Kathleen received land as a gift from her grandfather. At the time o.pdf
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Kathleen received land as a gift from her grandfather. At the time of the gift, the land had a FMV of $105,000 and an adjusted basis of $85,000 to Kathleen\'s grandfather. The grandfather did not have any gift taxes due. One year later, Kathleen sold the land for $110,000. What was her gain or (loss) on this transaction? Solution Gain or loss on the sale of land = 110000-85000 i.e 25000.
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Kenoly Corporation owns a patent that has a carrying amount of $311,.pdf
Kenoly Corporation owns a patent that has a carrying amount of $311,950. Kenoly expects
future net cash flows from this patent to total $219,260. The fair value of the patent is $149,010.
Prepare Kenoly’s journal entry to record the loss on impairment
Solution
Loss on impairment = Carrying amount - Recoverable amount
= 311950 - 219260 i.e 92690
Loss on impairment ..............................Dr 92690
To assets 92690
( Being asset impaired ).
Karen, Derek, Fay and Tanya each have a favorite drink. No two of th.pdf
Karen, Derek, Fay and Tanya each have a favorite drink. No two of them have the same favorite.
Karen\' favorite is not diet pop. Derek hates diet pop and iced tea. Tanya is allergic to orange
juice and chocolate milk. Fay doesn\'t care for orange juice, chocolate milk, or ice tea. Karen
used to like orange juice but now she is allergic to it. What is Derek\'s favorite drink?
Solution
orange juice surely.
Kelly is baking 100 cookies for a bake sale. She lines up the cookie.pdf
Kelly is baking 100 cookies for a bake sale. She lines up the cookies and on every fifth cookie
she puts frosting. On every eight cookie, she puts candy. On every ninth cookie, she puts on
cherry. How many of the cookies have all three toppings?
Solution
no cookie will have all three toping..
Keillor Company’s inventory of $1,128,500 at December 31, 2014, was .pdf
Keillor Company’s inventory of $1,128,500 at December 31, 2014, was based on a physical
count of goods priced at cost and before any year-end adjustments relating to the following
items.
What amount should Keillor report as inventory on its balance sheet?
(a)Goods shipped from a vendor f.o.b. shipping point on December 24, 2014, at an invoice cost
of $73,760 to Keillor Company were received on January 4, 2015.(b)The physical count
included $33,330 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2014.
The carrier picked up these goods on January 3, 2015.
Solution
Inventory value:
= $1,128,500+Goods not delivered to customers before 31-dec
= $1,128,500+$33,330
= $1,161,830.
Kaya and Fred agree to form a partnership. The partnership agreement.pdf
Kaya and Fred agree to form a partnership. The partnership agreement
requires that Fred invest $2500 more than two-thirds of what Kaya is to
invest. If the total investment in the partnership is to be $55 000, how much
should each partner invest?
Solution
Let kaya investment be x. then that of Fred = 2x/3 + 2500 total = 5x/3 + 2500
=55000 x = $31500 kaya investment= 31500 Fred = 23500.
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,10.pdf
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,100, current liabilities of
$4,950, and long-term debt of $12,000.
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,100, current liabilities of
$4,950, and long-term debt of $12,000.
Solution
SHAREHOLDERS EQUITY= ASSETS-LIABILITIES=6000+25100-4950-12000= $14150
net working capital= current assets-current liabilities= 6000-4950= $1050.
Katie and William recently had a baby. Katie is a famous actress and.pdf
Katie and William recently had a baby. Katie is a famous actress and philanthropist. William is a
famous actor and action star. William and Katie are regarded in Hollywood circles as a power
couple. Because of the couple’s fame, there are countless stories about them in the tabloids. They
are always followed by the paparazzi and often featured on covers of national magazines. In fact,
William was once pictured on the cover of a magazine as the “most handsome man alive”. Both
Katie and William have been your clients for 10 years, even before the time they were married.
Because of their different en deavors, Katie and William’s taxable income has historically
varied widely by year, but nonetheless, they always seem to need your tax advice, and are
willing to pay quite well for it.
On December 3, 2015, Katie and William plan to sell the highly-sought after first baby photos
of their newborn daughter, Georgina, to Stars Lifestyle, a national magazine, for $15 million.
Georgina was born October 3, 2015. In exchange for the $15 million payment, Stars Lifestyle
will obtain the publication rights to the pictures in North America. Katie and William,
collectively worth more than $300 million, wish to donate the $15 million proceeds to benefit the
American Red Cross. They also would like to complete this transaction as soon as possible, as
they are currently being followed relentlessly by the paparazzi for the first pictures of their baby,
to the point where they feel that their privacy is being violated daily (just last week Katie spotted
a reporter in a tree outside Georgina’s window). Katie and William file a joint tax return
(married filing jointly) and will have combined adjusted gross income (‘‘AGI’’) of $8 million for
2015, prior to considering any anticipated proceeds from the sale of the photographs. Katie and
William are expected to be in a similar taxable income situation in future years and tax rates are
not expected to change.
Katie and William ask you what are the tax implications if they sell the photos for $15 million
and then claim a charitable contribution deduction on their 2015 joint tax return? Also, do you
have any planning ideas that may reduce the tax impact of the transaction?
Solution
They must file IRS Form 1040 and itemize deductions on Schedule A to claim the charitable
deduction.
Total charitable deduction can’t exceed 50% of your adjusted gross income (AGI). hence they
can claim ($8*.5) $ 4million in 2015 as tax deduction..
katrina has a collection of marbles. when she places them in group.pdf
katrina has a collection of marbles.
when she places them in groups of 4 she has 3 left over
when she places them in groups of 5 she has 2 left over
she has more than 100 marbles, but fewer than 150 marbles
how many marbles might Katrina have? thank you Catty grade 5.
Solution
she could have 127 marbles. 4 goes into 127 31 times with a remainder of 3 and 5
goes into 127 25 times with a remainder of 2. she could also have 147 marbles..
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Kenoly Corporation owns a patent that has a carrying amount of $311,.pdf
Kenoly Corporation owns a patent that has a carrying amount of $311,950. Kenoly expects
future net cash flows from this patent to total $219,260. The fair value of the patent is $149,010.
Prepare Kenoly’s journal entry to record the loss on impairment
Solution
Loss on impairment = Carrying amount - Recoverable amount
= 311950 - 219260 i.e 92690
Loss on impairment ..............................Dr 92690
To assets 92690
( Being asset impaired ).
Karen, Derek, Fay and Tanya each have a favorite drink. No two of th.pdf
Karen, Derek, Fay and Tanya each have a favorite drink. No two of them have the same favorite.
Karen\' favorite is not diet pop. Derek hates diet pop and iced tea. Tanya is allergic to orange
juice and chocolate milk. Fay doesn\'t care for orange juice, chocolate milk, or ice tea. Karen
used to like orange juice but now she is allergic to it. What is Derek\'s favorite drink?
Solution
orange juice surely.
Kelly is baking 100 cookies for a bake sale. She lines up the cookie.pdf
Kelly is baking 100 cookies for a bake sale. She lines up the cookies and on every fifth cookie
she puts frosting. On every eight cookie, she puts candy. On every ninth cookie, she puts on
cherry. How many of the cookies have all three toppings?
Solution
no cookie will have all three toping..
Keillor Company’s inventory of $1,128,500 at December 31, 2014, was .pdf
Keillor Company’s inventory of $1,128,500 at December 31, 2014, was based on a physical
count of goods priced at cost and before any year-end adjustments relating to the following
items.
What amount should Keillor report as inventory on its balance sheet?
(a)Goods shipped from a vendor f.o.b. shipping point on December 24, 2014, at an invoice cost
of $73,760 to Keillor Company were received on January 4, 2015.(b)The physical count
included $33,330 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2014.
The carrier picked up these goods on January 3, 2015.
Solution
Inventory value:
= $1,128,500+Goods not delivered to customers before 31-dec
= $1,128,500+$33,330
= $1,161,830.
Kaya and Fred agree to form a partnership. The partnership agreement.pdf
Kaya and Fred agree to form a partnership. The partnership agreement
requires that Fred invest $2500 more than two-thirds of what Kaya is to
invest. If the total investment in the partnership is to be $55 000, how much
should each partner invest?
Solution
Let kaya investment be x. then that of Fred = 2x/3 + 2500 total = 5x/3 + 2500
=55000 x = $31500 kaya investment= 31500 Fred = 23500.
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,10.pdf
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,100, current liabilities of
$4,950, and long-term debt of $12,000.
KCCO, Inc., has current assets of $6,000, net fixed assets of $25,100, current liabilities of
$4,950, and long-term debt of $12,000.
Solution
SHAREHOLDERS EQUITY= ASSETS-LIABILITIES=6000+25100-4950-12000= $14150
net working capital= current assets-current liabilities= 6000-4950= $1050.
Katie and William recently had a baby. Katie is a famous actress and.pdf
Katie and William recently had a baby. Katie is a famous actress and philanthropist. William is a
famous actor and action star. William and Katie are regarded in Hollywood circles as a power
couple. Because of the couple’s fame, there are countless stories about them in the tabloids. They
are always followed by the paparazzi and often featured on covers of national magazines. In fact,
William was once pictured on the cover of a magazine as the “most handsome man alive”. Both
Katie and William have been your clients for 10 years, even before the time they were married.
Because of their different en deavors, Katie and William’s taxable income has historically
varied widely by year, but nonetheless, they always seem to need your tax advice, and are
willing to pay quite well for it.
On December 3, 2015, Katie and William plan to sell the highly-sought after first baby photos
of their newborn daughter, Georgina, to Stars Lifestyle, a national magazine, for $15 million.
Georgina was born October 3, 2015. In exchange for the $15 million payment, Stars Lifestyle
will obtain the publication rights to the pictures in North America. Katie and William,
collectively worth more than $300 million, wish to donate the $15 million proceeds to benefit the
American Red Cross. They also would like to complete this transaction as soon as possible, as
they are currently being followed relentlessly by the paparazzi for the first pictures of their baby,
to the point where they feel that their privacy is being violated daily (just last week Katie spotted
a reporter in a tree outside Georgina’s window). Katie and William file a joint tax return
(married filing jointly) and will have combined adjusted gross income (‘‘AGI’’) of $8 million for
2015, prior to considering any anticipated proceeds from the sale of the photographs. Katie and
William are expected to be in a similar taxable income situation in future years and tax rates are
not expected to change.
Katie and William ask you what are the tax implications if they sell the photos for $15 million
and then claim a charitable contribution deduction on their 2015 joint tax return? Also, do you
have any planning ideas that may reduce the tax impact of the transaction?
Solution
They must file IRS Form 1040 and itemize deductions on Schedule A to claim the charitable
deduction.
Total charitable deduction can’t exceed 50% of your adjusted gross income (AGI). hence they
can claim ($8*.5) $ 4million in 2015 as tax deduction..
katrina has a collection of marbles. when she places them in group.pdf
katrina has a collection of marbles.
when she places them in groups of 4 she has 3 left over
when she places them in groups of 5 she has 2 left over
she has more than 100 marbles, but fewer than 150 marbles
how many marbles might Katrina have? thank you Catty grade 5.
Solution
she could have 127 marbles. 4 goes into 127 31 times with a remainder of 3 and 5
goes into 127 25 times with a remainder of 2. she could also have 147 marbles..
Karl Marx and Friedrich Engels,1. What does Marx and Engels mean b.pdf
Karl Marx and Friedrich Engels,
1. What does Marx and Engels mean by alienation?
2. What do they mean by \"externalization of labor\"?
3. How did the division and inequality of classes come to be, according to them?
Solution
1)Marx and Engels have wrote about an enormous range of subjects including
religion,politics,history,economics,housing,philosophy etc.But some people argue that the key to
all their writings is the idea of \"alienation\"Alienation can be illustrated as the separation to
what we really are.As per Marx and Engels the social system makes us aliens or strangers to
ourselves.Marx and Engels thought people are being truly human by stunting effect of a
capitalist system.Here the present system was called capitalism or the bourgeois order.Also like
our previous systems it distorts our true being but our full humanity will flourish in the
communist future.2) The externalisation of labor has two components :- a) Labor is external to
the workers as it doesn\'t belong to him after it is bought for a wage .Also the externalization of
Labor leads to misery instead of pride because work may no longer be the satisfaction of a need
but instead becomes a means to survive.b) Through labor man loses his intellectual and creative
side.His nature is taken away by him and he becomes the inorganic body of a man without even
his creativity and his soul is sold like a product. 3)The analysis of class divisions and struggles is
especially important in the development of an understanding of the nature of capitalisim.For
Marx and Engels classes are defined and structured by a)who owns or possesses property and
means of production and performs the work in the production process b)the social relationships
involved in work and labor. c)who produces and controls the surplus human labor we can
produce .Now these economic factors fully govern the social relationships in capitalism than they
did in earlier societies..
Kalina is the CEO of Northfield Corporation. Who sets her compensati.pdf
Kalina is the CEO of Northfield Corporation. Who sets her compensation, and what types of
compensation would she likely receive in addition to her salary? Can shareholders do anything to
challenge her level of compensation if they think it is unfairly high in comparison to average
employee compensation within the company?
Solution
Kalina is the CEO of Northfield Corporation. Who sets her compensation, and what types of
compensation would she likely receive in addition to her salary?
CEOs of public corporations get paid based on the recommendations of the board of directors.
The pay package can include salary, bonus, stock options, and deferred compensation.
Can shareholders do anything to challenge her level of compensation if they think it is unfairly
high in comparison to average employee compensation within the company?
Yes they can reduce her sallarry if they think is too much in comparison to the average
employee, they would need to do a review of her performance and compare with the goals of the
company and how much she has contributed to reach them, if she did not work hard enough
having the coditions and the means to reach the goals she should receive less money..
Justin and Louise have two children, ages 12 and 10. Their modified .pdf
Justin and Louise have two children, ages 12 and 10. Their modified AGI is $120,500. What is
their child tax credit?
Solution
Child tax credit is $1,000 per one child who is a qualifying child.
Here, both the children are qualifying childs, thus, the credit can be taken is $1000 * 2 = $2,000
as child tax credit.
Therefore, the child tax credit is $2,000..
Justify why the following is not a linear transformation. To show so.pdf
Justify why the following is not a linear transformation. To show something is not a linear
transformation you just need to show one of the two properties fails.
translation (for example, moving K units to the right)
Solution
To show that something is a linear transformation, we need to show these:
T(u? +v? )=T(u? )+T(v? )
and
T(cu? )=cT(u? )
Question?.
Justin Jordan has been named project manager of the General Sensor C.pdf
Justin Jordan has been named project manager of the General Sensor Company
Solution
1. Justin should combine the top-down approach with selected bottom-up inputs and checks on
the 50% of cost stage. He is experienced and comfortable with a top-down approach and this
makes sense for the majority of the project. Selective inputs from lower level workers involved
in the tasks would confirm his estimates, or indicate where more information is needed.
2. The most relevant factors are the seriousness of the error, Justin.
Just as Judy Garland and Mickey Rooney cried, Lets put on a show.pdf
Just as Judy Garland and Mickey Rooney cried, \"Let\'s put on a show!\" to solve problems in
their 1940s movie lives, many businesses cry \"Let\'s build teams!\" to attack problems ranging
from low productivity to poor morale, high costs and missed deadlines. Likewise, in our Week 3
Case study, Building a Coalition, we had a team begin to form to address problems in the
Washington, DC school system. Employee teams intuitively seem to be a great idea and are
certainly a growing trend.
Use your newfound knowledge of teams and discuss the following 2 elements:
a. Describe the stages of group development? Why is it important that managers have an
understanding of the group development process?
Identify and discuss three group property or team process elements you feel are most important
in building a high performing team?
Solution
a) Describe the stages of group development? Why is it important that managers have an
understanding of the group development process?
Stages of group development are four:
I Forming: Involves the process of discuss, agreements, contradictions, in a context of
uncertainty, in which members maybe do not feel confident to express freely their own behavior.
In this stage rules are confusing and it is necessary to encourage trust in the team. Managers
should not demand assignments to the team that imply to them high levels of organization and
communication in this stage.
II Storming: In this stage members have understood tasks by do, and they have more knowledge
of capacities of the rest of members, so they are ready to compete. Here you will see to emerge
leaders and are observable the individuals skills. To this stage is important for managers to pay
attention to individual\'s characteristics that will be useful to organization.
III Norming: Now we have the process to establish rules of the team, the basis of cooperation,
punishments and rewards, what is acceptable or not in the group. Here group becomes a cohesive
unit. Morale is high as group members actively acknowledge the talents, skills and experience
that each member brings to the team. This stage is the more productive to the organization, and it
will be necessary to take advantage of performance gains.
IV Performing: Is fourth stage and is the most productive fase. Now team is amalgamated,
leadership is shared, exist ways to channel questions and good ideas. There is a positive
atmosphere now and performance is the most high. Managers need to work to make their team
arrives to this stage, with the promotion of cooperation, communication, trust and a positive
environment.
b) Identify and discuss three group property or team process elements you feel are most
important in building a high performing team?
1) Deal assertively with emotional behavior; in human groups always emerge emotional behavior
that often block themselves to see rationals and team goals, so you can not avoid emotion in
human beings you need to learn to deal with it.
2) Promote a trust environment.
June 10 Sold 400 shares of Wild Goose Marina Corporation common stoc.pdf
June 10 Sold 400 shares of Wild Goose Marina Corporation common stock that has been held as
a short-term investment. The stock was sold for 19 1/4, less a commission of $240.00. The stock
was originally purchased at a total cost of $5,200.00.
Solution
Journal Entry:
Calculation of Cash received on sales:
400 x 19.25 = $7,700 - 240 = $7,460DateAccount TitleDebitCreditJune 10Cash7,460Investment
in Short Term Equity Security5,200Gain on Sale of Securities2,260.
John & Jane are married. T hje probablity that John wathces a cert.pdf
John & Jane are married. T
hje probablity that John wathces a certain television show is .4. the probability jane watches the
show is .5. The probability that John watches the show, given that Jane does is .7.
a) Find the probability that both John and Jane watch the show
b) Find the probability that Jane watches the show, given John does
c) Do John & Jane watch the show independently of each other? Justify answer
Solution
P(John)= .4, P(Jane)= .5, P(John|Jane)=.7 a. P(John and Jane)=?
P(John|Jane)=P(John and Jane)/P(Jane) P(John and Jane)= P(John|Jane)*P(Jane)= .7 * .5= .35
b.P(Jane|John)=? P(Jane|John)= [P(John|Jane)*P(Jane)]/P(John)= (.7 * .5)/ .4 = .875 c.No, they
do not watch shows independently. If they watched shows independently then P(John|Jane)=
P(John) which does not hold in this example..
Joe is considering pursuing an MBA degree. He has applied to two dif.pdf
Joe is considering pursuing an MBA degree. He has applied to two different universities. The
acceptance rate for applicants with similar qualifications is 25% for University A and 40% for
University B. What is the probability that Joe will be accepted at one and only one university?
Solution
0.25*0.6 + 0.75*0.4 = 0.45.
John Rogers was born in Canada and has always lived in Canada. John .pdf
John Rogers was born in Canada and has always lived in Canada. John is married and has two
young children. On October 1 of the current year, John Rogers takes a new job in Saudi Arabia
(Middle East). The job is for a five year period. However, as his children attend school in
Edmonton, Alberta, his wife and children will remain in Canada, living in the family home in the
west end of Edmonton. John is happy at his new job as Saudi Arabia has no income taxes for
individuals. Furthermore, John plans on avoiding the cold weather in Canada by having his wife
and children make several trips to Saudi Arabia each year for visits.
Based on the above situation, please answer the following question:
1. Is John a resident, part-time resident or non-resident of Canada in the current year? Give
reasons for your answer. Including a determination of whether John is a deemed resident or
\"ordinarily\" resident.
3. What is John\'s liability for income tax in Canada for the current year (i.e. on what income will
John pay tax and for what period will John be liable for income tax in Canada)?
Solution
1) John is Ordinary Resident of Canada because during the year his minimum stay in canada was
183 days and even his spouse and dependants live in the family home which is considered as a
Significant residential ties with canada during the Individual\'s Stay abroad.
2) John will be liable for income tax in canada for a period of six months on the income he was
earning from the company he was working with before joining the Company in Dubai..
John has four children and four (indistinguishable) sausages. How ma.pdf
John has four children and four (indistinguishable) sausages. How many ways can he distribute
the sausage to the four children? Suppose instead there are n sausages and m children. How
many ways can he distribute the sausages?
Solution
a)Ways=4*3*2*1=24 b) ways=nPm.
John Diaz owns Pacific Electric, a large electrical contracting firm.pdf
John Diaz owns Pacific Electric, a large electrical contracting firm that provides services to
building construction projects. The company has 2,000 employees and operates in three western
states. Recently the company experienced large losses due to a downturn in the economy and a
slowdown in construction. John thinks the losses were particularly large because his company
has too much fixed cost.
Expand on John\'s thought. How are the large losses related to fixed costs?
Identify a way that John can turn potential fixed costs into variable costs.
Solution
My thought regarding the loss being \'blamed\' on too much fixed costs is this:
Fixed costs are things like rent on buildings and administrative salaries. It sounds like the
company expanded during the \'boom times\' by renting/buying/leasing more buildings in the
three states, which carries with it the associated administrative and staffing fixed costs as well.
Then when the revenue starts slumping, the company still has to cover those fixed costs. The
money has to come from somewhere - if not from revenue, the company would have to take out
loans. The employee wages are a variable cost - those can be \'trimmed\' by lay-offs or reduction
in scheduled hours. (We see that all too frequently these days)..
John and Jennie Thomas are married and wish to file their taxes join.pdf
John and Jennie Thomas are married and wish to file their taxes jointly. They are both 52 years
old, neither is legally blind, and they had combined wage income of $105,000 in 2013. They also
had interest income of $2,000 from a certificate of deposit and itemized deductions of $13,000.
Their Taxable income for 2013 is
Solution
Particulars Amount (In $) Wage Income 105,000 Taxable Interest Income 2,000 Adjusted
Gross Income (AGI) 107,000 Itemized Deduction 13,000 Standard Deduction 12,200
Deduction to Use (higher of standard/itemized) 13,000 Deduction for exemption 7,800
Taxable Income 86,200.
john and jane are married. the probability that john watches a cert.pdf
john and jane are married. the probability that john watches a certain television show is .4. the
probability that Jane watches the show is .5. the probability that john watches the show given
that jane does is .7. find the probability that both john and jane watches the show given that jane
does, find the probability the jane watches the show that john does. do john and jane watch the
show independently of each other justify your answer
Solution
P(John)= .4, P(Jane)= .5, P(John|Jane)=.7 a. P(John and Jane)=?
P(John|Jane)=P(John and Jane)/P(Jane) P(John and Jane)= P(John|Jane)*P(Jane)= .7 * .5= .35
b.P(Jane|John)=? P(Jane|John)= [P(John|Jane)*P(Jane)]/P(John)= (.7 * .5)/ .4 = .875 c.No, they
do not watch shows independently. If they watched shows independently then P(John|Jane)=
P(John) which does not hold in this example..
John and Sandy Ferguson got married eight years ago and have a seven.pdf
John and Sandy Ferguson got married eight years ago and have a seven-year old daughter
Samantha. In 2015, John worked as a computer technician at a local university earning a salary
of $52,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions and their
itemized deductions were well over the standard deduction amount last year. Use Tax Rate
Schedule for reference.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
In addition to the $750 of Web design expenses, John attended a conference to improve his skills
associated with his Web design work. His trip was for three days and he incurred the following
expenses: airfare $370, total taxi fares for trip $180, meals $80, and conference fee of $200.
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for family vacation
and new car.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
$2,000.
Could someone tell me how to fill this out on a Form 1040, or any attached forms that come with
we have been speaking about AMT and itemized deductions. Its tax 411 The Fergusons
reported making the following payments during the year:
Solution
Answer: $1,601.10 refund, computed as follows:
Description
Amount
Explanation
Gross income:
Note: Sandy’s reimbursement for her employee business expenses is excluded from gross
income.
Salary
$81,000
($52,000 + $29,000)
Self-employment revenues
4,000
Dividends
800
State income tax refund
200
(1) Gross income
86,000
For AGI deductions:
Self-employment expenses other than travel expenses
750
John’s self employment related travel expenses
590
$370 airfare, taxi fares $180, Meals $40 ($80 ×50%)
John’s conference fees
200
Employer portion of self-employment taxes
174
$2,460 × 92.35% × 7.65% = $174.See Note A below
Alimony
10,000
(2) Total for AGI deductions
11,714
(3) AGI
74,286
(1) - (2)
Itemized deductions:
State income taxes
4,400
Real property taxes
3,200
Home mortgage interest expense
14,000
Home equity loan interest expense
3,000
Charitable contributions cash
6,000
Charitable contributions property
400
Lesser of fair market value or basis
(4) Total itemized deductions
31,000
Standard deduction for MFJ is $12,600 so the Fergusons deduct itemized deductions
(5) Personal and dependency exemptions
12,000
$4,000 ×3
(6) Total from AGI deductions
43,000
(4) + (5)
Taxable income
31,286
(3) – (6)
(7) Tax on income other than qualified dividends
$3,650.40
$31,286 – 800 = $30,486.
Tax = $3,650.40.
from MFJ tax rate schedule $1,845 + 1,805.40 [15% ×(30,486 – 18,450)]
(8) Tax on qualified dividends
0
$800 ×0%; all $800 would have bee.
Joe decided to go to a record store from his home. The store is loca.pdf
Joe decided to go to a record store from his home. The store is located 10 blocks east and 7
blocks north of Joe\'s home (see map).
(a) Suppose Joe just reached the record store now, how many blocks has he walked?
(b) What is the probability that Joe will reach the store?
(c) On his way to the store, Joe wanted to stop by the bank if he passed by it (see map).Given
that Joe reached the store, what is the probability that he also stopped by thebank?
Solution
a)17 blocks, 10 east and 7 north (he only walks on the grid and never walks south or west, so you
can just add).
b) Since it is a fair coin, it would be C(17,7) * 2 - 17 (the probability under the binomial
distribution with n = 17 and p = 1/2 of flipping 7 heads. Note that if you flip more heads than this
you will be north of the store after walking the 17 blockes and not be as far east as the store, so
you will never reach it. Similarly, if you flip less heads, you will be east of the store before you
get that far north and never reach it.
C(17,7) * 2 - 17 = 19448/131072 = 2431/16384 = 0.14837646484375
c)
The probability of going to the bank and then the store would be
C(10,4)2 -10 *C(7,3)2 -7
The probability of going to the store is C(17,7) * 2 - 17
Then, the probability of going to the bank, given that you reached the store, is
C(10,4)2 -10 * C(7,3)2 -7 /(C(17,7) * 2 - 17) = C(10,4) * C(7,3)/C(17,7) = 210 * 35 /19448 =
3675/9724 = 0.377930892636775..
John Young is a new assistant controller at Richmond Electronics, a .pdf
John Young is a new assistant controller at Richmond Electronics, a large regional consumer
electronics chain. Before John’s recruitment, he was aware of Richmond’s long trend of
moderate profitability. The reports on his desk confirm the slight, but steady, improvements in
net income in recent years. The issue he is facing as he reviews the reports is the decline and
erratic trend in cash flows from operations. John sketched the following comparison ($ in
millions):
John sketched the following comparison ($ in millions):
2014
2013
2012
2011
Income from operations
$ 140.0
$ 132.0
$ 127.5
$ 127.0
Net income
38.5
35.0
34.5
29.5
Cash flow from operations
1.6
19.0
14.0
15.5
His sketch shows increasing profits but an ominous trend in cash flow, which is consistently
lower than net income. Upon closer review, Ben noticed three events in the last two years that,
unfortunately, seemed related: Richmond loosened its credit policy. In other words, Richmond
relaxed its credit terms and lengthened payment periods. Accounts receivable balances increased
dramatically. Several of the company’s compensation arrangements, including that of the
controller and the company president, were based on reported net income. What is so ominous
about the combination of events John sees? If you were John, what course of action will you
take?
2014
2013
2012
2011
Income from operations
$ 140.0
$ 132.0
$ 127.5
$ 127.0
Net income
38.5
35.0
34.5
29.5
Cash flow from operations
1.6
19.0
14.0
15.5
Solution
He is clearly sees that the company having problems with its cash flow management as it
accounts receivable increased dramtically mwnaing the cash flow from operations will come
down but this will not effect net income.
I will reduce the credit policy period of company and i will change it based on business we are
getting from each client and profit marging generated from each.
Joan is 24. She is twice as old as Carol was when Joan was as old a.pdf
Joan is 24. She is twice as old as Carol was when Joan was as old as Carol is now. How old is
Carol?
Solution
Joan is 24 now let carol be x now when jone is x then carol is x/2 but 24-x =x-x/2(since the age
difference is always is constant) ==> 24 =2x-(x)/2=3x/2 =>3x=48 =>x=16 so present age of
carol is 16.
Joan recently completed her certification examination and learned th.pdf
Joan recently completed her certification examination and learned that her z-score was -2.5. The
examining board also informed her that a failure to pass would equal all scores that were one or
more standard deviations below the mean and that those with scores higher than two standard
deviations above the mean would receive a special commendation award. Joan can conclude that
she
A. failed the exam
B. needs more data to determine if she passed the exam
C. passed the exam and will receive a special commendation award
D. passed the exam, but no commendation award is forthcoming
Solution
Answer: B. needs more data to determine if she passed the exam.
Joseph Freberg had been with Alcon for 18 months. He had begun his c.pdf
Joseph Freberg had been with Alcon for 18 months. He had begun his career right out of college
with a firm in the Southeast called Cala Industrial, which specialized in air compressors. Because
of his work with Cala, he had been lured away to Alcon, in Omaha, as a sales manager. Joseph’s
first six months had been hard. Working with older salespeople, trying to get a handle on his
people’s sales territories and settling into the corporate culture of a new firm took 16-hour days,
six days a week. During those six months, he also bought a house, and his fiancé, Ellen,
furnished it, deciding almost everything from the color of the rugs to the style of the curtains.
Ellen had taken a brokerage job with Trout Brothers and seemed to be working even more hours
than Joseph. But the long days were paying off. Ellen was now starting to handle some large
accounts and was being noticed by the “right” crowd in the wealthier Omaha areas. Costs for the
new home had exceeded their anticipated spending limit, and the plans for their wedding seemed
to be getting larger and larger. In addition, Ellen was commuting from her apartment to the new
home and then to her job, and the commute killed her car. As a result, she decided to lease
something that exuded success. “Ellen, don’t you think a Mercedes is a little out of our range?
What are the payments?” inquired Joseph. “Don’t worry, darling. When my clients see me in
this—as well as when we
start entertaining at the new house once we’re married—the payments on the car will seem small
compared with the money I’ll be making,” Ellen mused as she ran her fingers through Joseph’s
hair and gave him a peck
on the cheek. By the time of their wedding and honeymoon, Joseph and Ellen’s bank statement
looked like a bullfighter’s cape— red. “Don’t worry, Joseph, everything will turn out okay.
You’ve got a good job. I’ve got a good job. We’re young and have drive. Things will straighten
out after a while,” said Ellen as she eyed a Rolex in a store window. After the wedding, things
did settle down—to a hectic pace, given their two careers and their two sets of parents 1,000
miles away in either direction. Joseph had realized that Alcon was a paternal type of
organization, with good benefits and tremendous growth potential. He had identified whom to be
friends with and whom to stay away from in the company. His salespeople seemed to tolerate
him, sometimes calling him “Little Joe” or “Joey” because of his age, and his salespeople were
producing—slowly climbing up the sales ladder to the numberone spot in the company. While
doing some regular checkup work on sales personnel, Joseph found out that Carl had been giving
kickbacks to some of his buyers. Carl’s sales volume accounted for a substantial amount of the
company’s existing clientele sales, and he had been a trainer for the company for several years.
Carl also happened to be the vice president’s son-in-law. Joseph started to check on the other
reps more closely and discovere.
The French Revolution Class 9 Study Material pdf free download
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Karl Marx and Friedrich Engels,1. What does Marx and Engels mean b.pdf
Karl Marx and Friedrich Engels,
1. What does Marx and Engels mean by alienation?
2. What do they mean by \"externalization of labor\"?
3. How did the division and inequality of classes come to be, according to them?
Solution
1)Marx and Engels have wrote about an enormous range of subjects including
religion,politics,history,economics,housing,philosophy etc.But some people argue that the key to
all their writings is the idea of \"alienation\"Alienation can be illustrated as the separation to
what we really are.As per Marx and Engels the social system makes us aliens or strangers to
ourselves.Marx and Engels thought people are being truly human by stunting effect of a
capitalist system.Here the present system was called capitalism or the bourgeois order.Also like
our previous systems it distorts our true being but our full humanity will flourish in the
communist future.2) The externalisation of labor has two components :- a) Labor is external to
the workers as it doesn\'t belong to him after it is bought for a wage .Also the externalization of
Labor leads to misery instead of pride because work may no longer be the satisfaction of a need
but instead becomes a means to survive.b) Through labor man loses his intellectual and creative
side.His nature is taken away by him and he becomes the inorganic body of a man without even
his creativity and his soul is sold like a product. 3)The analysis of class divisions and struggles is
especially important in the development of an understanding of the nature of capitalisim.For
Marx and Engels classes are defined and structured by a)who owns or possesses property and
means of production and performs the work in the production process b)the social relationships
involved in work and labor. c)who produces and controls the surplus human labor we can
produce .Now these economic factors fully govern the social relationships in capitalism than they
did in earlier societies..
Kalina is the CEO of Northfield Corporation. Who sets her compensati.pdf
Kalina is the CEO of Northfield Corporation. Who sets her compensation, and what types of
compensation would she likely receive in addition to her salary? Can shareholders do anything to
challenge her level of compensation if they think it is unfairly high in comparison to average
employee compensation within the company?
Solution
Kalina is the CEO of Northfield Corporation. Who sets her compensation, and what types of
compensation would she likely receive in addition to her salary?
CEOs of public corporations get paid based on the recommendations of the board of directors.
The pay package can include salary, bonus, stock options, and deferred compensation.
Can shareholders do anything to challenge her level of compensation if they think it is unfairly
high in comparison to average employee compensation within the company?
Yes they can reduce her sallarry if they think is too much in comparison to the average
employee, they would need to do a review of her performance and compare with the goals of the
company and how much she has contributed to reach them, if she did not work hard enough
having the coditions and the means to reach the goals she should receive less money..
Justin and Louise have two children, ages 12 and 10. Their modified .pdf
Justin and Louise have two children, ages 12 and 10. Their modified AGI is $120,500. What is
their child tax credit?
Solution
Child tax credit is $1,000 per one child who is a qualifying child.
Here, both the children are qualifying childs, thus, the credit can be taken is $1000 * 2 = $2,000
as child tax credit.
Therefore, the child tax credit is $2,000..
Justify why the following is not a linear transformation. To show so.pdf
Justify why the following is not a linear transformation. To show something is not a linear
transformation you just need to show one of the two properties fails.
translation (for example, moving K units to the right)
Solution
To show that something is a linear transformation, we need to show these:
T(u? +v? )=T(u? )+T(v? )
and
T(cu? )=cT(u? )
Question?.
Justin Jordan has been named project manager of the General Sensor C.pdf
Justin Jordan has been named project manager of the General Sensor Company
Solution
1. Justin should combine the top-down approach with selected bottom-up inputs and checks on
the 50% of cost stage. He is experienced and comfortable with a top-down approach and this
makes sense for the majority of the project. Selective inputs from lower level workers involved
in the tasks would confirm his estimates, or indicate where more information is needed.
2. The most relevant factors are the seriousness of the error, Justin.
Just as Judy Garland and Mickey Rooney cried, Lets put on a show.pdf
Just as Judy Garland and Mickey Rooney cried, \"Let\'s put on a show!\" to solve problems in
their 1940s movie lives, many businesses cry \"Let\'s build teams!\" to attack problems ranging
from low productivity to poor morale, high costs and missed deadlines. Likewise, in our Week 3
Case study, Building a Coalition, we had a team begin to form to address problems in the
Washington, DC school system. Employee teams intuitively seem to be a great idea and are
certainly a growing trend.
Use your newfound knowledge of teams and discuss the following 2 elements:
a. Describe the stages of group development? Why is it important that managers have an
understanding of the group development process?
Identify and discuss three group property or team process elements you feel are most important
in building a high performing team?
Solution
a) Describe the stages of group development? Why is it important that managers have an
understanding of the group development process?
Stages of group development are four:
I Forming: Involves the process of discuss, agreements, contradictions, in a context of
uncertainty, in which members maybe do not feel confident to express freely their own behavior.
In this stage rules are confusing and it is necessary to encourage trust in the team. Managers
should not demand assignments to the team that imply to them high levels of organization and
communication in this stage.
II Storming: In this stage members have understood tasks by do, and they have more knowledge
of capacities of the rest of members, so they are ready to compete. Here you will see to emerge
leaders and are observable the individuals skills. To this stage is important for managers to pay
attention to individual\'s characteristics that will be useful to organization.
III Norming: Now we have the process to establish rules of the team, the basis of cooperation,
punishments and rewards, what is acceptable or not in the group. Here group becomes a cohesive
unit. Morale is high as group members actively acknowledge the talents, skills and experience
that each member brings to the team. This stage is the more productive to the organization, and it
will be necessary to take advantage of performance gains.
IV Performing: Is fourth stage and is the most productive fase. Now team is amalgamated,
leadership is shared, exist ways to channel questions and good ideas. There is a positive
atmosphere now and performance is the most high. Managers need to work to make their team
arrives to this stage, with the promotion of cooperation, communication, trust and a positive
environment.
b) Identify and discuss three group property or team process elements you feel are most
important in building a high performing team?
1) Deal assertively with emotional behavior; in human groups always emerge emotional behavior
that often block themselves to see rationals and team goals, so you can not avoid emotion in
human beings you need to learn to deal with it.
2) Promote a trust environment.
June 10 Sold 400 shares of Wild Goose Marina Corporation common stoc.pdf
June 10 Sold 400 shares of Wild Goose Marina Corporation common stock that has been held as
a short-term investment. The stock was sold for 19 1/4, less a commission of $240.00. The stock
was originally purchased at a total cost of $5,200.00.
Solution
Journal Entry:
Calculation of Cash received on sales:
400 x 19.25 = $7,700 - 240 = $7,460DateAccount TitleDebitCreditJune 10Cash7,460Investment
in Short Term Equity Security5,200Gain on Sale of Securities2,260.
John & Jane are married. T hje probablity that John wathces a cert.pdf
John & Jane are married. T
hje probablity that John wathces a certain television show is .4. the probability jane watches the
show is .5. The probability that John watches the show, given that Jane does is .7.
a) Find the probability that both John and Jane watch the show
b) Find the probability that Jane watches the show, given John does
c) Do John & Jane watch the show independently of each other? Justify answer
Solution
P(John)= .4, P(Jane)= .5, P(John|Jane)=.7 a. P(John and Jane)=?
P(John|Jane)=P(John and Jane)/P(Jane) P(John and Jane)= P(John|Jane)*P(Jane)= .7 * .5= .35
b.P(Jane|John)=? P(Jane|John)= [P(John|Jane)*P(Jane)]/P(John)= (.7 * .5)/ .4 = .875 c.No, they
do not watch shows independently. If they watched shows independently then P(John|Jane)=
P(John) which does not hold in this example..
Joe is considering pursuing an MBA degree. He has applied to two dif.pdf
Joe is considering pursuing an MBA degree. He has applied to two different universities. The
acceptance rate for applicants with similar qualifications is 25% for University A and 40% for
University B. What is the probability that Joe will be accepted at one and only one university?
Solution
0.25*0.6 + 0.75*0.4 = 0.45.
John Rogers was born in Canada and has always lived in Canada. John .pdf
John Rogers was born in Canada and has always lived in Canada. John is married and has two
young children. On October 1 of the current year, John Rogers takes a new job in Saudi Arabia
(Middle East). The job is for a five year period. However, as his children attend school in
Edmonton, Alberta, his wife and children will remain in Canada, living in the family home in the
west end of Edmonton. John is happy at his new job as Saudi Arabia has no income taxes for
individuals. Furthermore, John plans on avoiding the cold weather in Canada by having his wife
and children make several trips to Saudi Arabia each year for visits.
Based on the above situation, please answer the following question:
1. Is John a resident, part-time resident or non-resident of Canada in the current year? Give
reasons for your answer. Including a determination of whether John is a deemed resident or
\"ordinarily\" resident.
3. What is John\'s liability for income tax in Canada for the current year (i.e. on what income will
John pay tax and for what period will John be liable for income tax in Canada)?
Solution
1) John is Ordinary Resident of Canada because during the year his minimum stay in canada was
183 days and even his spouse and dependants live in the family home which is considered as a
Significant residential ties with canada during the Individual\'s Stay abroad.
2) John will be liable for income tax in canada for a period of six months on the income he was
earning from the company he was working with before joining the Company in Dubai..
John has four children and four (indistinguishable) sausages. How ma.pdf
John has four children and four (indistinguishable) sausages. How many ways can he distribute
the sausage to the four children? Suppose instead there are n sausages and m children. How
many ways can he distribute the sausages?
Solution
a)Ways=4*3*2*1=24 b) ways=nPm.
John Diaz owns Pacific Electric, a large electrical contracting firm.pdf
John Diaz owns Pacific Electric, a large electrical contracting firm that provides services to
building construction projects. The company has 2,000 employees and operates in three western
states. Recently the company experienced large losses due to a downturn in the economy and a
slowdown in construction. John thinks the losses were particularly large because his company
has too much fixed cost.
Expand on John\'s thought. How are the large losses related to fixed costs?
Identify a way that John can turn potential fixed costs into variable costs.
Solution
My thought regarding the loss being \'blamed\' on too much fixed costs is this:
Fixed costs are things like rent on buildings and administrative salaries. It sounds like the
company expanded during the \'boom times\' by renting/buying/leasing more buildings in the
three states, which carries with it the associated administrative and staffing fixed costs as well.
Then when the revenue starts slumping, the company still has to cover those fixed costs. The
money has to come from somewhere - if not from revenue, the company would have to take out
loans. The employee wages are a variable cost - those can be \'trimmed\' by lay-offs or reduction
in scheduled hours. (We see that all too frequently these days)..
John and Jennie Thomas are married and wish to file their taxes join.pdf
John and Jennie Thomas are married and wish to file their taxes jointly. They are both 52 years
old, neither is legally blind, and they had combined wage income of $105,000 in 2013. They also
had interest income of $2,000 from a certificate of deposit and itemized deductions of $13,000.
Their Taxable income for 2013 is
Solution
Particulars Amount (In $) Wage Income 105,000 Taxable Interest Income 2,000 Adjusted
Gross Income (AGI) 107,000 Itemized Deduction 13,000 Standard Deduction 12,200
Deduction to Use (higher of standard/itemized) 13,000 Deduction for exemption 7,800
Taxable Income 86,200.
john and jane are married. the probability that john watches a cert.pdf
john and jane are married. the probability that john watches a certain television show is .4. the
probability that Jane watches the show is .5. the probability that john watches the show given
that jane does is .7. find the probability that both john and jane watches the show given that jane
does, find the probability the jane watches the show that john does. do john and jane watch the
show independently of each other justify your answer
Solution
P(John)= .4, P(Jane)= .5, P(John|Jane)=.7 a. P(John and Jane)=?
P(John|Jane)=P(John and Jane)/P(Jane) P(John and Jane)= P(John|Jane)*P(Jane)= .7 * .5= .35
b.P(Jane|John)=? P(Jane|John)= [P(John|Jane)*P(Jane)]/P(John)= (.7 * .5)/ .4 = .875 c.No, they
do not watch shows independently. If they watched shows independently then P(John|Jane)=
P(John) which does not hold in this example..
John and Sandy Ferguson got married eight years ago and have a seven.pdf
John and Sandy Ferguson got married eight years ago and have a seven-year old daughter
Samantha. In 2015, John worked as a computer technician at a local university earning a salary
of $52,000, and Sandy worked part-time as a receptionist for a law firm earning a salary of
$29,000. John also does some Web design work on the side and reported revenues of $4,000 and
associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200
refund of their state income taxes. The Fergusons always itemize their deductions and their
itemized deductions were well over the standard deduction amount last year. Use Tax Rate
Schedule for reference.
Sandy was reimbursed $600 for employee business expenses she incurred. She was required to
provide documentation for her expenses to her employer.
In addition to the $750 of Web design expenses, John attended a conference to improve his skills
associated with his Web design work. His trip was for three days and he incurred the following
expenses: airfare $370, total taxi fares for trip $180, meals $80, and conference fee of $200.
$3,000 interest on a $40,000 home-equity loan. They used the loan to pay for family vacation
and new car.
Donation of used furniture to Goodwill. The furniture had a fair market value of $400 and cost
$2,000.
Could someone tell me how to fill this out on a Form 1040, or any attached forms that come with
we have been speaking about AMT and itemized deductions. Its tax 411 The Fergusons
reported making the following payments during the year:
Solution
Answer: $1,601.10 refund, computed as follows:
Description
Amount
Explanation
Gross income:
Note: Sandy’s reimbursement for her employee business expenses is excluded from gross
income.
Salary
$81,000
($52,000 + $29,000)
Self-employment revenues
4,000
Dividends
800
State income tax refund
200
(1) Gross income
86,000
For AGI deductions:
Self-employment expenses other than travel expenses
750
John’s self employment related travel expenses
590
$370 airfare, taxi fares $180, Meals $40 ($80 ×50%)
John’s conference fees
200
Employer portion of self-employment taxes
174
$2,460 × 92.35% × 7.65% = $174.See Note A below
Alimony
10,000
(2) Total for AGI deductions
11,714
(3) AGI
74,286
(1) - (2)
Itemized deductions:
State income taxes
4,400
Real property taxes
3,200
Home mortgage interest expense
14,000
Home equity loan interest expense
3,000
Charitable contributions cash
6,000
Charitable contributions property
400
Lesser of fair market value or basis
(4) Total itemized deductions
31,000
Standard deduction for MFJ is $12,600 so the Fergusons deduct itemized deductions
(5) Personal and dependency exemptions
12,000
$4,000 ×3
(6) Total from AGI deductions
43,000
(4) + (5)
Taxable income
31,286
(3) – (6)
(7) Tax on income other than qualified dividends
$3,650.40
$31,286 – 800 = $30,486.
Tax = $3,650.40.
from MFJ tax rate schedule $1,845 + 1,805.40 [15% ×(30,486 – 18,450)]
(8) Tax on qualified dividends
0
$800 ×0%; all $800 would have bee.
Joe decided to go to a record store from his home. The store is loca.pdf
Joe decided to go to a record store from his home. The store is located 10 blocks east and 7
blocks north of Joe\'s home (see map).
(a) Suppose Joe just reached the record store now, how many blocks has he walked?
(b) What is the probability that Joe will reach the store?
(c) On his way to the store, Joe wanted to stop by the bank if he passed by it (see map).Given
that Joe reached the store, what is the probability that he also stopped by thebank?
Solution
a)17 blocks, 10 east and 7 north (he only walks on the grid and never walks south or west, so you
can just add).
b) Since it is a fair coin, it would be C(17,7) * 2 - 17 (the probability under the binomial
distribution with n = 17 and p = 1/2 of flipping 7 heads. Note that if you flip more heads than this
you will be north of the store after walking the 17 blockes and not be as far east as the store, so
you will never reach it. Similarly, if you flip less heads, you will be east of the store before you
get that far north and never reach it.
C(17,7) * 2 - 17 = 19448/131072 = 2431/16384 = 0.14837646484375
c)
The probability of going to the bank and then the store would be
C(10,4)2 -10 *C(7,3)2 -7
The probability of going to the store is C(17,7) * 2 - 17
Then, the probability of going to the bank, given that you reached the store, is
C(10,4)2 -10 * C(7,3)2 -7 /(C(17,7) * 2 - 17) = C(10,4) * C(7,3)/C(17,7) = 210 * 35 /19448 =
3675/9724 = 0.377930892636775..
John Young is a new assistant controller at Richmond Electronics, a .pdf
John Young is a new assistant controller at Richmond Electronics, a large regional consumer
electronics chain. Before John’s recruitment, he was aware of Richmond’s long trend of
moderate profitability. The reports on his desk confirm the slight, but steady, improvements in
net income in recent years. The issue he is facing as he reviews the reports is the decline and
erratic trend in cash flows from operations. John sketched the following comparison ($ in
millions):
John sketched the following comparison ($ in millions):
2014
2013
2012
2011
Income from operations
$ 140.0
$ 132.0
$ 127.5
$ 127.0
Net income
38.5
35.0
34.5
29.5
Cash flow from operations
1.6
19.0
14.0
15.5
His sketch shows increasing profits but an ominous trend in cash flow, which is consistently
lower than net income. Upon closer review, Ben noticed three events in the last two years that,
unfortunately, seemed related: Richmond loosened its credit policy. In other words, Richmond
relaxed its credit terms and lengthened payment periods. Accounts receivable balances increased
dramatically. Several of the company’s compensation arrangements, including that of the
controller and the company president, were based on reported net income. What is so ominous
about the combination of events John sees? If you were John, what course of action will you
take?
2014
2013
2012
2011
Income from operations
$ 140.0
$ 132.0
$ 127.5
$ 127.0
Net income
38.5
35.0
34.5
29.5
Cash flow from operations
1.6
19.0
14.0
15.5
Solution
He is clearly sees that the company having problems with its cash flow management as it
accounts receivable increased dramtically mwnaing the cash flow from operations will come
down but this will not effect net income.
I will reduce the credit policy period of company and i will change it based on business we are
getting from each client and profit marging generated from each.
Joan is 24. She is twice as old as Carol was when Joan was as old a.pdf
Joan is 24. She is twice as old as Carol was when Joan was as old as Carol is now. How old is
Carol?
Solution
Joan is 24 now let carol be x now when jone is x then carol is x/2 but 24-x =x-x/2(since the age
difference is always is constant) ==> 24 =2x-(x)/2=3x/2 =>3x=48 =>x=16 so present age of
carol is 16.
Joan recently completed her certification examination and learned th.pdf
Joan recently completed her certification examination and learned that her z-score was -2.5. The
examining board also informed her that a failure to pass would equal all scores that were one or
more standard deviations below the mean and that those with scores higher than two standard
deviations above the mean would receive a special commendation award. Joan can conclude that
she
A. failed the exam
B. needs more data to determine if she passed the exam
C. passed the exam and will receive a special commendation award
D. passed the exam, but no commendation award is forthcoming
Solution
Answer: B. needs more data to determine if she passed the exam.
Joseph Freberg had been with Alcon for 18 months. He had begun his c.pdf
Joseph Freberg had been with Alcon for 18 months. He had begun his career right out of college
with a firm in the Southeast called Cala Industrial, which specialized in air compressors. Because
of his work with Cala, he had been lured away to Alcon, in Omaha, as a sales manager. Joseph’s
first six months had been hard. Working with older salespeople, trying to get a handle on his
people’s sales territories and settling into the corporate culture of a new firm took 16-hour days,
six days a week. During those six months, he also bought a house, and his fiancé, Ellen,
furnished it, deciding almost everything from the color of the rugs to the style of the curtains.
Ellen had taken a brokerage job with Trout Brothers and seemed to be working even more hours
than Joseph. But the long days were paying off. Ellen was now starting to handle some large
accounts and was being noticed by the “right” crowd in the wealthier Omaha areas. Costs for the
new home had exceeded their anticipated spending limit, and the plans for their wedding seemed
to be getting larger and larger. In addition, Ellen was commuting from her apartment to the new
home and then to her job, and the commute killed her car. As a result, she decided to lease
something that exuded success. “Ellen, don’t you think a Mercedes is a little out of our range?
What are the payments?” inquired Joseph. “Don’t worry, darling. When my clients see me in
this—as well as when we
start entertaining at the new house once we’re married—the payments on the car will seem small
compared with the money I’ll be making,” Ellen mused as she ran her fingers through Joseph’s
hair and gave him a peck
on the cheek. By the time of their wedding and honeymoon, Joseph and Ellen’s bank statement
looked like a bullfighter’s cape— red. “Don’t worry, Joseph, everything will turn out okay.
You’ve got a good job. I’ve got a good job. We’re young and have drive. Things will straighten
out after a while,” said Ellen as she eyed a Rolex in a store window. After the wedding, things
did settle down—to a hectic pace, given their two careers and their two sets of parents 1,000
miles away in either direction. Joseph had realized that Alcon was a paternal type of
organization, with good benefits and tremendous growth potential. He had identified whom to be
friends with and whom to stay away from in the company. His salespeople seemed to tolerate
him, sometimes calling him “Little Joe” or “Joey” because of his age, and his salespeople were
producing—slowly climbing up the sales ladder to the numberone spot in the company. While
doing some regular checkup work on sales personnel, Joseph found out that Carl had been giving
kickbacks to some of his buyers. Carl’s sales volume accounted for a substantial amount of the
company’s existing clientele sales, and he had been a trainer for the company for several years.
Carl also happened to be the vice president’s son-in-law. Joseph started to check on the other
reps more closely and discovere.
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