Can i have some assistance on the attached questions. There are 17 problems total.

Shown below is an income statement for 2016 that was prepared by a poorly trained bookkeeper of Hutton Corporation (not Hutton's son). Hutton Corporation Income Statement December 31, 2016 Sales revenue Investment revenue Cost of merchandise sold Selling expenses Administrative expense Interest expense Income before special items Special items Loss on disposal of a component of the business Net federal income tax liability Net income $945,000 19,500 (408,500) (145,000) (285,000) (13,000) 113,000 (30,000) (24,900) $58,100 Instructions: Prepare a multiple-step income statement, in good form, for 2016 for Hutton Corporation that is presented in accordance with generally accepted accounting principles (including format and terminology). Hutton Corporation has 25,000 shares of common stock outstanding and has a 30% federal income tax rate on all tax related items. Round EPS values to the nearest cent. 2: 15 points Balance sheet presentation. The following balance sheet was prepared by the bookkeeper for Moyano Company as of December 31, 2016. Moyano Company Balance Sheet as of December 31, 2016 Cash Accounts receivable (net) Inventories Investments Equipment (net) Patents $80,000 52,200 57,000 76,300 96,000 32,000 $393,500 Accounts payable Long-term liabilities Stockholders' equity $75,000 100,000 218,500 $393,500 The following additional information is provided: a. Cash includes the cash surrender value of a life insurance policy $9,400, and a bank overdraft of $2,500 has been deducted. b. The net accounts receivable balance includes: (1) accounts receivabledebit balances $60,000; (2) accounts receivablecredit balances $4,000; (3) allowance for doubtful accounts $3,800. c. Inventories do not include goods costing $3,000 shipped out on consignment. Receivables of $3,000 were recorded on these goods. d. Investments include investments in common stock, trading $19,000 and available-for-sale $48,300, and franchises $9,000. e. Equipment costing $5,000 with accumulated depreciation $4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is $40,000. Instructions: Prepare a balance sheet in good form (omit stockholders' equity details.) 3: 6 points FIFO and LIFO inventory methods. During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ $24 14 Purchased 800 units @ $36 24 Purchased 700 units @ $30 8 Sold 400 units @ $55 10 Sold 1,000 units @ $60 29 Sold 500 units @ $55 Instructions: What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.) Perpetual inventories are maintained. a. FIFO. $______________ Calculation: b.LIFO. $_______________ Calculation: 4: 6 points FIFO and LIFO periodic inventory methods. The Pine Shop shows the following data related to an item of inventory: Inventory, January 1 100 units @ $5.00 Purchase, January 9 300 units @ $5.40 Purchase, January 19 70 units @ $6.00 Inventory, January 31 120 units Instructions a. What value should be assigned to the ending inventory using FIFO? $__________ Calculation: b. What value should be assigned to cost of goods sold using LIFO? $____________ Calculation: 5: 8 Points Gross profit method. Reese Co. prepares monthly income statements. Inventory is counted only at year end; thus, month-end inventories must be estimated. All sales are made on account. The rate of mark-up on cost is 20%. The following information relates to the month of May. Accounts receivable, May 1 Accounts receivable, May 31 Collections of accounts during May Inventory, May 1 Purchases during May $21,000 27,000 90,000 45,000 58,000 Instructions: Calculate the estimated cost of the inventory on May 31.______________ 6: 10 points Calculate depreciation. A machine cost $500,000 on April 1, 2016. Its estimated salvage value is $50,000 and its expected life is eight years. Instructions: Calculate the depreciation expense (to the nearest dollar) by each of the following methods, showing the figures used. a. Straight-line for 2016: $_________ Calculation: b. Double-declining balance for 2017: $_________ Calculation: c. Sum-of-the-years'-digits for 2017: $_________ Calculation: Short problems (Ques 7 - 11) (2 points each). 7. 8. Jim Brown, M.D., keeps his accounting records on the cash basis. During 2016, Dr. Brown collected $360,000 from his patients. At December 31, 2015, Dr. Brown had accounts receivable of $50,000. At December 31, 2016, Dr. Brown had accounts receivable of $70,000 and unearned revenue of $10,000. On the accrual basis, how much was Dr. Brown's patient service revenue for 2016? _____________. Story Corp.'s trial balance reflected the following account balances at December 31, 2016: Accounts receivable (net) $24,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 11,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000 In Story's December 31, 2016 balance sheet, the current assets total is _______________. 9. Demich Corp. incurred $420,000 of research and development costs to develop a product for which a patent was granted on January 2, 2016. Legal fees and other costs associated with registration of the patent totaled $80,000. On March 31, 2016, Lopez paid $120,000 for legal fees in a successful defense of the patent. The total amount capitalized for the patent through March 31, 2016 should be ___________________. 10. DeMarco Corp. is contemplating the purchase of a machine that will produce net after-tax cash savings of $23,000 per year for five years. At the end of five years, the machine can be sold to realize after-tax cash flow of $5,300. Interest is 11%. Assume the cash flows occur at the end of each year. Required: Calculate the total present value of the cash savings. ____________________. 11. A note about debt included in the financial statements of the Henry Company for the year ended December 31, 2015 disclosed the following: Debt. The following table summarizes the long-term debt of the Company at December 31, 2015. All of the notes were issued at their face (maturity) value. 7.55% notes due 2016 $ 206,400,000 8.05% notes due 2023 $ 350,200,000 8.30% notes due 2030 $ 231,000,000 7.93% notes due 2038 $ 206,000,000 6.85% notes due 2017 $ 25,600,000 Assuming that the notes pay interest annually and mature on December 31 of the respective years. Required: Compute the total cash interest payments in 2016 for these notes. ______________ Essay Questions (Ques 12 - 17) (5 points each) 12. What is the purpose of Emerging Issues Task Force? 13. The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations. Discuss the GAAP theory behind the classification, and provide at least one well-described example. 14. Discuss the GAAP theory behind prior period adjustments, and provide a well-articulated example. 15. Discuss the GAAP theory behind the Statement of Cash Flows; as part of your response, include a comparison of the differences in computing the operations section using the direct and indirect methods. 16, A depreciable asset has an estimated 15% salvage value. At the end of its estimated useful life, the accumulated depreciation would equal the original cost of the asset under which of the following depreciation methods? Is this statement true or false, and why? 17. A plant asset with a five-year estimated useful life and no residual value is sold at the end of the second year of its useful life. How would using the sum-of-the-years'-digits method of depreciation instead of the double-declining balance method of depreciation affect a gain or loss on the sale of the plant asset? Extra Credit, but do not guess - incorrect answers lose points EC: 5 Points Impairment of copyrights. Presented below is information related to copyrights owned by Zheng Corporation at December 31, 2016. Cost $2,700,000 Carrying amount 2,400,000 Expected future net cash flows 2,100,000 Fair value 1,200,000 Assume Zheng will continue to use this asset in the future. As of December 31, 2016, the copyrights have a remaining useful life of 5 years. Instructions: a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2016. b. Prepare the journal entry to record amortization expense for 2017. c. The fair value of the copyright at December 31, 2017 is $1,500,000. Prepare the journal entry (if any) necessary to record this increase in fair value