Which of the following cloud services enables a consumer to…
Which of the following cloud services enables a consumer to create an application or service using tools and/or libraries from the provider?
Which of the following cloud services enables a consumer to…
Questions
Which оf the fоllоwing cloud services enаbles а consumer to creаte an application or service using tools and/or libraries from the provider?
Hоw mаny grаms оf sucrоse needs to be аdded to 1 kg of ethanol to achieve a freezing point depression of 1.99 °C? Given the molal freezing point depression constant for ethanol is 1.99 °C/m, the molar mass of sucrose is 342.3 g/mol and ΔTf = -iKfm.
A study wаs cоnducted аnd it fоund thаt the mean annual salary fоr all California residents was $63,783 and the true standard deviation for all California residents was $7,240. Suppose you were to randomly sample 50 California residents. Use this information to answer the following question. What is the probability that the average salary for the 50 individuals in your sample would be at least $63,400? Make sure to type in your answer as a decimal rounded to 3 decimal places. For example, if you thought the answer was 0.54321 then you would type in 0.543.
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} =
Interpreting Incоme Tаx Disclоsures (FSET) The fоllowing informаtion is tаken from Williams-Sonoma, Inc.'s (the Company) 10-K. Note D: Income Taxes The components of earnings before income taxes, by tax jurisdiction, are as follows: Fiscal Year Ended (in thousands) Fiscal 2020 (52 weeks) Fiscal 2019 (52 weeks) Fiscal 2018 (53 weeks) United States $773,317 $353,215 $333,594 Foreign 121,149 103,806 95,653 Total $894,466 $457,021 $429,247 The provision for income taxes consists of the following: Fiscal Year Ended (in thousands) Fiscal 2020 (52 weeks) Fiscal 2019 (52 weeks) Fiscal 2018 (53 weeks) Current Federal $171,821 $76,873 $43,745 State 39,498 14,205 15,357 Foreign 15,494 12,438 12,822 Total current 226,813 103,516 71,924 Deferred Federal (7,575) (606) 23,507 State (5,997) (870) 1,562 Foreign 511 (1,081) (1,430) Total deferred (13,061) (2,557) 23,639 Total provision $213,752 $100,959 $95,563 In thousands Jan. 31, 2021 Feb. 2, 2020 Deferred tax (liabilities) Operating lease liabilities $319,599 $347,693 Compensation 20,852 14,350 Merchandise inventories 20,631 22,311 Gift cards 19,345 19,520 Accrued liabilities 13,451 8,440 Stock-based compensation 9,926 9,860 Loyalty rewards 9,609 5,252 Executive deferred compensation 8,647 7,543 State taxes 7,460 7,546 Federal and state net operating loss 2,609 3,443 Operating lease right-of-use assets (283,856) (309,801) Deferred lease incentives (31,672) (46,701) Property and equipment (54,724) (37,309) Other (317) (3,277) Valuation allowance (2,819) (3,648) Total deferred tax assets, net $58,741 $45,222 As of January 31, 2021, we had $38,696,000 of gross unrecognized tax benefits, of which $34,026,000 would, if recognized, affect the effective tax rate. We accrue interest and penalties related to unrecognized tax benefits in the provision for income taxes. As of January 31, 2021, and February 2, 2020, our accruals for the payment of interest and penalties totaled $8,225,000 and $7,251,000, respectively. Due to the potential resolution of tax issues, it is reasonably possible that the balance of our gross unrecognized tax benefits could decrease within the next twelve months by a range of $0 to $15,800,000. We file income tax returns in the U.S. and foreign jurisdictions. We are subject to examination by the tax authorities in these jurisdictions. Our U.S. federal taxable years for which the statute of limitations has not expired are fiscal years 2017 to 2020. Substantially all material states, local and foreign jurisdictions’ statutes of limitations are closed for taxable years prior to 2017. REQUIRED a. What amount of income tax expense did the Company report for the year ended January 31, 2021? ${#1} thousand. b. Calculate the Company's effective tax rate for each year reported. In addition, calculate the rate of U.S. federal taxes on U.S. income in the fiscal year ended January 31, 2021. Effective Tax Rate Numerator ($ thousand) Denominator ($ thousand) Result Income tax provision ÷ Income before income taxes Fiscal Year 2020 ${#2} ÷ ${#3} = Fiscal Year 2019 ${#4} ÷ ${#5} = Fiscal Year 2018 ${#6} ÷ ${#7} = Rate of U.S. Federal Taxes Numerator ($ thousand) Denominator ($ thousand) Result Fiscal Year 2020 ${#8} ÷ ${#9} = c. The Company reported income taxes payable of $69,476,000 in its January 31, 2021, balance sheet, and $22,501,000 at February 2, 2020. What amount of income taxes did it pay in cash during the fiscal year ended January 31, 2021? ${#10} thousand. d. Report the entry to record income tax expense for the fiscal year ended January 31, 2021, using the financial statement effects template. ● Note: Use negative signs with your answers, when appropriate. ● Note: Select "N/A" as your answer if a part of the accounting equation is not affected. ($ thousands) Balance Sheet Income Statement Cash Noncash Contributed Earned Net Transaction Asset + Assets = Liabilities + Capital + Capital Revenue - Expenses = Income To record income tax expense {#11} {#12} {#13} {#14} {#15} {#16} Income taxes payable {#17} {#18} {#19} {#20} Total e. The Company reported a net book value of property, plant, and equipment of $873,894,000 on January 31, 2021. Given a tax rate of 21% (assume they are all in the U.S.), what is an estimate of the tax basis of these assets on that date? ● Note: Round to the nearest thousand dollars. ${#21} thousand. f. The company reported $34,988,000 in other long-term liabilities related to deferred compensation obligations on its January 31, 2021, balance sheet. The Company provided the following explanation of this asset in Note H to its 10-K: We also have a nonqualified executive deferred compensation plan that provides supplemental retirement income benefits for a select group of management. This plan permits eligible employees to make salary and bonus deferrals that are 100% vested. We have an unsecured obligation to pay in the future the value of the deferred compensation adjusted to reflect the performance, whether positive or negative, of selected investment measurement options chosen by each participant during the deferral period. Explain how this expense results in a temporary difference between tax and financial reporting. Executive deferred compensation {#22} for financial reporting purposes. However, for tax reporting purposes, the costs are expensed when {#23}. Consequently, the tax deduction is recognized {#24} the expense is recognized in the income statement. The executive deferred compensation of $34,988 thousand represents a {#25} difference between financial and tax reporting. The resulting deferred {#26} shown of ${#27} thousand offsets the current deferred {#28} in the balance sheet. g. The Company has a valuation allowance listed in its schedule of deferred tax assets and liabilities. Briefly and in general explain what a valuation allowance is and how it affects deferred taxes and reported income. A valuation allowance is a {#29} account related to {#30}. Management establishes a valuation allowance if it thinks the {#31} will not be realized in the future. That is, management does not think the Company will {#32} to be able to offset the future deductions represented by the {#33}. Recognizing a valuation allowance {#34} the amount of {#35} recognized and {#36} income. h. In fiscal year 2017, the Company stated that they recorded a $28.3 million additional tax expense for the remeasurement of deferred tax assets. This remeasurement is related to the drop in the U.S. statutory tax rate of 33.9% to a lower rate of 21%. Explain what this is and why the company had to record this expense. The Company recorded ${#37} million in additional tax expense related to the {#38} of its net deferred tax assets from the U.S. statutory tax rate of 33.9% to the new, lower rate of 21%. Deferred tax assets and liabilities are to be valued at the enacted rate expected to be in effect with the deferred tax item reverses. In a big picture sense, an asset the company has is now worth {#39}. When the company {#40} the value of the asset (writes {#41} the value of the deferred tax asset), there is a corresponding charge to tax expense.
Accоunting fоr Leаses (FSET) 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%. a. Using the financial statement effects template, report the entries that Hanna Corporation would make on January 3 and December 31 to record this lease assuming i. the lease is reported as an operating lease. ii. the lease is reported as a finance lease. ● 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. ● Note: Round answers to the nearest whole dollar. i. Operating Lease: Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Contra Net Transaction Asset + Assets - Assets = Liabilities + Capital + Capital - Equity Revenue - Expenses = Income Operating lease commences. {#1} {#2} {#3} {#4} {#5} {#6} Lease payment. {#7} {#8} {#9} {#10} {#11} {#12} {#13} {#14} Record lease expense and changes to asset and liability. {#15} {#16} {#17} {#18} {#19} {#20} {#21} {#22} {#23} {#24} {#25} {#26} {#27} ii. Finance Lease: Balance Sheet Income Statement Cash Noncash Contra Contributed Earned Contra Net Transaction Asset + Assets - Assets = Liabilities + Capital + Capital - Equity Revenue - Expenses = Income Finance lease commences. {#28} {#29} {#30} {#31} {#32} {#33} Amortization of leased asset. {#34} {#35} {#36} {#37} {#38} {#39} {#40} {#41} {#42} Made annual lease payment. {#43} {#44} {#45} {#46} {#47} {#48} {#49} {#50} {#51} {#52} {#53} {#54} {#55} b. Explain how the financial statement effects differ between the two treatments. The amount of expense recognized on the income statement in the early years of a finance lease is {#56} expense recognized in the early years of an operating lease.