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1.The party to receive a distribution of principal from an estate is legally called a(n): 2.Cleary, Wasser, and Nolan formed a partnership on January 1, 2012, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2012 and $180,000 in 2013. Each partner withdrew $1,000 for personal use every month during 2012 and 2013. What was Cleary\'s capital account balance at the end of 2013? 3. What was the total capital balance for the partnership at December 31, 2012? $545,000 Solution Distribution of Income for 2012: Capital Account for 2013: 1. Estate Distributee. 2. $139,420 3. $564,000 .
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Cleary- Wasser- and Nolan formed a partnership on January 1- 2010- wit.docx
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2010 and $180,000 in 2011. Each partner withdrew $1,000 for personal use every month during 2010 and 2011.
1.What was Wasser\'s total share of net income for 2010? (answer should be $63,000)
2. What was Nolan\'s capital balance at the end of 2010?(answer should be $246,000)
3.What was wasser\'s total share of net income for 2011? (answer should be $75,000)
please show your work- thank you
Solution
Year 2011
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx
Herbie Corp\'s Balance Sheet showed the following at 12/31/13
Common Stock, $10 par $100,000
APIC $50,000
Retained Earnings $20,000
A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14.
Show all appropriate journal entires assuming a cash dividend of $1 per share
Show all appropriate entries for a $5 per share dividend
Solution
1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10)
31-12-2013 - Entry for dividend declaration will be recorded
Retained earnings (10,000X1) Debit 10,000
To Dividend payable Credit 10,000
20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend.
Dividend payable Debit 10,000
To Cash Credit 10,000
2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative.
31-12-14
Retained earnings Debit 50,000
To Dividend payable Credit 50,000
20-1-14
Dividend payable Debit 50,000
To cash Credit 50,000
.
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts:
Common shares (1,090,000 issued)
$1,635,000
Retained earnings
1,962,000
The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity:
Jan.
2
Issued 109,000 preferred shares for $50 per share.
Mar.
31
Paid quarterly dividend to preferred shareholders.
June
30
Paid quarterly dividend to preferred shareholders.
Aug.
12
Issued 104,000 common shares for $1.70 per share.
Sept.
30
Paid quarterly dividend to preferred shareholders.
Dec.
31
Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders.
Dec.
31
Loss for the year was $103,000.
Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the
.
1. On August 31, Demich Co. partially refunded $180,000 of its o.docx
1. On August 31, Demich Co. partially refunded $180,000 of its outstanding 10% note payable made one year ago to Best Federal Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one-year $160,000 note discounted at 9% by the bank.
Instructions
(1) Make the entry to record the partial refunding. Assume Demich Co. makes reversing entries when appropriate.
(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
1. Below are three independent situations.
a. In August, 2012 a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued Crusher Co. for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000.
b. A suit for breach of contract seeking damages of $2,400,000 was filed by an
author against Parker Co. on October 4, 2012. Parker’s legal counsel believes
that an unfavorable outcome is probable. A reasonable estimate of the
award to the plaintiff is between $600,000 and $1,800,000. No amount within
this range is a better estimate of potential damages than any other amount.
c. Rose is involved in a pending court case. Rose’s lawyers believe it is probable that Rose will be awarded damages of $1,000,000.
Instructions
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
2. ESSAY QUESTION: What accounting treatment is required for convertible
debt? Why? What accounting treatment is required for debt issued with stock warrants? Why?
3. On July 1, 2013, Zheng Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2013 and mature on April 1, 2023. Interest is payable semiannually on April 1 and October 1. What amount did Zheng receive from the bond issuance?
4. Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.
Instructions
(a) Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)
(b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a market value of $25 per share.
6. Weighted average shares outstanding.
On January 1, 2012, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On July ...
Cardinal Paz Corp. carries an account in its general ledger called I.docx
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2012
Sharapova Company common stock, $104 par, 208 shares
$41,400
April 1
U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each
111,000
July 1
McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032
59,184
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method.
(Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Interest Receivable ????
Debt Investment ??
Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
Sharapova Company common stock
$35,770
U.S. government bonds
146,970
McGrath Company bonds
68,160
What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Fair Value Adjustment ????
Unrealized holding gain or loss- Equity ????
.
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
PAGE
1
Practice exercise
Chapter 1 and 2 practice exercise
Name
ACC: 201
Instructor:
Date
Exercise 1-2: Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors.
Required
a. Explain the primary differences between investors and creditors.
Answer:
a) The primary difference between creditors and investors is a creditor you must pay back the money borrowed and most of the time there is interest. An investor is someone that is investing in the company and normally has stock from doing so. If the company does not make it and dissolves creditors get paid first, and if there is still money left, investors get it.
b. If Kennedy has a net loss of $1,600 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
b) The creditors will get $1,600, or all of their money, and the investors will get $200.
c. If Kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
c) The creditors will get all of their money ($1,600), and the investors will get all of the rest which is their original $1,800 + 1,600 = $3,400.
Exercise 1-4: Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed $40,000 from First Bank. Mr. Chang’s father-in-law, Jim Harwood, invested $64,000 into the business for which he received a 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost $120,000 cash. Chang Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense.
Answer
1. $30,000 from Kenneth Changs personal account – goes into Assets under Cash and in the Statement of cash flows.
2. $40,000 Borrowed from First Bank – goes into Assets under Cash and in the Statement of cash flows.
3. $64,000 from Jim Harwood (father-in-law) He received 25% ownership interest – goes into Assets and Common Stock and then in the Statement of cash flows.
4. $120,000 went toward buying a building – this would be in the Land column
5. $28,000 Revenue – would be in the Income statement under Rev. and Net Inc., and back in the Balance sheet under Cash and Ret, Earn. Columns. This is also listed in the Statement of cash flows
6. $25,000 Employee salaries – is listed in Assets under Cash and Ret. Earn. Then in the Income Statement under Exp. And Net Inc., and then under the Statement of cash flows.
Required:
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.
Exercise 1-9: The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increa.
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
Recommended
Cleary- Wasser- and Nolan formed a partnership on January 1- 2010- wit.docx
Cleary, Wasser, and Nolan formed a partnership on January 1, 2010, with investments of $100,000, $150,000, and $200,000, respectively. For division of income, they agreed to (1) interest of 10% of the beginning capital balance each year, (2) annual compensation of $10,000 to Wasser, and (3) sharing the remainder of the income or loss in a ratio of 20% for Cleary, and 40% each for Wasser and Nolan. Net income was $150,000 in 2010 and $180,000 in 2011. Each partner withdrew $1,000 for personal use every month during 2010 and 2011.
1.What was Wasser\'s total share of net income for 2010? (answer should be $63,000)
2. What was Nolan\'s capital balance at the end of 2010?(answer should be $246,000)
3.What was wasser\'s total share of net income for 2011? (answer should be $75,000)
please show your work- thank you
Solution
Year 2011
.
.08 mjm 1. On August 31, Jenks Co. partially refunded $1.docx
....._
Cl0; Introduction to Computers; Assignment 4 Rubric
CATEGORY Exemplary Satisfactory Unsatisfactory Unacceptable
Justificalion:20 20 points: Three or 13 points: Two items 6 points: One item in o points: None of the
points more items in the in the proposal the proposal includes 'items in the proposalproposal include an include an an expIanaIion of why incJude an explanation
explanation of why explanation of why that particular choice of why that particular
that particular choice that particular choice wasmade_ choice was made.
wasmade._ was made.
Quality of 20 points: 13 points: Information 6 points: Information o points: Information
Infonnation: 20 Information clearly clearty relates to the clear1yrelates to the had little or nothing to 'relates to the main main topic. It main topic.. Supporting do with the main topic.
points topic. It includes includes one or two details and/or
three or more items items with supporting examples are not
with supporting details andfor incJlided_
I
details andfor examples_
examples.
Accuracy: 20 20 points: All of the 13 points:. Most ofthe 6 points: Some of the o points: None or
points technical technical technical ,~ almost none of thedescriptions and descriptions and and details are technical descriptions
details are described details are described described accurately and details are
accurately and accurately and and match tDday\'s described accurateJy
match today\'s match today\'s available technology. and match today\'s I
available technology.. available technology- available technology.
Format: 10 10 points: The 7 points: The 4 points: The proposal o points: The proposal I
points proposal covers aD proposal covers 3 or covers 1or 2 of the covers none of the Iof the five 4 of the five five requirements five requirements I
requirements requirements requested by the requested by the
requested by the requested by the Custol1lelC (Budget, customer. (Budget.
I
customer. (Budget. customer. (Budget, Security, HardWare, Seclriy, I-fardware.
Security, Hardware, Sea.riy, Hardware, OS, Mobile OS, Mobile
OS, Mobile OS,Mobile Computing) Computing)
Computing) Computing)
Mechanics: 10 10 points: No 7 points: One to two 4 points: Three to four o points: FIVeor more
points grammatical, grammalical,. grammatical, spelling, grammatic-aJ. spelling,spelling. spacing, spelling. spacing. spacing, capilalizalion spacing" capiIaization I
capitalization or capitalization or or punctuation errors. or punctuation errors. I
_ punctuation errors. punctuation errors. I
Acronyms: 10 10 points: All of the 7 points: Most of the 4 points: Some of the o poin1s: None of the
points acronyms. acronyms, acronyms, acronyms,abbreviations or abbreviations or abbreviations or abbreViations or
I
technical terms are technical terms are technical terms are technical terms are
either spelled out or either speIed out or either spefled out or either spelled out or
explained in a way explained in a way explained in a way explained in a ...
Herbie Corp-'s Balance Sheet showed the following at 12-31-13 Common S.docx
Herbie Corp\'s Balance Sheet showed the following at 12/31/13
Common Stock, $10 par $100,000
APIC $50,000
Retained Earnings $20,000
A cash dividend is declared on 12/31/13, and is payable on 1/20/14 to shareholders of record as of 1/10/14.
Show all appropriate journal entires assuming a cash dividend of $1 per share
Show all appropriate entries for a $5 per share dividend
Solution
1. Journal entry to record dividend of $1 per share. No. of shares is 10,000 ($100,000/$10)
31-12-2013 - Entry for dividend declaration will be recorded
Retained earnings (10,000X1) Debit 10,000
To Dividend payable Credit 10,000
20-1-2014, Entry to record dividend payment. There will be no entry on 10-1-2014 i.e. the record date. As record date merely determines the names of the stakeholders that will receive dividend.
Dividend payable Debit 10,000
To Cash Credit 10,000
2. Cash dividend of $5 per share. Retained earnings can be used for dividend payments. APIC cannot be used because the Company cannot declare dividends more than retained earnings. In this case, Retained earnings balance will be negative.
31-12-14
Retained earnings Debit 50,000
To Dividend payable Credit 50,000
20-1-14
Dividend payable Debit 50,000
To cash Credit 50,000
.
On January 1- 2024- Blossom Ltd- had the following shareholders' equit.docx
On January 1, 2024 , Blossom Ltd. had the following shareholders' equity accounts:
Common shares (1,090,000 issued)
$1,635,000
Retained earnings
1,962,000
The company was also authorized to issue an unlimited number of $4 noncumulative preferred shares. As at January 1, 2024 , none had been issued. During 2024, the corporation had the following transactions and events related to its shareholders' equity:
Jan.
2
Issued 109,000 preferred shares for $50 per share.
Mar.
31
Paid quarterly dividend to preferred shareholders.
June
30
Paid quarterly dividend to preferred shareholders.
Aug.
12
Issued 104,000 common shares for $1.70 per share.
Sept.
30
Paid quarterly dividend to preferred shareholders.
Dec.
31
Paid quarterly dividend to preferred shareholders and a $0.25 per share dividend to the common shareholders.
Dec.
31
Loss for the year was $103,000.
Journalize the transactions and the entries to close dividends and the income Summary account. fGredit occount titles are automatically indented when the amount is entered. Do not indent manually, If no entry is reguired, select "No Entry" for the account titles Open general ledger accounts for the shareholders' equity accounts, enter the beginning balances, and post entries from the
.
1. On August 31, Demich Co. partially refunded $180,000 of its o.docx
1. On August 31, Demich Co. partially refunded $180,000 of its outstanding 10% note payable made one year ago to Best Federal Bank by paying $180,000 plus $18,000 interest, having obtained the $198,000 by using $52,400 cash and signing a new one-year $160,000 note discounted at 9% by the bank.
Instructions
(1) Make the entry to record the partial refunding. Assume Demich Co. makes reversing entries when appropriate.
(2) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
1. Below are three independent situations.
a. In August, 2012 a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued Crusher Co. for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000.
b. A suit for breach of contract seeking damages of $2,400,000 was filed by an
author against Parker Co. on October 4, 2012. Parker’s legal counsel believes
that an unfavorable outcome is probable. A reasonable estimate of the
award to the plaintiff is between $600,000 and $1,800,000. No amount within
this range is a better estimate of potential damages than any other amount.
c. Rose is involved in a pending court case. Rose’s lawyers believe it is probable that Rose will be awarded damages of $1,000,000.
Instructions
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
2. ESSAY QUESTION: What accounting treatment is required for convertible
debt? Why? What accounting treatment is required for debt issued with stock warrants? Why?
3. On July 1, 2013, Zheng Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2013 and mature on April 1, 2023. Interest is payable semiannually on April 1 and October 1. What amount did Zheng receive from the bond issuance?
4. Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a lump sum of $72,000 cash.
Instructions
(a) Give the entry for the issuance assuming the par value of the common was $5 and the market value $30, and the par value of the preferred was $40 and the market value $50. (Each valuation is on a per share basis and there are ready markets for each stock.)
(b) Give the entry for the issuance assuming the same facts as (a) above except the preferred stock has no ready market and the common stock has a market value of $25 per share.
6. Weighted average shares outstanding.
On January 1, 2012, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On July ...
Cardinal Paz Corp. carries an account in its general ledger called I.docx
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2012
Sharapova Company common stock, $104 par, 208 shares
$41,400
April 1
U.S. government bonds, 12%, due April 1, 2022, interest payable April 1 and October 1, 111 bonds of $1,000 par each
111,000
July 1
McGrath Company 12% bonds, par $54,800, dated March 1, 2012, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2032
59,184
Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2012, using the straight-line method.
(Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Interest Receivable ????
Debt Investment ??
Interest Revenue 8,754
The fair values of the investments on December 31, 2012, were:
Sharapova Company common stock
$35,770
U.S. government bonds
146,970
McGrath Company bonds
68,160
What entry or entries, if any, would you recommend be made? (Round answers to 0 decimal places, e.g. $2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Fair Value Adjustment ????
Unrealized holding gain or loss- Equity ????
.
PAGE 1Practice exerciseChapter 1 and 2 practice exercis.docx
PAGE
1
Practice exercise
Chapter 1 and 2 practice exercise
Name
ACC: 201
Instructor:
Date
Exercise 1-2: Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors.
Required
a. Explain the primary differences between investors and creditors.
Answer:
a) The primary difference between creditors and investors is a creditor you must pay back the money borrowed and most of the time there is interest. An investor is someone that is investing in the company and normally has stock from doing so. If the company does not make it and dissolves creditors get paid first, and if there is still money left, investors get it.
b. If Kennedy has a net loss of $1,600 cash and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
b) The creditors will get $1,600, or all of their money, and the investors will get $200.
c. If Kennedy has net income of $1,600 and then liquidates, what amount of cash will the creditors receive? What amount of cash will the investors receive?
Answer:
c) The creditors will get all of their money ($1,600), and the investors will get all of the rest which is their original $1,800 + 1,600 = $3,400.
Exercise 1-4: Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang Enterprises. Chang Enterprises borrowed $40,000 from First Bank. Mr. Chang’s father-in-law, Jim Harwood, invested $64,000 into the business for which he received a 25 percent ownership interest. Chang Enterprises purchased a building from Morton Realty Company. The building cost $120,000 cash. Chang Enterprises earned $28,000 in revenue from the company's customers and paid its employees $25,000 for salaries expense.
Answer
1. $30,000 from Kenneth Changs personal account – goes into Assets under Cash and in the Statement of cash flows.
2. $40,000 Borrowed from First Bank – goes into Assets under Cash and in the Statement of cash flows.
3. $64,000 from Jim Harwood (father-in-law) He received 25% ownership interest – goes into Assets and Common Stock and then in the Statement of cash flows.
4. $120,000 went toward buying a building – this would be in the Land column
5. $28,000 Revenue – would be in the Income statement under Rev. and Net Inc., and back in the Balance sheet under Cash and Ret, Earn. Columns. This is also listed in the Statement of cash flows
6. $25,000 Employee salaries – is listed in Assets under Cash and Ret. Earn. Then in the Income Statement under Exp. And Net Inc., and then under the Statement of cash flows.
Required:
Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify.
Exercise 1-9: The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increa.
Wilco Corporation has the following account balances at December 3.docx
Wilco Corporation has the following account balances at December 31, 2012.
Common stock, $5 par value
$555,600
Treasury stock
90,720
Retained earnings
2,426,200
Paid-in capital in excess of par—common stock
1,321,900
Prepare Wilco’s December 31, 2012, stockholders’ equity section. (For preferred stock, common stock and treasury stock enter the account name only and do not provide the descriptive information provided in the question.)
WILCO CORPORATION
Stockholders’ Equity
December 31, 2012
$
:
$
Sprinkle Inc. has outstanding 10,050 shares of $10 par value common stock. On July 1, 2012, Sprinkle reacquired 107 shares at $89 per share. On September 1, Sprinkle reissued 61 shares at $90 per share. On November 1, Sprinkle reissued 46 shares at $85 per share.
Prepare Sprinkle’s journal entries to record these transactions using the cost method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
7/1/12
9/1/12
11/1/12
Graves Mining Company declared, on April 20, a dividend of $519,800, on its $5 par common stock, payable on June 1. Of this amount, $133,700 is a return of capital.
Prepare the April 20 and June 1 entries for Graves. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Apr. 20
June 1
Apr. 20 Retained Earnings = ($519,800 – $133,700) = $386,100
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,290 shares of 8%, $65 par value preferred stock, and 544,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10
Issued 80,330 shares of common stock for cash at $6 per share.
Mar. 1
Issued 5,670 shares of preferred stock for cash at $113 per share.
Apr. 1
Issued 24,730 shares of common stock for land. The asking price of the land was $90,540; the fair value of the land was $80,330.
May 1
Issued 80,330 shares of common stock for cash at $9 per share.
Aug. 1
Issued 10,290 shares of common stock to attorneys in payment of their bill of $50,620 for services rendered in helping the company organize.
Sept. 1
Issued 10,290 shares of common stock for cash at $11 per share.
Nov. 1
Issued 1,940 shares of preferred stock for cash at $115 per share.
Prepare the journal entries to record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10
M.
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
11. Cape Corporation has been acquiring shares of Planet Enterprise at book value for the last several years. Planet Enterprise provided data including the following: Planet Enterprise has a fiscal-year end of November 30 and pays it annual dividend on July 2 each year. Its net book value on January 1, 20 X 2 was $250,000. Cape purchased shares of Enterprise on two occasions: Required: Below, please give all the journal entries to be recorded on Cape\'s books in 20X7 related to s investment in Enterprise. (Please round off all calculations to the nearest dollar (e.g.. $1,227.56 - $1,228). 12. In 2012, the Gold Company reported a net income of $80,000 and paid dividends of $35,000 during this same year. The Baldwin Corporation acquired 40% of Gold shares on January 1, 2012, for $300,000. At December 31, 2012. Baldwin determined the law value of the shares of Gold to be $300,000. Baldwin\'s reported operating income of $240,000 for 2012. Compute Baldwin\'s net income for 2013 assuming it uses: A. The lair value method in accounting for its investments In Gold. B. The equity method in accounting for its investments in Gold. 13. The ABC Corporation acquired 90 percent of the Tabletop Corporation\'s voting common stock on December 31, 2014 for $279,000. At the date of the combination, Tabletop reported the following fair values of its individual assets, liabilities and stock holders\' equity accounts Both of the company\'s have a calendar-year end of December 31th.
Solution
12. if the value of the gold as per fair value is $240,000 and the original value is $300,000 so the value is declined by $60,000
b. by using equity value the total value is $300,000 plus dividend payment on 40% stake of the company.
i.e. 40% on $35,000, i.e. $14000 and the total value of the firm is $314,000
13.
purchase a/c $279,000
to cash account $279,000
.
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy
disagreements among the partners and several unprofitable periods, the partners decided to
liquidate the partnership. Before the liquidation, the partnership balance sheet showed the
following:
Cash $10,000
Total “other assets,” $106,000
Total liabilities, $88,000
Sand, Capital, $1,200
Mell, Capital, $11,700
Rand, Capital, $15,100
The “other assets” were sold for $ 85,000. Proceeds from the sale of other assets were used to
payoff existing liabilities.
Determine the following:
1)The gain (or loss) realized on the sale of the assets and recording of liabilities’ payment.
2)The balances in the partners’ capital accounts after the distribution of this gain or loss to the
capital accounts.
3)Assume that if any capital deficits exist, they are not made up and the deficient partner pays
down his or her deficit to zero. How much cash will each of the partners receive in the final
liquidation?
Solution
Balance Sheet Assets Amount Liabilities Amount Cash $ 10,000.00 Total
liabilities $ 88,000.00 Other Assets $ 106,000.00 Partner\'s Capital A/c Sand $
1,200.00 Mell $ 11,700.00 RAND $ 15,100.00 Total $ 116,000.00 Total $
116,000.00 Journal Entries Particular Amount(DR) Amount(CR) 1) Cash
A/c $ 85,000.00 Loss on realization $ 21,000.00 To Other Assets $
106,000.00 (Being amount realized on sale of assets) Sand=($21000*1/10) $
2,100.00 Mell=($21000*4/10) $ 8,400.00 Rand=($21000*5/10) $ 10,500.00
To Loss on realization $ 21,000.00 (Being loss on realization distribute to
partner\'s in their profit sharing ratio) Total Liabilities $ 88,000.00 To Cash
$ 88,000.00 (Being amount paid to total liabilities) 2) Sand\'s Capital
A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $
2,100.00 By Balance B/d $ 1,200.00 By Cash A/c $ 900.00 Total $ 2,100.00
Total $ 2,100.00 Mell\'s Capital A/c Particular Amount(Dr) Particular
Amount(Cr) To Loss on realization $ 8,400.00 By Balance B/d $ 11,700.00 To
Cash $ 3,300.00 Total $ 11,700.00 Total $ 11,700.00 Rand\'s Capital A/c
Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 10,500.00 By
Balance B/d $ 15,100.00 To Cash $ 4,600.00 Total $ 15,100.00 Total $
15,100.00 3) Cash A/c Particular Amount(Dr) Particular Amount(Cr) To
Balance b/d $ 10,000.00 By Total Liabilities $ 88,000.00 To Other assets $ 85,000.00
By Mell\'s Capital A/c $ 3,300.00 To Sand\'s Capital A/c $ 900.00 By Rand\'s
Capital A/c $ 4,600.00 Total $ 95,900.00 Total $ 95,900.00.
Fred and George have been in partnership for many years. The partn.docx
Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows:
Cash
$
100,000
Liabilities
$
80,000
Noncash assets
200,000
Fred, capital
100,000
George, capital
120,000
Total assets
$
300,000
Total liabilities and capital
$
300,000
1.
Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a.
Distributed safe cash payments to the partners.
b.
Paid $40,000 of the partnership’s liabilities.
c.
Sold noncash assets for $220,000.
d.
Distributed safe cash payments to the partners.
e.
Paid all remaining partnership liabilities of $40,000.
f.
Paid $8,000 in liquidation expenses; no further expenses will be incurred.
g.
Distributed remaining cash held by the business to the partners.
Ex. 2
A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business’s balance sheet prior to the commencement of liquidation is as follows:
Cash
$ 27,000
Liabilities
$ 40,000
Noncash assets
254,000
Simpson, capital (20%)
18,000
Hart, capital (40%)
40,000
Bobb, capital (20%)
48,000
Reidl, capital (20%)
135,000
Total assets
$281,000
Total liabilities and capital
$281,000
Prepare a predistribution plan for this partnership.
Partner
Capital Balance
Loss Allocation
Maximum loss that can be absorb
Schedule 1
Sampson
Hart
Bobb
Reidl
Schedule 2
Hart
Bobb
Reidl
Schedule 3
Bobb
Reidl
Sampson
Hart
Bobb
Reidl
Reported balances
Assumed loss
Schedule 1
Adjusted Balances
Assumed loss
Schedule 2
Adjusted balances
Assumed loss
Schedule 3
Adjusted balances
EX. 3
The Prince-Robbins partnership has the following capital account balances on January 1, 2015:
Prince, Capital
$
70,000
Robbins, Capital
60,000
Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances.
On January 2, 2015, Jeffrey invests $37,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50%), Robbins (30%), and Jeffrey (20%). In 2015, the partnership reports a net income of $15,000.
a.
Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2015. (If no entry .
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 31,2020 , balance sheet. The following items
may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed
declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The
dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common
stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111,
299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in
installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December
31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of
customer advances; advances of $26,948,000 should be recognized in income. For each item
above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if
any..
Partnership Accounting
Partnership Accounting
unfinished powerpoint, sorry
LINK FOR A WHOLE BOOK: https://www.pdfdrive.com/partnership-encodeddocument-e200723293.html
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credit
4. When Such Dividend is Paid
Dividend Account Debit
Bank Account Credit
Examples :
Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2
per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The
following journal entries are required:
1. Date of declaration, Dec. 20, 2011
Retained Earning Account Debit 8,00,000
Dividend Payable Account Credit 8,00,000
2. When dividend is paid on Date of payment, April 1, 2012
Dividend Payable Account Debit 8,00,000
Bank Account Credit 8,00,0000
Important : Sometime company may not have sufficient cash, at that time, company may give his
fully paid up new equity shares or other investments. So, we will not credit the bank account but
we will credit the equity share capital or investment.
Solution
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credi.
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
14- Which of the following is the correct name for NalICO- A- Sodiuns.docx
14. Which of the following is the correct name for NalICO, A. Sodiuns bydrocarbonate B. Sodium carbonate C. Sodium bicarbide D. Sodium hydrogen carbonate E. None of the above 15. What is the formula of the acid that is formed from the SeO ion? A. HSeO B. HaSe D. HaSeO E. None of the above correct name of the compound with the formula So(SO)? A. tin (ID) sulfite B. tin(II) sulfate C. tin(IV) sulfite D. tin(IV) sulfate E. tin sulfate 17. Which of the following substances is not molecular? A. NiCl B. Br D. NCl E. CS2 18. Consider the following statements. Which of them is not true about an ideal gas? A. Gas particles are strongly attracted to each other. B. Gas particles behave independently of each other C. Gas particles collide with each other and with the walls of the container without losing any energy D. The volume occupied by the gas particles is very small compared to the total volume of the container whic holds the gas. E. All of the above are true for gases. 9. Which of the following underlined properties is a chemical property? A. When water is heated at atmospheric pressure, it boils at 100 C B. Iodine is a purple solid that changes directly to a gas when heated C. When hydrochloric acid is mixed with calcium carbonate, carbon dioxide gas is given off. D. Water is a clear, colorless liquid. E. None of the above. Which of the following is a physical change? A. Water decomposes to form hydrogen and oxygen. B. Gasoline burns in a car\'s engine to form carbon dioxide and water. C. Iron rusts after being exposed to air and moisture. D. Group I elements are highly reactive with water E. None of the above is a physical change.
Solution
14. Sodium hydrogen carbonate
15. H2SeO4
16. Tin(IV) sulphate . SO3(2-)
17. NiCl2
18. Gas particles are strongly attached to each other . This statement is not true about the ideal gas.
19. Chemical reaction takes place in option C . When HCl is mixed with calcium carbonate , CO2 gas is given off.
20. In physical change there should not be disturbance in the chemical formula of the compound after the changement
But here all the options reveals that the chemical formula is disturbed . So none of the above is a physical change.
If you satisfied with the solution please like it thankxx
.
14 Income tax is estimated at 40- of income- What factors other than e.docx
14
Income tax is estimated at 40% of income.
What factors other than earnings per share should be considered in evaluating alternative financing plans?
Solution
Solution - a) Interest on bonds has to be paid no matter if the performance of the company is good where as there is no such compulsion to pay dividends on common stock.
.
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Similar to 1-The party to receive a distribution of principal from an estate is l.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221
Midterm Problems
1. Albert Corporation is authorized to issue 1,500,000 shares of $4 par value common stock. During
2013, its first year of operation, the company has the following stock transactions.
Jan. 15 Issued 500,000 shares of stock at $11 per share.
Jan.
30
The company’s attorney accepted 3,500 shares of common stock as payment for legal
services rendered in helping the company incorporate. The legal services are estimated to
have a value of $28,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of $2,000,000. The
stock is currently selling on a national exchange at $14 per share.
Instructions
Journalize the transactions for Albert Corporation.
2. Vero Corporation has the following stockholders' equity accounts on January 1, 2013:
The company uses the cost method to account for treasury stock transactions. During 2013, the
following treasury stock transactions occurred:
March 1 Purchased 12,000 shares at $18 per share.
July 1 Sold 3,500 shares at $21 per share.
Sept 1 Sold 3,100 shares at $14 per share.
Instructions
Journalize the treasury stock transactions for 2013.
Due Date: Sunday, April 7 @ 11 p.m. ET submit via WebTycho Assignment Folder
1
Common Stock, $10 par value $1,500,000
Paid-in Capital in Excess of Par 200,000
Retained Earnings 500,000
Total Stockholders’ Equity $2,200,000
3. Domino Corporation was organized on January 1, 2011. During its first year, the corporation issued
20,000 shares of $5 par value preferred stock and 200,000 shares of $1 par value common stock. At
December 31, the company declared the following cash dividends:
Year Dividend
2011 5,000
2012 15,000
2013 35,000
Instructions
(a) Show the allocation of dividends to each class of stock, assuming the preferred stock dividend
is 8% and cumulative.
(b) Journalize the declaration of the cash dividend at December 31, 2013.
4. On January 1, 2013, Alsace Corporation had $3,000,000 of $5 par value common stock outstanding
that was issued at par and retained earnings of $2,000,000. The company issued 250,000 shares of
common stock at $14 per share on July 1. On December 15, the board of directors declared a 15%
stock dividend to stockholders of record on December 31, 2013, payable on January 15, 2014. The
market value of Alsace Corporation stock was $18 per share on December 15 and $20 per share on
December 31. Net income for 2013 was $550,000.
Instructions
Journalize the issuance of stock on July 1, the declaration of the stock dividend on December 15,
2013, and the issuance of the stock dividend on January 15, 2014.
5. Prepare the journal entries for the following two independent situations:
(a) On January 1, 2013, Hathaway Corporation issued $300,000, 11%, 10-year bonds for $291,780.
The bonds were sold to yield an effective-interest rate of 12%. Prepare the journal entry that
Hathaway Corporation would make on January 1.
(b) Monaghan, Inc. redeemed .
11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
11. Cape Corporation has been acquiring shares of Planet Enterprise at book value for the last several years. Planet Enterprise provided data including the following: Planet Enterprise has a fiscal-year end of November 30 and pays it annual dividend on July 2 each year. Its net book value on January 1, 20 X 2 was $250,000. Cape purchased shares of Enterprise on two occasions: Required: Below, please give all the journal entries to be recorded on Cape\'s books in 20X7 related to s investment in Enterprise. (Please round off all calculations to the nearest dollar (e.g.. $1,227.56 - $1,228). 12. In 2012, the Gold Company reported a net income of $80,000 and paid dividends of $35,000 during this same year. The Baldwin Corporation acquired 40% of Gold shares on January 1, 2012, for $300,000. At December 31, 2012. Baldwin determined the law value of the shares of Gold to be $300,000. Baldwin\'s reported operating income of $240,000 for 2012. Compute Baldwin\'s net income for 2013 assuming it uses: A. The lair value method in accounting for its investments In Gold. B. The equity method in accounting for its investments in Gold. 13. The ABC Corporation acquired 90 percent of the Tabletop Corporation\'s voting common stock on December 31, 2014 for $279,000. At the date of the combination, Tabletop reported the following fair values of its individual assets, liabilities and stock holders\' equity accounts Both of the company\'s have a calendar-year end of December 31th.
Solution
12. if the value of the gold as per fair value is $240,000 and the original value is $300,000 so the value is declined by $60,000
b. by using equity value the total value is $300,000 plus dividend payment on 40% stake of the company.
i.e. 40% on $35,000, i.e. $14000 and the total value of the firm is $314,000
13.
purchase a/c $279,000
to cash account $279,000
.
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy
disagreements among the partners and several unprofitable periods, the partners decided to
liquidate the partnership. Before the liquidation, the partnership balance sheet showed the
following:
Cash $10,000
Total “other assets,” $106,000
Total liabilities, $88,000
Sand, Capital, $1,200
Mell, Capital, $11,700
Rand, Capital, $15,100
The “other assets” were sold for $ 85,000. Proceeds from the sale of other assets were used to
payoff existing liabilities.
Determine the following:
1)The gain (or loss) realized on the sale of the assets and recording of liabilities’ payment.
2)The balances in the partners’ capital accounts after the distribution of this gain or loss to the
capital accounts.
3)Assume that if any capital deficits exist, they are not made up and the deficient partner pays
down his or her deficit to zero. How much cash will each of the partners receive in the final
liquidation?
Solution
Balance Sheet Assets Amount Liabilities Amount Cash $ 10,000.00 Total
liabilities $ 88,000.00 Other Assets $ 106,000.00 Partner\'s Capital A/c Sand $
1,200.00 Mell $ 11,700.00 RAND $ 15,100.00 Total $ 116,000.00 Total $
116,000.00 Journal Entries Particular Amount(DR) Amount(CR) 1) Cash
A/c $ 85,000.00 Loss on realization $ 21,000.00 To Other Assets $
106,000.00 (Being amount realized on sale of assets) Sand=($21000*1/10) $
2,100.00 Mell=($21000*4/10) $ 8,400.00 Rand=($21000*5/10) $ 10,500.00
To Loss on realization $ 21,000.00 (Being loss on realization distribute to
partner\'s in their profit sharing ratio) Total Liabilities $ 88,000.00 To Cash
$ 88,000.00 (Being amount paid to total liabilities) 2) Sand\'s Capital
A/c Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $
2,100.00 By Balance B/d $ 1,200.00 By Cash A/c $ 900.00 Total $ 2,100.00
Total $ 2,100.00 Mell\'s Capital A/c Particular Amount(Dr) Particular
Amount(Cr) To Loss on realization $ 8,400.00 By Balance B/d $ 11,700.00 To
Cash $ 3,300.00 Total $ 11,700.00 Total $ 11,700.00 Rand\'s Capital A/c
Particular Amount(Dr) Particular Amount(Cr) To Loss on realization $ 10,500.00 By
Balance B/d $ 15,100.00 To Cash $ 4,600.00 Total $ 15,100.00 Total $
15,100.00 3) Cash A/c Particular Amount(Dr) Particular Amount(Cr) To
Balance b/d $ 10,000.00 By Total Liabilities $ 88,000.00 To Other assets $ 85,000.00
By Mell\'s Capital A/c $ 3,300.00 To Sand\'s Capital A/c $ 900.00 By Rand\'s
Capital A/c $ 4,600.00 Total $ 95,900.00 Total $ 95,900.00.
Fred and George have been in partnership for many years. The partn.docx
Fred and George have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows:
Cash
$
100,000
Liabilities
$
80,000
Noncash assets
200,000
Fred, capital
100,000
George, capital
120,000
Total assets
$
300,000
Total liabilities and capital
$
300,000
1.
Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
a.
Distributed safe cash payments to the partners.
b.
Paid $40,000 of the partnership’s liabilities.
c.
Sold noncash assets for $220,000.
d.
Distributed safe cash payments to the partners.
e.
Paid all remaining partnership liabilities of $40,000.
f.
Paid $8,000 in liquidation expenses; no further expenses will be incurred.
g.
Distributed remaining cash held by the business to the partners.
Ex. 2
A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business’s balance sheet prior to the commencement of liquidation is as follows:
Cash
$ 27,000
Liabilities
$ 40,000
Noncash assets
254,000
Simpson, capital (20%)
18,000
Hart, capital (40%)
40,000
Bobb, capital (20%)
48,000
Reidl, capital (20%)
135,000
Total assets
$281,000
Total liabilities and capital
$281,000
Prepare a predistribution plan for this partnership.
Partner
Capital Balance
Loss Allocation
Maximum loss that can be absorb
Schedule 1
Sampson
Hart
Bobb
Reidl
Schedule 2
Hart
Bobb
Reidl
Schedule 3
Bobb
Reidl
Sampson
Hart
Bobb
Reidl
Reported balances
Assumed loss
Schedule 1
Adjusted Balances
Assumed loss
Schedule 2
Adjusted balances
Assumed loss
Schedule 3
Adjusted balances
EX. 3
The Prince-Robbins partnership has the following capital account balances on January 1, 2015:
Prince, Capital
$
70,000
Robbins, Capital
60,000
Prince is allocated 80 percent of all profits and losses with the remaining 20 percent assigned to Robbins after interest of 10 percent is given to each partner based on beginning capital balances.
On January 2, 2015, Jeffrey invests $37,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the goodwill method. After this transaction, 10 percent interest is still to go to each partner. Profits and losses will then be split as follows: Prince (50%), Robbins (30%), and Jeffrey (20%). In 2015, the partnership reports a net income of $15,000.
a.
Prepare the journal entry to record Jeffrey entrance into the partnership on January 2, 2015. (If no entry .
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 31,2020 , balance sheet. The following items
may be reported as either a current or long-term liability. 1. On December 15,2020 . Riverbed
declared a cash dividend of $2.40 per share to stockholders of record on December 31 . The
dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common
stock, of which 50,000 shares are held in treasury. 2. At December 31 , bonds payable of $111,
299,000 are outstanding. The bonds pay 12% interest every September 30 and mature in
installments of $27,824,750 every September 30 , beginning September 30,2021. 3. At December
31,2019 , customer advances were $13,603,000. During 2020 , Riverbed collected $30,634,000 of
customer advances; advances of $26,948,000 should be recognized in income. For each item
above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if
any..
Partnership Accounting
Partnership Accounting
unfinished powerpoint, sorry
LINK FOR A WHOLE BOOK: https://www.pdfdrive.com/partnership-encodeddocument-e200723293.html
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status
REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its
investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600
9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for
$6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the
transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two
companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts
about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40%
7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000
$122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020
KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal
entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company
pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at
100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a
trading security on Julie\'s books. On December 31, the bonds have a market value reflecting a
97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in
2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All
Answers to save all answers
Solution
SOLUTION
Question -1DateAccount titles and ExplanationDebit ($)Credit ($)6/1Investment in
Stock14,600Common shares14,600(To record purchase of shares)9/1Dividend (700 *
$1)700Cash700(To record payment of dividend)11/1Cash6,300Investment in shares6,300(To
record sales of Dawe shares)12/30Dividends280Cash (700 * 80% * $0.50)280(To record
payment of dividend).
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credit
4. When Such Dividend is Paid
Dividend Account Debit
Bank Account Credit
Examples :
Let’s assume that the Reliance Corporation, on Dec. 20, 2011, declared a cash dividend of Rs. 2
per share on 4,00,000 shares payable April 1, 2012, to all stockholders of record March 15. The
following journal entries are required:
1. Date of declaration, Dec. 20, 2011
Retained Earning Account Debit 8,00,000
Dividend Payable Account Credit 8,00,000
2. When dividend is paid on Date of payment, April 1, 2012
Dividend Payable Account Debit 8,00,000
Bank Account Credit 8,00,0000
Important : Sometime company may not have sufficient cash, at that time, company may give his
fully paid up new equity shares or other investments. So, we will not credit the bank account but
we will credit the equity share capital or investment.
Solution
Scenario 1 :
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $1 / share
To Proposed Dividend $ 1/ share
2) 20th Jan Proposed dividend Account Dr $ 1/ share
To Bank $ 1/ share
Scenario 2:
1) Dec 31st Profit & loss Appropriation/ reserves Account Dr $5 / share
To Proposed Dividend $ 5/ share
2) 20th Jan Proposed dividend Account Dr $ 5/ share
To Bank $ 5/ share
Notes:
Dividend is the source of income of shareholders when they invest money in shares for gaining
the dividend. On the other hand, when company declares the dividend for shareholder, it will be
the deduction of its net profit. For transferring dividend out of net profit, we make the profit and
loss appropriation account.
Following are the journal entries of dividends
1. When dividend is proposed by company out of net profit.
Profit and Loss Appropriation Account Debit
Proposed Dividend Account Credit
2. When Proposed dividend is paid by Company
Proposed Dividend Account Debit
Bank Account Credit
3. When Dividend is Declared Out of Retained Earning
Retained Earning Account Debit
Dividend Account Credi.
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distributed $8,000 to Bobbie and $12,000 to Fran. Their respective bases ...
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or are true?
I. The co-ownership of business property, where only minimal services are provided by the owners for their tenants, generally constitutes a partnership for federal income tax purposes.
II. As a general rule, when a person obtains an interest in partnership capital through rendition of services, compensation (ordinary) income is recognized to the extent of the fair market value of the interest received.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
2. Which, if either, of the following statements is or are true?
I. On the formation of a partnership, the contribution by one partner of encumbered property to a partnership when other partners contribute only cash will not result in taxation unless the total amount of the debt relief exceeds the contributor’s basis in the contributed property.
II. The contribution of accounts receivable to a partnership results in immediate taxation to the contributor to the extent of the fair market value of the receivables on date of contribution.
a. I only.
b. II only.
c. Both I and II.
d. Neither I nor II.
3. Under the check-the-box regulations a corporation incorporated under the law of any state can
a. elect to be taxed as a partnership
b. elect to be taxed as a limited liability company
c. elect to be taxed as a sole proprietor if there is only one shareholder
d. not be taxed as anything other than a corporation
4. On January 2, 2013, Henry, Cabot, and Lodge formed a three-person equal partnership with Henry and Cabot each contributing $100,000 and Lodge contributing securities with a basis to him of $60,000 and a fair market value of $100,000. On February 28, 2013, the partnership sold the securities for $130,000. The amount of the gain to be allocated to Lodge is:
a. $70,000
b. $50,000
c. $30,000
d. $23,333
e. $10,000
5. Malcolm, a dealer in securities, is a 60 percent owner of the Real Partnership which on July 1, 2012, sold to him Acme Securities which it had held as an investment for three years. The basis of the securities to the Real Partnership was $40,000, and the sales price to Malcolm was $100,000. On his 2012 federal income tax return, Malcolm should report income in the amount and character of:
a. $36,000 long-term capital gain
b. $36,000 short-term capital gain
c. $36,000 ordinary income
d. $18,000 long-term capital gain
e. $18,100 ordinary income
6. Bobbie and Fran are partners in the Quick Freeze partnership, owning respectively 60 percent and 40 percent of the partnership's capital and profits. At the beginning of the 2012, their bases in their partnership interests were $18,000 and $12,000, respectively. During the year, the partnership had the following items of income: partnership ordinary income, $30,000; long-term capital gains, $10,000; and tax-exempt income from municipal bond interest, $5,000. The partnership distri ...
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ACCT 221Midterm Problems1. Albert Corporation is author.docx
ACCT 221Midterm Problems1. Albert Corporation is author.docx
11- Cape Corporation has been acquiring shares of Planet Enterprise at.docx
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Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Sand, Mell, and Rand are partners who share incomes and losses in a .pdf
Fred and George have been in partnership for many years. The partn.docx
Fred and George have been in partnership for many years. The partn.docx
River bed Corporation is preparing its December 312020 ba.pdf
River bed Corporation is preparing its December 312020 ba.pdf
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Remaining Time 31 minutes, 22 seconds QUESTION 1 Question Completion.pdf
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
Scenario 1 1) Dec 31st Profit & loss Appropriation reserves Acco.pdf
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or are true .docx
1. Which, if either, of the following statements is or ar.docx
1. Which, if either, of the following statements is or ar.docx
More from todd991
14- Which of the following is the correct name for NalICO- A- Sodiuns.docx
14. Which of the following is the correct name for NalICO, A. Sodiuns bydrocarbonate B. Sodium carbonate C. Sodium bicarbide D. Sodium hydrogen carbonate E. None of the above 15. What is the formula of the acid that is formed from the SeO ion? A. HSeO B. HaSe D. HaSeO E. None of the above correct name of the compound with the formula So(SO)? A. tin (ID) sulfite B. tin(II) sulfate C. tin(IV) sulfite D. tin(IV) sulfate E. tin sulfate 17. Which of the following substances is not molecular? A. NiCl B. Br D. NCl E. CS2 18. Consider the following statements. Which of them is not true about an ideal gas? A. Gas particles are strongly attracted to each other. B. Gas particles behave independently of each other C. Gas particles collide with each other and with the walls of the container without losing any energy D. The volume occupied by the gas particles is very small compared to the total volume of the container whic holds the gas. E. All of the above are true for gases. 9. Which of the following underlined properties is a chemical property? A. When water is heated at atmospheric pressure, it boils at 100 C B. Iodine is a purple solid that changes directly to a gas when heated C. When hydrochloric acid is mixed with calcium carbonate, carbon dioxide gas is given off. D. Water is a clear, colorless liquid. E. None of the above. Which of the following is a physical change? A. Water decomposes to form hydrogen and oxygen. B. Gasoline burns in a car\'s engine to form carbon dioxide and water. C. Iron rusts after being exposed to air and moisture. D. Group I elements are highly reactive with water E. None of the above is a physical change.
Solution
14. Sodium hydrogen carbonate
15. H2SeO4
16. Tin(IV) sulphate . SO3(2-)
17. NiCl2
18. Gas particles are strongly attached to each other . This statement is not true about the ideal gas.
19. Chemical reaction takes place in option C . When HCl is mixed with calcium carbonate , CO2 gas is given off.
20. In physical change there should not be disturbance in the chemical formula of the compound after the changement
But here all the options reveals that the chemical formula is disturbed . So none of the above is a physical change.
If you satisfied with the solution please like it thankxx
.
14 Income tax is estimated at 40- of income- What factors other than e.docx
14
Income tax is estimated at 40% of income.
What factors other than earnings per share should be considered in evaluating alternative financing plans?
Solution
Solution - a) Interest on bonds has to be paid no matter if the performance of the company is good where as there is no such compulsion to pay dividends on common stock.
.
12-19 Notes Compare and contrast the Hubble Space Telescope with James.docx
12:19 Notes Compare and contrast the Hubble Space Telescope with James Webb Space Telescope (JwST).
Solution
1) Type of light do the telescopes see :
Hubble : Hubble’s main focus is on visible and ultraviolet light. Its instruments can observe a small portion of the infrared spectrum from 0.8 to 2.5 microns, but not to the extent that James Webb can. Instead it focuses its unique ultraviolet (0.1 to 0.4 micron) capabilities.
Webb space: James Webb has been designed to focus on the infrared part of the spectrum from 0.6 (red light) to 28 microns (infrared). This means it won’t be able to see in ultraviolet light like Hubble, but will be able to focus on infrared bright objects like extremely distant galaxies.
2) Size:
Hubble : Hubble is 13.2 meters (43.5 ft.) long and its maximum diameter is 4.2 meters (14 ft.) It is about the size of a large tractor-trailer truck.
Webb space : James Webb\'s sunshield is about 22 meters by 12 meters (69.5 ft x 46.5 ft). It\'s about half as big as a 737 aircraft. The sunshield is about the size of a tennis court.
3) distances between the telescopes and Earth
Hubble : The Hubble Space Telescope orbits around the Earth at an altitude of ~570 km above it.
Webb space: James Webb will not actually orbit the Earth - instead it will sit at the Earth-Sun L2 Lagrange point, 1.5 million km away! At the L2 point James Webb\'s solar shield will block the light from the Sun, Earth, and Moon. This will help James Webb stay cool, which is very important for an infrared telescope.
I hope this would be helpful ...
.
12-5 Distribution of Cash Upon Liquidation Manley and Singh are partne.docx
12.5
Distribution of Cash Upon Liquidation
Manley and Singh are partners, sharing gains and losses equally. They decide to terminate their partnership . Prior to realization , their capital balances are $20,000 and $15,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $19,000.
Hint(s)
a. What is the amount of a gain or loss on realization?
Gain or Loss
SelectGainLoss
Amount
$
Hint(s)
b. How should the gain or loss be divided between Manley and Singh?
Manley
SelectGainLoss
Singh
SelectGainLoss
Hide
c. How should the cash be divided between Manley and Singh? If an amount is zero, enter \"0\".
Manley and Singh
Distribution of Cash
Manley
Singh
Capital balances before realization
$
$
Division of gain or loss on realization
Balances
$
$
Cash distributed to partners
Final balances
$
$
Solution
Particulars Amount Capital of Manley 20,000.00 Capital of Singh 15,000.00 Total Capital 35,000.00 Cash Balance 19,000.00 Net Loss to be divided equally 16,000.00 Loss of Manley 8,000.00 Loss of Singh 8,000.00 Particulars Manley Singh Capital balances before realisation 20,000.00 15,000.00 Division of loss on realisation (8,000.00) (8,000.00) Balances after loss 12,000.00 7,000.00 Cash Distributed to partners 12,000.00 7,000.00 Final Balances - -
.
10- Consider the following data structure used for implementing a link.docx
10. Consider the following data structure used for implementing a linked list: struct Node int data. Node *next; Implement the function that takes a pointer to the first node of a linked list and an integer value as arguments. It returns -1 if the input value is not equal to the data value of any item in the list. Otherwise, it returns the location of an item in the list whose data value is equal to the input value. Assume that the location of the first item in the list is 0. int search List (Node *head, int value) write the function body
Solution
#include <iostream>
using namespace std;
struct Node{
int data;
Node *next;
};
//inserting element at front side in list
void insert(Node **head,int data){
struct Node *temp;
if(*head==NULL){
(*head)=(struct Node*)malloc(sizeof(struct Node));
(*head)->data=data;
(*head)->next=NULL;
}else{
temp=(struct Node*)malloc(sizeof(struct Node));
temp->data=data;
temp->next=(*head);
(*head)=temp;
}
}
// searching element in list
int searchList(Node *head, int value){
int i=0;int flag=0;
while(head!=NULL){
if(head->data==value){
flag=1;
return i;
}
i++;
head=head->next;
}
if(flag==0)
return -1;
}
void printElement(Node *head){
while(head!=NULL){
cout<<head->data;
head=head->next;
}
}
int main()
{
struct Node *head=NULL;
insert(&head,10);
insert(&head,20);
insert(&head,30);
insert(&head,40);
insert(&head,50);
//printElement(head);
int rValue=searchList(head,30);
if(rValue==-1){
cout<<\"Value do not exist in list\"<<endl;
}
else{
cout<<\"Value exist at position \"<<rValue<<endl;
}
return 0;
}
/*sample output*/
searchList(head,30);
Value exist at 2
searchList(head,60);
Value do not exist in list
.
10 Solution#include-iostream-h- #include-conio-h- #include-process-h-.docx
10
Solution
#include<iostream.h>
#include<conio.h>
#include<process.h>
struct tree_node
{
tree_node *left;
tree_node *right;
int data;
} ;
class bst
{
tree_node *root;
public:
bst()
{
root=NULL;
}
int isempty()
{
return(root==NULL);
}
void insert(int item);
void inordertrav();
void inorder(tree_node *);
void postordertrav();
void postorder(tree_node *);
void preordertrav();
void preorder(tree_node *);
};
void bst::insert(int item)
{
tree_node *p=new tree_node;
tree_node *parent;
p->data=item;
p->left=NULL;
p->right=NULL;
parent=NULL;
if(isempty())
root=p;
else
{
tree_node *ptr;
ptr=root;
while(ptr!=NULL)
{
parent=ptr;
if(item>ptr->data)
ptr=ptr->right;
else
ptr=ptr->left;
}
if(item<parent->data)
parent->left=p;
else
parent->right=p;
}
}
void bst::inordertrav()
{
inorder(root);
}
void bst::inorder(tree_node *ptr)
{
if(ptr!=NULL)
{
inorder(ptr->left);
cout<<\" \"<<ptr->data<<\" \";
inorder(ptr->right);
}
}
void bst::postordertrav()
{
postorder(root);
}
void bst::postorder(tree_node *ptr)
{
if(ptr!=NULL)
{
postorder(ptr->left);
postorder(ptr->right);
cout<<\" \"<<ptr->data<<\" \";
}
}
void bst::preordertrav()
{
preorder(root);
}
void bst::preorder(tree_node *ptr)
{
if(ptr!=NULL)
{
cout<<\" \"<<ptr->data<<\" \";
preorder(ptr->left);
preorder(ptr->right);
}
}
void main()
{
bst b;
b.insert(52);
b.insert(25);
b.insert(50);
b.insert(15);
b.insert(40);
b.insert(45);
b.insert(20); cout<<\"inorder\"<<endl;
b.inordertrav();
cout<<endl<<\"postorder\"<<endl;
b.postordertrav();
cout<<endl<<\"preorder\"<<endl;
b.preordertrav();
getch();
}
.
1-What are the consequences of long term unemployment- 2-Should the go.docx
1.What are the consequences of long term unemployment?
2.Should the government help the unemployed? What role do you think the government has in our economy?
3.What should individuals facing long term unemployment do to deal with this situation?
Solution
1) the rise in the incidence of longterm unemployment has been \"caused\" by a collapse of outflow rates at all durations of unemployment; while the longterm unemployed do leave unemployment at a slower rate than the shortterm unemployed, this has always been the case and their relative outflow rate has not fallen over time; there is no evidence that, for a given level of unemployment, the incidence of longterm unemployment has been ratcheting up over time; once one controls for heterogeneity of the unemployed, there is little evidence of outflow rates that decline over a spell of unemployment. While these findings suggest that longterm unemployment is not a problem independent of unemployment itself, one should recognize that the experience of longterm unemployment is a horrid one for those unfortunate enough to experience it
2) the Great Depression of the 1930s, recessions -- periods of slow economic growth and highunemployment -- were viewed as the greatest of economic threats. When the danger of recession appeared most serious, government sought to strengthen theeconomy by spending heavily itself or cuttingtaxes so that consumers would spend more, and by fostering rapid growth in the money supply, which also encouraged more spending. In the 1970s, major price increases, particularly for energy, created a strong fear of inflation -- increases in the overall level of prices. As a result, government leaders came to concentrate more on controlling inflation than on combating recession by limiting spending, resisting tax cuts, and reining in growth in the money supply.
Ideas about the best tools for stabilizing theeconomy changed substantially between the 1960s and the 1990s. In the 1960s, government had great faith in fiscal policy -- manipulation of government revenues to influence the economy. Since spending andtaxes are controlled by the president and the Congress, these elected officials played a leading role in directing the economy
3) dealing with long term
.
1-What is the conjugate base of H2C2O4- 2-Which of the following acid.docx
1.What is the conjugate base of H2C2O4?
2.Which of the following acids and bases are weak?
HNO3 HF LiOH CH3NH2 H2SO4
3.If a solution contains a hydrogen ion concentration of 6.21 x 10-5 M, what is the [OH-] and is the solution acidic or basic?
4.What is the [H+] of a solution with a pOH of 8.21?
1.What is the conjugate base of H2C2O4?
2.Which of the following acids and bases are weak?
HNO3 HF LiOH CH3NH2 H2SO4
3.If a solution contains a hydrogen ion concentration of 6.21 x 10-5 M, what is the [OH-] and is the solution acidic or basic?
4.What is the [H+] of a solution with a pOH of 8.21?
1.What is the conjugate base of H2C2O4?
2.Which of the following acids and bases are weak?
HNO3 HF LiOH CH3NH2 H2SO4
3.If a solution contains a hydrogen ion concentration of 6.21 x 10-5 M, what is the [OH-] and is the solution acidic or basic?
4.What is the [H+] of a solution with a pOH of 8.21?
Solution
1. The conjugate base of H2C2O4 is HC2O4-
2. Strong acid: HNO3, H2SO4
Strong base: LiOH
Weak acid:Â Â HF
Weak base: CH3NH2
3.
[H+] = 6.21 x 10 -5 M
pH = -loh[H+]
pH = -log[6.21 x 10 -5 M]
pH = 4.20
Now, pOH = 14 - pH
pOH = 14 - 4.2
pOH = 9.8
Now, [OH-] = 10 -pOH
[OH-] = 10 -9.8
[OH-] = 1.58 x 10 -10 M (acidic solution)
4.
pH = 14 - pOH
pH = 14 - 8.21
pH = 5.79
[H+] = 10 -pH
[H+] = 10 -5.79
[H+] = 1.62 x 10 -6 M
.
1-The fund financial statements for governmental funds should include.docx
1-The fund financial statements for governmental funds should include a
A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund balances. C: tatement of cash flows. D; All of the above
2- Which of the following terms refers to an actual cost rather than an estimate?
A; Budget, B: Encumbrance, C: Expenditure, D : Appropriation
3- Equity in a special Revenue fund is known as ?
A: Restricted net assets, B; Fund balance. C: Invested in capital assets, D: Net postion
4- The government fund of a state or local government should report interfund transfers as?
A: Other financing sources or uses, B: Items appearing after nonoperating revenues and expenses in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities
5- Under which basis of accounting is it appropriate to recognize expenses that expenditures?
A: cash, B: Modified cash, C : accrual, D: modified accrual
Solution
1-The fund financial statements for governmental funds should include a
A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund balances. C: statement of cash flows. D; All of the above
2- Which of the following terms refers to an actual cost rather than an estimate?
A; Budget, B: Encumbrance, C: Expenditure , D : Appropriation
3- Equity in a special Revenue fund is known as ?
A: Restricted net assets , B; Fund balance. C: Invested in capital assets, D: Net postion
4- The government fund of a state or local government should report interfund transfers as?
A: Other financing sources or use s, B: Items appearing after nonoperating revenues and expenses in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities
5- Under which basis of accounting is it appropriate to recognize expenses that expenditures?
A: cash, B: Modified cash, C : accrual, D: modified accrual
.
1-To a young researcher- what are the advantages of using the method o.docx
1.To a young researcher, what are the advantages of using the method of participant observation? What are the disadvantages?
2. What are ways that gender can shape sociological research?
3. Do you think Zimbardo’s Stanford County Prison (research it) experiment was ethical, or should he have been prevented from conducting this study? Defend your position.
4.Explain how you would develop a representative sample of students on your campus in order to conduct some survey research.
Solution
Such research involves a range of well-defined, though variable methods: informal interviews, direct observation, participation in the life of the group, collective discussions, analyses of personal documents produced within the group, self-analysis, results from activities undertaken off or online, and life-histories. Although the method is generally characterized as qualitative research, it can (and often does) include quantitative dimensions. Traditional participant observation is usually undertaken over an extended period of time, ranging from several months to many years, and even generations. An extended research time period means that the researcher is able to obtain more detailed and accurate information about the individuals, community, and/or population under study. Observable details (like daily time allotment) and more hidden details (like taboo behavior) are more easily observed and interpreted over a longer period of time. A strength of observation and interaction over extended periods of time is that researchers can discover discrepancies between what participants say—and often believe—should happen (the formal system) and what actually does happen, or between different aspects of the formal system; in contrast, a one-time survey of people\'s answers to a set of questions might be quite consistent, but is less likely to show conflicts between different aspects of the social system or between conscious representations and behavior.
In participant observation,a researcher\'s discipline based interests and commitments shape which events he or she considers are important and relevant to the research inquiry.According to Howell (1972), the four stages that most participant observation research studies are establishing rapport or getting to know the people, immersing oneself in the field, recording data and observations, and consolidating the information gathered.
.
1-Consider an organization with which you have been affiliated as an e.docx
1.Consider an organization with which you have been affiliated as an employee or a member, such as a business, church, sorority, and the like. Provide a short overview.
2. Describe the planning system of this organization.
3. Was it effective? If not, why?
Part 2
1. Recall a situation in which you made a decision for which the outcome was satisfactory, but not optimal.
2. Describe the reasons you accepted this satisficing decision rather than pushing on to make an optimal decision.
Solution
Delta Sigma Theta (???) is a not-for profit Greek-lettered sorority of college-educated women dedicated to public service with an emphasis on programs that target the African American community. Delta Sigma Theta Sorority was founded on January 13, 1913, by 22 collegiate women at Howard University. These students wanted to use their collective strength to promote academic excellence and to provide assistance to persons in need. The first public act of Delta Sigma Theta was the Women\'s Suffrage March in Washington D.C., March 3, 1913. Today, Delta Sigma Theta Sorority is the largest African-American Greek-lettered organization.[2] Membership in Delta Sigma Theta is open to any woman who meets the membership requirements, regardless of religion, race, or nationality. Women may join through undergraduate chapters at a college or university, or after acquiring a college degree through an alumnae chapter.
Since its founding, Delta Sigma Theta has been at the forefront of creating programming to improve political, education, and social and economic conditions. Delta Sigma Theta has been pivotal in assisting the African American and International communities through education, lobbying, and economic initiatives, including Delta Days at the State and Nation\'s Capitol, Delta Days at the United Nations, Summits and various conferences which focus on pertinent issues of the day. In addition to establishing independent programming, The Sorority consistently collaborates with community and corporate organizations Such as Chase (bank), Habitat for Humanity, Coca-Cola, Wal-Mart, Lawry\'s, and General Electric to further its programming goals.
A sisterhood of more than 300,000 initiated members who are predominantly black college-educated women, the sorority currently has over 1,000 chapters located in the United States, England, Japan (Tokyo and Okinawa), Germany, the Virgin Islands, Jamaica, Bermuda, the Bahamas and the Republic of Korea. Delta Sigma Theta is a member of multiple organizations, including the National Pan-Hellenic Council (NPHC)
.
1-Astronomers estimate that a low-mass red dwarf star like Proxima Cen.docx
1.Astronomers estimate that a low-mass red dwarf star like Proxima Centauri will shine on the main sequence for four trillion years. Speculate why this star would last so much longer than the estimated 600 Gyr.
2.The star Mira is 1.2 times the mass of the Sun and about 10,000 times more luminous than the Sun. Would Mira fit into the table above? Why or why not?
Solution
1. To understand why red dwarfs have such long lifespans, we’ll need to take a look at main sequence stars first, and see how they’re different. If you could peel back the Sun like a grapefruit, you’d see juicy layers inside.
In the core, immense pressure and temperature from the mass of all that starstuff bears down and fuses atoms of hydrogen into helium, releasing gamma radiation.
Outside the core is the radiative zone, not hot enough for fusion. Instead, photons of energy generated in the core are emitted and absorbed countless times, taking a random journey to the outermost layer of the star.
And outside the radiative zone is the convective zone, where superheated globs of hot plasma float up to the surface, where they release their heat into space.
Then they cool down enough to sink back through the Sun and pick up more heat. Over time, helium builds up in the core. Eventually, this core runs out of hydrogen and it dies. Even though the core is only a fraction of the total mass of hydrogen in the Sun, there’s no mechanism to mix it in.
A red dwarf is fundamentally different than a main sequence star like the Sun. Because it has less mass, it has a core, and a convective zone, but no radiative zone. This makes all the difference.
The convective zone connects directly to the core of the red dwarf, the helium byproduct created by fusion is spread throughout the star. This convection brings fresh hydrogen into the core of the star where it can continue the fusion process.
By perfectly using all its hydrogen, the lowest mass red dwarf could sip away at its hydrogen fuel for 10 trillion years.
2. No , Mira does not fit in that because of high mass.
.
1-a Which of TCP or UDP is connection-less- Which of TCP or UDP is con.docx
1.a Which of TCP or UDP is connection-less? Which of TCP or UDP is connection-oriented? What is the difference?
b. Name the four components of a process
c.. What is the PCB?
Solution
1.
a.
UDP is connection-less
TCP is connection oriented
TCP is connection oriented – once a connection is established, data can be sent bidirectional.
UDP is a simpler, connectionless Internet protocol.
Multiple messages are sent as packets in chunks using UDP.
TCP rearranges data packets in the order specified.
UDP has no inherent order as all packets are independent of each other. If ordering is required, it has to be managed by the application layer.
The speed for TCP is slower than UDP.
UDP is faster because there is no error-checking for packets.
There is absolute guarantee that the data transferred remains intact and arrives in the same order in which it was sent.
There is no guarantee that the messages or packets sent would reach at all.
b.
Components of process are following.
1. Object Program
Code to be executed.
2. Data
Data to be used for executing the program.
3. Resources
While executing the program, it may require some resources.
4. Status
Verifies the status of the process execution.A process can run to completion only when all requested resources have been allocated to the process. Two or more processes could be executing the same program, each using their own data and resources.
c.
Process Control Block (PCB, also called Task Controlling Block, process table, Task Struct, or Switchframe) is a data structure in the operating system kernel containing the information needed to manage a particular process. The PCB is \"the manifestation of a process in an operating system\".
.
1- You align 2 lenses together with known focal lengths fi and fa- The.docx
1. You align 2 lenses together with known focal lengths fi and fa. The equation to deter- mine the equivalent focal length fq is: D.???. ointaining the distance
Solution
Option (D) 1/f(eq) = 1/f1 + 1/f2, is the correct answer.
Explanation -
To prove the relation, we consider two thin convex lenses L1 and L2 in contact. Let the foci of the two lenses be f1 and f2 respectively. A point object O is placed. We assume a ray of light from O passing through the first lens L1. It forms an image at I1, in the absence of L2. Then we consider the image formation for the second lens. For the second lens the object is I1. I1 acts as a virtual object fro L2 and the image is formed at I.
Let:
u = object distance
v = distance of image I
v1 = distance of image I1
Using lens formula, we know that
1/f = 1/v + 1/u ------------------------------(i)
Let us consider each lens separately:
Applying sign convention
For L1:-
f = +f1
v = +v1
u = - u
Now substituting them in equation (i), we get:
1/f1 = 1/ (+v1) + 1/ (-u)
1/f1 = 1/v1 -1/u -----------------------? (ii)
For L2:-
f = +f2
v = +v
u = -v1
Now substituting the above in equation (i) we get:
1/f2 = 1/ (v) + 1/ (- v1)
1/f2 = 1/ (v) - 1/ (v1) ------------------------? (iii)
Adding the equation (ii) and (iii):
1/f1 +1/f2 = [1/v1 -1/u] + [1/ (v) - 1/ (v1)]
1/f1 +1/f2 = 1/(v1) -1/(u) + 1/ (v) - 1/ (v1)
1/f1 +1/f2 = -1/u + 1/ (v)
1/f1 +1/f2 = 1/v -1/u ------------------------? (iv)
Now, if the focal length of the combination of the two lenses L1 and L2 is F and the real image is formed at I (at v distance from the lens) and the object being at O (at distance u from the lens), then:
1/F = 1/v + 1/ (-u)
1/F = 1/v -1/u ----------------------? (v)
From (iv) and (v), we get:
1/F = 1/f1 + 1/f2
means -
1 / f(eq) = 1/f1 + 1/f2.
This is the relation we have mentioned above.
.
1- What were some of the major work published by Thomas Maithus- emplo.docx
1. What were some of the major work published by Thomas Maithus? employment? accomplishment; nodel price?
2. What are some of the important historical events that took place during his lifetime?
3. Discuss Thomas Maithus theory or hypothesis and its application (if any) to 2015 economies?
4. Is his work still relevant why or why not?
Solution
MALTHUS, THOMAS ROBERT
( b . near Guildford, Surrey, England, 13 February 1766; d . near Bath, England, 23 December 1834, political economy .
Malthus is known in the history of science almost exclusively for his influence on Charles Darwin, exerted almost accidentally. His life, work, and friends were mainly centered on social conditions and political economy, and his work on population was part of these. He did have early training in mathematics, however, and based his arguments on the careful analysis of observed data.
Robert Malthus (he appears never to have been called Thomas) was the sixth child of seven born to Daniel Malthus and his wife, the former Henrietta Catherine Graham. Daniel Malthus, a scholar and a friend and admirer of Rousseau, provided a stimulating home life and education for the boy, and later sent him to study with Richard Graves at Claverton and at the Dissenting Academy of Warrington under Gilbert Wakefield.
In 1784 Malthus went up to Jesus College, Cambridge, where his tutor was William Frend. He read for the mathematical tripos and graduated in 1788, being ninth wrangler; but he also read widely in French and English history and literature and in Newtonian physics. He had already shown his interest in the practical rather than the abstract. He played games and lived a full social life, apparently unaffected by his cleft palate and harelip. The friends he made at Cambridge influenced the rest of his life; the most important was William Otter (1768
.
1- What are the advantages and disadvantages of each of sociologys mai.docx
1. What are the advantages and disadvantages of each of sociology’s main approaches to doing research: scientific sociology, interpretative sociology, and critical sociology? How does each position offer a critique of the others? 2. The text discusses how sociologists operationalize the concept of social class. How would you operationalize important concepts such as intelligence, aggressiveness, femininity, or level of commitment to religion? 3. Discuss the links between the three methodological approaches to sociology and the three theoretical approaches? 4. Suppose you are a sociologist studying alleged police brutality. Construct two arguments, one proposing that you ought to be as objective as possible in your work and let others use your results as they may choose, and the other suggesting that, while striving for accuracy, you should take a stand against any injustices which your research may uncover. Which position do you find more convincing? Why? 5. What are ways that gender can shape sociological research? 6. To a young researcher, what are the advantages of using the method of participant observation? What are the disadvantages? 7. Do you think Zimbardo’s Stanford County Prison (research it) experiment was ethical, or should he have been prevented from conducting this study? Defend your position. 8. Explain how you would develop a representative sample of students on your campus in order to conduct some survey research.
Solution
1. What are the advantages and disadvantages of each of sociology’s main approaches to doing research: scientific sociology, interpretative sociology, and critical sociology? How does each position offer a critique of the others?
Now we are going to explain about
the above sociology are going to be explaining briefly
scientific sociology : Sociologists of scientific knowledge study the development of a Scientific field and attempt to identify points of contingency or interpretative flexibility where ambiguities are present.
Interpretative sociology : Another way to look at society is to ask how people interpret the world around them    and react to those interpretations.Interpretivist sociology looks at the way society is shaped by the interpretations of the world.
Critical sociology : in sociology critical sociology is about critical thinking is often presented as a generic technique.
Critical thinking movement has spawned on industry of product lines , analytical typologies and multi-stage models.Critical thinking has been touched as promoting higher order thinking.
.
1- What are the three fundamental elements of an effective security pr.docx
1. What are the three fundamental elements of an effective security program for information systems? 2. Of these three fundamental controls, which two are used by the Domain User Admin to create users and assign rights to resources? 3. If you can browse a file on a Windows network share, but are not able to copy it or modify it, what types of access controls and permissions are probably configured? 4. What is the mechanism on a Windows server that lets you administer granular policies and permissions on a Windows network using role based access? 5. What is two-factor authentication, and why is it an effective access control technique? 6. Relate how Windows Server 2012 Active Directory and the configuration of access controls achieve C-I-A for departmental LANs, departmental folders, and data. 7. Is it a good practice to include the account or username in the password? Why or why not?
Solution
Answer:
1. Identification, Authentication, and Authorization are the three fundamental elements of an effective security program for information systems.
2.Authentication and Authorization are the two elements, used by the Domain User Admin to create users and assign rights to resources.
3. read and write permissions should be properly configured. The file access type should be set to read only.
4. Group Policy Editor is used to administer granular policies and
permissions on a Windows network using role-based access.
5. The two-factor authentication is a process, requires two different type of identification, such as an ID card and a pin code / password. The user must authenticate with two forms of ID to prove thier identity. So it is effective.
6.In Windows Server 2008 R2, permissions can be set for files and folders.o grant a user, access only to files owned by him and prevent him from accessing any others.
7.Including the account or username in the password is absolutely not a good or suggested practice. It is a common starting place for hackers when attempting to log in to someone’s account or when trying to use another person’s access.
.
1- What are the various theories that we use to explain why people com.docx
1. What are the various theories that we use to explain why people commit crimes? How are they broadly categorized?
Solution
In criminology, examining why people commit crime is very important in the ongoing debate of how crime should be handled and prevented. Many theories have emerged over the years, and they continue to be explored, individually and in combination, as criminologists seek the best solutions in ultimately reducing types and levels of crime. Here is a broad overview of some key theories:
Rational choice theory: People generally act in their self-interest and make decisions to commit crime after weighing the potential risks (including getting caught and punished) against the rewards.
Social disorganization theory: A person’s physical and social environments are primarily responsible for the behavioral choices that person makes. In particular, a neighborhood that has fraying social structures is more likely to have high crime rates. Such a neighborhood may have poor schools, vacant and vandalized buildings, high unemployment, and a mix of commercial and residential property.
Strain theory: Most people have similar aspirations, but they don’t all have the same opportunities or abilities. When people fail to achieve society’s expectations through approved means such as hard work and delayed gratification, they may attempt to achieve success through crime.
Social learning theory: People develop motivation to commit crime and the skills to commit crime through the people they associate with.
Social control theory: Most people would commit crime if not for the controls that society places on individuals through institutions such as schools, workplaces, churches, and families.
Labeling theory: People in power decide what acts are crimes, and the act of labeling someone a criminal is what makes him a criminal. Once a person is labeled a criminal, society takes away his opportunities, which may ultimately lead to more criminal behavior.
Biology, genetics, and evolution: Poor diet, mental illness, bad brain chemistry, and even evolutionary rewards for aggressive criminal conduct have been proposed as explanations for crime.
.
1- Return the names- IDS- and average salary of the top 10 employees w.docx
1. Return the names, IDS, and average salary of the top 10 employees who are Senior Engineers whose average salary is at least $110,000 in descending order.
2. Find the top ten employees (names, IDs and total wages) who earned equal to or more than $200000 between 01/01/2000 and 01/01/2002. Order them in decreasing order. Assume salaries change every 12 months. For simplicity, ignore salaries that started or ended outside of the date range.
3. Use a subquery to display the employee number and bottom 10 average salaries of the employees who are not \'Staff\'.
It is for MySQL, so the statements are slightly fifferent than SQL etc.
Solution
CREATE TABLE employees (
emp_no INT(11) NOT NULL,
birth_date DATE NOT NULL,
first_name VARCHAR(14) NOT NULL,
last_name VARCHAR(16) NOT NULL,
gender ENUM(‘M’,’F’) NOT NULL,
hire_date DATE NOT NULL,
PRIMARY KEY(emp_no) );
CREATE TABLE departments (
dept_no CHAR(4) NOT NULL,
dept_name VARCHAR(40) NOT NULL,
PRIMARY KEY(dept_no) );
UNIQUE KEY(dept_name) );
CREATE TABLE dept_emp (
emp_no INT(11) NOT NULL,
dept_no CHAR(4) NOT NULL,
from_date DATE NOT NULL,
to_date DATE NOT NULL,
PRIMARY KEY(emp_no) ,
FOREIGN KEY(emp_no) REFERENCES employees(emp_no),
FOREIGN KEY(dept_no) REFERENCES departments(dept_no),
PRIMARY KEY(dept_no) );
CREATE TABLE dept_manager (
emp_no INT(11) NOT NULL,
dept_no CHAR(4) NOT NULL,
from_date DATE NOT NULL,
to_date DATE NOT NULL,
PRIMARY KEY(emp_no) ,
FOREIGN KEY(emp_no) REFERENCES employees(emp_no),
FOREIGN KEY(dept_no) REFERENCES departments(dept_no),
PRIMARY KEY(dept_no) );
CREATE TABLE salaries (
emp_no INT(11) NOT NULL,
salary INT(11) NOT NULL,
from_date DATE NOT NULL,
to_date DATE NOT NULL,
PRIMARY KEY(emp_no) );
FOREIGN KEY(emp_no) REFERENCES employees(emp_no)
);
CREATE TABLE titles (
emp_no INT(11) NOT NULL,
title VARCHAR(50) NOT NULL,
from_date DATE NOT NULL,
to_date DATE NOT NULL,
PRIMARY KEY(emp_no) );
FOREIGN KEY(emp_no) REFERENCES employees(emp_no)
);
WHERE avg(salary) > = $110000ORDER BY avg(salary)desc limit 0,10
2. SELECT CONCAT(last_name,first_name) AS emp_name,emp_no,salary  FROM employees
WHERE salary>=$200000 BETWEEN 01-01-2000 AND 01-01-2001 AND|OR salary>=$200000 BETWEEN 01-01-2001 AND 01-01-2002 ORDER BY salary desc limit 0,10
3. SELECT emp_no FROM employees
WHERE salary>(SELECT avg(salary)
FROM employees
WHERE NOT EXISTS (SELECT name FROM employees)
)
ORDER BY emp_no ASC
.
1- Research has shown that a- homogeneous groups are more creative tha.docx
1. Research has shown that
a.
homogeneous groups are more creative than diverse groups.
b.
homogeneous groups are less satisfied than diverse groups.
c.
diverse groups are more creative than homogeneous groups.
d.
creativity has nothing to do with group composition.
e.
none of these.
2.  Research has shown that network groups
a.
create divisions in the workplace
b.
are bad experiences for minority employees
c.
help retain minority employees
d.
reduce creativity by being homogeneous
e.
none of these
3. Â Â Â Â Â Which of the following refers to work behavior that goes beyond job requirements and contributes as needed to the organization\'s success?
a.
Job satisfaction
b.
Organizational citizenship
c.
Cognitive dissonance
d.
Job involvement
e.
Organizational Commitment
4.  When Bonnie remarks that she loves the classes she is taking this semester, it refers to which component of attitude?
a.
Knowledge
b.
Behavior
c.
Dissonance
d.
Affect
e.
Cognitions
5. Â Â The cognitive process people use to make sense out of the environment by selecting, organizing, and interpreting information is called
a.
selective retention.
b.
dissonance.
c.
attitude.
d.
perception.
e.
personality.
24.  Josh evaluates Kandi\'s performance and gives her an
Solution
1.B
2.D
3.A
4.C
5.B
24,C
25.B
.
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