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Question 1
a) Carmen has computed that her average tax rate is 16% and her marginal tax rate is 25% for the current year. She is considering whether to make a charitable contribution to her church before the end of the tax year. Which tax rate is of greater significance in measuring the tax effect for her decision? Explain.
b) Limited liability companies (LLCs) are very popular today as a form of organization. Assume a client asks you to explain what this type of organization is all about. Prepare a brief description of the federal income tax aspects of LLCs.
Question 2
The auditor's report states in part, "...in conformity with generally accepted accounting principles".
Required:
a) Explain the meaning of the term "accounting principles" as used in the audit report.
b) How is it determined if an accounting principle is "generally accepted". Discuss the sources of evidence for determining whether an accounting principle has substantial authoritative support. Do not merely list the titles of publications.
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
You will be asked to address a accounting failure from AMERICAN INSURANCE GROUP. Overview of the situation/accounting issue
Calculate the total drill and blast cost based on the blasting costs
Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.
Speculating with Currency Futures: Suppose that a March futures contract on Mexican Peso was available in January for $.09 per unit. Also suppose that forward contracts were available for same settlement date at a price of $0.092 per peso.
Marsha Moore gave property with an adjusted basis of $28,000 to Alfred when the fair market value of the property was $25,000-What is Alfred’s basis for gain? What is his basis for loss?
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Now assume that eh interaction is sequential where Holland Sweetener chooses to enter and if so they face the pricing problem in the second stage. Should Holland Sweetener enter?
Determine the eliminating entries necessary for the 20X9 consolidated financial statements. Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.
What is the difference between accrual-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
Shelton Engineering completed the following transactions in the month of June. Prepare a trial balance as of the end of this month's operations
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