During a recent IRS audit, the revenue agent decided that the Emig family used their closely held corporation, Gamekeeper, to avoid shareholder tax by accumulating earnings beyond the reasonable needs of the business. Gamekeeper’s taxable income was $800,000, it paid no dividends and it had no business need to retain any income. Compute Gamekeeper’s accumulated earnings tax assuming that it had accumulated $2 million of after-tax income in prior years?
Engineering E2261: Introduction to Accounting and Finance
COLUMBIA UNIVERSITY, School of Engineering and Applied Science
Homework 3 – Readings, Problems and Cases
0. Reading (Optional):
Purchase “Introduction to Accounting and Finance E2611.”
Robert Higgens, Richard Brealey, Stewart Myers.
See Courseworks for purchasing details. This text is recommended.
1. Lennar Corporation (LEN).
Lennar is a homebuilder that competes with Centex and APO. Here is some pertinent economic
and accounting data:
LEN Balance Sheet As of 12/31/2010
Misc assets held for sale $2,000
– Accum. Deprec. – $6,000
= PPE book value $6,000
Total Assets $25,000
Loan Payable $6,000
Total Liabilities $15,000
Total Equity $10,000
Notes at BOY 2011:
• LEN’s inventory write down policy is to use “inventory write down expense,” instead of
• LEN uses linear depreciation.
• LEN’s PPE has average useful life of 10 years, with $2,000MM salvage value.
• The loan carries an annual interest rate of 5% (compounded annually).
• Principal on the loan is due in January 2012.
• Cumulative net income of the company is $5,000.
LEN experienced the following events in 2011:
1. Noted $1,000 of inventory was destroyed and useless as inventory but retained $400 in
2. Paid its owners a dividend of $500.
3. Purchased inventory (homes) costing $20,000 on account
(ie: was invoiced at time of purchase).
4. Received $35,000 in payments on previously-submitted invoices.
5. Sold/invoiced $38,000 of homes to customers (LEN ‘matches’ certain expenses to
revenue at the end of each accounting period, rather than with each sale).
6. Received $2,000 in cash prepayment for services it promises to deliver in 2012.
7. Paid $2,000 of outstanding vendor invoices.
8. Noted need to pay and paid $5,000 to rent office space for the year and for other
9. Prepaid $3,000 for 2012 office space rent.
10. Noted depreciation on all its PPE assets.
11. Noted but did not pay 2011 interest on its loan payable.
12. Took out a (long term) loan for $5,000 and used this cash to purchase 100% of
NicheRealty. NicheRealty’s balance sheet at the time of sale (last day of year) was:
Cash: $2,000, AR: $1,000, PPE: $6,000, AP: $6,000, Equity $3,000
13. Sold all its ‘misc asset held for sale’ for $1,500 cash.
14. Noted that its cost of goods sold for the year was $20,000.
15. Estimated (noted) its 2011 taxes at $500.
a) A list of journal entries corresponding to the above events, using the Dr, Cr sign convention.
b) Sorted lists of the journal entries, grouped first by Assets, Liabilities, and Equity, then by
c) Prepare an EOY 2011 BS. Show that duality is satisfied, and report Equity as PIC + retained
d) Prepare an IS and an OES for 2011.
e) Prepare a direct-method CFS for the year.
f) As of 1/1/2012, is LEN in trouble with any of its stakeholders? Why or why not?
Go to the JA Smith Excel Doc. This has lots of company data over time on the weight that they transported on that day. The company’s full name is “Jennifer Allen Smith International Incorporated”. But people spell is lots of different ways (smyth, JA smith, etc.). Also note that some weights are in “European format” and some are in USA format. (All dates are in USA format).
Your task: For JA Allen, tell me the total weight they transported in August of all the years in the dataset.
· Look up Numbervalue() function
· The sum of weights in all the Mays is 631886.94.
· Should be done in 2 steps. First, identify those rows with Jennifer Allen Smith in them with some sort of indicator. Then use a ______ ________ to aggregate the weights by month, while also filtering on the indicator you chose.
A) Put your answer here and upload your spreadsheet.
B) Tell me the formula you used. Please do not just filter or do this by brute force: try to come up with a formula that would work on new similar data but with new misspellings.
List above contains 26 fruits, each one with a name that begins with a different letter of the alphabet.
Write a program named sort_fruits.py that reads in the fruits from the file unsorted_fruits.txt and writes them out in alphabetical order to a file named sorted_fruits.txt.
For this assignment you must incorporate the use of a list, for loop and / or while loop.
For this assignment you must create either pseudo code or a flowchart of your program and attach it along with your assignment submission. You model must show how your program will read the input file, sort the entries and generate the output file.
In addition, you must submit both your program source code sort_fruits.py as well as the sorted file sorted_fruits.txt with your assignment.
The following sections within the text book contain examples of Python code that you can use to complete this assignment.
Section 10 Sorting
Section 14.2 Reading and writing files
Section 14.4 Filenames and paths
Similar examples can be found in the interactive version of the textbook as follows:
Section 10 Lists
Section 11.3 Reading Files
Section 11.6 Writing Text Files
Section 11.2 Finding a File on your Disk
You can use the following fragment of code the open and read in the data from the unsorted_fruits.txt file. You will need to determine how to use a list structure to sort the items and how to write the data back out into the sorted_fruits.txt file.
infile = open(“unsorted_fruits.tex”, “r”)
In using this code fragment, once you have read a line from the file into the variable text, you must then determine how to load it into a list structure.
Also keep in mind that you may need to include the directory path when opening files so this may need to be included in your open statement.
The following web site references might come in handy.
This provides an example of reading and writing text files in python:
This video provides an example of reading data from a file and loading it into a list structure and sorting the list.
This site has an example of how to sort a list structure. http://effbot.org/zone/python-list.htm
Does the assignment read the input file, sort the items in the file and write the sorted list in the correct order to the output file (You can determine this by looking at the contents of the output file that should be attached with the submission)
Did the assignment include either pseudo code or a flowchart that outlines the conceptual model of the program detailing its operation and flow?
Did the assignment include the use of the python list structure and either the for loop and/or the while loop?
Did the assignment include comments and descriptive variables?
Answer the following questions by inputting the given data below into the simulation spreadsheet attached.
A baker is trying to determine how many dozens of sourdough rolls to bake each day. The number of customers visiting the bakery each days follows a Poisson distribution with ʎ= 10. The customers purchase 1, 2, 3, or 4 dozen rolls with respective probabilities of .30, .35, .25, and .10 each.
(Part A) The rolls sell for $15 per dozen. The cost $5 per dozen to make, all rolls not sold at the end of the day are sold at half price to a local grocery store. How many dozens of bagels should be baked each day?
Note: This problem can be analyzed by developing a static dynamic simulation model
(Part B) Now assume that customers arrive at an inter arrival rate that is exponentially distributed with a mean of 10 minutes. We will need to know how many hours the bakery is open and keep track of the passage of time. In this case the problem can be analyzed by developing a stochastic, dynamic, discrete event simulation model.
Team Name: _______________________ Lab Section: ___ Teacher Name: ________________________
Systems Analysis & Design – Assignment 3: Fully-Developed Use Case Descriptions with SSD and Activity Diagrams
You are working with the case Spring Breaks ‘R’ Us (SBRU) Travel Service. The four major subsystems of the solution being proposed are:
· Resort Relations
· Student Booking
· Accounting & Finance
· Social Networking
Chapter 5 Questions (page 152)
1. Create a single combined Domain Class Model starting from what you created in the first two assignments, enhanced to fully support all four subsystems of SBRU. Show all classes, associations, attributes and multiplicities.
2. For the Use Case Add new resort, write a fully developed Use Case Description and a System Sequence Diagram (SSD) for it. Use your domain classes to help understand the flow of activities.
3. For the Use Case Book a reservation, write a fully developed Use Case Description and an SSD for it. Again, use your domain classes to help understand the flow of activities.
4. Draw an Activity Diagram to show the flow of activities associated with the Use Case Add new resort.
5. Do a CRUD analysis based on your current Domain Class Model and the Use Cases you have built.
a. Use this to ensure the domain classes, use case activities and SSDs all fully support each other … otherwise, you’ll lose marks.
· Zip your answers into a single file and upload it to the assignment folder on eConestoga … only have one team member upload per team.
· Hand the marking sheet in during the lab period for the week it is due, with your team name, lab section number and teacher name.
In the years after the Cold War and the collapse of the bipolar order, the world has undergone significant changes. Chief among those changes has been a perceived deterioration of world stability, not only in terms of economics but also in terms of security. What indicators could lead one to conclude that in the years following the collapse of the Communist world, things have gotten more dangerous?
According to the Polk Company, a survey of households using the Internet in buying or leasing cars reported that 81% were seeking information about prices. In addition, 44% were seeking information about products offered. Suppose 75 randomly selected households who are using the Internet in buying or leasing cars are contacted. (a) What is the expected number of households who are seeking price information? (b) What is the expected number of households who are seeking information about products offered? (c) What is the probability that 67 or more households are seeking information about prices? (d) What is the probability that fewer than 23 households are seeking information about products offered?
Based upon what you have learned, and the research you have conducted, why is it important for HR Management to transform from being primarily administrative and operational to becoming a more strategic partner. Provide a background of HR history and some data from a specific organization of your choice to support your ideas, arguments, and opinions.
Please support your ideas, arguments, and opinions with independent research, include at least five (5) supporting references or sources (NOT Wikipedia, unknown, or anonymous sources), format your work in proper APA format, include a cover page, an abstract, an introduction and a labeled conclusion in accordance with the course rubric, a minimum of eight (8) FULL pages of written content, and a reference section. Double space all work and cite all listed references properly in text in accordance with the 6th edition of the APA manual, chapters 6 & 7.
The allowance for doubtful debts account had a balance of $2200 before bad debts of $1400
were written off and the allowance was adjusted to 10% of the accounts receivable balance
of $20 000. The new amount of allowance for doubtful debts that is deducted from accounts
receivable in the balance sheet is: