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You are an accountant and have two clients you'll be dealing with during this assignment. JumpinJehosaPhats is a haberdashery (Google it!), and is owned by J.J. Phats. JJ is expanding the company and is in need of advice. He has come to you to discuss the future of the company.
Discuss in detail the requirements of incorporating the business, the advantages and disadvantages, and provide JJ with recommendations.
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.
You are required to prepare a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
You are an employee of BusComm Consulting. Begun as a small business just a few years ago, BusComm has outsourced its payroll and tax accounting and return preparation to Accountpreneurs, a company specializing in accounting support for small busi..
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
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