a magazine publisher who began their operations April , On date, Morbes sold , one-year subscriptions,with each subscriber paying $ Subscribers are required to pre-pay their subscriptions, thus Morbes received the cash the ,subscriptions April , Due to rising costs, Morbes changedtheir subscription fee to $ per year beginning April , , , customers choose to renew their subscriptions, again payingthe full amount to Morbes April , Due to a feature articleabout billionaire tycoon Betty DeRose the August, issue, , subscribers signed up yearly subscriptions beginning September, , at a rate $ per year. All , subscriberspaid the full amount due to Morbes September , Calculate the amount unearned revenue shown Morbes’ balance sheetat December 31, 2019.

 

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Morgan is a 32-year-old nurse. She is in good health and has applied for a new cash value life insurance policy. She is interested in knowing whether she should surrender her current policy and purchase the new policy offered through a AAA-rated firm. If all of the contract and company characteristics are similar, and the current face value of her policy is sufficient, should she maintain or replace her current policy? Assume the following factors:- Yearly premium: $1,900- Cash value at the beginning of the period: $13,456- Cash value at the end of the period: $13,927- Projected after-tax rate of return: 3.50%- Current policy dividend: $350- Death benefit: $200,000

Morgan is a 32-year-old nurse. She is in good health and has applied fora new cash value life insurance policy. She is interested in knowingwhether she should surrender her current policy and…

 

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Morgan (age 45) is single and provides more than 50% of the support of Rosalyn (a family friend). Flo (a niece, age 18), and Jerold (a nephew, age 18). Both Rosalyn and Flo live with Morgan, but Jerold (a citizen of France) lives in Canada… I need help on this assignment.

 

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Morton Forms

Morton Forms is a Canadian controlled private corporation owned by Viola Morton. For the

taxation year ended December 31, 2016, Ms. Morton’s daughter, Linda, who works in the

business, has calculated a Net Income for Morton Forms of $576,183. In calculating this figure,

Linda used generally accepted accounting principles.

Linda has produced the following Income Statement for the year ended December 31, 2016:

Morton Forms Inc.

Income Statement Year ending December 31, 2016

Sales $ 7,578,903

Cost of Goods Sold 5,468,752

Gross Profit 2,110,151

Expenses

General and Admin $ 852,000

Amortization Expense 550,000

Interest 8,500 1,410,500

Operating Income  699,651

Other Income:

Loss on Disposal of Intangible Assets (17,000)

Interest Income 110,532

Income before income taxes 793,183

Income Taxes

Current 182,000

Future 35,000 217,000

Net Income $ 576,183

During your review of Linda’s work and last year’s tax return for the corporation, you have made

the following notes:

1. In the accounting records, the Allowance for Doubtful Accounts was $25,000 at

December 31, 2016, and $20,000 at December 31, 2105. During 2016, the company

had actual write-offs of $11,750. As a result, the accounting Bad Debt Expense was

$16,750. This amount is included in General and Admin expenses on the Income

statement.

2. A review of the listing of receivables (for tax purposes), indicates that the actual items

that may be uncollectible total $15,000 at December 31, 2106. In 2015, the company

deducted a reserve for bad debits of $13,000 for tax purposes.

3. General and Admin Expenses include:

a) Donations to registered charities 27,000

b) Accrued Bonuses – Accrued Sept 1, 2016. Paid June 15, 2017 78,000

Meals and entertainment costs:

c) $1,000 per month for premium membership at golf club for Viola 12,000

d) $200 per month for membership at golf club for salespeople 2,400

e) Meals while entertaining clients 32,000

f) Food costs for Viola’s personal chef for her meals at home 5,000

g) Annual summer BBQ for all staff 6,000

h) Sponsorship of local baseball team where company name is

prominently displayed on front of jersey 15,000

i) Advertising in a US trade magazine directed at US clients 100,000

j) New software purchased October 1, 2016. ($13,000 for applications

and $25,000 for systems) 38,000

k) Accounting and legal fees for amended to the articles of

incorporation 6,000

l) Costs to attend annual convention of finger knitters in Thailand.

While at the convention, Viola was sure to hand out business cards

and talk to other attendees about her business with the intention of

claiming the convention as a business expense. 17,000

4. Interest expense consists of the following:

a) Interest expense – operations 5,000

b) Penalty and interest for late and insufficient instalment payments 2,000

c) Interest on late payment of municipal property taxes 1,500

 

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