Please answer the questions without use of outside sources of information (e.g. internet, Excel Help, etc.).
Create a new Word document and save the file to Desktop with your first and last name as the filename.
Enter answers to all the questions (except Question 2ai) into this Word document.
Save the Excel document provided to your Desktop with your first and last name as the filename. Provide all work to support answers for Question 2 in the Excel document.
Please send your answers and excel document to Catherine Minaker, via email prior to the deadline provided in this testing invitation.
Question 1:
A recent publication stated that the average cost of repairing light vehicles in Canada is $6,200. Your manager asks you summarize the cost of an MPI light vehicle repair claim. You are given the following random sample of gross repair costs for 45 claims.
$5,735
$5,826
$5,939
$5,995
$6,221
$6,262
$6,278
$6,452
$6,488
$6,504
$6,559
$6,568
$6,713
$6,827
$6,835
$6,879
$6,908
$6,918
$6,931
$6,963
$6,964
$6,992
$7,096
$7,120
$7,235
$7,261
$7,282
$7,298
$7,342
$7,359
$7,376
$7,418
$7,499
$7,643
$7,738
$7,897
$7,936
$8,043
$8,058
$8,079
$8,240
$8,274
$8,674
$8,754
$8,927
Pleaseanswer the following questions:
Which measure of central tendency do you think is most appropriate for summarizing this sample data? How would you explain to a non-technical audience why you chose this measure? (15 marks)
What kind of statistical test could be applied to the sample to determine if MPI’s repair cost is different than the Canadian average? Why? (15 marks)
Question 2:
On March 1, 2017, MPI management implemented a new process that was expected to reduce the repair cost of lightning claims. Management believes that the initiative has been a success and has asked you to confirm that the new process has achieved its objective for repairable lightning claims.
You request a dataset that includes claims data for repairs performed between March 1, 2015 and February 28, 2019. Another department runs the query quickly and sends you a dataset (provided) without asking any follow-up questions about your requirements. This is the first time you have looked at the dataset.
Use the dataset to evaluate whether the new process reduced the average repair cost of lightning claims.
Validate and ensure that the data set is ready for analysis. (10 marks)
Determine if the repair cost increased or decreased after the new process was implemented, and by how much. Explain the steps you followed to make this conclusion. (5 marks)
If repair costs did change, was it as a result of the new process? If repair costs didn’t change, is it possible that the new process was still effective? Support your answer, including any numbers, tables, charts, etc. that you see as relevant. (30 marks)
What are the limitations of your findings? Is there any other data that you would be interested in obtaining to strengthen your analysis? Explain. (15 marks)
Summarize your findings in an email suitable for a non-technical audience. (10 marks)
Look Out Below: A Case Study on Bone Tissue Structure and Repair Mrs. Debbie Morgan is a 45-year-old female who works as a stocking clerk for a local home improvement store. While she was at work today a large box of metal rivets fell from a 20-ft.- high overhead shelf, striking her outstretched arm and knocking her to the ground. The ambulance personnel reported that she had lost quite a bit of blood at the accident scene and was “knocked out” when they arrived. To minimize further hemorrhage, the paramedics applied a pressure bandage to her arm. You meet the paramedics as they bring Mrs. Morgan into the emergency room and begin to assess her for injuries. She is awake and alert, but complaining of severe left arm and back pain, plus she has a “killer headache.” To fully examine her injuries you remove four blood-soaked bandages from her arm. You notice a large open wound on her arm with what appears to be bone tissue sticking out of the skin. She also has bruises covering her left shoulder, left wrist, and lower back. To determine the extent of her injuries Mrs. Morgan undergoes several x-rays, which reveal the following: 1) fracture of the left humerus at the proximal diaphysis, 2) depressed fracture of the occipital bone, 3) fracture of the 3rd lumbar vertebral body. Short Answer Questions 1. Define the following terms, used in the case and also in associated questions:
a. hemorrhage b. fracture c. proximal d. diaphysis
2. One way bones are classified is by their shape. How would you classify the bones fractured
by Mrs. Morgan? 3. The body of Mrs. Morgan’s vertebra is fractured. What type of bone tissue makes up the
majority of the vertebral body? Describe the structure and function of this type of bone. 4. The diaphysis of Mrs. Morgan’s humerus is fractured. What type of bone makes up the
majority of the diaphysis of long bones like the humerus? Describe the layers of bone tissue found here.
5. Most connective tissue, including bone, is highly vascular. Which anatomical structures in
Mrs. Morgan’s compact bone house blood vessels? What sign or symptom in Mrs. Morgan’s case is directly related to disruption of these structures by her bone fractures? How is the sign or symptom related to these anatomical structures?
6. Within days after a fracture, a “soft callus” of fibrocartilage forms. What fibers are found in
this type of cartilage? Identify the cells required for fibrocartilaginous callus formation and list their functions.
7. As a fracture is repaired, new bone is added to the injury site. What term is used to describe
the addition of new bone tissue? Identify which bone cell is responsible for this process and explain how it occurs.
8. In the final stage of bone repair, some of the osseous tissue must be broken down and
removed. What term is used to define the breaking down of osseous tissue? Which bone cell would be best suited for this task?
9. The extracellular matrix (ECM) of bone is considered to be a composite material made up of
organic and inorganic matter. What makes up the organic and inorganic portions of the matrix? Describe the cellular mechanism involved in breaking down this matrix; include the bone cell required for the process.
For this individual project you will design and build a database for a company, Oopsy Cell repair. The write up for the company is provided in the paragraph below. To complete this project, you will bring to bear all that you have learnt in this class. First, you will need to design a database by constructing an ERD. Next, you need to identify all relevant attributes and normalize to complete your database design. Next, you will construct a SQL database with relevant tables, based on your design, and populate it with data (4-5 rows data for each table will be enough). You will then come up with 5 complex query questions (defined as ones involving joins or subqueries) and the sql query code solutions. Your project submission must contain your ERD, a copy of your database diagram, and the five query questions and a snapshot of the output of the five queries. Limit your project document to no more than 4-5 pages, single spaced 12-point font. You are welcome to make reasonable assumptions, but make sure you note them in your project report. Limit your project to no more than 10-12 entities.
Oopsy Cell Repair (OCR) is a Chicago based company with 9 locations in and around Chicago and its suburbs. Founded in 2012, OCR offers repair services to customers who are facing problems with their cell phones. Reflecting the slogan, “All will be well, with us working on your Cell”, OCR offers various services at a fixed price including screen replacement, battery replacement, data retrieval, data removal, etc. OCR can repair multiple brands of cell phones including Apple, Samsung, Nokia, Google, etc. OCR prides itself in providing upfront and transparent pricing for its services. Each of the nine locations is headed by a location manager along with 4-6 service employees. All service employees are trained to do all repairs, so there is no employee specialization or departmentalization. Further, to create a single contact point for the customer, one employee is in charge of all the repairs to a customer’s phone. OCR is seeking your help to create a database that can capture all relevant information for their business
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Naalti who is 40 years of age carries on an computer manufacturer and repair business in Melbourne. Naalti brings her income to account on a cash basis.
Naalti has come to you for advice regarding the following issues and wants you to prepare her tax return for the year ended 30 June 2016.
The following additional information set out in Annexure A relate to Naalti’s financial position for the year ended 30 June 2016.
Annexure A
ISSUE 1 (2 marks)
The following happened during the 2015-16 financial year
o Cash received from clients in 2015-16 amounted to $420,000
o Trading stock on hand at 1 July 2015 was $80,000 valued at ‘cost’
o Trading stock on hand at 30 June 2016 was $100,000 valued at ‘cost’
o On 31 May 2016 Naalti received $5,000 advance fees for services not yet rendered to a particular client at the end of the 2015-16 financial year
Calculate Naalti’s assessable income, and give your reasons if you consider any amounts should be excluded from assessable income.
ISSUE 2 ( 2 mark)
The following happened during the 2015-16 financial year:
o On 1 April 2016 Naalti received a $28,000 dividend franked to 50% from ANZ Bank Ltd.
o On 1 April 2016 Naalti received a $14,000 fully franked dividend from Tabcorp
Calculate the total amount of assessable income Naalti derived from her investment activities during the 2014-15 financial year.
ISSUE 3 (2 marks)
On 1 July 2015 Naalti purchased a factory in outer Melbourne. On 3 July 2015 she paid $30,000 to repair a large crack in the wall that’s been there for the past 6 years.
Advise Naalti what deductions (if any) she can claim in respect of the $30,000 repairs.
ISSUE 4 ( 1 mark)
On 15 March 2016 Naalti was advised that an overseas rival company which had developed a more efficient computer monitor was planning to seek a license to set up business in Melbourne and sell their computer monitors in Australia. As this could potentially reduce Naalti’s profits, she incurred $60,000 in legal fees in opposing the granting of the license to the rival company.
Advise Naalti what deductions (if any) she can claim in respect of the $60,000 legal fees.
ISSUE 5( 4 marks)
During the financial year Naalti incurred the following specific expenses. She is not sure whether they are a tax deductible expense and the amount she can claim.
o On 10 May 2016 Naalti made a $8,000 provision for long service leave in respect of her employees.
o $3,000 parking fines incurred by her staff while delivering computer equipment to customers during business hours.
o $15,000 payment to obtain the resignation of a managing director having proved to be unsatisfactory.
o $6,000 feasibility study on the viability to open a new factory site in Adelaide. The venture did not go ahead.
Advise Naalti whether each of the specific expenses listed above are or are not a tax deductible expense, and the amount she can claim.
ISSUE 6 ( 1 mark)
On 20 December 2015 Naalti received a $1,700 dividend payment from a company in England. 15% withholding tax (amounting to $300) was deducted from this amount. She is not sure whether the dividend is assessable or exempt in Australia and amount that’s assessable.
Advise Naalti of the tax consequences of the $1,700 dividend payment she received from England and the 15% withholding tax (amounting to $300) that was deducted from this amount.
ISSUE 7 ( 1 mark)
On 1 October 2015 Naalti took out a loan over eight years to finance the purchase of a sports car for her personal use and enjoyment. She borrowed $100,000 from the ANZ Bank and was charged interest at the rate of 10% per annum. The cost of establishing the loan was $6,000.
Advise Naalti of the tax consequences of the above transactions.
ISSUE 8 ( 2 marks)
Under a remuneration package that Naalti entered into with one of her employees she agreed to pay her employee:
o $8,000 school fees for her employee’s 16-year old daughter who attends a private school
o A $15,000 cash bonus for finishing a project on time.
Advise Naalti of the tax consequences of the above transactions.
ISSUE 9 ( 1 mark)
On 15 August 2015 Naalti travelled to Perth to attend an architecture Conference, as she wanted to explore the possibility of opening up a new income earning activity in the field of Architecture. When she returned she enrolled for the Master of Architecture degree at Computer manufacturer and repair business MIT. Naalti incurred $500 airfare and $600 accommodation.
Advise Naalti of the tax consequences of the above transactions.
ISSUE 10 ( 4 marks)
Briefly discuss the capital gains tax consequences of each of the following transactions.
A. On 21 April 2016 Naalti sold an investment property for $400,000. She purchased the property on 17 August 2010 and paid $100,000 for it. Calculate the amount of capital gain (if any) her made that’s liable to tax.
B. On 18 May 2016 Naalti sold her gold ring. The sale price was $6,000. She purchased the gold ring on 2 July 2009 for $11,000. Calculate the amount of capital gain or capital loss and discuss the tax consequences of your decision.
C. On 19 July 2015 Naalti sold 1,000 BHP shares for $45,000 that she purchased on21 March 1985 for $10,000. Calculate the amount of capital gain (if any) she made that’s liable to tax.
D. On 18 April 2016 Naalti sold a very rare and much sought after car to a keen collector for $250,000. She acquired the car on 15 February 2011 for $175,000 and spent $20,000 improving the engine. The purchase and sale costs amounted to $10,000. Calculate the amount of capital gain (if any) she made that’s liable to tax.
E. On 11 May 2016 Naalti sold her party dress that she likes wearing to a close friend. She purchased the dress on 21 March 2012 and paid $2,000 for it. The sale price was $9,800. Calculate the amount of capital gain (if Computer manufacturer and repair business any) she made that’s liable to tax.
F During the year ended 30 June 2016 Naalti made a $10,000 capital gain on sale of a parcel of NAB shares that she had owned for 8 years, and a $30,000 capital gain on sale of a parcel of BHP shares that she had owned for 5 months. Calculate the amount of the capital gain (if any) that’s liable to tax.
G On 15 October 2011 Naalti purchased her main residence consisting of 12 rooms of equal size. Three rooms were used to run her computer business. Naalti sold the property on 18 May 2016 and made a $100,000 capital gain on disposal. Calculate the amount of capital gain (if any) that’s liable to tax.
H. On 13 February 2016 Naalti sold a parcel of shares for $20,000. She purchased the shares on 7 June 2011 and paid $80,000 for them. Calculate the amount of capital gain or capital loss and discuss the tax consequences of your decision.
Required
This assignment may be completed in groups of two to four.
(1) With respect to each numbered issue, advise where appropriate what expenditure Naalti can legally claim or income or capital gain she must include as part of her assessable income. All your answers must be supported with relevant sections of the ITAA (and where appropriate) relevant case law and income tax rulings. Your answers should be based on legislation and tax rates applicable to the 2015-16 financial year.
(2) Your group assignment must not exceed a length of 2000 words and must be typed.
(3) The group assignment must be Computer manufacturer and repair business submitted
Late group assignments will be penalised at the rate of 10% per day, that is, an assignment is marked out of 90% for 1 day late, 80% for 2 days late, etc. and after 5 working days, assignments will attract zero marks
You must
· Provide a progress report of your group assignment in class in week 9
· Submit a substantially completed draft copy of your group assignment for inspection in class in week 10.
(4) Your answer to each identified issue must be clear and concise and in point form. Also all necessary calculations must be provided.
(5) Students can complete their group assignment in groups of two to four.
(6) Groups will do a question and answer session of their Research Assignment to demonstrate their understanding of key issues in the Week 11 class which will be a further assessment task of 10 marks, In total the Research Assignment will constitute 30 marks being 20 marks for Computer manufacturer and repair business the written report and 10 marks for the oral presentation.
Administration Issues
Assignment Submission
The group assignment must be submitted by students on line via their Moodle site for this unit on or before 28 May 2017. The group assignment must have a completed declaration/cover sheet .
Return of Assignments
All group assignments will be marked and returned to students within 7 days of the due date for the submission of assessment by the student.
According to subdivision 900-B of the Income Tax Assessment Act (ITAA 1997), a business owner or employer may make a claim for domestic travel allowance expenses that was incurred while undertaking business operations such as incidentals, drinks, food and accommodation. These business expenses are normally covered by the allowance. The business expenses should be in accordance with Taxation Ruling TR 2004/6 income tax: substantiation exception for reasonable travel and overtime meal allowance expenses(Burman, 2009). It is important to note that setting the reasonable amount is the prerogative of the payer and the payee. For the business expenses to be claimed it must have been incurred while undertaking business or work-related purposes and be deductible under the income tax law. Also, the amount of the expense claimed must not exceed the amount that was actually spent. Looking at issue 9, Naalti’s business expense incurred was due to business-related purposes and are deductible under the income tax law.
The advice to Naalti is to keep a record for………………………………………………………………………………………………………………………………………………………………………………………………………………………………….
………………………………………………………………………………………………………………………………………………………………………… Computer manufacturer and repair business ……………………………………………………….
References
Burman, E. L. (2009). Taxing Capital Gains in Australia: Assessment and Recommendations. Sydney. AU: Thomson Reuters.
Monk, E. (2016, March 16). Capital Gain Tax: A Guide to Calculate How Much will you Pay. Retrieved from The Telegraph: http://www.telegraph.co.uk/tax/capital-gains/capital-gains-tax-how-much-will-you-pay/
