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John Jones, the CFO for Smith Manufacturing, has approached you about changing the tax filing status. Currently, the company files the tax return as a C-Corp. He is inquiring as to whether it should be changed to an S-Corp.
Prepare a memo to Mr. Jones that discusses the legal and tax implications of making the change. Be sure to cite your findings with appropriate laws and tax code.
Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratios. The partnership's capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides to withdraw from the partnership, and the partners a..
Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: Materials Conversion Work in process, July 1 $ 3,200 $ 1,500 Costs added in July 25,200 21,000 The unit production c..
A company issues a 5-year, 4% coupon bond with a face value of $100,000. The effective market interest rate at the time of issuance is 6%. What are the proceeds from issuing the bond?
Flip Company sells TVs. The perpetual inventory was stated as $38,500 on the books at December 31, 2014. At the close of the year, a new approach for compiling inventory was used and apparently a satisfactory cut-off for preparation of financial stat..
What are noncash investing and financing activities? Give two examples. How are they reported on the statement of cash flows?
Discuss the potential advantages and disadvantages that countries outside the United States should consider before adopting regulations such as those in the Sarbanes-Oxley Act, that increase corporate internal control requirements.
Estimate the stock price for year s two and three, assuming that the current PE multiple remains constant for each of the two forecasted years.
On a trial balance, if the Debit and Credit column totals are equal, then:
On August 31, Latty Co. partially refunded $493,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $493,000 plus $49,300 interest, having obtained the $542,300 by using $137,350 cash and signing a new one-year $44..
On June 18, Baltic Arena paid $6,600 to Marvin Maintenance, Inc. for cleaning the arena following a monster truck show. Which of the following most likely occurred as a result of this transaction.
Create a situation or scenario in which it may be appropriate to recognize revenue as the productive activity takes place. State whether or not there are any other times appropriate for recognizing revenue. Give a rationale with your response.
Caterpillars Inc., a manufacturing company, acquired equipment on January 1, 2012 for $500,000. Estimated useful life of the equipment was 7 years and the estimated residual value was $10,000. On January 1, 2015, after using the equipment for 3 years..
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