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Teaching Since: Apr 2017
Last Sign in: 5 Weeks Ago, 4 Days Ago
Questions Answered: 4870
Tutorials Posted: 4863

Education

  • MBA IT, Mater in Science and Technology
    Devry
    Jul-1996 - Jul-2000

Experience

  • Professor
    Devry University
    Mar-2010 - Oct-2016

Category > Programming Posted 23 May 2017 My Price 9.00

application to an exclusive golf club

Assign 1

You are having a lunch meeting with a loyal and very good customer. Over lunch you happen to mention that your application to an exclusive golf club was denied for the second time. Your customer responds, "Hey, why didn't you tell me? My family has been members there for 40 years, let me make a phone call, I'm sure we can get it worked out." Which of the following statements should represent your primary concern about this situation?Looking forward to next year, if Digby's current cash balance is $19,743 (000) and cash flows from operations next period are unchanged from this period and Digby takes ONLY the following actions relating to cash flows from investing and financing activities:Issues 100 (000) shares of stock at the current stock priceIssues $200 (000) of long-term debtPays $40 (000) in dividendsWhich of the following activities will expose Digby to the most risk of needing an emergency loan?Select: 1 Sells $5,000 (000) of their Long-term assets Retires $20,000 (000) in long-term debt Purchases assets at a cost of $15,000 (000) Liquidates the entire inventoA productivity index of 110% means that a company's labor costs would have been 10% higher if it had not made production improvements. Assume that Baldwin had a productivity index of 112% and that Chester had a productivity index of 103%. Now refer to the Income Statements in the Annual Report for Baldwin and Chester. Using the labor costs shown in the Income Statements, how much more did Baldwin save in direct labor costs compared to Chester by having a higher productivity index?Investing $1,500,000 in TQM's Channel Support Systems initiative will at a minimum increase demand for your products 1.7% in this and in all future rounds. (Refer to the TQM Initiative worksheet in the CompXM Decisions menu.) Looking at the Round 0 Inquirer for Andrews, last year's sales were $163,405,682. Assuming similar sales next year, the 1.7% increase in demand will provide $2,777,897 of additional revenue. With the overall contribution margin of 34.1%, after direct costs this revenue will add $947,263 to the bottom line. For simplicity, assume that the demand increase and margins will remain at last year's levels. How long will it take to achieve payback on the initial $1,500,000 TQM investment, rounded to the nearest month?Increasing the promotional budget for a product in order to increase awareness is not advisable in the short run under which of the following circumstances?City's product manager continues to perform well in the market. However, a competing product is coming on strong and is looking to take over as the market share leader in the segment. Without sacrificing contribution margin, what can the City product manager do in order to improve upon the buying criteria, and thus potentially increase demand?Which description best fits Andrews? For clarity:- A differentiator competes through good designs, high awareness, and easy accessibility.- A cost leader competes on price by reducing costs and passing the savings to customers.- A broad player competes in all parts of the market.- A niche player competes in selected parts of the market.Which of these four statements best describes your company's current strategy?Select: 1Deal is a product of the Digby company. Digby's sales forecast for Deal is 505 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Deal's Production After Adjustment have to be in order to have a 10% reserve of units available for sale?City is a product of the Chester company which is primarily in the Nano segment, but is also sold in another segment. Chester starts to create their sales forecast by assuming all policies (R&D, Marketing, and Production) for all competitors are equal this year over last. For this question assume that all 699 of units of City are sold in the Nano segment. If the competitive environment remains unchanged what will be the City product's demand next year (in 000's)?In order to sell a product at a profit the product must be priced higher than the total of what it costs you to build the unit, plus period expenses, and plus overhead.At the end of last year the broad cost leader Chester had an Elite product Cozy. Use the Inquirer's Production Analysis to find Cozy's production cost, (labor+materials). Exclude possible inventory carrying costs. Assume period expenses and overhead total 1/2 of their production cost. What is the minimum price the product could have been sold for to cover the unit cost, period expenses, and overhead?You are a member of a newly formed team that has been tasked with designing a new product. None of the team's members have worked together previously and thus confidence is low. Which of the following tactics would be most effective in promoting the team's confidence in its capability to function successfully?Select: 1Your team is working hard to develop a strategy to serve a new client. Which of the following actions is most important to ensuring an effective strategy is chosen?Select: 1 Ask the team member with the most industry-related experience to lead the process. Suggest that each proposed strategy be evaluated against a set of key objectives. Invite the client into a meeting to shape the strategy. Conduct a benchmarking survey of similar clients to determine best strategy.You were recently hired by the Andrews CEO as a consultant to evaluate the performance of the Chief Financial Officer (CFO). As part of that process, you interview the CFO's direct reports (employees). Although they indicate that the CFO is technically competent, one individual told you stories about the CFO's verbal abuse with employees. Given this information, what would be the most effective next step in the process?Select: 1 Tell the CEO about what you have uncovered and ask for her permission to speak about it with the CFO. Inform the human resources department that there is a potential problem. Collect more information about the extent to which this reported behavior is impacting others. Focus on the CFO's work performance since his personal behavior is inappropriate in the workplace.I need you to get me answers to all of these questions

 

Assign 2

Part I

For Part I (due in Week 3), you are asked to use the introductory sentence about the taxpayer and complete paragraph items 12, 13, 14, 16, and 17. You will also need to read the requirements and note that the taxpayer is not making a contribution to the Presidential Campaign Fund.

Determine the forms to be completed. The forms are also located in Appendix B of the e-book. Once completed, save your form(s) with the format "Your Last Name-formname.pdf" (e.g., Smith-f2106.pdf). Submit your assignment to the Week 3 Course Project Dropbox.

Note: Optional tax software: Please note that DeVry does not provide tax software to complete the project. Using software to complete the project is optional, not required. The forms are provided in Course Resources for your use. The forms are also located in Appendix B of the e-book. Students who desire to use the software to complete the project have the following options.

H&R Block At Home: The software is included with the purchase of the hard copy of the textbook. You may use the software disk provided and follow the installation instructions. You may review the student companion website or contact the publisher's customer service to obtain information regarding the purchase of the H&R Block At Home software online. If purchased and used to complete your project assignment, you will need to submit the file created by the software.

  • Save your work as an H&R Block At Home file.
  • Save the problem as a PDF file.

Turbo Tax: If you purchased Turbo Tax and completed your assignment as a Turbo Tax file, you will need to submit your assignment as a PDF file before submitting it to your instructor.

Appendix E Practice Set Assignments—Comprehensive Tax Return ProblemsPROBLEM 1

John R. and Anne L. Miller are married and live at 13071 Sterling Drive, Aitkin, MN 56431. John is a self-employed insurance claims adjuster (business activity code 524290), and Anne is the dietitian for the local school district. They choose to file a joint tax return each year.

  • 1.John represents several national casualty insurance companies on a contract basis. He operates this business on the cash basis. He is paid a retainer and receives additional compensation if the claims he processes for the year exceed a specified number. As an independent contractor, he is responsible for whatever expenses he incurs. John works out of an office near his home. The office is located at 1202 Motel Road. He shares Suite 326 with a financial consultant, and operating expenses are divided equally between them. The suite has a common waiting room with a receptionist furnished and paid by the landlord. John paid his one-half share of the 2014 expenses as detailed below:

    Office rent

    $11,600

    Utilities (includes telephone and fax)

    4,300

    Replacement of waiting room furniture on April 22

    3,600

    Renters' insurance (covers personal liability, casualty, theft)

    1,400

    Office expense (supplies, postage)

    740

    New Toshiba copier on February

    7 300

    Waiting room coffee service (catered)

    280

    Waiting room magazine subscriptions

    90

    For his own business use, John purchased a $2,100 laptop computer on June 17 and a $1,200 Nikon camera on February 5. Except for his vehicle (see item 2 below), John uses the § 179 write-off option whenever possible. John has no expenditures for which he is required to file Form 1099s.
  • 2.On January 2, 2014, John paid $31,000 (including sales tax) to purchase a gently used Toyota Camry that he uses 92% of the time for business. No trade-in was involved, and he did not claim any § 179 expensing. John uses the actual operating cost method to compute his tax deduction. He elects to use the 200% declining-balance MACRS depreciation method with a half-year convention. His expenses relating to the Camry for 2014 are as follows:

    Gasoline

    $3,500

    Auto insurance

    1,700

    Interest on car loan

    820

    Auto club dues

    325

    Oil changes and lubrication

    210

    License and registration

    190

    In connection with his business use of the Camry, John paid $510 for tolls and $350 in fines for traffic violations. In 2014, John drove the Camry 14,352 miles for business and 1,248 miles for personal use (which includes his daily, round-trip commute to work).
  • 3.John handles most claim applications locally, but on occasion he must travel out of town. Expenses in connection with these business trips during 2014 were $930 for lodging and $1,140 for meals. He also paid $610 for business dinners he had with several visiting executives of insurance companies with whom he does business. John's other business-related expenses for 2014 are listed below:

    Contribution to H.R. 10 (Keogh) retirement plan

    $8,000

    Premiums on medical insurance covering self and family (spouse and children)

    4,600

    Premiums on disability insurance policy (pays for loss of income in the event John is disabled and cannot work)

    2,400

    State and local occupation fee

    450

    Birthday gift for receptionist ($25 box of Godiva chocolates plus $3 for gift wrap)

    28

  • 4.Anne earns $32,000 working as a registered dietitian for the Aitkin Public School District. The job she holds, manager of the school lunch program, is not classified as full time. Consequently, she is not eligible to participate in the teacher retirement or health insurance programs. Anne's expenses for 2014 are summarized as follows:

    Contribution to traditional IRA

    $5,500

    Job hunting expense

    720

    Continuing education program

    350

    Membership dues to the National Association of Dietitians

    120

    Subscription to Nutrition Today

    90

    In order to work full time and earn a larger salary, Anne applied for a position as chief dietitian for a chain of nursing homes. According to the director of the recruiting service she hired, the position has not yet been filled and Anne is one of the leading candidates. The continuing education program was sponsored by the National Association of Dietitians and consisted of a one-day seminar on special diets for seniors. Anne drove the family Chevrolet Malibu 930 miles on job-related use, out of a total of 8,670 miles driven for the year. The Millers purchased the car on July 11, 2012, for $23,400. Anne uses the automatic mileage method for computing any available deduction for business use of the car.
  • 5.The Millers have supported Gary Simon (Anne's widowed father) for several years, appropriately claiming him as a dependent for tax purposes. On December 27, 2013, Gary suffered a massive stroke. The doctors did everything they could for Gary, but he died in the intensive care unit of Riverwood Hospital on January 8, 2014. In January and February of 2014, the Millers paid the following for Gary: medical expenses of $11,800 not covered by Medicare ($6,000 incurred in 2013 and $5,800 in 2014) and funeral expenses of $15,300. Gary's health insurance was limited to his Medicare coverage because the Millers' medical insurance (see item 3 above) only covered John, Anne, and their sons. Gary's will named Anne as executor and sole heir of his estate.
  • 6.One of the assets that Anne inherited with the transfer of Gary's estate was his house. Upon the advice of the financial consultant who shares office space with John, the Millers decided to convert Gary's home into a furnished rental house. After several minor repairs (e.g., touching up the paint on the interior walls, replacing various window screens, pressure washing the brick exterior, etc.), the property was advertised for rent in the classified section of the local newspaper on March 1, 2014. The repairs cost $720, and the newspaper ad was $360. Based on reconstructed records and appraisal estimates, information about the property is as follows: Original CostFMV on 1/8/14House$40,000$220,000Land10,00050,000Furniture and appliances21,00014,000
  • 7.Gary's former residence was rented almost immediately with occupancy commencing April 1, 2014, under the following terms: one-year lease; $2,400 per month due the first day of the month; first and last month's rent in advance; $2,000 damage deposit; lawn care included but not utilities. The tenant complied with all terms, except the December rent payment was not made until January 1, 2015—the tenant took an extended holiday trip that started on Thanksgiving Day (November 27) through Christmas Day (December 25). Expenses in connection with the property were as follows: property taxes, $2,600; repairs, $320; lawn maintenance, $540; insurance, $1,800; and street paving assessment, $2,100. The property is located at 12120 Lake Road, Aitkin, MN 56431. (Note: If you are using H&R Block software, input 365 in the "days owned" box and in the "days rented" box. Otherwise, the program will apportion the expenses inappropriately.)
  • 8.In early December 2013, a friend advised John to buy stock in Pioneer Aviation, Inc. (PAI). At that time, PAI was in serious financial straits and was headed toward bankruptcy. Nevertheless, according to John's friend, the value of the corporation's underlying assets was such that the shareholders were bound to recover considerably more than the current market price of $.50 per share. Excited at the chance for a "sure" profit, on December 15, 2013, John purchased 20,000 shares for $10,000. In September 2014, the trustee in bankruptcy announced that the stock was worthless and that even some of PAI's preferred creditors would not be paid.
  • 9.On June 14, 2014, the Millers sold 500 shares of Garnet Corporation for $17,500 ($35 per share). They owned 1,000 shares, acquired as follows: 500 shares on November 5, 2013, for $25 a share and 700 shares on April 5, 2014, for $30 a share. The Millers did not instruct their broker as to which shares to sell, so Form 1099-B for this sale reported $12,500 basis for these shares.
  • 10.One month before she died on April 14, 2005, Violet Simon (Anne's mother) gave Anne a coin collection. Based on careful records that Violet kept, the collection had a cost basis of $9,000 and a fair market value of $18,000 at the time Violet passed away. On February 12, 2014, the Miller residence was burglarized and the coin collection was stolen. The Millers filed a claim with the carrier of their homeowner's insurance policy for $24,000 (the current value of the collection). Unfortunately, all they were able to collect was $10,000, which was the maximum pay-out allowed for valuables (e.g., jewelry, antiques) without a special rider attached to the insurance policy.
  • 11.In her will, Violet Simon (see item 10) left Anne a vacant lot on Mississippi Road. Violet had paid $15,000 for the property, and it had a value of $19,000 when she died. Violet had purchased the lot because it was adjacent to a school that she expected to expand. By 2014, it has become clear that the Mississippi Road area of Aitkin is not growing and that no school expansion will take place. Consequently, on July 1, 2014, Anne sold the lot for $19,000. Not included in this price are unpaid property taxes (and interest on the unpaid taxes) of $700 on the lot, which the purchaser assumed and later paid. Form 1099-B did not report the basis of this property.
  • 12.Every year around Christmas, John receives cards from various car repair facilities (including dealerships) expressing thanks for the business referrals and enclosing cash. John has no arrangement, contractual or otherwise, that requires any compensation for the referrals he makes. Concerned about the legality of such "gifts," John consulted an attorney about the matter a few years ago. Without passing judgment on the status of the payors, the attorney found that John's acceptance of the payments does not violate state or local law. John sincerely believes that the payments he receives have no effect on the referrals he makes. During December 2014, John received cards containing $7,200. One additional card containing $900 was delayed in the mail and was not received by John until January 4, 2015.
  • 13.In addition to those previously noted, the Millers' receipts during 2014 are summarized below:

    Payments to John for services rendered (as reported on Forms 1099-MISC issued by several payor insurance companies) pursuant to contractual arrangement

    $82,000

    Income tax refunds for tax year 2013:

     

       Federal

    210

       State of Minnesota

    90

    Interest income (reported on separate Forms 1099-INT):

     

       State of Minnesota general-purpose bonds

    1,400

       General Electric corporate bonds

    1,100

       Certificate of deposit at Aitkin National Bank

    900

    Qualified dividends (Duke Energy, reported on Form 1099-DIV)

    1,200

    Proceeds from garage sale (see item 14 below)

    9,200

    Cash gifts from John's parents

    24,000

    John's net state lottery losses ($1,000 of winnings reported on Form W2-G; $2,300 of losses)

    (1,300)

  • 14.On June 7 and 8, 2014, the Millers held a garage sale to dispose of unwanted furniture, appliances, books, bicycles, clothes, and one boat (including trailer). The estimated basis of the items sold is $25,500. All assets were used by the Millers for personal purposes.
  • 15.Payments made for 2014 expenditures not mentioned elsewhere are as follows: Medical:

    Medical:

       Copayment portion of medical expenses

    $1,300

       Dental (orthodontist)

    1,200

    Taxes:

       State income tax (see item 17 below)

    3,456

       State sales taxes

    1,120

       Property taxes on personal residence

    3,800

    Interest on home mortgage reported on Form 1098

    4,200

    Charitable contributions

    3,600

    The Millers' medical insurance does not cover dental services. The Millers pledge contributions of $1,200 per year to their church. In 2014, they paid the pledges for 2013-2015. During 2014, the Millers drove the Malibu 270 miles for medical purposes (e.g., trips to the hospital, doctor and dentist offices) and 320 miles delivering meals to the poor for Meals-on-Wheels, a qualified charity.
  • 16.The Millers have two sons who live with them: Trace and Trevor. Both are full-time students. Trace is an accomplished singer and earned $4,200 during the year performing at special events (e.g., weddings, anniversaries, civic functions). Trace deposits his earnings in a savings account intended to help cover future college expenses. Trevor does not have a job.
  • 17.The Form W-2 Anne receives from her employer reflects wages of $32,000. Appropriate amounts for Social Security and Medicare taxes were deducted. Income tax withholdings were $1,320 for Federal and $1,056 for state. The Millers made quarterly tax payments of $2,000 for Federal and $600 for state on each of the following dates: April 15, 2014, June 16, 2014, September 15, 2014, and December 29, 2014. None of the Millers hold any foreign financial accounts. Relevant Social Security numbers are noted below: NameSocial SecurityNumber Birth DateJohn R. Miller111-11-111106/06/1972Anne L. Miller123-45-678108/14/1973Gary Simon123-45-678403/12/1934Trace Miller123-45-678809/13/1997Trevor Miller123-45-678907/20/1999

Requirements

Prepare an income tax return (with all appropriate forms and schedules) for the Millers for 2014 following these guidelines:

  • •Make necessary assumptions for information not given in the problem but needed to complete the return.
  • •The taxpayers are preparing their own return (i.e., no preparer is involved).
  • •The taxpayers have substantiation (e.g., records, receipts) to support all transactions for the year.
  • •If any refund is due, the Millers want a refund check sent to them by mail.
  • •The Millers had itemized deductions from AGI for 2013 of $16,700, of which $1,500 was for state and local income taxes.
  • •The Millers do not want to contribute to the Presidential Election Campaign Fund.

Answers

(11)
Status NEW Posted 23 May 2017 12:05 AM My Price 9.00

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