On November 13, Underhill Inc., a calendar year taxpayer, purchased a business for a $750,000…

On November 13, Underhill Inc., a calendar year taxpayer, purchased a business for a $750,000 lump-sum price. The business’s balance sheet assets had the following appraised FMV:

Accounts receivable ……………… $ 38,000

Inventory ………………………… 177,000

Tangible personality …………….. 400,000

$615,000

a. What is the cost basis of the goodwill acquired by Underhill on the purchase of this business?

b. Compute Underhill’s goodwill amortization deduction for the year of purchase.

c. Assuming a 35 percent tax rate, compute the deferred tax asset or deferred tax liability (identify which) resulting from Underhill’s amortization deduction.

Describe the IT internal controls that should be incorporated into an Internet EDI system. 1 answer below »

Plaskor, Inc., is a manufacturer of plastic knobs for lawn and garden tractors and lawn mowers. The company has always used traditional paper-based systems to conduct transactions with its customers. For example, when a customer ordered knobs, Plaskor personnel filled out a sales order acknowledgement and mailed it to the customer. Plaskor would like to expand its business opportunities by becoming a supplier, as management believes the company can manufacture interior parts for automotive manufacturers. Automotive manufacturing companies use EDI extensively as they transact business with suppliers and expect any suppliers that they buy from to have the appropriate systems to conduct transactions via EDI. Therefore, Plaskor must buy or develop systems that would allow it to use Internet EDI.

Required: Describe the extra IT system risks that Plaskor should consider as it evaluates whether to buy or develop an Internet EDI system. Describe the IT internal controls that should be incorporated into an Internet EDI system.

The number of blood tests performed and the related costs over the last nine months in Brentline…

The number of blood tests performed and the related costs over the last nine months in Brentline Hospital are given below: Required: 1. Using the high–low method, estimate the cost formula for blood tests. 2. Using the cost formula you derived above, what blood test costs would you expect to be incurred during a month in which 2,300 blood tests are performed?

Dean Brothers Corp. owns and operates a steel drum manufacturing plant. Lowell Wyden, the plant… 1 answer below »

Dean Brothers Corp. owns and operates a steel drum manufacturing plant. Lowell Wyden, the plant superintendent, hired Best Security Patrol, Inc. (BSP), a security company, to guard Dean’s property and “deter thieves and vandals.” Some BSP security guards, as Wyden knew, carried firearms. Pete Sidell, a BSP security guard, was not certified as an armed guard but nevertheless brought his gun, in a briefcase, to work. While working at the Dean plant on October 31, 2010, Sidell ?red his gun at Tyrone Gaines, a manufacturing plant employee, in the belief that Gaines was an intruder. The bullet struck and killed Gaines. Gaines’s mother has ?led a lawsuit claiming that her son’s death was the result of BSP’s negligence, for which Dean was responsible.

1. What is the plaintiff’s best argument that Dean is responsible for BSP’s actions?

2. What is Dean’s best defense? Explain.

Support your paper with a minimum of one (1) scholarly resource in addition to your required readings. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 3-5 pages not including title and reference pages

In fiscal 2013, the City of Allen, Texas plans to issue $100,000,000 face value of 5 percent general

In fiscal 2013, the City of Allen, Texas plans to issue $100,000,000 face value of 5 percent general obligation bonds to finance the construction of a new state-of-the-art fire station plus equipment. Additional financing will be obtained from a federal grant. A capital projects fund will account for the activities relating to this project, and a debt service fund will account for resources used to make payments on the debt. The general fund will provide the resources to pay the annual interest payments. The following transactions occurred in each of the two years beginning October 1, 2012, and ending September 30, 2014. Fiscal 2013 1. October 2: A budget was established for the fire station project, as follows: General obligation bonds…………………………………..$100,000,000 Federal grant…………………………………………………200,000,000 2. October 10: The general fund advanced $1,000,000 to cover planning activities. 3. October 15: $950,000 was spent for engineering and architectural work. The amount was not previously encumbered. 4. October 30: The general obligation bonds were issued at a total price of $100,500,000. The bonds mature on October 30,2022, and interest is paid yearly. The bond premium is legally restricted to be used for bond payments, and is accordingly transferred to the debt service fund. 5. November 9: $65,000,000 of the federal grant proceeds was received. 6. December 1: Contracts were signed with several construction and fire equipment companies who will be responsible for various aspects of the project. All contracts provide for a 20 percent retainage. The contracts totaled $285,000,000. 7. May 15: The advance from the general fund was repaid. 8. September 30: Extensive work was done on the fire station during fiscal 2013, and the construction and equipment companies have submitted invoices in the amount of $180,000,000. $120,000,000 in cash has been paid as of year-end. Fiscal 2014 1. October 2: $5,000,000 was transferred from the general fund to the debt service fund to cover its interest expenditure for the year. 2. October 30: Interest was paid on the bonds. 3. January 12: The remainder of the federal grant was received by the capital projects fund. 4. June 15: Additional invoices totaling $115,000,000 were received, representing the final billings of the contractors. $116,000,000 in cash was paid to contractors. 5. July 25: The fire station was accepted by the city. All contractors were paid in full, and the remaining balance was transferred to the debt service fund to finance future payments on the bonds. Assume all resources of the capital project fund are restricted. Debt service fund resources are committed. Required a. Prepare the journal entries, including closing entries, for the capital projects and debt service funds for fiscal 2013 and 2014. b. Prepare the balance sheet for the capital projects fund on September 30, 2013. c. Prepare the balance sheet for the debt service fund on September 30, 2014. View Solution:
In fiscal 2013 the City of Allen Texas plans to

you are the new controller of a large local business and you discovered that your predecessor, who w

you are the new controller of a large local business and you discovered that your predecessor, who was the owner’s son, had been improperly recording expenses to reduce the business’s tax bill. You estimate that, when corrected, the false expenses will cause the company to have to repay several million in back taxes. This will likely cause the business to file bankruptcy and cause around 200 people to lose their jobs. The owner’s son is now working in a similar position for another company. Your best friend is in senior management at the other company and would probably appreciate knowing about this fraud.

Which of the standards will be the most relevant to solving this ethical dilemma? Competence Integrity Confidentiality Credibility

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in…

Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following.

What competencies were you able to develop in researching and writing the Comprehensive Project due.

What competencies were you able to develop in researching and writing the Comprehensive Project due in Unit 5? How did you leverage feedback from your peers in the Discussion Board for Units 1- 4 in completing the Project? How will these competencies and knowledge support your career advancement in management?

 

2 Paragraphs

2 sources 

NO PLAGIARISM 

due today at midnight

 

Discussion Board Rubric:

 

Grading Criteria

Percentage

Post explains issues, elaborates on all parts of the topic, and contributes to group understanding of topic40%

 

Multiple substantive responses reflecting participation are evenly spread throughout the discussion period (2 or more per week) sharing opinions, observations, and experiences, asking questions, and making suggestions40%

 

Comments are appropriately addressed, well-written, timely, relevant, and coherent, displaying accurate spelling, grammar, and punctuation

20%

Explain the various strategies related to managing marketable securities. Explain the various…

Explain the various strategies related to managing marketable securities.

Explain the various strategies related to managing marketable securities

E24-19 (book/static) The Watkins Company is decentralized, and divisions are considered investment c

E24-19 (book/static) The Watkins Company is decentralized, and divisions are considered investment centers. Watkins specializes in sports equipment, and one division manufactures netting that is used for basketball hoops, soccer goals, and other sports equipment. The Netting Division reports the following information for a heavy-duty basketball hoop net: E: (Click the icon to view the data.) Requirement 1. Determine the negotiable range for the transfer price. The negotiable range for the transfer price is to The Basketball Equipment Division can purchase a similar heavy-duty net from an outside vendor for $15. Read the requirements A Netting Division Information – X 1 Requirements X $ 18 Sales Price per Unit Variable Cost per Unit 1. Determine the negotiable range for the transfer price. 2. What is the minimum transfer price the Netting Division should consider if operating at capacity? Below capacity? What is the maximum transfer price the Basketball Equipment Division should consider? Contribution Margin per Unit Print Done Print Done