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Financial Accounting & Bookkeeping

Tax Question - Exclusions

Of the items specifically excluded from gross income which one do you feel should not be excluded. Defend your response. 1. Donative items Gifts, bequests, and inheritances (102) Life insurance proceeds paid by reason of death (101) Accelerated death benefits (101(g)) Survivor benefits for public safety officer killed in

Analysis of Inventory Eldermon Sales Company

Income statements for Eldermon Sales Company follow. Analyze the inventory position at the end of each year as well as the profitability of inventory sales in each year. What conclusions would you make concerning the inventory trend?

Pension Plan Accounting

One of your friends just heard a lecture on accounting for defined-benefit pension plans. "I can't believe how complicated that is," she says. "And half of the information used is just a guess. I think we should go back to the cash basis of reporting for these plans. At least it was reliable." Using your knowledge of how the

Pension Accounting - Gap Inc

For Gap, Inc., examine and analyze the company's financial statements and pension and other postretirement benefit plans footnote. Based on your analysis, create a report, that includes answer to the following questions: 1 - What is the difference between pension and postretirement benefits? 2 - What type of pension and othe

Intermediate Financial Accounting III - Book-Tax Differences

You have just been promoted to assistant controller of Doncast company. One of your responsibilities is to calculate income tax expense and any deferred tax assets or liabilities. The company took a lot of debt five years ago to finance a major expansion, and the recent rise in interest rates, along with a decline in sales, h

Statement of Cash Flow using Indirect method and Direct method.

Executive Inc. had the following operating balances for 2015: December 31, 2015 January 1, 2015 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $54,400 $62,800 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,300 29,900 Accounts Re

Benefits of Advanced Accounting.

After reflecting on what you have learned and how you have benefited by taking AC450 Advanced Accounting, write a minimum one page response to the questions below. Make sure to address the critical elements so you will be successful in completing this assignment. Please answer the following questions in your paper: 1. Reflect

Sub-Prime Crisis and Fair-Value Accounting

Consider the article "Subprime Crisis and Fair-Value Accounting" (Healy, Palepu, & Serafeim, 2009) from the perspective of an accounting regulator (e.g., the FASB). Next, using outside sources that you may seek and your professional experience, develop and write a 3- to 4-page paper concisely answering the following questions:

Accounting for non-strategic investment

***Please refer to the attached file for better formatting.**** Real-Time Corporation is a diversified company that uses an investment portfolio to manage its liquidity and to enhance earnings. Their fiscal year ends on December 31. On October 1, 2011, its investment portfolio consisted of the following securities: Date

Calculating book value per common share

Ralph, Inc. had the following capital structure as of December 31, 1991: 8% cumulative preferred stock, par value $100, call value $115; authorized, issued, and outstanding 1,000 shares $100,000 Common Stock, par value $1, authorized 400,000 shares; issued and outstanding 300,000 shares

Setting up Revenue and Payroll in Excel

I need some help with budgeting payroll and revenues, with excel examples of how to calculation patient volume revenues and payroll. The case contains 2 physicians, 1 ma, 1 front desk clerk, with x patients per day.

Legal Practices: Accounting Abuses

Some practices that are taken for granted as standard practices in some cultures may be viewed negatively in others. Find an example of a business practice that is considered both legal and ethical in a particular country but considered illegal and unethical in the U.S (e.g. bribery, child labor). Describe the business pr

TLC Inc Patents R&D Expenses & Amortization Expenses for 2012 and 2013

TLC, Inc. began operations in January 2012. Listed below are some transactions for 2012 and 2013. - During 2012, $125,000 in R&D (expense) expenditures were made to develop a new product that was patented on July 1, 2012. TLC, Inc. believes the patent will provide benefits for 10 years. Legal fees incurred were $24,000 (ca

Snow Corporation Comparison of Fair Value & Equity Methods

Comparison of Fair Value and Equity Methods On January 1, 2012, Snow Corporation purchased 20% of the 200,000 outstanding shares of common stock of Garvey Company for $4.00 per share as a long-term investment. The purchase price of the shares was equal to their book value. The following information is available abou

Calculating depreciation on rental real estate

Please help me to depreciate a house purchased on March 1, 2005 for $115,000 ($15,000 was for the value of the land). De to the depressed housing market, the value of the house and land had not changed when it was available to rent on September 1, 2007. I need the amount of depreciation for 2012. Please attached any form or wo

Compute Income Tax Payable using the Tax Formula

Janice Morgan, age 32, is single and has no dependents. She is a freelance writer. In January 2012, Janice opened her own office located at 22751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Soc

Dividend Allocation

Financial Statement Analysis Required: Using the indicated letters, identify the specific effects (including account names and dollar amounts) of the following transactions or conditions on the various financial statement components: I = Increase D = Decrease NE = No effect Transaction Assets Liabilities Equity

P2-8 Corporate Tax Liability Wendt Corp, P3-6 Du Pont Analysis Gardial & Sons

Compute the federal tax liability (Wendt Corp) and DuPont Analysis (Gardial & Sons) PART A: 1. What is Wendt Corporation federal income tax liability if they had $10,500,000 in taxable income? 2. If Wendt Corp receives an additional $1,000,000 in taxable interest income, how does the tax liability change? 3. Instead of

Well-Stated and Clear Career Goals in the Accounting Field

Q1: Write a well-stated and clear career goal that you have for the next 12-18 months in the accounting field. (A well stated goal is specific, measurable, achievable, and has a deadline) Q2: How will you know if you have achieved this goal or not? Q3: What are 2 different strategies you could follow to achieve this goal?

Office Building Sale

Jacob sold at a gain an office building he had owned for 15 years and depreciated using regular MACRS. On which part of Form 4797 is the sale of the building reported and what IRC section determines the type of gain? A. Part II of 1231 B. Part III of 1250 C. Part I of 1231 D. Part III of 1245.

Lean Accounting: Reasons to Adopt Lean vs. GAAP

Accounting for Lean is not embraced by GAAP for external reporting. What would the advantages and disadvantages of accounting for lean to be recognized by GAAP What would the advantages of having separate internal and external financial reporting for Accounting for Lean and GAAP.

Taxation Questions - Minimum NOL Tax

John and Sally are married and file a joint return for 2012. They have an NOL of $5,000. They carry the NOL back to 2010, a year in which John and Sally filed separate returns. Figured separately, Sally's 2012 deductions were more than her income and John's income was more than his deductions. 1. Which one of the following s

Compensating budget

Your hospital has billed charges of $4,000,000 in February. If your collection experience indicates that 20 percent is paid in the month billed, 40 percent in the second month, 20 percent in the third month, and 5 percent in the fourth month, determine the following values: a.) Net patient revenue for February b.) Collections

Accounting for Governmental and Nonprofit Entities

I need an operations guide on the following budget: Mesa County, Colorado - this one has lots of information broken into separate pdf files. The first pdf file shows the 2013-2013 adopted budget, with several other pdf files with additional information. http://www.mesacounty.us/finance/2012-2013Budget.aspx Answer the follo

P5-2 Balance Sheet for Montoya Inc

P5-2 (Balance Sheet Presentation) Presented below are a number of balance sheet items for Montoya, Inc., for the current year, 2014. Goodwill $125,000 Accumulated Depreciation - Equipment $292,000 Payroll Taxes Payable 177,591 Inventory 239,800 Bonds Payable 300,000 Rent Payable - Short

Types of Accounting Services

What are the three types of accountants and what services do they provide? What type of client would each accountant oversee?