In January 2017, the deluxe model required 2,500 direct labor hours and the basic model required 6,000 direct labor hours. Assign overhead costs to each model using the single plantwide overhead rate.

Exercise 17-3 Assigning costs using ABC  P3

Refer to the information in Exercise 17-1. Assume that the following information is available for the company’s two products for the first quarter of 2017.

Required

Compute activity rates for each activity and assign overhead costs to each product model using activity-based costing (ABC). What is the overhead cost per unit of each model?

Exercise 17-4 Plantwide overhead rate  P1

Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected costs and activities for the molding department and for the trimming department for 2017 follow.

Data for two special order parts to be manufactured by the company in 2017 follow.

Required

1. Compute the plantwide overhead rate using direct labor hours as the base.

2. Determine the overhead cost assigned to each product line using the plantwide rate computed in ­requirement 1.

________________________________________________________________________________________________________

 

Use the Comparing Costs Using ABC Template linked in the resources to complete the following in your Financial and Managerial Accounting textbook:

● Problem 17-3B, page 800.

Review the Comparing Costs Using Activity-Based Costing Scoring Guide to ensure you have met the criteria for this assignment prior to submission. Submit your completed problem in the assignment

Problem 17-3B Applying activity-based costing  P1  P3  A1  A2  C3

Ryan Foods produces gourmet gift baskets that it distributes online as well as from its small retail store. The following details about overhead costs are taken from its records.

Additional information on the drivers for its production activities follows.

Required

1. Classify each activity as unit level, batch level, product level, or facility level.

2. Compute the activity overhead rates using ABC. Combine the assembling and quality inspection activities into a single cost pool.

3. Determine the overhead costs to assign to the following jobs using ABC.

1. What is the overhead cost per unit for the Holiday Basket? What is the overhead cost per unit for the Executive Basket?
Check  (4) Holiday Basket, $14.25 per unit

2. If the company used a plantwide overhead rate based on direct labor hours, what is the overhead cost for each Holiday Basket unit? What would be the overhead cost for each Executive Basket unit if a single plantwide overhead rate were used?
(5) Holiday Basket, $18.13 per unit

3. Compare the costs per unit computed in requirements 4 and 5 for each job. Which cost assignment method provides the most accurate cost? Explain.

Project Paper Assignment Instructions

This written project and your project presentation are due as detailed in the “COURSE SCHEDULE”.

This Project Paper is an individual assignment.

The company you select for this Project Paper is up to you; however, it must be a publicly traded company whose financials are available on the internet.   You will be preparing an Executive Summary regarding the company you chose.  This assignment requires a written paper and a presentation, which is due as detailed in the “Course Schedule”.

For this Project Paper, please use the following resources:
(1) Internet or other resources including the library; (2) The Annual Report for your company which can be located on the internet.  (For a sample of what financials look like, see Appendix C in the back of the textbook, starting on page C-1. Nike, Inc. financials are shown there).

The requirements for this assignment are listed below: 

Acquire a copy of your company’s most recent Annual Report, and other information about the company’s history, etc., for this assignment by using the Internet or other resources.  You will need the Balance Sheet, Income Statement, and Statement of Cash Flows.

Prepare a 750- to 1,000-word written Executive Summary Report, using the information contained in the company’s balance sheet and income statement, the Internet or other resources, answering the following questions.  (Note: The annual reporting period and fiscal year mean year-end numbers).

Please make sure your written paper includes answers to the following questions:

1. Company history: When was the company founded? By whom? List other historical facts.
2. Who is the audit firm for the company?
3. What stock exchange is the company listed on? What is their ticker symbol?
4. How much cash and cash equivalents did the company have at the end of its 2 most recent annual reporting periods?
5. What were the company’s total current assets at the end of its 2 most recent annual reporting periods?
6. What were the two largest current assets at the end of its 2 most recent annual reporting periods?
7. What were the company’s total assets at the end of its 2 most recent annual reporting periods?
8. What amount of accounts payable did the company have at the end of its 2 most recent annual reporting periods?
9. What were the company’s total current liabilities at the end of its 2 most recent annual reporting periods?
10. What were the company’s total liabilities and shareholders’ equity at the end of its 2 most recent annual reporting periods?
11. What were the company’s revenues (or net revenues) for the last 2 annual reporting periods?
12. Besides reporting numbers you need to provide some analysis such as increase decrease, percentage change, or any ratios you might find useful to explain changes in the financials of the company you chose.

After you complete your paper, prepare a 5-10 minute presentation using PowerPoint to summarize your findings (NOT REQUIRED FOR DISTANCE LEARNING CLASSES).

 

 

 

 

Topic: accounting theory and standards

Paper details:

 

KARRICK Gold & Copper Ltd. (KGC Ltd), an Australian mining firm listed on the

Australian Stock Exchange (ASX), has been operating a large Open Cast (Pit) gold and

copper mine in the Star Mountain Range in Papua New Guinea (PNG) for 30 years. The

Star Mountain Range in PNG is very isolated (no roads) and has a wide range of exotic

plants and animals found nowhere else in the world.

Other Information—KGC Ltd. has:

1) Revenues of $30 billion Australian dollars (AUD) a year and, in the absence of new ore

finds, has only seven years of ore reserves.

2) The Net Book Value (NBV) of the PP&E is $16.5 billion AUD and another $5.0 billion

AUD is needed over the next seven years.

3) There is no active prospecting for additional reserves of ore—because the firm’s current

license from the PNG government to mine in that region will expire in eight years.

4) While there have been several rich “shows” of silver and lead ore,

1

nothing so far is of

commercial quantity and quality. However, the mine manager expects that over the next

eight years large deposits of commercially-viable silver-and-lead ore will be found within the

mine property or adjacent.

5) The KGC Ltd. employs 3,400 full-time employees in its PNG mine, offices, and processing

plant—3,000 are PNG citizens and reside in the Star Mountain Range. The labourparticipation

rate in that region of PNG is 32 percent and the unemployment rate (among

those 32 percent) is 45 percent.

NB: If KGC Ltd. shuts down its mining operations in the Star Mountain Range in PNG, the

unemployment rate among the 32 percent participating in the labour market will rise to 95

percent and there are few if any alternative sources of employment.

6) The KGC Ltd. PNG operations pay $4 billion in royalties to the traditional owners of the

land where they mine and process ore and $6 billion in taxes to the PNG government. Also,

they built and operate the only water-processing plants, grade schools, hospitals, and health

centres in the Star Mountain Range in PNG.

 

 

1 A “show” of a mineral is a small finding of noncommercial amounts. A show of a mineral is a strong indicator

that there may be commercial amounts of the ore but is not definitive.

HI6026 ACCOUNTING THEORY & CURRENT ISSUES

TRIMESTER 1, 2016

GROUP ASSIGNMENT

Assessment Value: 20%

Instructions:

7) In the last few decades, the Christian-animist residents of the Indonesian half of the Island of

New Guinea (the Indonesians call their half of the island “Irian Jaya” or “Papua”) have been

agitating for independence from Indonesia (it is estimated that 100,000 of them have died in

the conflict and some of the tribes have resumed headhunting with the Indonesian soldiers

and settlers being targeted. The PNG tribes near the border with Papua are closely related to

the tribes across the border and there is fear the conflict and the police actions by the

Indonesian army will spill into the PNG portion of the Star Mountain Range.

8) A recent collapse of a “tailings” pond dumped 5 million litres of ore-waste sludge into a river

from which two local villages draw their drinking water, fish, hunt, harvest lotus root and

water their taro root, yam and cassava crops.

2 While most of the sludge flushed through to

the ocean in a few days, many environmental groups in Australia are screaming that KGC

Ltd. is environmentally irresponsible. The complaints got especially loud and strident after

the General Manager of the PNG mine stated at a public meeting: “First) The sludge will

quickly flush out to sea; Second) “At sea the sludge will be vastly diluted; Third) The

solution to pollution is dilution; Fourth) The peoples of the Star Mountain Range in PNG

depend on the KGC Ltd. operations for most of their jobs, clean potable water, health care,

and education”

9) The cost of remediating the sludge spill (i.e. a combination of clean-up, fines, offsetting work

elsewhere, and compensating cash payments) is expected to range between $6 billion and

$60, billion, depending on the outcome of a court case in PNG that has been initiated by an

ecological group from Australia. Please note: KGC Ltd. is claiming that the annual benefits

of the KGC Ltd. operations in the Star Mountain Range in PNG offset the harm of the

mining and processing (including the rare sludge spill) by manyfold and that should the mine

be shutdown, the loss to that region and PNG in general would be devastating.

While this case study is adapted from real events and circumstances, names have been

changed to protect the innocent and to avoid lawsuits.

 

 

 

Please answer the following

questions using the above information and supplementing it (as needed) with information

from the course, the internet, and other literature. Marks will be awarded for clarity of

thought and succinctness of presentation.

 

 

Required  Marks

1. a) Should KGC Ltd. revalue its major PPE assets from historic cost to fair market value?

(Discuss the principles, potential issues and risks). 30

20. b) The PP&E is estimated to have a replacement value of $20.5 billion AUD and a value

in use of $12.0 billion AUD under current expected operations (i.e. five years) but

rises to $30 billion AUD if the contract is renewed for 10 years in addition to the

current seven years and new viable ore bodies are found. What is the “True and Fair”

value of the PP&E? (Explain).

40

1. c) Discuss the merits and risks of KGC Ltd. including a “Triple Bottom Line” aspect to

its reporting approach 30

1. d) Discuss the nature of “Legitimacy” and the importance of KGC Ltd. maintaining

legitimacy in the eyes of the traditional land-owners, the government of PNG, and the

people of Australia.

20

e)

Is the “Legitimacy” of KGC Ltd. at risk and what consequences that KGC Ltd. may

suffer if it loses “Legitimacy”.

30

1. f) Discuss how KGC Ltd. can restore its legitimacy (include a section on the two types

of stakeholder theory in this discussion).

20

1. g) List the various ways that KGC Ltd. could record the cost of the harm associated with

the sludge spill in its GPFS, discuss the pros-and-cons of each method, choose a

method and defend your choice.3

30

200

2 The sludge in the tailings ponds of mines are typically acidic and have toxic levels of mercury, arsenic, and other

nasty metals. While the toxicity is relatively low, long-term exposure can create serious chronic health issue.

 

3 Pros-and-cons = the arguments in favour of and against a method, argument

 

Managerial Accounting Paper

Your essay must include a cover page, introduction, body, conclusion, and a reference page. Be sure to address all relevant parts of each question. Your response should be a minimum of 1000 words in length (not including the cover page and the reference page). Cite all references you use in APA format. Note: You must use at least six (6) references. Proper citation format for a reference includes the name of the author(s), the title of the work, the date of the publication, and the page number.

1.Cost and Pricing

Many businesses are offering their products and services over the Internet. Find well known company and, determine the following: A product (or service) description A product price Based on your responses to parts (1) and (2), along with the description of the company’s business, identify the potential costs that are required to provide the product selected in part (1) and categorize them as fixed or variable. Which product do you believe has the largest contribution margin per incremental unit sold? Describe at least two types of standard costs your selected company might use. Additionally, explain the types of direct and overhead variances each of your selected organizations might encounter. Provide an example of each.
2. Activity-Based Costing Define activity-based costing (ABC) systems.

What benefits does implementing an ABC system bring to the company? Explain at least two benefits. What are the disadvantages to implementing an ABC system? List and explain at least two. Would the proposed changes make ABC a universally applicable costing method in your opinion? Why or why not? Elaborate your response.

3. Non-Financial Performance

Many city and county governments are discovering that you can control only what you measure. As a result, many municipal governments are introducing non-financial performance measures to help improve municipal services. Use the Google search engine to perform a search for “municipal government performance measurement.” Google will provide a list of Internet sites that outline various city efforts in using nonfinancial performance measures. Report on the types of measures used by one of the cities from the search.

4. Personal Investment Analysis

Find of the cost of a bachelor’s degree at the university of your choice assume additional costs of $16,000 for an additional fifth year of education to get Master’s degree. Assume that all tuition is paid at the beginning of the year. A student considering this investment must evaluate the present value of cash flows from possessing a graduate degree versus holding only the undergraduate degree. Assume that the average student with an undergraduate degree is expected to earn an annual salary of $55,000 per year (assumed to be paid at the end of the year) for 10 years. Assume that the average student with a graduate Masters degree is expected to earn an annual salary of $76,000 per year (assumed to be paid at the end of the year) for nine years after graduation. Assume a minimum rate of return of 10%. Determine the net present value of cash flows from an undergraduate degree. Use the present value table provided in this chapter 26. Determine the net present value of cash flows from a Masters degree, assuming that no salary is earned during the graduate year of schooling. What is the net advantage or disadvantage of pursuing a graduate degree under these assumption?

Help me with the 8 questions.

The first file is book. The second file and the third file are the 8 questions we need to solve.

Requirements are as follow:

Examine the CAFR responses: Students will submit word document responses to “Examine the CAFR” questions relating to The City of Colton 2019 Comprehensive Annual Financial Report (CAFR) (available in course documents in McGraw-hill Connect and blackboard). Students will be expected to have read the questions and provide answers (including page references in the CAFR. The response for all Examine the CAFR questions are due on May 19, 2020 but I highly recommend students complete the response for each chapter before the quiz date of the chapter (it is very helpful to learning the material).

Challenges Facing Management Accountants in the 21st Century and changes in the role of Management Accountant in the organizations 

Also….

 

Instructions – PLEASE READ THEM CAREFULLY

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page. Do not forget highlighting the answers.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) No pictures containing text will be accepted and will be considered plagiarism).

 

1. Both the straight-line depreciation method and the double-declining-balance depreciation method:
   Produce the same total depreciation over an asset’s useful life
   B. Produce the same depreciation expense each year
   C. Produce the same book value each year
   D. Are acceptable for tax purposes only
2. Total asset turnover is calculated by dividing:
    Gross profit by average total assets
   B. Average total assets by gross profit
   C. Net sales by average total assets
   D. Average total assets by net sales
   E. Net assets by total assets
3. The total cost of an asset less its accumulated depreciation is called:
   Historical cost
   B. Book value
   C. Present value
   D. Current (market) value
4. Which of the following is a method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called:
   Accelerated depreciation
   B. Declining-balance depreciation
   C. Straight-line depreciation
   D. Units-of-production depreciation
   E. Modified accelerated cost recovery system (MACRS) depreciation

 

5. At end of the day, the cash register’s record shows $155, but the count of cash in the cash register is $150. The correct entry to record the cash sales for the day is:
   

Cash	150
Sales		150

B.

Cash	155
Sales		155

C.

Cash	150
Cash over and short	5
Sales		155

D.

Cash	155
Sales		150
Cash over and short		5

 

6. A machine that originally had an estimated useful life of 8 years, but after 3 complete years, it was decided that the original estimate of useful life should have been 10 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
   2 years
   B. 5 years
   C. 7 years
   D. 12 years
   E. 10 years
7. Which of the following is an Amortization:
   Is the systematic allocation of the cost of an intangible asset to expense over its estimated useful life
   B. Is the process of allocating to expense the cost of a plant asset to the accounting periods benefiting from its use
   C. Is the process of allocating the cost of natural resources to periods when they are consumed
   D. Is an accelerated form of expensing an asset’s cost.

 

8. Khaled’s company had a machine destroyed by fire. The machine originally cost $120,000. The accumulated depreciation on it was $60,000. The proceeds from the insurance company were $90,000. The company should recognize:
   A loss of $25,000
   B. A gain of $25,000
   C. A loss of $65,000
   D. A gain of $30,000
   E. A gain of $90,000

 

9. Land improvements are:
   Assets that increase the usefulness of land and like land, are not depreciated
   B. Assets that increase the usefulness of land, but that have a limited useful life and are subject to depreciation
   C. Included in the cost of the land account
   D. Expensed in the period incurred

 

10. ALI purchased merchandise from SAAD on October 17 of the current year. SAAD accepted ALI’S $10,000, 90-day, 10% note as payment. What entry should SAAD make on January 15 of the next year when the note is paid?

 

Notes Receivable	10,000
Interest Receivable	250
Sales		10,250

Cash	10,250
Notes Receivable		10,250

Cash	10,250
Interest Revenue		208
Interest Receivable		42
Notes Receivable		10,000

Cash	10,250
Interest Revenue		42
Interest Receivable		208

           

What is a non-voice finance and accounting process?

RESEARCH PROBLEM

(from South-Western Federal Taxation)

 

Issue:  Do the days spent on repairs at the Smith’s vacation home count as personal use so as to exceed the 14 day personal use limit and cause the property to be a mixed use vacation home instead of primarily a rental?

(Locate the most appropriate I.R.S., court, and/or I.R.C. guidance. Likely, one or more Tax Court Memorandum decisions will be the most appropriate authority for this particular research.)

 

Facts: 

 

Taxpayers Husband and Wife Smith occupied their beach house 38 days and rented it out 49 days in 2019. On 24 of the 38 days either Husband or Wife was working on the substantial repairs needed. Both Husband and Wife were at the beach house on the 24 days with their teenage daughter and son.