How much total income tax will Custom Craft Services and Jaron pay (combining both corporate and shareholder level tax) on the $200,000 of income if CCS pays Jaron a salary of $150,000 and distributes its remaining after-tax earnings to Jaron as a dividend? c. Why is the answer to part b lower than the answer to part a? ?
Like the partnerships the S-corporations basically have no federal income taxes. S-corporations owners are taxed on their portion of earnings. The popularity of S-corporations fluctuate with the income tax law. Sometimes the corporation taxes are more than the individual and vice versa. Some of the similarities to a closely held corporation is each shareholder's liability is limited to the amount of their investment.
In February 2011, the case is settled, and Joe refunds $2,500 to the customer. When Joe prepares his 2010 tax return in April 2011, he will include only $1,500 of net revenues from that customer. Your Answer: False The claim of right doctrine requires the recipient of disputed funds to recognize the income. Joe will include the full $4,000 in his 2010 taxable income because he had full control over the funds. He will be allowed to take a deduction on his 2011 tax return for the $2,500 repaid the customer.
The inventory was marked up to sell for $1,000 per unit. The entries to record the sale for cash and the cost of a unit of inventory would include debits to which of the following accounts? A. B. C. D. Sales, $1,000; Inventory, $800 Cash, $1,000; Cost of Goods Sold,
H&R Block will charge a convenience fee to take the tax preparation fee out of the person’s tax refund. You don’t get your refund any sooner like you do with the RALS but you don’t have to pay for the fees that day. They are accused of targeting the working poor and minorities with these services as they promote a quicker way of getting tax refunds at the expense of the borrower. These services are charging annual interest rates of more than 100% when you add in all the fees including finance charges, administrative fees, and check processing fees. The named plaintiffs Anthony Johnson and Phyllis Robinson say H&R Block "aggressively" marketed its loans at "exorbitant triple-digit interest rates to working poor and minorities" with "finance charges, that when properly calculated in accordance with the Truth in Lending Act, often exceeded 100 percent
(c) Determine the p-value. Show all work; writing the correct critical value, withoutsupporting work, will receive no credit. (d) Is there sufficient evidence to support the claim that the mean number of correctanswers after the class exceeds the mean number of correct answers before the class?Justify your conclusion. (20 pts) image501--- 24. A random sample of 4 professional athletes produced the following data where x is thenumber of endorsements the player has and y is the amount of money made (in millions ofdollars).
What amount of unrealized inter-company profit must be deferred by Luffman? | | Your Answer: | | | $0 | | CORRECT | | | $8,400 | | | | | $28,000 | | | | | $52,000 | | | | | $80,000 | | | | | | Points Received: | 2 of 2 | | Comments: | | 2. | Question: | (TCO 1) Which of the following results in a decrease in the Equity in Investee Income account when applying the equity method? | | Your Answer: | | | Dividends paid by the investor | | | | | Net income of the investee | | INCORRECT | | | Unrealized gain on inter-company inventory transfers for the current year | | CORRECT ANSWER | | | Unrealized gain on inter-company inventory transfers for the prior year | | | | | Extraordinary gain of the investee | | | | | | Points Received: | 0 of 2 | | Comments: | | 3. | Question: | (TCO 1) In a situation where the investor exercises significant influence over the investee, which of the following entries is not actually posted to the books of the investor?
ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client. It is expected that a CPA will not engage in an assignment without proper qualifications. Your firm has the ability to bid on two projects: the first is engagement and examination work—not consulting or audit—for a small county hospital. The second is work for a private, not-for-profit nursing home. Prepare a memo of 700-1,050 words for the senior partner.
Running head: PERSONAL VALUES Personal Values Kenneth L. Winkle University of Phoenix Online Management MGT 521 Allen Sutton September 29, 2008 Personal Values As a manager, many decisions require taking into consideration the needs of the company and the concerns of the employees affected. One determining factor in making these decisions are the manager’s personal values. Each manager is different on the personal values use to evaluate the situation and decide on the proper action for the current circumstances. The ethical profile of the manager is a useful tool in determining the key factors a manager may use in his or her decision making process. The Williams Institute Ethics Awareness Inventory Assessment is
What are your personal values on this ethical issue? 3. Why is it important to consult a supervisor or colleague when you have a value conflict with a counselee? 4. How can you prepare yourself to work ethically and effectively with clients who have different values than your own?