Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

1. At the end of the period it is necessary to close all temporary accounts. (a) describe why this process is required and (b) provide an ex of the closing of an expense account, Income Tax Expense in the form of a journal entry.

2. As required to complete Course Project, one must follow the cycle that includes 10 steps to complete the accounting cycle. (a) describe which financial reports can be generated and (b) provide an ex of information that those financial reports would provide.

3. Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (a) describe how comparisons and compliance monitoring can satisfy the purpose of internal control and (b) provide an ex of how this control could be implemented.

4. Inventory valuation methods determine the cost of goods sold and the inventory balance. (a) describe how the Last in First out (LIFO) method is applied and (b) provide an ex of the impact that this method of inventory valuation will have on Cost of Goods Sold (COGS).

5. To evaluate the financial operation and health of a business, ratio analysis is used. (a) Provide the formula for Accounts Receivable Turnover and describe how it is computed and (b) provide an ex of how this ratio can be used in decision-making in business.

6. Depreciation is a process to allocate the cost of long-life assets to each period's income statement and adjusts the value of the asset on the balance sheet. (a) describe how the straight-line method is computed and (b) provide an ex of how this method could be used on a new delivery truck purchased for $25,000 to be used for 4 years with a salvage value of $0 for year one only.

7. To raise capital, companies might sell bonds. This allows them to bypass lenders such as banks and go directly to the investing public. Your company is planning to sell bonds with a face amount of $10,000 and paying 5% annual interest. (a) The day the bonds hit the market, the bond price is quoted at 101.5. What is the bond's selling price? and (b) how does the company record this sale in its accounting information system? Use journal entries to support your answer.

8. Financial statement analysis is used by investors, creditors, and managers of business to evaluate the operation and health of the business. This information is in part the basis for decision-making. (a) Identify ratios used to evaluate the profitability of a company and (b) provide an ex of how the results of this analysis could be used to make business decisions.

9. There are three different forms of business; sole-proprietor, partnership, and corporation. (a) describe why a corporation's government regulations may be a disadvantage and (b) as a stockholder describe why a stockholder would want to own preferred stock.

10. Inventory valuation methods allow management to select a method that best fits their business model. Given the following data, what is the value of the cost of goods sold as determined by the First in First out (FIFO) method? Show all computations. Sales revenue 300 units at $15 per unit Purchases 240 units at $10 per unit Beginning inventory 120 units at $8 per unit.

11. Most businesses extend credit to other businesses as a way of increasing sales. The risk is that some of the accounts may not pay the amount due. In these cases, we have to account for uncollectible receivables. (a) describe how the percent-of -sales method works and (b) provide an ex of a journal entry that would adjust accounts for the loss.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M915399

Have any Question? 


Related Questions in Taxation

Alice johnson social security number 222-23-3334 is a

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by state University of FloridaShe has the following items pertaining to her income tax return for the current year: R ...

Assignmentuse the following information to complete armando

Assignment Use the following information to complete Armando and Lourdes Gonzales's 2015 federal income tax return. You will need the following forms and schedules: Form 1040, Schedule A, Schedule B, Schedule C, Schedule ...

Tax questionproblemgrouse company is a furniture retailer

Tax Question Problem Grouse Company is a furniture retailer whose average annual gross receipts for the three preceding years exceeded $10,000,000. In the current tax year, the company purchased merchandise with an invoi ...

Assignment should the us convert to a zero personal income

Assignment: Should the U.S. Convert to a Zero Personal Income Tax? In a recent news article located at http://www.nbcnews.com/business/economy/heres-where-your-federal-income-tax-dollars-go-f654971, NBC News reported tha ...

Research paper of gift taxestate tax systemwrite a research

Research Paper of Gift Tax/Estate Tax System Write a research paper explain tax popic of Gift Tax /Estate Tax System the follow must be addressed: 1.what is the tax benefit or tax implication of this topic? 2.Who does it ...

Organization forms and taxationthere are several forms of

Organization Forms and Taxation There are several forms of business organizations. The Internal Revenue Code (IRC) taxes different forms in different ways. The tax implications can sometimes be important enough to determ ...

Taxone paragraph of writing is required at a minimum for

Tax One paragraph of writing is required at a minimum for each question. Two paragraphs is the maximum 1. How is a single-member LLC taxed for federal income tax purposes? 2. What is a three-factor formula and how does i ...

Assignemnt corporation tax returnrequiredbull using the

Assignemnt: CORPORATION TAX RETURN Required: • Using the information provided below, complete Salt Source Inc.'s (SSI) 2010 Form 1120S. Also complete Kim Bentley's Schedule K-1. • Form 4562 for depreciation is not requir ...

Assignment constructive dividends redemptions and related

Assignment: Constructive Dividends, Redemptions, and Related Party Losses Suppose you are a CPA hired to represent a client that is currently under examination by the IRS. The client is the president and 95% shareholder ...

1 the weighted-average cost of capital is the return the

1. The weighted-average cost of capital is the return the company needs to earn after tax in order to satisfy all its security holders. True False Question 2. Why is debt financing said to include a tax shield for the co ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro