John Parsons (12345—6781) and George Smith (12345-6782) are 70% and 30% owners, respectively, of Premium, Inc. (ll-1111111), a candy company located

John Parsons (12345—6781) and George Smith (12345-6782) are 70% and 30% owners, respectively, of Premium, Inc.They have limited liability which extends only to their contribution to the company….

 

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John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. The company’s S corporation election was made on January 15, 2008. The following information was taken from the income statement for 2014.

Interest income $ 100,000

 Gross sales receipts 2,410,000

 Beginning inventory 9,607

 Direct labor (203,102)

 Direct materials purchased (278,143)

 Direct other costs (249,356)

Ending inventory 3,467

Salaries and wages (442,103)

Officers’ salaries (150,000)

Repairs (206,106)

Depreciation expense (15,254)

 Interest expense (35,222)

Rent expense (operating) (40,000)

Taxes (65,101)

 Charitable contributions (cash) (20,000)

 Advertising expenses (20,000)

Payroll penalties (15,000)

 Other deductions (59,899)

Book income 704,574

A comparative balance sheet appears below.

January 1, 2012 December 31, 2012

Cash                                                                                      $ 47,840               $ ?

 Accounts receivable                                                       93,100                123,104

 Inventories                                                                        9,607                    3,467

Prepaid expenses                                                            8,333                     17,582

 Building and equipment                                               138,203                185,348

Accumulated depreciation                                           (84,235)                (?)

Land                                                                                      2,000                     2,000

Total assets                                                                        $214,848             $844,422

Accounts payable                                                             $ 42,500              $ 72,300

Notes payable (less than 1 year)                                 4,500                    2,100

Notes payable (more than 1 year)                              26,700                 24,300

 Capital stock                                                                30,000                30,000

Retained earnings                                                         111,148                    ?

 Total liabilities and capital                                           $214,848             $844,422

Premium’s accounting firm provides the following additional information.

Distributions to shareholders                                                            $100,000

Beginnning balance, Accumulated adjustments account            $111,148

Using the preceding information, prepare a complete Form 1120S and Schedule K-1s for John Parsons and George Smith, 5607 20th Street, Cut and Shoot, TX 77303. If any in- formation is missing, make realistic assumptions.

 

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John owns two lots and Boulder, Colorado. These lots have a beautiful view and are undeveloped. Neighboring landowner, Mary, sometimes uses a part of the lot when she has outdoor parties for her guests. When this happens she tends to use part of John’s property on the nearest lot. This goes on for about 20 years. The parties are the only time Mary uses the lot. During the first year of use, Mary asked John if she could use a small part of the property for a guest party, and John said that would be fine, but to remove all tables, etc, after it was over. Mary did not get permission for the next 19 years. 

John decides to build houses on his two lots, but Mary files an action claiming that she is entitled to the part of the lot she used under the doctrine of “adverse possession.” Who wins, John or Mary, and explain in detail why? 

 

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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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