Question 2. What do investors, entrepreneurs, and other market participants rely on the Securities and Exchange Commission (SEC) to do?A Provide regulatory oversight on all exchanges globallyB Form a regulatory network that offers protection to foreign investors who trade on a global levelC Weave together a regulatory network that offers stability to U.S. investors who trade on a global levelD Determine the safety and efficacy of global investments by U.S. and foreign investors
Optional Co Ltd earns a net profit after tax of $6,000,000 for the
Question Optional Co Ltd earns a net profit after tax of $6,000,000 for the year ended 30 June 2013. For the entire 12 months to 30 June 2013, the company had (a) 2,000,000 fully paid ordinary shares outstanding; and options to purchase 1,000,000 ordinary shares exercisable at $2.00 per share any time until 30 June 2016. Exactly half way through the year ended 30 June 2013, the company issued 500,000 fully paid ordinary shares at market price. For the year ended 30 June 2013, the company’s average share price was $2.50. The company complies with AASB 133 (“Earnings per share”). Which of the following is correct (to nearest cent)?a) Basic EPS $3.00; Diluted EPS $2.45b) Basic EPS $2.40; Diluted EPS $1.25c) Basic EPS $2.67; Diluted EPS $1.15d) Basic EPS $2.67; Diluted EPS $1.97e) Basic EPS $2.67; Diluted EPS $2.45
Young Ltd has a profit after tax and extraordinary items of $6,630,000
Question Young Ltd has a profit after tax and extraordinary items of $6,630,000 for the period ended 30 June 2015. Young Ltd has $1,000,000 of 10 per cent cumulative preference shares. The dividends on the preference shares are not treated as expenses in the statement of financial performance. There are no dividends in arrears.As at 1 July 2014 there were 3,000,000 fully paid ordinary shares on issue. Young Ltd also has $1,500,000 in convertible debentures issued for the full year. Their interest rate is 5 per cent per annum. The debentures will be mandatorily converted to 300,000 ordinary shares on 1 July 2017. There are also 100 000 share options currently on issue with an exercise price of $1.30. The average market price for ordinary shares during the year was $1.25, and that is the price at year-end. The tax rate is 30 per cent.What is the diluted EPS for Young Ltd in accordance with AASB 133 (“Earnings per share”)?a) $2.25b) $1.94c) $2.18d) $1.99e) $2.20
Selena, who is single and age 42, provides you with the following
Question Selena, who is single and age 42, provides you with the following information from her financial records for 2018. Selena itemizes deductions (with no AMT adjustment). Regular income tax liability…………………………$41,527AMT positive adjustments……………………………30,000AMT preferences………………………………………..20,000Taxable income…………………………………………185,050Regular tax liability………………………………………41,527 Calculate her AMT for 2018: [Hints: AMT exemption $70,300 (no phase-out); AMT tax rate: 26% to $191,100, and for above, 28%] a. $6,633b. $4,630c. $1,308d. $2,692e. None of the above
Skater Limited is a company that develops, manufactures and sells
Question Skater Limited is a company that develops, manufactures and sells ice skates. The company has the following divisions within its group structure:• Product development – this division is responsible for research and development of new ice skates.• Manufacturing – this division manufactures all ice stakes sold by the company. The division does not generate any revenue, but instead passes all products manufactured directly to the two sales
The following account balances were selected from the records of beverage
Question The following account balances were selected from the records of beverage maker Blake Corporation at December 31 after all adjusting entries were completed: Common stock (par $15; authorized 100,000 shares, issued 35,000 shares, of which 1,000 shares are held as treasury stock) $525,000 Additional paid-in capital—common stock 180,000 Dividends 28,000 Retained earnings, beginning of year 76,000 Treasury stock at cost (1,000 shares) 20,000 Net income for the year was $48,000.1. Prepare the statement of retained earnings for the year ended December 31 and the stockholders’ equity section of the balance sheet at December 31.2. Determine the number of shares of stock that received dividends.Compute the ROE ratio for the current year, assuming total stockholders’ equity was $629,000 on December 31 of the previous year.
Henry Quincy wants to withdraw $32,700 each year for 14 years from a fund that earns 10% interest.
Question Henry Quincy wants to withdraw $32,700 each year for 14 years from a fund that earns 10% interest. Click here to view factor tablesHow much must he invest today if the first withdrawal is at year-end? How much must he invest today if the first withdrawal takes place immediately? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)First withdrawal at year-end$First withdrawal immediately
Sally Monroe wants to create fund today that will enable her to withdraw
Question Sally Monroe wants to create fund today that will enable her to withdraw $32,200 per year for 6 years, with the first withdrawal to take place 4 years from today.Click here to view factor tablesIf the fund earns 12% interest, how much must Sally invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)Investment amount$
Hi I am doing a tax return project. The information which is given
Question Hi I am doing a tax return project. The information which is given is similar to the problem 2 in this file 2018 appendix e. Could you help me to prepare the forms and tell me which blank i need to fill out? Thank you so much.Andrew (Andy) S. and Sarah H. Clark are husband and wife and live at 4112 Foxglove Drive, McKinney, TX 75070. Andy is a retired petroleum engineer, and Sarah is a portrait artist. They choose to file a joint tax return each year.1. When he retired at age 65, Andy was chief of offshore operations at Pelican Exploration Corporation. While employed, Andy participated in Pelican’s contributory qualified pension plan, to which he had contributed $250,000 (in after-tax dollars). Under one of the plan options, he chose a life-annuity payout of $60,000 per year over his life. As part of his retirement package, Andy also received nontaxable health insurance coverage for him and Sarah. Due to Andy’s expertise in Gulf of Mexico offshore operations, Pelican continues to use his services on a consulting basis (see item 3 below). 2. Sarah, an accomplished artist, is well known regionally for oil portraits (business activity code 711510). She paints in the Photorealism style, providing her clients with portraits that are often mistaken for photographs. Painting in this style is very time-consuming. Consequently, her output averages between 15 and 16 portraits a year. Her fee of $3,200 per portrait was set several years ago and never varies. As this is quite reasonable for a Photorealistic oil portrait, she has a long waiting list of clients who have not yet been scheduled for sittings. She does all of her work in the studio the Clarks maintain in their personal residence (see item 6 below). Sarah is a cash basis taxpayer with respect to her art business. 3. During 2018, Andy made seven trips on behalf of Pelican as an outside consultant (business activity code 541330). On a typical trip, Andy flies by commercial airline to New Orleans, Houston, or Corpus Christi, and then takes a company helicopter to the offshore platform. If necessary, he rents a room at a local motel. Sometimes offsite consultations can solve the problem, and a trip to the rig is not necessary. His expenses for these trips are as follows: Airfare $5,100 Lodging 3,100 Meals 2,200 Ground transportation (taxis, limos, rental cars) 750 After each trip, Andy recovers his expenses when he is paid by Pelican for the services rendered. Pelican does not require an accounting for the expenses and reimburses Andy based on his verbal report of how much he spent. 4. In early January 2018, Sarah was paid for three portraits she painted and delivered in late 2017. During 2018, Sarah completed 14 portraits. Payment was received for 11 portraits when they were delivered to the buyers. One portrait was delivered in mid2018 to the CEO of a company who promised payment within 30 days. Payment was never received, and the company has since entered bankruptcy. Since the CEO has been indicted for securities fraud, Sarah feels certain that she will never be paid for the portrait. The final two portraits were delivered in late 2018, and payments for both were received in early 2019. In December 2018, Sarah accepted $3,200 as payment for a portrait to be done in 2019. Although she did not like the arrangement, the customer said the prepayment was motivated by anticipated cash-flow considerations. 5. Sarah keeps receipts for all her expenses. Her total cost for painting supplies in 2018 was $3,010 (e.g., for canvases, brushes, oil paints, smocks, palettes, and other art supplies). The framing of the finished portrait is left to the customer since the most appropriate frame is a matter of personal taste and consideration for where the painting will be exhibited. 6. For convenience and security reasons, Sarah prefers to work at home. One-fourth of the 4,000 square-foot living area is devoted to Sarah’s studio. The Clarks built the home at a cost of $350,000 on a lot previously acquired for $100,000, and they moved in on June 15, 2015. As to business use, depreciation is based on MACRS (using the midmonth convention) applicable to 39-year nonresidential realty. Besides home mortgage interest and property taxes (see item 19 below), residence expenses for 2018 are summarized below. Utilities $4,200 Molly Maid cleaning service 2,800 Service fee for home security system 1,600 Removal of stains from studio flooring 1,100 Homeowner’s insurance 970 Repairs to studio skylight 340 7. At a mortgage foreclosure auction held on February 4, 2005, Andy acquired an abandoned sugarcane farm near Magnolia, known as LaBeaux Place for $30,000. In view of the expansion trend in nearby Houston, he regarded the purchase as a good investment. Early in 2018, Andy was contacted by a Houston real estate developer who offered $250,000 for LaBeaux Place. Considering the prospect of a large taxable gain, Andy arranged for a property swap by written notice on May 10. In exchange for several vacant lots on Padre Island (TX) worth $240,000 and cash of $10,000, Andy transferred LaBeaux Place to the developer. The exchange took place on June 20, 2018. 8. Andy purchased unimproved land near Beaumont (TX) for $18,200 at an auction held on April 17, 1992. Described as Block 46, the property was adjacent to a modest prison rice farm owned by the Texas Department of Corrections (TDC). Andy bought the property based on a hunch that the TDC might someday wish to expand its Beaumont prison facility. In late 2017, the TDC contacted Andy and offered him $160,000 for Block 46. Andy countered with a selling price of $225,000. After prolonged negotiations, Andy and the TDC could not come to a mutually agreeable selling price. The TDC then threatened to condemn Block 46. After repeated threats of condemnation, Andy transferred the property to the TDC on June 28, 2018, for $180,000. On December 17, 2018, Andy reinvested $175,000 in vacant land located near Texas State University in San Marcos. Andy spent the remaining $5,000 on a vacation for him and Sarah to Hawaii in early 2019. 9. The Clarks had always thought that taking extended road trips in an RV would be fun. So, in June 2018, they bought a new Winnebago Deluxe Coach RV for $106,250 [$100,000 (discounted list price) $6,250 (state sales tax)]. However, it only took Andy and Sarah two weeks on the road to determine that this method of traveling the continental United States was not for them. In August 2018, they sold the RV to a neighbor for $90,000. The neighbor paid $20,000 down and paid the balance of $70,000 in early December 2018. Andy did not charge his neighbor any interest. 10. On May 9, 2000, Andy’s father gave him 400 shares of Ragusa Corporation common stock as a birthday gift. The stock cost his father $16,000 ($40 a share) and was worth $20,000 on the date of the gift. In 2012, when the stock was worth $140 per share, Ragusa declared a 2-for-1 stock split. On July 27, 2018, Andy sold 400 shares for $20,000 ($50 a share). For sentimental reasons, Andy kept the remaining 400 shares. Form 1099-B did not report the basis of this property. 11. On December 21, 2018, the Clarks sold 500 shares of Cormorant Power common stock for $40,000 ($80 a share). They purchased the stock on February 1, 2018, for $50,000 ($100 a share), the basis reported on Form 1099-B. The Clarks sold the stock to generate a loss to offset some of their capital gains. However, they considered Cormorant Power to be a good investment, so they repurchased 500 shares on February 19, 2019, for $45,000 ($90 a share). 12. On March 2, 2017, Sarah was contacted by Eva Baum, a former college roommate. Over lunch Eva asked Sarah for a loan of $6,000 to help finance a new venture. Sarah made the loan because the venture, a summer art camp in Sedona, Arizona, sounded interesting. Eva signed a note due in two years at 10% interest. In late 2018, Sarah learned that Eva had disappeared after being charged by Arizona authorities with grand theft. She also learned that Eva is wanted in New Mexico for parole violation from a prior felony conviction. Eva made no payments to Sarah on the note. 13. The Clarks have a long-term capital loss carryover of $7,000 from 2017. 14. On May 9, 2013, Maximilian Clark (Andy’s favorite uncle) gifted him the family antique gun collection. Based on family records and qualified appraisals, the collection had an adjusted basis to Maximilian of $4,200 and was worth $13,000 on the date of the gift. Since Sarah abhors guns, Andy has been under heavy pressure to get rid of the collection. After Maximilian died in early 2018, Andy donated the collection to the Remember the Alamo Foundation. The transfer was made on December 5, 2018. At that time, several qualified appraisers valued the collection at $16,000. The museum added the guns to its extensive collection of firearms. 15. While walking the dog in late December 2017, Sarah was hit by an out-of-control delivery truck. The mishap sent Sarah to the hospital for several days of observation and medical evaluation. Aside from severe bruises, she suffered no permanent injury. Once apprehended, the driver of the truck was ticketed for DUI. The owner of the truck, a local distributor for a national brewery, was quite concerned about the adverse publicity that would result if Sarah filed a lawsuit. Consequently, it paid all her medical expenses and offered Sarah a settlement if she would sign a release. Under the terms of the settlement, Sarah would receive $134,000, which was $126,000 for personal injury and $8,000 for loss of income because her injuries prevented her from painting for a period of weeks. On January 31, 2018, Sarah signed the release and was immediately paid $134,000. 16. In August 2017, Andy was rear-ended while stopped for a red light. Thankfully, Andy was uninjured. However, his car was damaged. The driver who caused the accident left the scene immediately, so Andy was forced to use his insurance to repair the damage to his car. As a result, Andy was subject to the $1,000 deductible provision in the policy, which he paid with respect to his car repairs in 2017. The Clarks claimed no deductions with respect to the accident on their 2017 income tax return. In 2018, the insurance company (Peregrine Casualty) located the driver at fault and recovered the amount paid for repairs by both Andy and Peregrine. Consequently, in April 2018, Andy received a check from Peregrine refunding the $1,000 he paid for repairs according to his policy’s deductible. 17. After an acrimonious divorce, the Clarks’s only child (Gabrielle Sparks) moved back home in December 2017. She brought her twins (Malone and Macie) with her. Under the divorce decree, Gabrielle was given custody of the children and awarded child support of $2,100 a month. The decree does not indicate who is entitled to the dependency exemptions for the children. Following the divorce, Gabrielle is taking some time to decide how to move forward with her life. She did not work in 2018, so she has no income for the year except the $4,200 she received for two months of child support. She plans to initiate legal proceedings against her ex-husband for delinquent child support. Subsequent to Gabrielle moving back home, Andy and Sarah provided all of Gabrielle’s and the twins’ support beyond the $4,200 received in child support.Requirements Prepare an income tax return (with all appropriate forms and schedules) for the Clarks for 2018 following these guidelines: • Make necessary assumptions for information not given in the problem but needed to complete the return. • The Clarks are employing the same tax return preparer who completed their prior year tax return. • The taxpayers have substantiation (e.g., records, receipts) to support all transactions for the year. • If any refund is due, the Clarks want it applied to next year’s tax liability. • The Clarks do not want to contribute to the Presidential Election Campaign Fund.I want the forms for 9, 10, 13 and 14, you dont need to worry others.
You have been recently hired as an assistant controller for XYZ Industries,
Question You have been recently hired as an assistant controller for XYZ Industries, a large, publically held manufacturing company. Your immediate supervisor is the controller who also reports directly to the VP of Finance. The controller has assigned you the task of preparing the year-end adjusting entries. In the receivables area, you have prepared an aging accounts receivable and have applied historical percentages to the balances of each of the age categories. The analysis indicates that an appropriate estimated balance for the allowance for uncollectible accounts is $180,000. The existing balance in the allowance account prior to any adjusting entry is a $20,000 credit balance.After showing your analysis to the controller, he tells you to change the aging category of a large account from over 120 days to current status and to prepare a new invoice to the customer with a revised date that agrees with the new category. This will change the required allowance for uncollectible accounts from $180,000 to $135,000. Tactfully, you ask the controller for an explanation for the change and he tells you “We need the extra income, the bottom line is too low.” -Consider what you have learned relative to ethics and financial reporting. What is the rationale for the calculations/process used to estimate the $180,000 uncollectible allowance? -How do you think the misstatement of funds will impact the income statement and balance sheet? -What is the ethical dilemma you face? What are the ethical considerations? Consider your options and responsibilities as assistant controller. -Identify the key internal and external stakeholders. What are the negative impacts that can happen if you do not follow the instructions of your supervisor? -What are the potential consequences if you do comply with your supervisor’s instructions? Who will be negatively impacted?
Leon Bogut just received a signing bonus of $916,300. His plan is
Question Leon Bogut just received a signing bonus of $916,300. His plan is to invest this payment in a fund that will earn 10%, compounded annually.Click here to view factor tablesIf Bogut plans to establish the AB Foundation once the fund grows to $2,875,743, how many years until he can establish the foundation? yearsInstead of investing the entire $916,300, Bogut invests $278,700 today and plans to make 12 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $2,875,743 foundation at the end of 12 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)Payments$
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