A pаtient with а histоry оf strоke аnd a-fib, now on blood thinners has a PT/INR result of 12/2.2. How do you proceed?
The pаsswоrd fоr yоur online exаm is: Clemаtis25The link for the WebAssign exam is in the Step 1 folder and you should have opened it in a new tab before you begin this test.Instructions:Before you begin your exam, hold up all sheets of paper you will be using to the camera to show that there is nothing written on it.Enter the password found above into the online exam tab open in Step 1 and complete the exam. Once completed, hold up each completed sheet of paper to the camera.Answer the Yes/No question below and proceed to the next question.DO NOT SUBMIT OR CLOSE YOUR TEST before answering all the questions.Question:I have completed and submitted my online exam and I have held up all my sheets of paper (front and back) to record an image of them on the camera.
Accоunting fоr Operаting Leаses (FSET) On Jаnuary 1 оf the current year, Samuels, Inc., purchased a building for $2.5 million to be leased. The building is expected to have a 45-year life with no salvage value. The building was leased immediately by Verdi Corp. (a calendar year-end company) for $162,500 a year payable December 31 of each year. The lease term is five years. The rate of interest implicit in the lease is 7%. The lease is classified as an operating lease. a. Prepare an amortization schedule of the lease liability. ● Note: Round your answer to the nearest whole dollar. Use the rounded amount for later calculations. ● Note: Do not use negative signs with your answer. Lease Interest on Reductions of Lease Date Payment Liability Lease Liability Liability Jan. 1, YR1 {#1} Dec. 31, YR1 {#2} {#3} {#4} {#5} Dec. 31, YR2 {#6} {#7} {#8} {#9} Dec. 31, YR3 {#10} {#11} Dec. 31, YR4 {#12} {#13} Dec. 31, YR5 {#14} {#15} b. Prepare an amortization schedule for the right-of-use asset. ● Note: Round your answer to the nearest whole dollar. Use the rounded amount for later calculations. ● Note: Do not use negative signs with your answer. Straight-line Interest on Amortization of Right-of-Use Date Expense Liability Right-of-Use Asset Asset Jan. 1, YR1 {#16} Dec. 31, YR1 {#17} {#18} {#19} {#20} Dec. 31, YR2 {#21} {#22} {#23} {#24} Dec. 31, YR3 {#25} {#26} {#27} Dec. 31, YR4 {#28} {#29} {#30} Dec. 31, YR5 {#31} {#32} {#33} c. Prepare a financial statement effects template to show the effects of the entries for Verdi Corp. for the current and following year. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Net Transaction Asset + Assets - Assets = Liabilities + Capital + Capital Revenue - Expenses = Income 1/1/YR1 Operating lease commences {#34} {#35} {#36} {#37} {#38} {#39} {#40} {#41} {#42} {#43} {#44} {#45} {#46} 12/31/YR1 Lease payment {#47} {#48} {#49} {#50} {#51} {#52} {#53} {#54} {#55} {#56} {#57} 12/31/YR1 Lease expense {#58} {#59} {#60} {#61} {#62} {#63} {#64} {#65} {#66} {#67} {#68} {#69} {#70} 12/31/YR2 Lease payment {#71} {#72} {#73} {#74} {#75} {#76} {#77} {#78} {#79} {#80} {#81} 12/31/YR2 Lease expense {#82} {#83} {#84} {#85} {#86} {#87} {#88} {#89} {#90} {#91} {#92} {#93} {#94} + - = + - =
Accоunting fоr Leаses On Jаnuаry 3, Hanna Cоrporation signed a lease on a machine for its manufacturing operation and the lease commences on the same date. The lease requires Hanna to make six annual lease payments of $15,000 with the first payment due December 31. Hanna could have financed the machine by borrowing the purchase price at an interest rate of 7%. Prepare the journal entries for part a and post to the appropriate T-accounts. a. i. Operating Lease: Date Account Debit Credit Jan. 3 {#1} {#2} Dec. 31 {#3} {#4} Dec. 31 {#5} {#6} {#7} ii. Finance Lease: Date Account Debit Credit Jan. 3 {#8} {#9} Dec. 31 {#10} {#11} Dec. 31 {#12} {#13} {#14} b. i. Operating Lease: Cash {#15} {#16} {#17} {#18} Right-of-use Asset—Operating Lease {#19} {#20} {#21} {#22} Operating Lease Liability {#23} {#24} {#25} {#26} {#27} {#28} Lease Expense – Operating Lease {#29} {#30} {#31} {#32} ii. Finance Lease: Cash {#33} {#34} {#35} {#36} Right-of-use Asset–Finance Lease {#37} {#38} {#39} {#40} Accumulated Amortiz.–Finance Lease {#41} {#42} {#43} {#44} Finance Lease Liability {#45} {#46} {#47} {#48} {#49} Interest Expense {#50} {#51} {#52} {#53} Amortiz. Expense–Finance Lease {#54} {#55} {#56} {#57}
Recоrding Incоme Tаx Expense (FSET) Nike, Inc., repоrts the following tаx informаtion in the notes to its 2020 financial report. Income before income taxes is as follows: Year Ended May 31 (In millions) 2020 2019 2018 Income before income taxes: United States $2,954 $593 $744 Foreign (67) 4,208 3,581 Total income before income taxes $2,887 $4,801 $4,325 The provision for income taxes is as follows: Year Ended May 31 (In millions) 2020 2019 2018 Current: United States Federal $(109) $74 $1,167 State 81 56 45 Foreign 756 608 533 Total current 728 738 1,745 Deferred: United States Federal (231) (33) 595 State (47) (9) 25 Foreign (102) 76 27 Total deferred (380) 34 647 Total income tax $348 $772 $2,392 Nike also states the following: The effective tax rate for the fiscal year ended May 31, 2020, was lower than the effective tax rate for the fiscal year ended May 31, 2019, due to increased benefits from discrete items such as stock-based compensation. The foreign earnings rate impact shown above for the fiscal year ended May 31, 2020, includes withholding taxes of 6.5% and held for sale accounting items of 2.9%, offset by a benefit for statutory rate differences and other items of 3.5%.The foreign derived intangible income benefit reflects U.S. tax benefits introduced by the Tax Act for companies serving foreign markets. This benefit became available to the Company as a result of a restructuring of its intellectual property interests. Income tax audit and contingency reserves reflect benefits associated with the modification of the treatment of certain research and development expenditures of 2.9% offset by an increase related to the resolution of an audit by the U.S. Internal Revenue Service (“IRS”) and other matters of 1.5%. Included in other is the deferral of income tax effects related to intra-entity transfers of inventory of 2.3% and other items of 0.6%. Required a. Record Nike’s provision for income taxes for 2020 using the financial statement effects template. b. Explain how the provision for income taxes affects Nike’s financial statements. c. Calculate Nike’s effective tax rate for 2020, 2019, and 2018. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. a. Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Contra Net Transaction Asset + Assets - Assets = Liabilities + Capital + Capital - Equity Revenue - Expenses = Income To record income tax expense. {#1} {#2} {#3} {#4} {#5} {#6} {#7} {#8} {#9} {#10} {#11} {#12} {#13} {#14} {#15} b. An expense of ${#16} million is recorded in the income statement, thereby reducing both net income and retained earnings. Liabilities are increased by ${#17} million, income taxes payable (assuming the amount due this year has not been paid yet) and liabilities are decreased (or assets are increased) by the ${#18} million shown above as a decrease in deferred income tax liabilities. c. Year Numerator Denominator Result 2018: ${#19} ÷ ${#20} = 2019: ${#21} ÷ ${#22} = 2020: ${#23} ÷ ${#24} =
Anаlyzing Cоmmitments аnd Cоntingencies Under Armоur, Inc. (the Compаny), provides the following disclosure in the notes to its 2020 financial statements: 7. Commitments and Contingencies (excerpts only) Sports Marketing and Other Commitments Within the normal course of business, the Company enters into contractual commitments in order to promote the Company’s brand and products. These commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels, official supplier agreements, athletic event sponsorships, and other marketing commitments. The following is a schedule of the Company’s future minimum payments under its sponsorship and other marketing agreements as of December 31, 2020, as well as significant sponsorship and other marketing agreements entered into during the period after December 31, 2020, through the date of this report: (In thousands) Year 2021 $106,727 Year 2022 85,090 Year 2023 69,454 Year 2024 55,525 Year 2025 32,370 Year 2026 and thereafter 12,453 Total future minimum sponsorship and other payments $361,619 The amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the Company’s sponsorship and other marketing agreements. The amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements. It is not possible to determine how much the Company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products. The amount of product provided to the sponsorships depends on many factors including general playing conditions, the number of sporting events in which they participate, and the Company’s decisions regarding product and marketing initiatives. In addition, the costs to design, develop, source, and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers. a. The above amounts of promised contractual payments to sponsored athletes are not reported on the financial statements. How might financial analysts think about these payments? The payments promised to sponsored athletes {#1} to a liability. The payments {#2} to the level of a recognizable liability for GAAP. An analyst may want to consider these payments {#3} to liabilities for at least some analysis purposes. b. Compute an estimate of the present value of these payments, using the Company’s interest rate on its debt, roughly 3%. ● Note: Round your answer to the nearest thousand dollars. ${#4} thousand.