A parent company does not have to file a consolidated tax return even if it owns more than 80% of a subsidiary. Required: a) Why might a parent want to file a consolidated tax return? b) Why might a parent not want to file a consolidated tax return? Please answer with sufficient detail and references.
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I need to provide 4 financial statement, income statement, retained earnings, balance sheet, and cash flows, based off of the following numbers: Item Year2 Year1 Accounts Receivable 1190 1182 Accruals 429
Which of the following groups constitute a controlled group? (Any stock not listed below is held by unrelated individuals each owning less than 1% of the outstanding stock). For brother-sister corporations, which definition applies? a. Mark owns 90% of the single classes of stock of Hot and Ice Corporations. b. Johnson and C
Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases for their Raider stock of $80,000 and $90,000 respectively. During the current year, Raider reports the following results: Ordinary loss
Review the 2005 and 2004 annual reports for PepsiCo Inc and The Coca-Cola Company. Compare the two companies and provide recommendations to improve their financial status. Include an introduction, a vertical and horizontal analysis and classic ratios for liquidity, solvency, and profitability in your analysis for 2005 and 2
Please check my answers to the following questions. Question 1: When real estate is sold and a mortgage is involved, how is the amount realized on the sale determined? Answer: Amount realized. The amount realized from a sale or exchange is the total of all money received plus the FMV of all property or services received
Activity-based Costing (ABC) ReebookRealflex produces shoes for circuit training and walking. Recently, the management of the company has decided to adopt the activity-based costing system and has identified three activity cost pools. Information on its annual overhead costs and the activity cost pools are as follows: Activ
Review an annual report of a popular company ie. Target, Kohl's Bass Pro shops, and answer the following questions with references: 1. From the annual reports you previewed, what is the company's corporate strategy? What are their company goals and were they successful in achieving those goals? 2. Would you invest in the
Enron Corporation's 2001 third-quarter 10-Q report disclosed the following transaction with LJM2, a nonconsolidated special purpose entity (SPE) that was formed by Enron: In June 2000, LJM2 purchased dark fiber optic cable from Enron for a purchase price of $100 million. LJM2 paid Enron $30 million in cash and the balance i
What is the Uniform Partnership Act of 1997 and what is the relevance to partnership accounting? What types of items are typically included in the partnership agreement? Explain.
A) At The Peak, Inc., manufactures scientific calculators. Costs incurred in making 25,000 scientific calculators in April included $ 85,000 of fixed manufacturing overhead. The total absorption cost per scientific calculator was $ 12.50. Required: a. Calculate the variable cost per scientific calculator. b. The ending in
Research a company that has been in the news for unethical practices, such as Enron, Tyco, Global Crossing, or WorldCom. Summarize your ideas about the following: What was the nature of the controversy regarding this company's practices? How were accounting practices involved? If you had been an accountant for this com
Discuss what changed at the end of 2004 that caused some states to decouple from the federal estate tax.
You have just joined a CPA firm. Your manager is impressed with the recommendations that you provided on the reporting of securities for the client. He comes in and says "You did a great job! The client was thrilled with the recommendations." Your manager has another consulting assignment. He asked you to prepare for him the en
How would you compare the accounting for enterprise funds with that of (a) businesses and (b) governmental funds? Summarize the reasons both for and against accounting for enterprises funds differently than governmental funds and include an example of an enterprise with regards to this.
In the past, TTTH Inc. allocated indirect manufacturing costs based on direct labor hours. Recently, management has decided to pilot a system of time-driven activity-based costing (TDABC) to allocate these costs. The division produces three engine models: Basic, Sport, and Heavy Duty. Acme employs 300 employees to perform indire
There is a common scenario where companies can opt to use two different depreciation methods. What is this scenario and can you share some details and the rationale behind this scenario?
Machine hours and electricity costs for Wells Industries for 2011 were as follows: Machine Electricity Month Hours Costs January 2,000 $ 9,200 February 2,320 10,500 March 1,520 6,750 April 2,480 11,500
10-A1 ROI and Economic Profit Calculations Consider the following data (in thousands) : (see the attached table) 1)For each division, compute the return on sales, the capital turnover, and the return on investment (ROI) 2)Which division is the best performer if evaluation is based on ROI? Explain. 3)Suppose each division
Zipper Company has identified the following overhead activities, costs, and activity drivers for the coming year: (see attached table) Zipper produces two models of sewing machines with the following expected prime costs and activity demands: (see attached table) The company's normal activity is 4,000 direct labor hours.
Please comment about the article (see the attachment) at least one paragraph.
Address the following: Define the term business combination and differentiate across various forms of business combinations. Discuss the motives for business combinations. Describe when consolidation of financial information into a single set of statements is necessary.
Address the following: The two parts of the AICPA Code of Professional Conduct; The three categories of threats to accountant independence; The necessity of audit engagement letters.
The MedView brochure said, "Only 45 scans per month to cover the monthly equipment rental of $18000." *The footnote at the bottom of the brochure read: *"Assumes a reimbursable fee of $475 per scan." The MedView brochure refers to a new radiology imaging system that MedView rents for $18000 per month. A "scan" refers to one i
Auditors found out that a company was delaying payments to creditors at year-end and selling inventories as huge discounts in order to improve cash flows. Are there any ethical issues involved in this practice? What are they if any?
Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?
1. Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words. 2. Research a specific company in one of the business sectors that interests you and describe how you imagine it might be to work there.
9-48 In early 20X1, United Communications, a U.S.-based international telephone communications company, purchased the controlling interest in Bucharest Telecom, Ltd. (BTL) in Romania. A key productivity measure monitored by United is the number of customer telephone lines per employee. Consider the following data for United:
8-A1 Burton Transportation Company's general manager reports quarterly to the company president on the firm's operating performance. The company uses a budget based on detailed expectations for the forthcoming quarter. The general manager has just received the condensed quarterly performance report shown in Exhibit 8-10.
Instructions Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Using the sample financial statements, create pro forma statements of five year projections that are clear, concise, and easy to read. Be su