Western Corporation, a calendar year, accrual basis corporation, reported $500,000 of net income after tax on its financial statements prepared in accordance with GAAP. The corporation’s books and records reveal the following information:• Western’s book income included $15,000 of dividends, received from a domestic corporation in which Western owns less than 1 percent of the outstanding stock.• Western’s depreciation expense per books was $55,000, and its MACRS depreciation was $70,000.• Western earned $5,000 of interest from municipal bonds and $6,000 of interest from corporate bonds.• Western’s capital losses exceeded its capital gains by $2,000.• Western’s federal income tax expense per books was $249,000.a. Compute Western’s federal taxable income and regular tax liability. b. Prepare a Schedule M-1, page 5, Form 1120, reconciling Western’s book and tax-able income.

Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

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Which of the following statements about revision is most accurate? (a) you must compose first drafts quickly (sprint writing) and return later for editing. (b) careful writers always revise as they write. (c) revision is required for only long and complex business documents. (d) some business writers prefer to compose first drafts quickly and revise later; others prefer to revise as they go.