Describe the components of the common body of tax law

Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions: What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.

  Bond transaction journal entries

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:

  Problem related to tax treatments

Chuck contributed cash of $30,000 and land with a basis of $40,000 (fair market value of $70,000). Greg contributed cash of $60,000 and a fully depreciated property ($0 basis) valued at $40,000. Which of the following tax treatments is not correct..

  Prepare a system flowchart in good form for lakers loot

  Weighted-average number of shares outstanding

On August 1, Gridley purchased 140,000 shares and immediately retired the stock. On November 1, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2011?

  Audit fees must be paid before

A client company has not paid its 2004 audit fees. According to the AICPA Code of Professional Conduct, for the auditor to be considered independent with respect to the 2005 audit, the 2004 audit fees must be paid before the:

  Amount of saleas dollar at the break even point

Oxford company had sales of $3 000 000, variable expenses of $1 800 000, and fixed expenses of $800 000. what would be the amount of saleas dollar at the break even point.

  Identify the balance-related audit objective

Several accounts receivable in the accounts receivable master file are not included in the aged trial balance.

  Record as the cost of goods

Jag Co. purchased goods with a list price of $150,000, subject to trade discounts of 20% and 10% with no cash discounts allowable. How much should Jag Co. record as the cost of these goods?

  Problem related to gross profit

Gomez Company had a gross profit of $360,000, total purchases of $420,000, and an ending inventory of $240,000 in its first year of operations as a retailer. Gomez's sales in its first year must have been:

  Eliminating the audit trail

Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements?

  State and local tax provisions

What are the pros and cons of the following state and local tax provisions? Be sure to include any related information regarding these types of taxes.