Whirlwind cycles is owned 100% by daniel, a single taxpayer. both whirlwind cycles and daniel use the cash method of accounting for tax purposes. the business incurred the following items of income and expense in year 2: cash sales $225,000 interest received from city of flint bonds (this is a municipal bond) 3,000 cost of goods sold (assume cash paid in year 2) 45,000 cash payments for year 2 utilities 3,500 cash payments for year 2 rent 18,000 tax depreciation 40,000 cash contribution to the democratic party (not deductible for tax purposes) 1,000 on 1/1, year 1, whirlwind cycles purchased a 60-month zero coupon bond with a 5% yield and a $20,000 maturity value for $15,670 (compounded annually). daniel’s taxable income is $100,000 before any profits from the business are considered. daniel files as a single tax payer. whirl cycles is organized as a c corporation and the corporation pays all of its after-tax cash flows to daniel as a dividend. (a) how much interest income does whirlwind cycles need to recognize from the zero coupon bond in year 2? (5 pts) (b) what is the taxable income of whirlwind cycles in year 2? (5 pts) (c) what is the after-tax cash flow of whirlwind cycles in year 2? (5 pts) hint: the total tax due in year 2 of whirlwind cycles is 25,058. (d) calculate daniel’s year 2 after-tax cash flows from the whirlwind cycles. (5 pts) hint: this is a dividend payment. so consider what is tax rate daniel needs to pay on the cash payment.

Arriving and delivering a load of company executives for a business meeting at a destination far from home base requiring an overnight stay, a company’s pilot requested approval from the company finance office to pay to either have the company’s jet brought into the fbo's hangar overnight to protect it from a forecast snowfall or to have it de-iced by the fbo the following morning well-before scheduled departure. the company was under considerable financial pressure at the time, and the pilot’s requests were denied because of the cost. so, early the following morning, the pilot was up on the wing of the jet sweeping off an accumulation of snow and ice with a borrowed push broom in preparation for the scheduled departure with the executives, but slipped and fell to the ground, suffering a broken neck. the business was organized as a limited partnership, owned by 3 limited partners and one general partner. as a cost-saving measure, the company had dropped its workers’ compensation insurance before the accident. analyze the potential liability for the pilot’s injuries of each of the following, showing your reasoning clearly: the company the general partner the limited partners analyze how the outcome would have been different, if the business had been organized as a corporation and observed all of the formalities to legitimize its corporate status. analyze how the outcome would have been different, if the pilot had been covered by workers’ compensation insurance.

Compare the sources of consumer credit(there's not just one answer)1. consumers use a prearranged loan using special checks2. consumers use cards with no interest and non -revolving balances3. consumers pay off debt and credit is automatically renewed4. consumers take out a loan with a repayment date and have a specific purposea. travel and entertainment creditb. revolving check creditc. closed-end creditd. revolving credit

Computing equivalent units is especially important for: (a) goods that take a relatively short time to produce, such as plastic bottles. (b) goods with sustainability implications in their production processes. (c) goods that are started and completed during the same period. (d) goods that take a long time to produce, such as airplanes.