John owns a portfolio of rental properties with his parterns. He wants to develop a database to store property information as well rental data. Below are some of the data that need to be kept track of.

A.   For each property, the database needs to store property address, size, number of rooms and bathrooms, and purchase date.

B.   There are two types of properties – single family house and condo. Need to store yard size for single family house and monthly HOA(Home Owner Association) fee for condo.

C.   For current and potential customers, need to store customer name, current address, family size, and contact phone number.

D.   A customer needs to submit an application to rent a property. Need to track application submission date, potential start date, application result and explanation.

E.    Once approved, a lease will be signed and need to track start date, end date, sign date, montly rent, and deposit amount.

F.    Need to track montly payment information including payment amount, pay date, and payment method.

G. A customer can set up different payment methods. Each method includes financial institute name, address, and account number. There are two types of methods – credit card and check. For credit card, need to store expiration date and security code. For check, need to store bank routing number.

Please complete the following tasks to design the database to meet requirements specified. State any relevant assumptions you make, but do not add any additional data requirement unless it is really necessary.

                            I.         Identify entities and attributes. List entity name and attribute names for each entity.

                          II.          Identify relationships among entities. List relationship type in terms of cardinality and specify business rules (e.g. 1:M between Library and Branch: a library has many branches; a branch belongs to one and only one library).

                        III.         For each entity, identify primary key and foreign key if applicable. If you use surrogate key for PK, also specify business unique key (natural key). For FK, also specify parent entity and the matching attribute in parent entity.

                IV.       Create ERD using crow’s foot notation using ER Assistant or Visio. The ERD should incorporate all items mentioned in I, II, and III (NOTE: I, II, and III still need to be answered separately in narrative format).

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John, one of the owners of Mi Casa Front Porch Restaurant has been working with the Chef, Maria to potentially add a new item to the menu. He sampled 50 of his regular customers and asks them if they would like the new item on the menu, 37 said yes and 13 said no. Determine the sample proportions of customers that would like the new item on the menu and determine the standard error of the proportion. How would this standard error influence John’s decision?

Answer the questions below in essay format. Your essay must include an introduction, a body, and a conclusion, and it must address all relevant parts of each question. Your response should be a minimum of 150 words in length and include both the appropriate statistics and support for the analysis and interpretation. Make sure to cite any source you use. Proper citation format for a source includes the name of the author(s), the title of the work, the date of the publication, and the page number if you directly quote the source.

Using the scenario above, identify the standard error of the proportion and determine the impact of the error on potential decision making by Mi Casa Front Porch Restaurant leaders.

What should the company do based on the information calculated?

John, one of the owners of Mi Casa Front Porch Restaurant has been working with the Chef,Maria to potentially add a new item to the menu. He sampled 50 of his regular customers andasks them if…

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Johnny B. Goode is 21 years old. When he was 16, Johnny experienced a complete mental breakdown. While he has since recovered, Johnny suffers with bouts of depression and severe anxiety. Johnny lives at home with his family in Bellingham. As part of his ongoing therapy, Johnny plays the piano with several friends. Johnny recently purchased a used piano at a local thrift store for $188.45. The piano is ten years old and is in poor, but usable condition. Based on his knowledge of the used piano market, Johnny believes the piano is actually worth around $300. Chuck, a 31-year old busy music executive, lives down the street from Johnny’s family in Bellingham.  

As a hobby, Chuck collects old pianos. One day, Chuck saw Johnny playing his piano. He asked Johnny how old the piano was and what condition it was in. Johnny said, “It’s kind of old, but it works great.” Chuck said, “I love the look of that piano – it gives off a cool vibe. I’ll give you $250 for your piano.” Johnny replied, “I recently purchased the piano, and I’m not sure I want to part with it.” Chuck pleaded, “OK, I’ll give you $500 for the piano, but that’s my final offer.” Johnny, who wasn’t feeling well, said “Whatever”. Chuck gave Johnny a check for $500 and took the piano. Johnny put the check into a box under his bed. 

Johnny later regretted selling the Piano to Chuck and asked him to return it. Chuck said “no”. Johnny isn’t sure what to do, so hires you as his lawyer. He wants to know if a legally binding contract exists between him and Chuck. You remember from your Business Law class that the necessary elements of a contract are mutual assent (offer and acceptance), consideration, capacity, and legality. You decide to analyze each of those elements with respect to the facts of this case and to determine Johnny’s strongest argument that a contract does not exist and Chuck’s strongest argument that a contract does exist. You should also determine who will likely win and why. Your analysis should be as detailed as you can make it.

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John writes a check to Kay as payment for a CD player but soon discovers the player is broken. He goes to the drawee bank and orally authorizes Larry, a bank officer, to stop payment on the check. This order is a)fourteen days. b)fourteen months. c)six days d)six months.

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John Smith, Esq.I worked on this case for over two years. The jury awarded my client $2,000,000 in damages, of which my fee was $300,000 plus recovery of expenses paid up front in the amount of $25,000. How is the $300,000 taxed? What about the $25,000? What can I do to minimize the tax consequences of each?Also, I am thinking about buying the building that I currently lease my office space in. My current lease is $3,500 per month. How is this lease reported on my income tax returns (either personally or for my business which is a separate law practice established as an LLC)? Do I get better tax benefits for paying the lease or for buying the building? What are the differences?Jane SmithI think that the fees would be better used for paying off our house and buying a new, bigger house that I’ve had my eye on. Does it make better tax sense for us to pay off the mortgage, sell the house, and buy a new house, or should we just use the money to buy the new house after selling the old house?Also, I sell handcrafted jewelry which earned me $20,000 last year. Do my business activities constitute a trade or business for federal income tax purposes? Or, is this just a hobby? Should I establish a separate trade or business to get tax benefits on these earnings? Does it make any difference that I use my car primarily for transporting my jewelry to different shops around town? Finally, I think I can earn more money if John were willing to invest $15,000 for new jewelry making equipment since my original equipment, which cost $10,000 five years ago, is almost obsolete. Does this make sense from a tax perspective?Scenario SummaryYou are a CPA with an office in NearLakes City and clients consisting primarily of professionals, entrepreneurs, and small business owners. John Smith, Esq., a practicing attorney with offices near yours, walks in your office and wants advice from you relating to a recent influx of cash he received as a result of winning a large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you.RoleAfter reviewing John and Jane Smith’s points of view, it will be your turn as a tax professional to decide on the best course of action from a tax perspective on their issues. Prepare a three page memo (at least 300 words per page) to John and Jane Smith addressing the issues presented.1. John Smith tax issues:a. How is the $300,000 treated for purposes of Federal tax income?b. How is the $25,000 treated for purposes of Federal tax income?c. What is your determination regarding reducing the taxable amount of income for both (a) and (b) above?2. Jane Smith tax issues:a. What are the different tax consequences between paying down the mortgage (debt) and assuming a new mortgage (debt) for Federal income tax purposes?b. Can John and Jane Smith utilize a 1031 tax exchange to buy a more expensive house using additional money from John’s case?c. Does Jane have a business or hobby? Why is this distinction important?d. Would Jane (and John) realize better tax benefits if she had a separate business for her jewelry making activities?e. What tax benefits would John realize if he invested $15,000 in Jane’s jewelry making?f. Can Jane depreciate her vehicle or jewelry making equipment? How?3. John and Jane Smith tax issue:a. Should John and Jane file separate tax returns or jointly?You Decide: It’s your turn as a tax professional to decide on the best course of action from a tax perspective on their issues as presented above.For each issue, begin by restating the issue and numbering as shown above, i.e., 1(a), 1(b), and so on. Then, explain and discuss the tax rules that apply to the issue, which you gleaned from your tax research. Then, conclude with a definitive answer to the issue, supported by citations to the sources used. So, for each issue, you should:1. State the issue,2. Explain and discuss the applicable law (IRC sections, regulations, court decision, etc.), and3. Present your answer in the form of a concluding paragraph that refers to specific language from the IRC sections, regulations, court decisions, and other sources (if applicable) to support the conclusion.CITATIONSCitations are required. You must provide cites whenever you refer to the sources of tax law used in this memorandum. You may cite your sources in numbered footnotes, numbered endnotes, or in parentheses immediately after the sentence mentioning the cited source.

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