Evaluation of a Comprehensive Annual Financial Report for a government entity Prepare an overview of government accounting for a business person, using the State of Georgia as an example. Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.
PUT ANSWERS IN EXCEL ATTACHMENT Eastman Kodak Company is a provider of imaging technology products and services to the photographic,Graphic communications, and health-care markets. A condensed 2008 income statement follows (in millions): Sales $9,416 Costs of goods sold
Kevin sold property with an adjusted basis of $58,000. The buyer assumed Kevin's existing mortgage of $40,000 and agreed to pay an additional $60,000 consisting of a cash down payment of $40,000, and payments of $4,000, plus interest, per year for the next 5 years. Kevin paid selling expenses totaling $2,000. What is Kevin's gro
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years. In addition, Kyle paid $6,000 in commissions on the sale. What is the gross profit to be recognized
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000. Elaine takes the maximum allowable deduction under section 179. Which of the foll
Hello, I understand FCF be found by the expression FCF = (NOPAT - net investment in operating capital) First, I calculated NOPAT as EBIT(1-Tax rate) Naturally, I found EBIT listed on the income statement but I calculated the tax rate by dividing the amount of tax paid by the pretax income. 248/846 = 29.31% tax rate....so
Please help me explain the following concepts: - The basic assumptions of accounting - The principles of accounting - The constraints of accounting - A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
How many distinct steps or requirements are contained in the language of IRC Section 351 (a) for non-recognition treatment, and what are they?
1.Bendetta, a high-tax-rate taxpayer, owns several rental properties and would like to shift some income to her daughter, Jenine. Bendetta instructs her tenants to send their rent checks to Jenine so Jenine can report the rental income. Will this shift the income from Bendetta to Jenine? Why, or why not? 2.Latrell recently us
What important information, related to the accounting equation, is captured by accounting information systems? How does this information get translated to the financial statements? Is it necessary for the accounting information systems to record debits and credits? Why or why not? Why do some organizations continue to use
In your role as the financial manager, you routinely review your firm's financial statements and financial ratios to evaluate the financial health of your company. How does one review and analyze financial statements in a for-profit company? How does this compare to how financial statements are analyzed for a nonprofit orga
Information regarding pension plans, weighted deferred wage increase averages, overtime rules, and comparative norm in deciding basic wage.
1. What are four safeguards that the ERISA legislation specified to address the many obstacles employees faced with pension plan funding? How did the Pension Protection Act add additional requirements to the protection of these plans? 2. Why has weighted deferred wage increase averages continued to fall since the 1990s? What
You are the vice president of operations for a small manufacturing company that uses the absorptive method of accounting for fixed manufacturing overhead, and you are approaching the end of the year. The accounting manager just visited some of your supervisors and said that the profitability of the company can appear better if m
The following individuals maintained offices in their home: (1) Dr. Austin is a self-employed surgeon who performs surgery at four hospitals. He uses his home for administrative duties as he does not have an office in any of the hospitals. (2) June, who is a self-employed plumber, earns her living in her customer's homes. S
In which of the following situations is the taxpayer not allowed a deduction for moving expenses? A. Marva moves from Dallas to Washington D.C. in her job as an IRS agent. She is still working at the IRS Washington office after one year. B. Pam moves from Phoenix to Los Angeles to take a new job. She works at the Los Angeles
Joe is a self-employed tax attorney who frequently entertains his clients at his country club. Joe's club expenses include the following: Annual dues $ 5,400 Initiation fees
Last year, Abby loaned Pat $10,000 as a gesture of their friendship. Although Pat had signed a note payable that contained interest payments and a maturity date, the loan had not been repaid this year when Pat died insolvent. For this year, assuming that the loan was bona fide, Abby should account for nonpayment of the loan as a
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company. Juanita's 2012 AGI is $31,000, and she deducts a $3,000 loss on her 2012 tax return. Her other
Discussion questions for federal income tax: Types and Benefits John and Jill, who are married, reported 2012 itemized deductions of $7,500 and $500 respectively. John suggests that they file their Federal income tax returns separately-he will itemize his deductions from AGI, and she will claim the standard deduction. Expl
Please access the link below: http://mhlnews.com/facilities-management/back-basics-inventory-handling-and-tracking-technologies and discuss how inventory tracking technology relates to Accounting Information System . Please relate to internal controls. Do you think this technology can be used effectively?
1) The statement of cash flows is used for . 2) Non-operating items on the income statement . 3) The difference between a single-step and multiple-step income statement is that a single-step income statement . 4) Which one of the following statements is true? 5) The accounting convention uses the acquisition cost minus d
Dr. Mark Skousen, in his article, "Raising Cain: Why the 9-9-9- Tax Plan is a Dangerous Policy", states that Republican Herman Cain has gotten quite a bit of publicity about his new 9-9-9 tax plan. His bill would scrap the current tax system and replace it with a flat 9% corporate income tax, a 9% tax on individual income and a
Kirsi Products is decentralized. Division bonuses are based on return on investment (ROI), and so division managers are very careful about their ROI. Operating results for the company's East Division for last year are given below when the company's overall ROI was 18%: Sales $ 25,200,000 Variable expenses 14,000,000 Contr
Discuss with your new accountant your opinion on the merits of GASB Statement No. 56. Is it really worthwhile for the government to implement this new Statement? Why/why not?
1. Klingon Cruisers, Inc.., purchased new cloaking machinery three years ago for $9.5 million. The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabilities of$2.4 million, and net working capital of $800,000. If all the current
FWP Co. issued $100,000, 10-year bonds on January 1, 2011. The stated rate of interest on the bonds is 10% payable annually on 12/31. Provide the requested information for the bonds immediately after issuance (January 1, 2011) under each of the three independent scenarios described below:
I need help to answer the following questions. Question 1: Describe situations where you have effectively demonstrated each of the forms of communication mentioned. Question 2: What did you do to help you communicate effectively? Question 3: How have your communication skills helped you to improve your performance elsewh
Guidelines: To perform effectively you need to: - prioritise and plan your work to meet objectives, managing conflicting pressures and making best use of time and resources - ensure the quality of your work always meets or exceeds agreed requirements - develop and maintain effective working relationships - actively deve
Please copy and paste or click on the link below and discuss how accounting fraud relates to accounting information systems. Specifically discuss internal controls. Include whether you think this type of fraud can be controlled effectively. http://www.accountingtoday.com/news/SEC-Refocuses-Accounting-Fraud-66893-1.html
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for therapy. During the year, Alan makes the following expenditures: Wheelchair