Discuss. BSA 310 Week 2 Individual Assignment BSA 310 Week 2 Supporting Activity BSA 310 Week 3 DQ The text identified three common legal forms of business organizations: sole proprietorships, partnerships, and corporations. IF you were to start or your business (or if you already have started your own business) what type of legal form would you use? Why did you choose this legal form? Or Financial statements (balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity) are the primary means accountants use to communicate financial information to investors, creditors, regulatory agencies, and others.
Ch. 6: Continuing Problems 1–4, found at the beginning of the Problems section at the end of the chapter. For this assignment, use the CAFR your team selected in Week Two. Discussion Questions DQ1 What is the revenue recognition criteria used in government entities? What are some examples of government sources of revenue?
14-20 What tax years are available to corporations? How do the options differ from other forms of business organizations? Solution Upon establishing a new corporation, the corporation may choose either a calendar year or a fiscal year. They may choose either of the two regardless of the tax years of its owners which creates tax savings. This differs from other forms of business organizations, S corporations are required to use the calendar year unless they can establish a business purpose to use a fiscal year.
Only dividends received from domestic corporations subject to the corporate income tax are eligible for the dividends-received deduction. 14-51 What is the purpose of the reconciliation of taxable income with book income? Schedules M-1 and M-3 reconcile net income from the company’s books (i.e., book income) to taxable income by starting with book income and showing all the adjustments necessary to arrive at taxable income. This reconciliation is necessary because companies record certain income and expense items in their books for financial recordkeeping purposes (i.e., for purposes of reporting company performance to shareholders or for making management decisions) in a manner that is not allowed under prevailing income tax laws. 14-52 Sam Rogers forms a corporation.
CPA Report University of Phoenix ACC/545: Financial Reporting CPA Report When properly documenting financial findings, a CPA report can prove very useful. In this paper I will discuss the methodology used to determine deferred taxes, the procedures for reporting accounting changes and error corrections, and the rationale behind establishing the subsidiary as a corporation. I will also cover the professional responsibilities of a CPA and the difference between a review and an audit. The methodology used to determine deferred taxes Two methods to determine deferred taxes exist, the deferral method and the liability method. The objective of the deferral method is to match tax expense with pretax book income.
Can Jane depreciate her vehicle or jewelry-making equipment? How? 3. John and Jane Smith tax issue: k. Should John and Jane file separate or joint tax returns? Memo To: John & Jane Smith From: Date: 12/2/2014 Re: Summary of various tax issues Your first question is how is the $300,000 treated for purposes of federal tax income?
Consult the IRS Circular E for federal payroll tax regulations and your state taxation agency (see Resources) for state payroll tax regulations. Withhold federal income tax based on the Circular E’s withholding tax tables and the employee’s W-4 form. Withhold Social Security tax at 6.2 percent of gross income, up to $106,800 for the year. Withhold Medicare tax at 1.45 percent. Consult your state withholding tax tables (see Resources) and the employee’s state income tax form to determine state income tax withholding.
Berry’s Bug Blasters Ratio Analysis Memo ACC/291 Principals of Accounting II MEMO To: Berry’s Bug Blasters CEO From: Accounting Dept (Team B) Date: September 16, 2013 Re: Ratio Analysis Accounting Team B conducted a ratio analysis of Berry’s Bug Blasters to express the relationships among selected items of financial statement data. Ratios express mathematical relationships between one and another is expressed in terms of percentage, rate, or simple proportion. We used ratios to evaluate liquidity, profitability, and solvency. Listed below are the findings from the ratio calculations. The analyses reveal many things about the company’s financial position and performance, and also which users are interested in each type of ratios.
Federal Tax Research, Ninth Edition ADMINISTRATIVE REGULATIONS AND RULINGS TEST BANK, Chapter 4 Multiple Choice Choose the best answer for each of the following questions: ____ 1. The IRS, as an administrative agency, is responsible for: a. formulating and interpreting the tax laws b. interpreting and enforcing the tax laws c. formulating and evaluating the tax laws d. planning and formulating the tax laws ____ 2. Most official IRS pronouncements are written by: a. The IRS Office of Chief Counsel b. The IRS Commissioner c. The Treasury Secretary d. IRS Field Office Staff Members ___ 3.
ACC 403 Midterm Exam Answers http://www.homework-bank.com/downloads/acc-403-midterm-exam-answers/ ACC 403 Midterm Exam Answers Part 1 • Question 1 Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called: • Question 2 ________ risk reflects the possibility that the information upon which the business decision was made was inaccurate. • Question 3 The use of the Certified Public Accountant title is regulated by: • Question 4 The Sarbanes-Oxley Act applies to which of the following companies? • Question 5 Three common types of attestation services are: • Question