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Cynthia needs your advice regarding which form of business entity to choose for her new business. She expects the new business will have losses of approximately $80,000 in each of the first two years but anticipates profits that will grow steadily thereafter. Cynthia has no cash to contribute to the business but plans to work 50 or more hours per week managing the day-to-day operations of the new business. Four individuals will contribute $50,000 each to start the business. To fund growth, Cynthia anticipates that additional funding will be needed in three years. Cynthia wants to meet with you next week to discuss your analysis and preliminary recommendations.
a. Based on this information only, what would you recommend?
b. Before meeting with Cynthia, prepare a list of questions you would like to ask to obtain the additional information you would need to make a more thorough analysis.
1. which of the following statements is most likely true for jared a typical individual taxpayer in the 35 tax
During 2010 Silas Inc. had sales revenue $564,000, gross profit $264,000, operating expenses $99,000, cash dividends $45,000, other expenses and losses $30,000. Its corporate tax rate is 30%. What was Silas's income tax expense for the year?
In 2013 Lake also repossessed $200,000 of jet skis that were sold in 2011. Those jet skis had a fair value of $75,000 at the time they were repossessed.In 2010, Lake would recognize realized gross profit of:
the city of medina park operates a plumbing and electrical maintenance department responsible for maintaining all water
winner says it is clear that in decades to come a great many things like telephone answer machines and automatic bank
Hill Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning invento..
The company's Land account had a $5,000 balance. Dividends amounted to $300. There was $1,000 of common stock issued. What accounts are permanent and which ones are temporary?
calculate the amount of the child and dependent care credit allowed for 2008 in each of the following cases assuming
You have been employed as an entry- level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use.
What is your conclusion about the fairness of the recorded balance in accounts payable for pinnacle manufacturing as it affects the income statement and balance sheet?
A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepa..
During the year, Fallen spent $7,500 on product development and paid $10,000 in continuing franchise fees. What amount should Fallen capitalize for intangible assets in 2010?
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