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Your client, Rich N Ready, has come to you for advice. Rich is interested in many social welfare issues (e.g., access to higher education, welfare reform, and abortion rights). He wishes to use his wealth to educate the general public on these issues, as well as to influence related legislation. Further, he wants to assist the financing of campaigns for political candidates who reflect his views.
Rich’s friend Penny suggested that he organize a section 501(c)(4) organization, telling him that such organizations are not only tax exempt, but that they need not disclose the names of their donors. Thus, Rich could participate in these activities anonymously. However, Rich saw that the Internal Revenue Code requires that a section 501(c)(4) organization must be operated exclusively for “the promotion of social welfare.” This would seem to preclude the lobbying and political campaigning support that Rich desires.
Is a section 501(c)(4) organization appropriate for Rich’s plans? Summarize your findings in an e-mail to your instructor; be specific in your answer(s).
Compute the revenue recognized, construction costs expensed, and income earned for each year using the percentage of completion method. Explain the potential risks associated with this accounting method and discuss why an analyst would be interes..
Prepare a cash flow forecast. Assume that the business will be run for 6 years, and then the building will be sold for 300,000. The equipment will be depreciated straight line over the life of the restaurant.
What gives rise to the currency exposure at AIFS?- What are the two random variables that Archer-Lock and Tabaczynski have to deal with?
Purpose a production budget for Playclay for the months July, August, September, and October and Materials purchase Budget For the quarter from the data given below
Prepare a schedule to determine the correct inventory amount. (If an amount reduces the account balance then enter with a negative sign preceding the number , e.g. -15,000, or parenthesis e.g. (15,000).)
How do Spreadsheets aid the application of sensitivity analysis? Is budgeting an unnecessary burden for day to day problems? Explain your answer.
B. Higgins, J. Mayo, and N. Rice have capital balances of $95,000, $75,000, and $60,000, respectively - Journalize the withdrawal of Rice under each of the assumptions
?Don’t Cry Over Spilled? Milk, Inc., a manufacturer of? mops, uses the weighted average method in its processing costing system.? Don’t Cry uses a traditional costing system in the allocation of its manufacturing overhead? (MOH) to? production; What ..
Loon, Inc. reported taxable income of $600,000 in 2011 and paid federal income taxes of $202,000. Calculate the company's current E&P.
Alborada Manufacturing Company is engaged in the manufacturing of pillows. The production manager indicates that it takes 0.30 hours of direct labor to produce each unit of finished product. Prepare the budget for direct labor per quarter 2016. What ..
Explain your response to event (4). Prepare a classified balance sheet at December 2012. Compute the current ratio for 2012. What does this suggest about Cougar Plastics?
For the fiscal year, sales were $6,750,000, sales discounts were $120,000. sales return and allowances were $900,000, and the cost of merchandise sold was $4,000,000.
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