Ariel,Bob,Candice and Dmitri Are Equal Partners in a Local Ski

question 1

Multiple Choice

Ariel,Bob,Candice and Dmitri are equal partners in a local ski resort.The resort reports the following items for the current year: Business revenue $ 1,200,000
Business expenses 750,000
Short-term capital gains 107,000
Short-term capital losses 103,000 )
Each partner receives a Schedule K-1 with one-fourth of the preceding items reported to him/her.How must each individual report these results on his/her Form 1040?

• A)$112,500 income on Schedule E; $1,000 short-term capital gain on Schedule D
• B)$1,200,000 income on Schedule E; $107,000 short-term capital gain on Schedule D
• C)$300,000 income on Schedule E; $26,750 short-term capital gain on Schedule D
• D)$100,000 income on Schedule E; $1,000 short-term capital gain on Schedule D

Calculate forecasts using autoregressive models and interpret the results.

Analyze the adequacy of forecasting models using MAD and other statistical measures.

Understand the impact of smoothing constants in forecasting accuracy.

Understand and apply the concept of seasonal variations in time series regressions.

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Definitions:

U.S.GAAP

United States Generally Accepted Accounting Principles; a set of accounting standards used in the U.S. for financial reporting.

Comprehensive Income

The total change in equity for a reporting period other than from transactions with owners, including all unrealized gains and losses.

Warranty Expenses

Costs incurred by a company to repair or replace products under warranty, recognized as a liability when products are sold.

Inventory Purchases

The total cost incurred to buy goods intended for sale during a specific accounting period before any deductions or sales.