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Income Tax Accounting Problems

(1) A single taxpayer provided the following information for 2006: Salary $40,000 Interest on local government bonds $4,000 (qualifies as a tax exclusion) Allowable itemized deductions $8,000 What is taxable income? a. $28,700 b. $31,700 c. $32,700 d. $32,000 (2) This year, Alan purchased prop

Tax Loss Carryforward

#9 In 2007, its first year of operations, XYZ Corp. has a $900,000 net operating loss when the tax rate is 30%. In 2008, XYZ has $360,000 taxable income and the tax rate remains 30%. Instructions Assume the management of XYZ Corp. thinks that it is more likely than not that the loss carryforward will not be realized in the

Reconciliation of financial and taxable income; prepare deferred tax entries

#2 The following differences enter into the reconciliation of financial income and taxable income of A Company for the year ended December 31, 2007, its first year of operations. The enacted income tax rate is 30% for all years. Pretax accounting income $700,000 Excess tax depreciation (320,000) Litigation accrual 70,000

Developing an Expense Report

Adams Brothers Outdoor Adventures currently owns a 12-passenger van that is used to transport clients to and from its outdoor adventure sites. The van was purchased 4 years ago at a cost of $20,000. At that time, its useful life was estimated to be 5 years with a salvage value of $5,000 at the end of its useful life. The van is

Sales, Interests and Gains/Losses

1. Company A manufactures and sells small paper goods. They sell to major retailers such as Costco, Sam's Club and Wal-Mart. These large retailers demand that should goods be unsold at any time in the future, they may return the goods, without limitation, to the Company A and charge back transportation and a repack charge.

Sales Tax Payable

1.Chaney Co. is a retail store operating in a state with a 5% retail sales tax. The retailer may keep 1% of the sales tax collected. Chaney Co. records the sales tax in the Sales account. The amount recorded in the Sales account during May was $147,000. The amount of sales taxes payable (to the nearest dollar) to the state f

Amount of Dividend Income

Corp has $(25,000) deficit in accumulated E&P and $5,000 in current E&P. The balance in current E&P only reflects the results of operations(i.e., current E&P does not reflect any effect (direct or indirect)of distributions) The Corporation made the following distributions: * 4/25/x1 $15000 Cash *

Fund and Proprietary Accounting

What is fund accounting? How does it compare to proprietary accounting? Why is it necessary? What are the major fund types? Use the following website, www.charitynavigator.org, find a charities financials and identify the various aspects such as excess of revenues over expense. Then pick one of the worst and compare.

GASB Accounting

1) What are some examples of government/not-for-profit organizations? How do proprietary businesses measure success following the FASB accounting guidelines? How do government organizations measure success following the GASB accounting guidelines? Compare and contrast the differences between GASB and FASB.

Tax Treatment of Distributions

MikeCO made the following distributions during the year: *5/1/x1 $60,000 *9/1/x1 40,000 Determined the tax treatment of each distribution under each of the following independent circumstances: Accum E&P Curr E&P a)$10,000 $50,000 b)(70,000) 50,000 c) 95,000

Nonliquidating Distribution

1.Deficit in accumulated E&P is $(20,000) Current E&P is $15,000 On 12/31/x1, the Corp distributed $50,000 to its sole SH How much is considered to be dividend? 2. Accumulated E&P is $15,000 Deficit in current E&P $(20,000) On 12/31/x1, the Corp distributed $50,000 to its sole SH How much is considered to

Non-liquidating Distributions Differences

1. What is the difference between debt and equity? (5 points) 2. What is the difference between common and preferred stock? (5 points) 3. What are the tax consequences to a corporation that distributes property to stockholders if the property distributed is less than the corporation's basis in the property? (5 points)

Intermediate Accounting: Liabilities, Financial Statements, GAAP

1. You are the independent auditor engaged to audit Christine Agazzi Corporation's 12/31/07, financial statements. Christine Agazzi manufactures household appliances. During the course of your audit, you discovered the following contingent liabilities. a. Christine Agazzi began to production of a new dishwasher in 2007 and, b

Actual Level of Activity

Gonzalez Manufacturing traced the following levels of activity to the products it manufactured during the first quarter of this year: Actual Level of Activity Activity Pool Cost per Activity Product A Product B Machine setups $50/setup 500 setups 600 Inspection

Traditional Cost Systems for Bimini Products Inc

Managers often make decisions about keeping or dropping a product after evaluating the probability of each product in the product line. Bimini Products Inc., recently completed an activity-based costing study. Management wished to compare the results with the cost data produced by their traditional cost system. Product data a

Per Production Run: Auto Detail Company

Auto Detail Company manufactures two basic types of production: vinyl and metallic adhesive-backed striping used by automobile manufacturers. The company traditionally has allocated manufacturing overhead to its product line using direct labor hours as a cost driver. More recently, the company has explored the use of two addit

Kudler Fine Foods

With the idea of an Executive Team having the desire to grow more rapidly and considder alternative strategies. 1. Give an example of an Environmental scan for a high end grocery store 2. Discuss and define the idea of internal and external environments Note- I am doing this based on the simulation of Kudler Fine Foods.

Purpose of accounting

Prepare 700- to 1,050-words in which you define the purpose of accounting and identify the four basic financial statements. Be sure to explain how they are interrelated with each other, and why they are useful to managers, investors, creditors, and employees. * Format your paper according to APA standards.

Accounting For Research and Development Expense

1. The following information is available for Barkley Company's patents: Cost $1,720,000 Carrying amount 860,000 Expected future net cash flows 800,000 Fair value 640,000 Barkley would record a loss on impairment of A.) $1,080,000. B.) $220,000. C.) $160,000. D.) $60,000. 2. Blue

Accounting: Digital Notes

A. What should www.flowers4you.com do about its problem with bad digital notes? b. Should the company contract the recipients of the fraudulent orders? Explain why they should or should not. ** Please see the attached file for the complete description of the scenario **

Accounting: Ramwood Candy Problem

Please help with the given problem: A. How would you suggest that Ramwood solve its problem? b. Design a complete system that can protect Ramwood form importers. ** Please see the attached file for the complete problem scenario **

Savage Value Considerations

Three questions in total: A company just undertook a project that required a $300,000 investment in NOWC, which will be reocovered fully at the end of the project's life in five years. The required equipment will not be depreciated fully and still will have a book value of $100,000. The firms tax rate is 40%. If the salvage

The Amount of Total Earning, Deductions, Cash & Payroll Taxes

The following information is for the employee Mary Ryan for the week ended March 15. Total year-to-date earnings as of March 8: $6,400 Total hours worked: 46 Rate: $20 pr hour with double time for all hours in excess of 40 Federal income tax withheld: $180 United fund deduction: $25 Tax rates: FICA: 7.5%

Determining earnings per share of common stock

A corporation has the following stockholder's equity accounts at the end of the current fiscal year, after all closing entries have been posted: Common stock, $10 par, $2,000,000; Paid-In Capital in Excess of Par-Common Stock, $375,000; Retained Earnings, $1,285,000. The earnings for the current year, during which there were no

Earnings after Taxes

1.Earnings after taxes of $390,000 in the year 2006 with 300,000 shares outstanding.On January 1, 2007, the firm issued 25,000 new shares. Because of the proceeds from these new shares and other operating improvements, earnings after taxes increased by 20 percent. a. Compute earnings per share for the year 2006. b. Compute ear

Tax return filing requirements; consequences of failure to file.

3. When is a taxpayer required to file a federal income tax return? What are the consequences of failing to file a tax return that you were otherwise required to file? When would a taxpayer with no income tax liability and no withholding want to file a tax return?

Accounting help

Emily and Richard decide to form a partnership along with leeds holding Company to purchase an office building. I need help with this please it is too much to write, so there is an attachment