Get college assignment help at uniessay writers Problem 23-25 (LO. 6) For each of the following organizations, determine its UBTI and any related UBIT. Assume a 21% corporate income tax rate. If an amount is zero, enter “0” a. AIDS, Inc., an exempt charitable organization that provides support for individuals with AIDS, operates a retail medical supply store open to the general public. The net income of the store, before any Federal income taxes, is $305,000. and the UBIT is $ The UBTI is $ b. St. Andrew Episcopal Church operates a retail gift shop. The inventory consists of the typical items sold by commercial gift shops in the city. The director of the gift shop estimates that 80% of the gift shop sales are to tourists and 20% are to church members. The net income of the gift shop, before the salaries of the three gift shop employees and any Federal income taxes, is $300,000. The salaries of the employees total $80,000. and the UBIT is $ The UBTI is $ Education, Inc., a private university, maintains vending machines in the student dormitories and academic buildings on campus. In C. recognition of recent tuition increases, the university has adopted a policy of merely trying to recover its costs associated with the vending machine activity. For the current year, however, the net income of the activity, before any Federal income taxes, is $75,000 and the UBIT is $ The UBTI is $ Problem 23-23 (LO. 6) Upward and Onward, Inc., a § 501(c)(3) organization that provides training programs for welfare recipients, reports the following income and expenses from the sale of products associated with the training program. Gross income from sales $425,000 Cost of goods sold 106,000 Advertising and selling expenses 26,000 Administrative expenses 112,500 Calculate Upward and Onward’s UBIT under the following two assumptions. Assume a tax rate of 21%. If an amount is zero, enter “0” a. If the sale of the training program products is substantially related to Upward and Onward’s exempt purpose, then Upward and Onward’s unrelated business income tax (UBIT) is $ b. If the sale of the training program products is not substantially related to Upward and Onward’s exempt purpose, then Upward and Onward’s UBIT is $ Problem 23-17 (LO. 3) Initiate, Inc., a § 501(c)(3) organization, receives the following revenues and incurs the following expenses. Grant from Bill and Melinda Gates Foundation $70,000 Charitable contributions received 625,000 Expenses in carrying out its exempt mission 500,000 Net income before taxes of Landscaping, Inc., wholly owned for-profit subsidiary 400,000 a Landscaping, Inc., remits all of its after-tax profits each year to Initiate.Calculate the amount of the Federal income tax, if any, for Initiate and for Landscaping. Assume a 21 % tax rate. If an amount is zero, enter “0” The Federal income tax liability is $ for Landscaping. for Initiate and
Depreciation Expense $7,300 Fees Earned 387,600 Insurance Expense 1,390 Miscellaneous Expense 2,920 55,500 Rent Expense Salaries Expense 194,900 Supplies Expense 2,480 Utilities Expense 21,200 Prepare the income statement for Urgent Messenger Service. Urgent Messenger Service Income Statement For the Year Ended November 30, 2018 Expenses: Total expenses
Question 3: Non-current assets (17 marks) On 1 January 2016, Carlomagno Ltd purchased two machines by cash Machine A was purchased at a total cost of $38,400. The estimated useful life for this machine was 8 years, with a residual value of $9,000. Machine A is depreciated using diminishing-balance method, with a depreciation rate 1.5 times the straight-line rate Carlomagno Ltd used the cost basis model. Machine B was purchased at a total cost of $26,000. The estimated useful life in total machine hours are expected to be 10,000 hours. Machine B is depreciated using units- of-production method. A residual value of $6,000 was estimated. On 31 December 2016, it was determined the recoverable amount of machine A was $25,000. Carlomagno Ltd decided to use the revaluation basis model for this machine The remaining useful life was re-estimated as 5 years with nil residual value. The hours of use of Machine B in 2016 were 1,000 hours. On 30 June 2017 Machine A was sold for $18,000 cash. On 31 December 2017, Carlomagno Ltd decided to record Machine B at its fair value of $15,000, which was determined by an independent valuation carried out on this day. The hours of use of this machine in 2017 were 3,000 hours. Carlomagno Ltd’s reporting period ends on 31 December. Required: 1. Prepare the journal entries to record the purchase of Machine A and Machine B. 2. Prepare the adjusting journal entries (depreciation and impairment) at 31 December 2016. 3. Prepare the journal entries to record the disposal of Machine A on 30 June 2017 4. Prepare journal entries to record the revaluation at 31 December 2017. Note: Narrations not required.
Exercise S-10 FULL SCREEN PRINTER VERSDONS BACK NEXT On April 30, the bank recondiliation of Westbrook Company shows three outstanding checks: no. 254, $740; no. 255, $920; and no. 257, $470. The May bank statement and the May cash payments Journal show the following. Bank Statement Checks Paid Date Check No. Amount dy 5/4 254 $740 5/2 257 470 5/17 258 234 5/12 259 305 5/20 261 530 5/29 263 480 5/30 262 760 Cash Payments Journal Checks Issued Date Check No. Amount 5/2 258 $234 5/5 259 305 5/10 260 940 5/15 261 530 5/22 262 760 5/24 263 480 264 630 5/29 ven 424.14.11 Divisen of John Wey
Exercise 8-12 CES The information below relates to the Cash account in the ledger of Minton Company. Balance September 1-$17,440; Balance September 30-$18,224; Checks written-$63,676. Cash deposited-$64,460 The September bank statement shows a balance of $17,242 on September 30 and the following memoranda. Eudy Credits Debits Collection of $1,902 note plus interest $38 $1,940 NSF check: Richard Nance $835 Interest earned on checking account $53 Safety deposit box rent $73 At September 30, deposits in transit were $4,860, and outstanding checks totaled $2,793 Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) MINTON COMPANY Bank Reconciliation September 30 2000-2019 John Wiley
Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $39,208, and the Purchasing Department had expenses of $19,430 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial Government Contract Sales $406,000 $538,000 $1,236,000 Number of employees: Weekly payroll (52 weeks per year) 225 60 65 Monthly payroll 36 47 34 Number of purchase requisitions per year 2,800 2,000 1,900 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Government Commercial Total Residential Contract Number of payroll checks: Weekly payroll Monthly payroll Total Monthly payroll Total Number of purchase requisitions per year: b. Using the activity base information in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, Commercial, and Government Contract divisions from payroll and purchasing services. If required, round your answers to two decimal places. Do not round your interim calculations, round your answers to two decimal places, if required. Service department charge rates: payroll distribution Payroll Department per requisition Purchasing Department Total Government Contract Commercial Residential Service department charges: Payroll Department Purchasing Department user of service department Total than the other two divisions because Residential is a number of check-issuing transactions. c. Residential’s service department charge is services. Residential has many employees on a weekly payroll, which transiates into a
Determining missing items in return and residual income computations Data for Uberto Company are presented in the following table of rates of return on investment and residual incomes: Minimum Invested Income from Return on Minimum Acceptable Income Residual Assets Operations Investment Return from Operations Income $860,000 $189,200 (a) 12% (b) (c) $530,000 (d) (e) (f) $63,600 $21,200 $320,000 (9) 14% (h) $35,200 (0) $240,000 $50,400 ( ) 12% (k) (I) Determine the missing values, identified by the lettes above. For all amounts, round to the nearest whole number. a. b. C. d. % e. f. g. % h. $860,000 $189,200 (a) 12% (b) (c) $530,000 (d) (e) () $63,600 $21,200 $320,000 (9) 14% (h) $35,200 I) $240,000 $50,400 12% (k) (1) Determine the missing values, identified by the letters above. For all amounts, round to the nearest whole number. % a. b. C. d. % e. % f. g. % h. i. % j. k. I.
Divisional income statements nstructions Amount Descriptlons Divisional Income Statements Instructions The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 20Y8: Cost of goods sold: Commercial Division $916,000 Residential Division 445,950 Administrative expenses: $150,600 Commercial Division Residential Division 128,800 Service department charges: $113,400 Commercial Division 68,700 Residential Division Check My Work 2 more Check My Work uses remaining. ook Calculator ivisional income statements Instructlons Amount Descriptions Divisional Income Statements Instructions Commercial Division $150,600 Residential Division 128,800 Service department charges: Commercial Division $113,400 Residential Division 68,700 Sales: Commercial Division $1,362,000 Residential Division 747,020 Prepare divisional income statements for Jersey Coast Construction Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries Previ ck My Work 2 more Check My Work uses remaining. Submit Assignment Save and Exit Email Instructor All work saved SApp Calculator tructions Amount Descriptions Amount Descriptions Administrative expenses Cost of goods sold Gross profit Income from operations Income from operations before service department charges Sales Selling expenses Service department charges P Transportation expenses Check My Work 2 more Check My Work uses remaining. Divisional income statements Instructions Amount Descriptions Divisional Income Statements Divisional Income Statements Prepare divisional income statements for Jersey Coast Construction Company Reer to the Amount Descriptions ist provided for the exact wording of the answer choices for text entries JERSEY COAST CONSTRUCTION COMPANY Divisional Income Statements For the Year Ended June 30, 20YB Residential Commercial Division Division Instructions Amount Descriptions Divisional Income Statements Divisional Income Statements Commercial Residential Division Division 3 4 5 6 7 more Check My Work uses remaining. Check My Work 2 Sav Email Instructor
Apran wiat Ix and yieid ariances are. goibn CORNERSTONE EXERCISES JECTIVE 1 Cornerstone Exercise 9.1 Calculating Standard Quantities for Actual Production Guillermo’s Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 24 minutes and 6.2 quarts of oil are used. In June, Guillermo’s Oil and Lube had 980 oil changes. STONE 9.1 Calculate the number of quarts of oil that should have been used (SO) for 980 oil changes. Calculate the hours of direct labor that should have been used (SH) for 980 oil changes. what if there had been 970 oil changes in June? Would the standard quantities of oil (in quarts) and of direct labor hours be higher or lower than the amounts calculated in Require- ments 1 and 2? What would the new standard quantities be? equired Cormerstone Exercise 9.2 Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Refer to Cornerstone Exercise 9.1. Guillermo’s Oil and Lube Company provided the following normation for the production of oil changes during the month of June: OBJECTIVE 3 CORNERSTONE Actual number of oil changes performed: 980 Actual number of quarts of oil used: 6,020 quarts Actual price paid per quart of oil: $5.10 Standard price per quart of oil: $5.05 Required: Calculate the direct materials price variance (MPV) and the direct materials usage variance (MUV) for June using the formula approach. boo , Calculate the direct materials price variance (MPV) and the direct materials usage variance (MUV) for June using the graphical approach. Calculate the total direct materials variance for oil for June. 4 What if the actual number of quarts of oil purchased in June had been 6,100 quarts, and the materials price variance was calculated at the time of purchase? What would be the materi- als price variance (MPV? The materials usage variance (MUV Cornerstone Exercise 9.3 Calculating the Direct Labor Rate Variance and the Direct Labor Efficiency Variance Refer to Cornerstone Exercise 9.1. Guillermo’s Oil and Lube Company provided the following information for the production of oil changes during the month of June: OBJECTIVE CORNERST Actual number of oil changes performed: 980 ob Actual number of direct labor hours worked: 386 hours Actual rate paid per direct labor hour: $14.50 wplle Standard rate per direct labor hour: $14.00 moln Required: co 1 Calculate the direct labor rate variance (LRV) and the direct labor efficiency variance (LEV) for June using the formula approach. 2 Calculate the direct labor rate variance (LRV) and the direct labor efficiency variance (LEV) for June using the graphical approach. 3. Calculate the total direct labor variance for oil changes for June. 4. What if the actual wage rate paid in June was $12.40? What impact would that have had on the direct labor rate variance (LRV? On the direct labor efficiency variance (LEV? hovo aldener bbn n) stin hor od t ad noitubog leut OBJECTI limits to Determine When to Investigate a
Way Cool produces two different models of air conditioners. The company produces the mechanical systems in their components department. The mechanical systems are combined with the housing assembly in its finishing department. The activities, costs, and drivers associated with these two manufacturing processes and the production support process follow. Activity Overhead Cost Driver Quantity Process Components Changeover Machining 454,000 Number of batches 870 314,000 Machine hours 8,490 Number of setups 234,000 120 Setups $1,002,000 Finishing Welding 194,000 Welding hours 4,200 Inspecting Rework 227,000 Number of inspections 840 63,500 Rework orders 210 484,500 Purchase orders Purchasing S 141,000 35,000 62,000 537 Support Providing space Number of units 4,610 Providing utilities Number of units 4,610 238,000 Additional production information concerning its two product lines follows. Model 145 Model 212 Units produced 1,500 3,110 Welding hours 1,200 3,000 Batches 435 435 Number of inspections 510 330 Machine hours 3,150 5,340 Setups 60 60 Rework orders 160 50 Purchase orders 358 179 Required: 1. Determine departmental overhead rates and compute the overhead cost per unit for each product line. Base your overhead assignment for the components department on machine hours. Use welding hours to assign overhead costs to the finishing department. Assign costs to the support department based on number of purchase orders 2. Determine the total cost per unit for each product line if the direct labor and direct materials costs per unit are $290 for Model 145 and $210 for Model 212. 3. If the market price for Model 145 is $1,325 and the market price for Model 212 is $270, determine the profit or loss per unit for each model. Required 1 Required 2 Required 3 Determine departmental overhead rates and compute the overhead cost per unit for each product line. Base your overhead assignment for the components department on machine hours. Use welding hours to assign overhead costs to the finishing department. Assign costs to the support department based on number of purchase orders. (Round your intermediate calculations and per unit cost answers to 2 decimal places.) Show lessA Components department $ 531,250 $ 1.42 per machine hour Number of setups Number of setups 373,000 Finishing department Support department 0 Activity Driver Departmental OH Rate Model 145 Total Overhead Cost Components Finishing Support Activity Driver Departmental OH Rate Model 212 Total Overhead Cost Components Finishing Support Determine the total cost per unit for each product line if the direct labor and direct materials costs per unit are $290 for Model 145 and $210 for Model 212. (Round your intermediate calculations and cost per unit answers to 2 decimal places.) Model 145 Model 212 250.00 $ Materials and Labor per unit 118.00 Overhead cost per unit 620.72 356.19 870.72 $ 474.19 Total cost per unit If the market price for Model 145 is $1,325 and the market price for Model 212 is $270, determine the profit or loss per unit for each model. (Loss amounts shou ld be indicated with a minus sign. Round your intermediate calculations and final answers to 2 decimal places.) Model 145 Model 212 Market price per unit Cost per unit Profit (loss) per unit
Get college assignment help at uniessay writers Suppose the returns on an asset are normally distributed. The historical average annual return for the asset was 4.9 percent and the standard deviation was 10.4 percent. What range of returns would you expect to see 95 percent of the time? (Enter your answers for the range from lowest to highest. A negative answer should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 95% level % to % What range would you expect to see 99 percent of the time? (Enter your answers for t range from lowest to highest. A negative answer should be indicated by a minus sign. Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) % to % 99% level
(Max Marks: 12) Q 4 Consider the following transactions that occurred in August for Winnex Ltd. Purchased $4,000 of inventory from A
35. about which of the following statements would rogers and Freud disagree? A. psychotherapy shoud be conducted in a verbal. interview format B. the client-therapist relationship is extremely important C. Maladaptive defense mechanisms plan a critical role in psychologyical maladjustment D. psychotherapy should aim to help the client achieve increased awareness and acceptance of his/her unconscious feelings E. the primary motive of the self is that of actualization
Imperial Jewelers manufactures and sells a gold bracelet for $408.00. The company’s accounting system says that the unit product cost for this bracelet is $265.00 as shown below: Direct materials $141 Direct labor 86 Manufacturing overhead 38 $265 Unit product cost The members of a wedding party have approached Imperial Jewelers about buying 23 of these gold bracelets for the discounted price of $368.00 each. The members of the wedding party would like special filigree applied to the bracelets that would require Imperial Jewelers to buy a special tool for $464 and that would increase the direct materials cost per bracelet by $12. The special tool would have no other use once the special order is completed. To analyze this special order opportunity, Imperial Jewelers has determined that most of its manufacturing overhead is fixed and unaffected by variations in how much jewelry is produced in any given period. However, $13.00 of the overhead is variable with respect to the number of bracelets produced. The company also believes that accepting this order would have no effect on its ability to produce and sell jewelry to other customers. Furthermore, the company could fulfill the wedding party’s order using its existing manufacturing capacity. Required: 1. What is the financial advantage (disadvantage) of accepting the special order from the wedding party? 2. Should the company accept the special order? Required 2 Required 1 What is the financial advantage (disadvantage) of accepting the special order from the wedding party? Financial advantage Required 1 Required 2>
18. Using Stock Quotes (L04) You have found the following stock quote for Enerplus Corp. in the “Globe Investor” on March 18, 2015. What was the closing price for this stock that appeared in yesterday’s paper? If the company currently has 205.92 million shares of stock outstanding, what was net income for the most recent four quarters? 52-WEEK VOL 100s HI LO STOCK (DIV) YLD % PE NET CHG CLOSE 27.05 ERF 1.08 2? 9.02 8.54 8.74 14,572 0.52 Click here for a description of Table: Concepts Review and Critical Thinking Questions 18
Question #3 7 marks Peter Ltd acquired a property in West Sydney.in 2015 at a cost of $1.5 million. The company chose to revalue the property and in 2016 and it was determined that the recoverable amount was $1.0 million. In 2017, the land had a fair value of $1.8 million. Tax rate is 30%. Ignore depreciation. Required: Provide the journal entries to record the above movements in value. General journal entries A 2016 Dr Cr 2017 Dr Cr B0t Dr Cr Cr
a) A process to produce formalin from methanol has been designed. Cost data for this base case and the alternatives are shown in Table 2 where all figures are in $10 or $10/year. The management also states that the maximum additional investment for any additional capital investment is $2 x 10. Assume that the required before-tax return on investment is 15% per annum and the equipment life is considered to be 12 years. Recommend the best alternative and also the minimum saving in operating costs required to make this an attractive investment (9 marks) Table 2 Details on the alternatives to be considered Items Alternative 1 (Base Case Design) 1.9 Alternative 2 Alternative 3 Capital Investment Additional Investment Annual Product Revenue Annual Raw Material Costs All Other Annual Operating Costs 1.02 0.5 11.1 11.1 11.1 3.16 3.16 3.16 0.299 0.206 0.258 b) Aubudaem Berhad is considering investments in large capital projects. You are hired as a consultant to help them in making decision on which of the following projects to invest in, as shown in Table 3. All projects are not mutually exclusive. Table 3 Details of the projects Items Capital required (in year 0) After-tax yearly cash flow (year 1-10) Project A $90 million Project B $120 million Project C $180 million $15 million $20 million $26 million Recommend the best project or combination projects for investment if the requirement set by the company regarding the ceiling value of the capital is $270 million. Assume that the investment made in each project will have the same return as investing in long term bonds, currently yielding 8% per annum (after tax), and a project life of 10 years. (8 marks)
23 marks Question #4 On 1 July 2016, the financial position of Thurman Ltd was as follows: Carrying amount Fair value Assets 200 000 $200 000 Cash 800 000 800 000 Accounts receivable 1 600 000 2 100 000 Plant (600 000) Accumulated depreciation plant 850 000 900 000 Fixtures
26 marks Question #7 Rich Ltd was incorporated on 1 July 2015. The accounting profit and other relevant information of Rich Ltd for the year to 30 June 2016 and 30 June 2017 are as follows: 2016 2017 Profit before tax $1 200 000 $1 500 000 Warranty expense 500 000 Depreciation expense- plant 20 000 20 000 Gain on sale of plant for accounting Warranty paid 250 000 Tax depreciation- plant 30 000 30 000 Gain on sale of plant for tax Provision for warranty – carrying amount 250 000 500 000 Provision for warranty – tax base Plant carrying amount 2 60 000 80 000 Plant – tax base 40 000 70 000 Deferred tax liability at 30 June 3 000 Deferred tax asset at 30 June 150 000 The company tax rate is 30%. AG Required a) Calculate the current tax of Rich Ltd for 2017 b) Calculate the deferred tax of Rich Ltd for 2017 6 marks 15 marks c) Prepare the required tax journal entries. 5 marks
Question #5 Briefly explain why Non-Controlling Interest (NCI) is classified as equity CAnar
ABC Company provides the following sales forecast for the next four months: April May 650 July June Sales (units) 570 600 690 The company wants to end each month with ending finished goods inventory equal to 30 % of next month’s forecasted sales. Finished goods inventory on April 1 is 171 units. Assume July’s budgeted production is 600 units. In addition, each finished unit requires six pounds (lbs.) of raw materials and the company wants to end each month with raw materials inventory equal to 30 % of next month’s production needs. Beginning raw materials inventory for April was 1,069 pounds. Assume direct materials cost $5 per pound. 23 Prepare a direct materials budget for April, May, and June, (Round your intermediate calculations and final answers to the nearest whole dollar amount.) ABC Company Direct Materials Budget For April, May, and June June May April Materials needed for production (Ibs) Total materials requirements (bs) Materials to be purchased (Ibs) Total budgeted direct materials cost
The post Question: Problem 23-25 (LO. 6) For Each Of The Following Organizations, Determine Its UBTI And Any Related UBIT. Assume A 21% Corporate Income Tax Rate. If An Amount Is Zero, Enter “0” A. AIDS, Inc., An Exempt Charitable Organization That Provides Support For Individuals With AIDS, Operates A Retail Medical Supply Store Open To The General Public. The Net Income … appeared first on uniessay writers.