The following list includes selected permanent accounts and all of the temporary accounts from the december 31 unadjusted trial balance of emiko co., a business owned by kumi emiko. emiko co. uses a perpetual inventory system. debit credit merchandise inventory $ 34,000 prepaid selling expenses 6,400 dividends 41,000 sales $ 561,000 sales returns and allowances 19,100 sales discounts 5,800 cost of goods sold 228,000 sales salaries expense 56,000 utilities expense 19,000 selling expenses 40,000 administrative expenses 113,000 additional information accrued and unpaid sales salaries amount to $2,000. prepaid selling expenses of $3,800 have expired. a physical count of year-end merchandise inventory is taken to determine shrinkage and shows $31,100 of goods still available. (a) use the above account balances along with the additional information, prepare the adjusting entries. (b) use the above account balances along with the additional information, prepare the closing entries.

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation

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Calculate the required rate of return for climax inc., assuming that (1) investors expect a 4.0% rate of inflation in the future, (2) the real risk-free rate is 3.0%, (3) the market risk premium is 5.0%, (4) the firm has a beta of 2.30, and (5) its realized rate of return has averaged 15.0% over the last 5 years. do not round your intermediate calculations.