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UU101- Final Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)

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sapphiredeer564
28 Mar 2018
School
WLU
Department
University Interdisciplinary
Course
UU101
Professor
Manuel Riemer

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Document Summary

Interconnectedness: change approach and strategies, shift towards renewable energy, create circular systems, practise system thinking, act appropriately to scale (glocality -- think globally but act locally, foster community, strengthen participatory democracy, practise collaboration, thrive towards social justice. Industrial processes (8%: climate change impacts, health impacts, agricultural, forest, water resource, only 3% is fresh water. Impacts on coastal areas: species and natural areas. Increased inequality: poverty, personal damages, war, forced migration. Increase in carbon: temperature swings, flooding, hurricanes, hurricane jean (impact on haiti was devastating, water shortage, pollution, agriculture, population growth, climate change, impacts. Western worldview: sustainability as ancient and indigenous concept, the ancient practise of sustainability entailed the cultivation of specific virtues, such as frugality, simplicity, balance, moderation, and prudence (pg. International union for the conversation of nature and natural resources (iucn) world. Intergovernmental panel on climate change (1988); first assessment report in 1988: un conference on environment and development (unced; earth summit), rio de.

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Related Questions

Note: This problem is for the 2018 taxyear.

Janice Morgan, age 24, is single and has no dependents. She is afreelance writer. In January 2018, Janice opened her own officelocated at 2751 Waldham Road, Pleasant Hill, NM 88135. She calledher business Writers Anonymous. Janice is a cash basis taxpayer.She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her SocialSecurity number is 123-45-6789. Janice's parents continue toprovide health insurance for her under their policy. Janice wantsto contribute to the Presidential Election Campaign Fund.

During 2018, Janice reported the following income and expenseitems connected with her business.

Income from sale of articles $85,000
Rent 16,500
Utilities 7,900
Supplies 1,800
Insurance 5,000
Travel (including meals of $1,200) 3,500

Janice purchased and placed in service the following fixedassets for her business. Janice wants to elect immediate expensingunder § 179, if possible.

  • Furniture and fixtures (new) costing $21,000 on January10.
  • Computer equipment (new) costing $12,400 on July 28.

Janice’s itemized deductions include:

State income tax $2,950
Home mortgage interest paid to First National Bank 6,000
Property taxes on home 2,500
Charitable contribution to her alma mater, State College 1,200

Janice did not keep a record of the sales tax she paid. Theamount from the sales tax table is $437.
Janice reports interest income of $4,000 on certificates of depositat Second National Bank. She made estimated tax payments of $3,000for 2018.

Required:
Compute Janice Morgan’s 2018 Federal income tax payable (or refunddue) by providing the following information that would be reportedon Form 1040 and Schedules A, B, C, and SE.

  • Make realistic assumptions about any missing data.
  • If an amount is zero, enter "0".
  • Enter all amounts as positive numbers.
  • When computing the tax liability, do not round your immediatecalculations.
  • If required, round your final answers to the nearestdollar.

  • Provide the following that would be reported on Janice's Form1040:

    1. Filing status: The taxpayers' filingstatus:

    2. Calculate taxable gross income.
    $

    3. Calculate the total adjustments forAGI.
    $

    4. Calculate adjusted gross income.
    $

    5. Calculate the greater of the standarddeduction or itemized deductions.
    $

    6. Calculate the qualified busies incomededuction.
    $

    7. Calculate total taxable income.
    $

    8. Calculate the income tax liability.
    $

    9 Calculate SE taxes due.
    $

    10. Calculate the total tax creditsavailable.
    $

    11. Calculate total withholding and taxpayments.
    $

    12. Calculate the amount overpaid(refund):
    $

    13. Calculate the amount of taxes owed:
    $

    Provide the following that would be reported on Janice'sSchedule A:

    1. Calculate the deduction allowed for medicaland dental expenses.
    $

    2. Calculate the deduction for taxes.
    $

    3. Calculate the deduction for interest.
    $

    4. Calculate the charitable deductionallowed.
    $

    5. Calculate total itemized deductions.
    $Provide the following that would be reported on Janice's ScheduleB:

    1. Calculate the interest amount:
    $

    2. Calculate the ordinary dividends:
    $

    Provide the following that would be reported on Janice'sSchedule C:

    1. Calculate income from sales:
    $

    2. Calculate total expenses:
    $

    3. Calculate net profit or loss
    $ Provide the following that would be reported on Janice's Form4562.

    Click here to access Exhibit 8.1 and the depreciation tables inthe textbook.

    1. Calculate the total deprecation for thefurniture and fixtures:
    $

    2. Calculate the total depreciation for thecomputer equipment.
    $

    Provide the following that would be reported on Janice'sScheduled SE. When computing the self-employment tax liability, donot round your calculations. Round your final answers to thenearest dollar. Use rounded amount when determining the deductionfor self-employment tax.

    1. Calculate the self-employmentliability:
    $

    2. Calculate the eduction for self-employmenttax:
    $

    2018 Tax Rate Schedules

    Use the 2018 Tax Rate Schedules to compute the tax.

    Note: Because the tax rate schedules are used instead of the taxtables, the amount of tax computed may vary slightly from theamount listed in the tables. This variation occurs because the taxfor a particular income range in the tax table is based on themidpoint amount.

    2018 Tax Rate Schedules
    Single—Schedule X Head of household—Schedule Z
    If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—    		 If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—
    $0 $9,525 . . . . . . 10% $0 $0 $13,600 . . . . . . 10% $0
    9,525 38,700 $952.50 + 12% 9,525 13,600 51,800 $1,360.00 + 12% 13,600
    38,700 82,500 4,453.50 + 22% 38,700 51,800 82,500 5,944.00 + 22% 51,800
    82,500 157,500 14,089.50 + 24% 82,500 82,500 157,500 12,698.00 + 24% 82,500
    157,500 200,000 32,089.50 + 32% 157,500 157,500 200,000 30,698.00 + 32% 157,500
    200,000 500,000 45,689.50 + 35% 200,000 200,000 500,000 44,298.00 + 35% 200,000
    500,000 . . . . . . 150,689.50 + 37% 500,000 500,000 . . . . . . 149,298.00 + 37% 500,000
    Married filing jointly or Qualifyingwidow(er)—Schedule Y-1 Married filing separately—ScheduleY-2
    If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—    		 If taxable incomeis:
    Over—     		But not
    over—    		 The taxis: of the amount
    over—
    $0 $19,050 . . . . . . 10% $0 $0 $9,525 . . . . . . 10% $0
    19,050 77,400 $1,905.00 + 12% 19,050 9,525 38,700 $952.50 + 12% 9,525
    77,400 165,000 8,907.00 + 22% 77,400 38,700 82,500 4,453.50 + 22% 38,700
    165,000 315,000 28,179.00 + 24% 165,000 82,500 157,500 14,089.50 + 24% 82,500
    315,000 400,000 64,179.00 + 32% 315,000 157,500 200,000 32,089.50 + 32% 157,500
    400,000 600,000 91,379.00 + 35% 400,000 200,000 300,000 45,689.50 + 35% 200,000
    600,000 . . . . . . 161,379.00 + 37% 600,000 300,000 . . . . . . 80,689.50 + 37% 300,000

NIKE:

Need the following ratios to be calculated using the financial sheets copied at the bottom. Each ratio needs to be calculated using the information from 2016. Each ratio also needs to be broken down and illustrated by the step by step process. Finally, please include any and all observations for each ratio and analysis.

1) Common Size analysis

2) Common size vertical analysis & graph

3) Current Ratio

4) Quick Ratio

5) Cash Ratio

6) Inventory Turnover

7) Receivables Turnover

8) Total Asset Turnover

9) Fixed Asset Turnover

10) Gross profit margin

11) Operating Profit margin

12) Net profit margin

13) Return on total assets

14) return on equity

15) basic earning power

16) Deb/net worth ratio

17) debt ratio

18) DuPont System

19) Times-interest-earned

Balance Sheet:

Consolidated Balance Sheets - USD ($) $ in Millions May 31, 2017 May 31, 2016
Current assets:
Cash and equivalents $ 3,808 $ 3,138
Short-term investments 2,371 2,319
Accounts receivable, net 3,677 3,241
Inventories 5,055 4,838
Prepaid expenses and other current assets 1,150 1,489
Total current assets 16,061 15,025
Property, plant and equipment, net 3,989 3,520
Identifiable intangible assets, net 283 281
Goodwill 139 131
Deferred income taxes and other assets 2,787 2,422
TOTAL ASSETS 23,259 21,379
Current liabilities:
Current portion of long-term debt 6 44
Notes payable 325 1
Accounts payable 2,048 2,191
Accrued liabilities 3,011 3,037
Income taxes payable 84 85
Total current liabilities 5,474 5,358
Long-term debt 3,471 1,993
Deferred income taxes and other liabilities 1,907 1,770
Commitments and contingencies
Redeemable preferred stock 0 0
Shareholders’ equity:
Capital in excess of stated value 8,638 7,786
Accumulated other comprehensive (loss) income (213) 318
Retained earnings 3,979 4,151
Total shareholders’ equity 12,407 12,258
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 23,259 21,379
Class A Convertible Common Stock
Shareholders’ equity:
Common stock at stated value 0 0
Class B Common Stock
Shareholders’ equity:
Common stock at stated value $ 3 $ 3

Income Statement:

Consolidated Statements of Income - USD ($) $ in Millions 12 Months Ended
May 31, 2017 May 31, 2016 May 31, 2015
Income Statement [Abstract]
Revenues $ 34,350 $ 32,376 $ 30,601
Cost of sales 19,038 17,405 16,534
Gross profit 15,312 14,971 14,067
Demand creation expense 3,341 3,278 3,213
Operating overhead expense 7,222 7,191 6,679
Total selling and administrative expense 10,563 10,469 9,892
Interest expense (income), net 59 19 28
Other (income) expense, net (196) (140) (58)
Income before income taxes 4,886 4,623 4,205
Income tax expense 646 863 932
NET INCOME $ 4,240 $ 3,760 $ 3,273
Earnings per common share:
Basic (in dollars per share) $ 2.56 $ 2.21 $ 1.90
Diluted (in dollars per share) 2.51 2.16 1.85
Dividends declared per common share (in dollars per share) $ 0.70 $ 0.62 $ 0.54

Cash Flow Sheet

Consolidated Statements of Cash Flows - USD ($) $ in Millions 12 Months Ended
May 31, 2017 May 31, 2016 May 31, 2015
Cash provided by operations:
Net income $ 4,240 $ 3,760 $ 3,273
Income charges (credits) not affecting cash:
Depreciation 706 649 606
Deferred income taxes (273) (80) (113)
Stock-based compensation 215 236 191
Amortization and other 10 13 43
Net foreign currency adjustments (117) 98 424
Changes in certain working capital components and other assets and liabilities:
(Increase) decrease in accounts receivable (426) 60 (216)
(Increase) in inventories (231) (590) (621)
(Increase) in prepaid expenses and other current assets (120) (161) (144)
(Decrease) increase in accounts payable, accrued liabilities and income taxes payable (364) (889) 1,237
Cash provided by operations 3,640 3,096 4,680
Cash used by investing activities:
Purchases of short-term investments (5,928) (5,367) (4,936)
Maturities of short-term investments 3,623 2,924 3,655
Sales of short-term investments 2,423 2,386 2,216
Investments in reverse repurchase agreements 0 150 (150)
Additions to property, plant and equipment (1,105) (1,143) (963)
Disposals of property, plant and equipment 13 10 3
Other investing activities (34) 6 0
Cash used by investing activities (1,008) (1,034) (175)
Cash used by financing activities:
Net proceeds from long-term debt issuance 1,482 981 0
Long-term debt payments, including current portion (44) (106) (7)
Increase (decrease) in notes payable 327 (67) (63)
Payments on capital lease and other financing obligations (17) (7) (19)
Proceeds from exercise of stock options and other stock issuances 489 507 514
Excess tax benefits from share-based payment arrangements 177 281 218
Repurchase of common stock (3,223) (3,238) (2,534)
Dividends — common and preferred (1,133) (1,022) (899)
Cash used by financing activities (1,942) (2,671) (2,790)
Effect of exchange rate changes on cash and equivalents (20) (105) (83)
Net increase (decrease) in cash and equivalents 670 (714) 1,632
Cash and equivalents, beginning of year 3,138 3,852 2,220
CASH AND EQUIVALENTS, END OF YEAR 3,808 3,138 3,852
Cash paid during the year for:
Interest, net of capitalized interest 98 70 53
Income taxes 703 748 1,262
Non-cash additions to property, plant and equipment 266 252 206
Dividends declared and not paid $ 300 $ 271 $ 240