I have determined that you have to account for all qualified business expenses and only net income will be taxable. 2. Jane Smith tax issues: a. What are the different tax consequences between paying down the mortgage (debt) and assuming a new mortgage (debt) for federal income tax purposes? If the mortgage is paid off, you'll lose the mortgage deduction on your federal income taxes.
Case 2 Solution: Problem Identification: How should a company account for forfeited stock subscriptions? Moreover, do such payments constitute operating or other income? Keywords: Stock Subscription; operating income; additional paid-in capital; owners’ equity; net income; operating income. Conclusion: Per 505-10-25-2, capital transactions that incur no future corporate obligations should be excluded from calculating net or operating income. Thus, the forfeited cash should become part of additional paid-in capital about any
Assignments submitted after the due date (late assignments) cannot be uploaded to Blackboard. Instead, they need to be emailed directly to John Polichronis (j.polichronis@qut.edu.au). 10. Late submissions will receive a mark of zero. Please be aware that the suggested solution will be released within two days of the submission date, so any assignment submitted after this date without prior approval will attract a score of zero.
The investor should report these losses as extraordinary items. The investor should suspend applying the equity method until the investee reports income. The investor should suspend applying the equity method and not record any equity in income of investee until its share of future profits is sufficient to recover losses that have not previously been recorded. The cumulative losses should be reported as a
They typically use this method because it requires fewer journal entries for closing an accounting period and creating financial statements. I feel this method only gives the owner or company a view on the cash coming in and out but does not give the company a long term view on the overhead cost and revenue for services in order to show the company where improvements can be made or where costs
The take-home essays differ from the Formal Essays in that they need not follow MLA formatting, give citations, nor a Work Cited page; however, I do want the final drafts word processed and double spaced for ease of reading. Make sure you save the document as a Word or Rich Text Format file; otherwise, I will not be able to open it. The two take-home essays must be composed in one Word document, labeled clearly as two essays, and submitted as one Dropbox attachment before midnight (see the corresponding Week when assignment occurs, Unit Exams' "take-home" Essays Drop Box). Remember to name your file in this format: ExamItakehomesLastName. Make sure you write on two topics (40 points each): 1.
Also, if it is repositioned in such a way that paperkraft serves only the price range between 300-1500 then ITC would lose the market leadership in the price range of 45-245. 3. ITC follows individual product branding and and not umbrella branding, thereofore, it is advisable for itc to have a different brand under different segments and price range. 4. The current product portfolio of Paperkraft includes notebooks, pens and highlighters.
For instance, valuation of assets must be executed over the years as the value of it may not be the same every year. The definition of depreciation (The Columbia Electronic Encyclopedia, 2014, n.p.) “is a reduction in the value of fixed or capital assets, as by use, damage, weathering or obsolescence.” The amount of depreciation must be estimated as there’s no specific rate at which every fixed asset’s value falls. These estimations differ every year depending on the turn of events. Likewise, in the case of bad or doubtful debts, an estimate for provision is usually done to know as to how much of the trade receivables the company might not be receiving.
The 30th April 2009 letter to the complainant though raising inference of a contract of service there was no performance by Kobe Moss for evaluation and assessment for remuneration for that period or for determination of renewal of the contract, positive evaluation thereof, being the basis for such renewal. No. The contract of service requires that annual leave be planned and taken within the year it is due otherwise it lapses and becomes forfeited and so does any benefits thereof. In this case annual leave lapsed upon expiry of contract on 31st December 2008 and so did any claims under it. STATEMENT OF FACTS Mr. Kobe Moss entered into service in
Contract of agency can be helpful for big business official as they cannot be available anywhere, anytime. The relationship with an agency can be terminated if the parties feel that the relationship is not going in a beneficial manner. There are various factors which can influence and terminate contract of agency it depends on the legal contract and various clauses they have signed during the agreement. According to Scottish law if the contract which has been set up for indefinite time the notice for termination of agency to be given for first year should be 1 month for second year two months and for third year 3 months prior before the termination by any of agent or the principal. There are different ways in which contract of agency can be terminated 1)Act of parties 2)Operation of law 3)By agreement.