Question & Answer

John and Tara Smith are married and have lived in the same home for over 20 years.John’s uncle Tim, who is 64 years old, has lived with the Smiths since March of this year. Tim is searching for employment but has been unable to find any—his gross income for the year is $2,000.Tim used all $2,000 toward his own support.The Smiths provided the rest of Tim’s support by providing him with lodging valued at $5,000 and food valued at $2,200. a. Are the Smiths able to claim a dependency exemption for Tim?

Explain how the Fed’s monetary policy may indirectly affect the prices of equity securities. (LO2)

Metro Corp. traded building A for building B. Metro originally purchased building A for $50,000, and building A’s adjusted basis was $25,000 at the time of the exchange. What is Metro’s realized gain or loss, recognized gain or loss, and adjusted basis in building B in each of the following alternative scenarios?  a.  The fair market value of building A and of building B is $40,000 at the time of the exchange. The exchange does not qualify as a like-kind exchange. b.  The fair market value of building A and of building B is $40,000. The exchange qualifies as a like-kind exchange c. The fair market value of building A is $35,000, and building B is valued at $40,000. Metro exchanges building A and $5,000 cash for building B. building A and building B are like-kind property. d. The fair market value of building A is $45,000, and Metro trades building A for building B valued at $40,000 and $5,000 cash. Building A and building B are like-kind property.

What are the advantages and disadvantages of the singlestep income statement?

Perlman Land Development, Inc. purchased land for $70,000 and spent $30,000 developing it. It then sold the land for $160,000. Sheehan Manufacturing purchased land for a future plant site for $100,000. Due to a change in plans, Sheehan later sold the land for $160,000. Should these two companies report the land sales, both at gains of $60,000, in a similar manner?

The strength coefficient = 35,000 lb/in2 and strain-hardening exponent = 0.40 for a metal used in a forming operation in which the workpart is reduced in cross-sectional area by stretching. If the average flow stress on the part is 20,000 lb/in2 , determine the amount of reduction in cross-sectional area experienced by the part.

Solve for total solidification time in the previous problem only using an exponent value of 1.9 in Chvorinov's rule instead of 2.0. What adjustment must be made in the units of the mold constant?

Katie recently won a ceramic dalmatian valued at $800 on a television game show.  She questions whether this prize is taxable since it was a “gift” she won on the show.  a.  Use an available tax research service to answer Katie’s question. b.  Write a letter to Katie communicating the results of your research

A mold has a downsprue of length = 6.0 in. The cross-sectional area at the bottom of the sprue is 0.5 in2 . The sprue leads into a horizontal runner which feeds the mold cavity, whose volume = 75 in3 . Determine (a) the velocity of the molten metal flowing through the base of the downsprue, (b) the volume rate of flow, and (c) the time required to fill the mold cavity

Discuss some of the difficulties regulators face when attempting to provide regulatory oversight over fintech. (LO5)

: Explain the differences between management and leadership and why organizations need both types of skills.

In what situation will the unrealized holding gain or loss on an available-for-sale security be reported in income?

There are 23 correct answers in the following multiple choice questions (some questions have multiple answers that are correct). To attain a perfect score on the quiz, all correct answers must be given. Each correct answer is worth 1 point. Each omitted answer or wrong answer reduces the score by 1 point, and each additional answer beyond the correct number of answers reduces the score by 1 point. Percentage on the quiz is based on the total number of correct answers 30.1 The feature that distinguishes fusion welding from solid-state welding is that melting of the faying surfaces occurs during fusion welding but not in solid-state welding: (a) true or (b) false? 30.2 Which of the following processes are classified as fusion welding (three correct answers): (a) electrogas welding, (b) electron-beam welding, (c) explosion welding, (d) forge welding, (e) laserbeam welding, and (f) ultrasonic welding? 30.3 Which of the following processes are classified as fusion welding (two correct answers): (a) diffusion welding, (b) friction welding, (c) pressure gas welding, (d) resistance welding, and (e) roll welding? 30.4 Which of the following processes are classified as solid-state welding (three correct answers): (a) diffusion welding, (b) friction stir welding, (c) resistance spot welding, (d) roll welding, (e) thermit welding, and (f) upset welding? 30.5 An electric arc is a discharge of current across a gap in an electrical circuit. The arc is sustained in arc welding processes by the transfer of molten metal across the gap between the electrode and the work: (a) true or (b) false? 30.6 Which one of the following arc welding processes uses a nonconsumable electrode: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.7 MIG welding is a term sometimes applied when referring to which one of the following processes: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.8 \"Stick\" welding is a term sometimes applied when referring to which one of the following processes: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.9 Which one of the following AW processes uses an electrode consisting of continuous consumable tubing containing flux and other ingredients in its core: (a) FCAW, (b) GMAW, (c) GTAW, or (d) SMAW? 30.10 Which one of the following arc-welding processes produces the highest temperatures: (a) CAW, (b) PAW, (c) SAW, or (a) TIG welding? 30.11 Resistance-welding processes make use of the heat generated by electrical resistance to achieve fusion of the two parts to be joined; no pressure is used in these processes, and no filler metal is added: (a) true or (b) false? 30.12 Metals that are easiest to weld in resistance welding are ones that have low resistivities since low resistivity assists in the flow of electrical current: (a) true or (b) false? 30.13 Oxyacetylene welding is the most widely used oxyfuel welding process because acetylene mixed with an equal volume of oxygen burns hotter than any other commercially available fuel: (a) true or (b) false? 30.14 The term \"laser\" stands for \"light actuated system for effective reflection\": (a) true or (b) false? 30.15 Which of the following solid-state welding processes applies heat from an external source (two best answers): (a) diffusion welding, (b) forge welding, (c) friction welding, and (d) ultrasonic welding? 30.16 The term weldability takes into account not only the ease with which a welding operation can be performed, but also the quality of the resulting weld: (a) true or (b) false? 30.17 Copper is a relatively easy metal to weld because its thermal conductivity is high: (a) true or (b) false?

Reichenbach Co., organized in 2013, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014 and 2015. Intangible Assets 7/1/14 8-year franchise; expiration date 6/30/22 $ 48,000 10/1/14 Advance payment on laboratory space (2-year lease) 24,000 12/31/14 Net loss for 2013 including state incorporation fee, $1,000, and related legal fees of organizing, $5,000 (all fees incurred in 2013) 16,000 1/2/15 Patent purchased (10-year life) 84,000 3/1/15 Cost of developing a secret formula (indefinite life) 75,000 4/1/15 Goodwill purchased (indefinite life) 278,400 6/1/15 Legal fee for successful defense of patent purchased above 12,650 9/1/15 Research and development costs 160,000 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2015, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.)

Why is depreciation recapture not required when assets are sold at a loss?

Aishwarya’s husband passed away in 2016.She needs to determine whether Jasmine, her 17-year-old stepdaughter who is single, qualifies as her dependent in 2017.Jasmine is a resident but not a citizen of the United States.She lived in Aishwarya’s home from June 15 through December 31, 2017. Aishwarya provided more than half of Jasmine’s support for 2017.

True or False.For purposes of determining head of household filing status, the taxpayer’s mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer’s dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father.Explain

A DC servomotor drives the y-axis of a NC milling machine table. The motor is coupled to the table lead screw with a gear reduction of 2:1 (2 turns of the motor shaft for each single rotation of the lead screw). There are 2 threads per cm in the lead screw. An optical encoder is directly connected to the lead screw (1:1 gear ratio). The optical encoder emits 100 pulses per revolution. To execute a certain programmed instruction, the table must move from point (x = 25.0 mm, y = 28.0) to point (x = 155.0 mm, y = 275.0 mm) in a straight-line trajectory at a feed rate = 200 mm/min. For the y-axis only, determine: (a) the control resolution of the mechanical system, (b) rotational speed of the motor, and (c) frequency of the pulse train emitted by the optical encoder at the desired feed rate.

Roxanne Carter Corporation reported the following for 2014: net sales $1,200,000; cost of goods sold $750,000; selling and administrative expenses $320,000; and an unrealized holding gain on available-for-sale securities $18,000. Instructions Prepare a statement of comprehensive income, using (a) the one statement format, and (b) the two statement format. (Ignore income taxes and earnings per share.)

An extrusion operation is used to produce a parison whose mean diameter = 27 mm. The inside and outside diameters of the die that produced the parison are 18 mm and 22 mm, respectively. If the minimum wall thickness of the blow-molded container is to be 0.40 mm, what is the maximum possible diameter of the blow mold?

Variances and flexible budgets Sherry North is the supply manager for West Industries, a manufacturer of garden furniture for the major department store in Australia. As part of her bonus plan, Sherry must meet the materials budget that was established at the beginning of the year. As West Industries manufactures three products in large volumes, standard costs are easily established for the factors of production. The reports for the first half of the year indicate that the materials variance is unfavourable. In an attempt to achieve her bonus target Sherry has been purchasing lower-grade materials at reduced costs for a new supplier. Management have been very pleased with the turnaround in the variance.   Required What implications do Sherry’s actions have for West Industries as a whole (especially in relation to other variances that may be reported in the production area)?

What are the three types of starting materials in rapid prototyping?

A shaper is used to reduce the thickness of a 50 mm part to 45 mm. The part is made of cast iron and has a tensile strength of 270 MPa and a Brinell hardness of 165 HB. The starting dimensions of the part are 750 mm x 450 mm x 50 mm. The cutting speed is 0.125 m/sec and the feed is 0.40mm/pass. The shaper ram is hydraulically driven and has a return stroke time that is 50% of the cutting stroke time. An extra 150 mm must be added before and after the part for acceleration and deceleration to take place. Assuming the ram moves parallel to the long dimension of the part, how long will it take to machine?

Is the incentive structure in the single-move prisoners’ dilemma game in the interests of society?

As an illustration of the difficulty in identifying monopolies, try to decide which of the following are monopolies: BT; a local evening newspaper; food sold in a university outlet; a village post office; Interflora; the London Underground; ice creams in the cinema; Guinness; the board game ‘Monopoly’. (As you will quickly realise in each case, it depends how you define the industry.)