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Get college assignment help at uniessay writers The following data relate to direct materials costs for November: Actual costs 4,700 pounds at $5.40 Standard costs 4,500 pounds at $6.00 What is the direct materials price variance?

Assuming that Jimmy was issued a grant of 12,000 options which he will exercise once they are all vested when the stock price has risen to $10 per share, describe in detail how to account for the options in each fiscal year from the grant date until the exercise date

Bill is cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year? a.Check received for December rent, 700 not deposited until January 4. b.Check for 1,100 to pay Bill’s state income taxes mailed December 28, cashed January 7. c.Cash received in the amount of 500 for services to be rendered the following year. d.interest of 800 credited to Bill’s account balance. e.Check received for January rent, 700, deposited on January 9. f.Charitable contribution of 300, charged on Bill’s mastercard. g.Bills totaling 2,000 sent for services rendered during the year, uncollected as of year end.

31. Tom and Linda are married taxpayers who file a joint return. They have itemized deductions of 11,750 and four exemptions. Assuming an adjusted gross income of 40,000, what is their taxable income for 2009?

32. Compute marie’s taxable income for 2009, assuming she is single and claims two dependent children. Her adjusted gross income is 70,000, and she has itemized deductions of 9,000.

Depreciation for Fractional Periods On March 10, 2012, No Doubt Company sells equipment that it purchased for $355,200 on August 20, 2005. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $31,080 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2005, for 2012, and the total charge for the period from 2006 to 2011, inclusive, under each of the six following assumptions with respect to partial periods. (Round all computations and final answers to 0 decimal places, i.e. 2,250. If answer is zero, please enter 0, do not leave any fields blank.) Depreciation is computed for the exact period of time during which the asset is owned. (Use 365 days for base.) Depreciation is computed for the full year on the January 1 balance in the asset account. Depreciation is computed for the full year on the December 31 balance in the asset account. Depreciation for one-half year is charged on plant assets acquired or disposed of during the year. Depreciation is computed on additions from the beginning of the month following acquisition and on disposals to the beginning of the month following disposal. Depreciation is computed for a full period on all assets in use for over one-half year, and no depreciation is charged on assets in use for less than one-half year. (Use 365 days for base.) 2005 2006-2011 Incl. 2012 1.______________. _____________. ______________ 2. 0. ______________. ______________ 3. ______________. ______________ 0 4. ______________. ______________. ______________ 5. ______________. ______________. ______________ 6. 0. ______________ 0 2005 is for the first blank. 2006-2011 Incl. Is for the second blank. 2012 is for the third blank

P11-3 (Depreciation—SYD, Act., SL, and DDB) The following data relate to the Plant Assets account of Eshkol, Inc. at December 31, 2010. A B C D Original Cost$46,000.00 $51,000.00 $80,000.00 80,000.00 Year Purchased 2005 2006 2007 2009 Useful Life 10 years 15 hours 15 years 10 years Salvage value 3100 3000 5000 5000 Depreciation Method 2005-Sum of the years digit 2006-Activity 2007-Straight Line 2008- DDB Accum. Depr. through 2010 $31,200 $35,200 $15,000 $16,000 *In the year an asset is purchased, Eshkol, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Eshkol, Inc. takes a full year’s depreciation on the asset. The following transactions occurred during 2011. (a) On May 5, Asset A was sold for $13,000 cash. The company’s bookkeeper recorded this retirement in the following manner in the cash receipts journal. Cash 13,000 Asset A 13,000 (b) On December 31, it was determined that Asset B had been used 2,100 hours during 2011. (c) On December 31, before computing depreciation expense on Asset C, the management of Eshkol, Inc. decided the useful life remaining from January 1, 2011, was 10 years. (d) On December 31, it was discovered that a plant asset purchased in 2010 had been expensed com- pletely in that year. This asset cost $28,000 and has a useful life of 10 years and no salvage value. Management has decided to use the double-declining-balance method for this asset, which can be referred to as “Asset E.”

(Purchase of Computer with Zero-Interest-Bearing Debt) Napoleon Corporation purchased a computer on December 31, 2009, for $130,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $20,000 payable each December 31 beginning in 2010. An assumed interest rate of 10% is implicit in the purchase price. Instructions (a) Prepare the journal entry(ies) at the date of purchase. (Round to two decimal places.) (b) Prepare the journal entry(ies) at December 31, 2010, to record the payment and interest (effective- interest method employed). (c) Prepare the journal entry(ies) at December 31, 2011, to record the payment and interest (effective- interest method employed).

“Depreciation for Fractional Periods On March 10, 2012, No Doubt Company sells equipment that it purchased for $355,200 on August 20, 2005. It was originally estimated that the equipment would have a life of 12 years and a salvage value of $31,080 at the end of that time, and depreciation has been computed on that basis. The company uses the straight-line method of depreciation. Compute the depreciation charge on this equipment for 2005, for 2012, and the total charge for the period from 2006 to 2011, inclusive, under each of the six following assumptions with respect to partial periods. (Round all computations and final answers to 0 decimal places, i.e. 2,250. If answer is zero, please enter 0, do not leave any fields blank.) Depreciation is computed for the exact period of time during which the asset is owned. (Use 365 days for base.) Depreciation is computed for the full year on the January 1 balance in the asset account. Depreciation is computed for the full year on the December 31 balance in the asset account. Depreciation for one-half year is charged on plant assets acquired or disposed of during the year. Depreciation is computed on additions from the beginning of the month following acquisition and on disposals to the beginning of the month following disposal. Depreciation is computed for a full period on all assets in use for over one-half year, and no depreciation is charged on assets in use for less than one-half year. (Use 365 days for base.) 2005 2006-2011 Incl. 2012 1.______________. _____________. ______________ 2. 0. ______________. ______________ 3. ______________. ______________ 0 4. ______________. ______________. ______________ 5. ______________. ______________. ______________ 6. 0. ______________ 0 2005 is for the first blank. 2006-2011 Incl. Is for the second blank. 2012 is for the third blank

Points are included with each problem. Included with each section or problem are reference examples and end of section exercises that can be used as a guide. Be sure to show your work so that partial credit may be awarded. To receive full credit, work must be shown if applicable. Basic Concepts of Probability and Counting 1. License plates are made using 2 letters followed by 3 digits. How many different plates can be made if repetition of letters and digits is allowed? 2. In 2005 the stock market took some big swings up and down. One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the probability that an investor tracks the portfolio monthly? How often tracked? Response Daily 235 Weekly 278 Monthly 292 Few times a year 136 Do not track 59 : Conditional Probability and the Multiplication Rule 3a. In a battleground state, 40% of all voters are Republicans. Assuming that there are only two parties – Democrat and Republican, if two voters are randomly selected for a telephone survey, what is the probability that they are both Republicans? Round your answer to 4 decimal places (References: example 4 page 152, end of section exercises 19 – 21 page 156 – 157) (3 points) b. You are dealt 2 cards from a shuffled deck of 52 cards, without replacement. There are four suits of 13 cards each in a deck of cards; two of them are black and two of them are red. What is the probability that both cards are black? Round your answer to 3 decimal places 4. The table below shows the drink preferences for people in 3 different age groups. If one of the 255 subjects is randomly chosen, what is the probability that the person drinks cola given they are over 40? Round your answer to 3 decimal places. Water Orange juice Cola Under 21 years 40 25 20 21 – 40 years 35 20 30 Over 40 years 20 30 35 The Addition Rule 5. a. The table below shows the drinking habits of adult men and women. Non-Drinker Occasional Drinker Regular Drinker Heavy Drinker Total Men 387 45 90 37 559 Women 421 46 69 34 570 Total 808 91 159 71 1,129 If one of the 1,129 people is randomly chosen, what is the probability that the person is a man or a non-drinker? Round your answer to 3 decimal places. b. The table show drinking habits of adult men and women. Non-Drinker Occasional Drinker Regular Drinker Heavy Drinker Total Men 387 45 90 37 559 Women 421 46 69 34 570 Total 808 91 159 71 1,129 If one of the 1,129 people is randomly chosen, what is the probability that the person is a non-drinker or a heavy drinker? Round your answer to 3 decimal places.

Get college assignment help at uniessay writers Showing all work !!!!!!!!!! Total points are 40. Points are included with each problem. Included with each section or problem are reference examples and end of section exercises that can be used as a guide. Be sure to show your work so that partial credit may be awarded. To receive full credit, work must be shown if applicable. Section 3.1: Basic Concepts of Probability and Counting 1. License plates are made using 2 letters followed by 3 digits. How many different plates can be made if repetition of letters and digits is allowed? (References: example 4 page 135, end of section exercises 13 – 16 page 142 and 35 – 36 page 144) (8 points) 2. In 2005 the stock market took some big swings up and down. One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the probability that an investor tracks the portfolio monthly? (References: example 6 page 137, end of section exercises 45 – 48 page 145) (7 points) How often tracked? Response Daily 235 Weekly 278 Monthly 292 Few times a year 136 Do not track 59 Section 3.2: Conditional Probability and the Multiplication Rule 3a. In a battleground state, 40% of all voters are Republicans. Assuming that there are only two parties – Democrat and Republican, if two voters are randomly selected for a telephone survey, what is the probability that they are both Republicans? Round your answer to 4 decimal places (References: example 4 page 152, end of section exercises 19 – 21 page 156 – 157) (3 points) b. You are dealt 2 cards from a shuffled deck of 52 cards, without replacement. There are four suits of 13 cards each in a deck of cards; two of them are black and two of them are red. What is the probability that both cards are black? Round your answer to 3 decimal places (References: example 3 page 151. (3 points) 4. The table below shows the drink preferences for people in 3 different age groups. If one of the 255 subjects is randomly chosen, what is the probability that the person drinks cola given they are over 40? Round your answer to 3 decimal places. (References: example 4 and 5 page 152 – 153, end of section exercises 15, 16, 23 , 24 page 156) (7 points) Water Orange juice Cola Under 21 years 40 25 20 21 – 40 years 35 20 30 Over 40 years 20 30 35 Section 3.3: The Addition Rule 5. a. The table below shows the drinking habits of adult men and women. Non-Drinker Occasional Drinker Regular Drinker Heavy Drinker Total Men 387 45 90 37 559 Women 421 46 69 34 570 Total 808 91 159 71 1,129 If one of the 1,129 people is randomly chosen, what is the probability that the person is a man or a non-drinker? Round your answer to 3 decimal places. (References: example 4 page 163, end of section exercises 23 – 26 page 168 – 169) (6 points) b. The table show drinking habits of adult men and women. Non-Drinker Occasional Drinker Regular Drinker Heavy Drinker Total Men 387 45 90 37 559 Women 421 46 69 34 570 Total 808 91 159 71 1,129 If one of the 1,129 people is randomly chosen, what is the probability that the person is a non-drinker or a heavy drinker? Round your answer to 3 decimal places. (References: example 4 page 163, end of section exercises 23 – 26 page 168 – 169) (6 points) SHOWING ALL WORK !!!

The annual interest rate on the mortgage payable was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.

revenue estimate and appropriations enacted are standard against which performance is subsequently measured. what implication can be drawn at year end if there are variances from these standards? if there are no variances?

discuss the meaning and implication of the following statements pertaining to budgeting: 1. a budget is just a means of getting money 2. never underexpend an appropriation-the more you spend, the more you get next year 3.budgeting is easy! you just take last year’s budget and add 10%-or twice what you think you think you might need. the council will cut your requested increase in half and you’ll wind up getting what you wanted in the first place 4. the traditional line-item budget only appears to provide an orerly and seemingly objective approach to financial planning and control. in too many instances, all it really provides is a uniform framwork for establishing and maintaining a set of orderly records which comply with legal requirements, but which provide very little in the way of useful management information.

(operating budget preparation) the finance direct of the bethandy independent school district is making preliminary estimate of the budget outlook for the general fund for the 20×8 fiscal year. these estimates will permit the superintendent to advise the department heads properly when budget instructions and form are distributed. she has assembled the following information: estimated expected change 20×7 20×8 1. revenues property taxes 2,000,000 6% state aid 1,000,000 3% federal grant 500,000 -40,000 other 300,000 10,000 total 3,800,000 2. expenditures salaries

Problem 5 on page 523 Please refer to attachment – thank you!

when you purchase your house you took out 30-year annual-payment mortgage with an interest rate of 6% per year. the annual payment on mortgage $12000. you have just made a payment and have now decide to pay the mortgage of by repaying the outstanding balance. what is the payoff amount if a.you have live in a house for twelve year ( so are 18 year on mortgage)? b. you have live in the house of 20 year ( so there are ten left on the mortgage)? c. you have in the house for twelve year (so there 18 year left on the mortgage ), and you decide to pay of the mortgage immediately before the twelfth payment is due ?

“(Purchase of Computer with Zero-Interest-Bearing Debt) Napoleon Corporation purchased a computer on December 31, 2009, for $130,000, paying $30,000 down and agreeing to pay the balance in five equal installments of $20,000 payable each December 31 beginning in 2010. An assumed interest rate of 10% is implicit in the purchase price. Instructions (a) Prepare the journal entry(ies) at the date of purchase. (Round to two decimal places.) (b) Prepare the journal entry(ies) at December 31, 2010, to record the payment and interest (effective- interest method employed). (c) Prepare the journal entry(ies) at December 31, 2011, to record the payment and interest (effective- interest method employed). ”

Use the following 8% interest factors. Present Value of Future Value of Ordinary Annuity Ordinary Annuity 7 periods 5.2064 8.92280 8 periods 5.7466 10.63663 9 periods 6.2469 12.48756 What amount should be recorded as the cost of a machine purchased December 31, 2010, which is to be financed by making 8 annual payments of $6,000 each beginning December 31, 2011? The applicable interest rate is 8%

You are given the following information for transactions by Schwinghamer Co. All transactions are set Record P6-6B in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula. Unit Cost/ Units Selling Price perpet LCNR Date Transaction Oct. 1Beginning inventory 5 Purchase 8 Sale 15 Purchase 20 Sale 25 Purchase 60 110 (140) 52 (70) 15 $14 13 20 12 16 Instructions e) Prepare the required journal entries for the month of October for Schwinghamer Co. b) Determine the ending inventory for Schwinghamer. ) On October 31, Schwinghamer determines that the product has a net realizable value of $10 per unit. What amount should the inventory be valued at on the October 31 balance sheet? Prepare any required journal entries

Olin Packett is a CGA-CPA and has been employed for over 5 years by a Canadian private corporation and recently promoted to a management position. He works in their Victoria, BC office. For 2018, his gross salary was $150,000. While he does not receive commissions, he was awarded a bonus of $10,000 for 2018 based on the performance of the business. One-half of this was paid in December 2018, with the balance paid in March 2019. The following amounts were withheld from his gross salary in 2018: Federal Income Tax $25,000 Employment Insurance Premiums 858 Canada Pension Plan Contributions 2,594 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000 Other Information: 1. During 2018, Olin was provided with an automobile that the corporation bought at a cost of $82,500, including all taxes. The total operating costs of the car were $0.50/km for the year and they were all paid by the corporation. The car was available to Olin the entire year, except that he didn’t use the car for a 3-month period while he was on disability leave. Olin drove the car a total of 30,000kms during the year, all but 9,700kms were employment related (fully documented). Olin reimbursed his employer $950 for his personal use of the automobile for the year. 2. During 2015, Olin was granted the option to buy 1,000 shares of his employer’s common shares at a price of $31.00 per share. At that time, the shares were worth $33.00 each. On June 1, 2016, Olin exercised his option and acquired 1,000 shares at $31 each. At that time, the shares were worth $40.00 each. Olin sold all the 1,000 shares on May 1, 2018, for proceeds of $50.00 per share. 3. In order to assist Olin in purchasing a new luxury boat, his employer granted him a 3-year, interest-free loan of $100,000. The loan was granted on July 1, 2018. At that time, the interest rate on an open 5-year loan was 5%. The prescribed interest rate for 2018 was 2.5% for the period of July to September and 3% for the period of October to December 2018. 4. Olin has been a member of his employer’s defined benefits Registered Pension Plan (“RPP”) for the last 3 years. For 2018, his employer made a $5,000 matching contribution to the RPP on his behalf. 5. Other disbursements made by Olin during 2018 include the following: Tuition fees for a business management course $1,500 Tuition fees for a sailing course $1,000 Professional dues paid to CPA association $1,600 Premiums paid on life insurance policy $720 Mortgage payments on home $24,000 Olin’s employer reimbursed the tuition fees for both the business management and the sailing courses but none of the other costs paid personally by Olin, given his recent promotion to a manager’s position. Required: Calculate Olin’s net employment income for tax purposes for the year 2018. Explain your answer, including detailed calculations, and provide reasons for omitting items that you have not included in your calculations. Ignore all GST/HST considerations. Assume all applicable elections were made.

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November 3, 2019