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Your client through YOUCPA-a 50-year-old owner of a firm-has requested that she become a sole proprietorship in the state. The owner does not like paperwork and reporting of information. Her goal is to keep the business simple for her. The firm will have losses in the early years. However, you forecast steady profits for the firm after the 3rd year. She is contemplating passing on the firm to her son, Kate.After looking at this situation, you are contemplating recommending that she form a limited liability corporation (LLC).
Describe the advantages of each of the following:
A sole proprietorship
A limited liability corporation
Do you recommend that this client choose an LLC or not? Explain your rationale.
Describe why an equal percentage increase (or decrease) in sales for each firm would have such differing effects on operating income. Evaluate the ratio of contribution margin to operating income for each firm in 2008. (Hint: Divide contribution..
But isn’t that a pretty rosy estimate of these assets’ actual life? Trade publications show an average depreciation period of 12 years. How would increasing depreciation period affect American Movieplex’s income?
“The IFRS standards are considered to be more principles based than the U.S. rules-based GAAP.” Comment on the implications of this statement, including the legal implications. U.S. GAAP has been considered by many to be the best GAAP in the world...
Compute the following ratios for 2008. Receivables turnover= Net credit sales/ Average net receivables and Inventory turnover
Topic what factors contribute with the recent economic recession
The semiannual interest dates are May 31 and November 30. The bonds are issued on July 31, 2012, at par plus accrued interest.
Elucidate how each amount in the flexible budget was calculated: If static budget has 1200 surgeries, $2400 patient revenue, 1200 salary expense, 600 non salary expense and profit is $600.
Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in both 2010 and 2011. Assume a FIFO inventory flow.
Suppose that Marg Watson's salary was $68,000 and that total salaries paid in the company were $25 million. What would Marg's profit share be?
During 2010, the S corporation reported an $80,000 ordinary business loss and no separately stated items. Explain how much of the ordinary loss is deductible by Jamaal if he owns 50% of the S corporation?
Calculation of cash and cash equivalents and Compute the balance sheets are provided for Victor Foods
His employees can be found on many of the major intersections hawking his wares out of the backs of station wagons and pickup trucks. What is best way for this business to ensure that sales data entry is efficient and accurate?
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