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Current social trends in corporate taxation have a tremendous impact on how corporations run their business activities. For instance, tax liabilities will affect where a corporation runs its activities-in the United States or in a foreign country-and whether or not it elects to bring foreign earned cash back to the States. In recent years, the federal government has used foreign tax credits and tax holidays on repatriated earnings to encourage corporations to bring cash back to the United States. The idea is that this cash will stimulate economic growth in the form of more jobs and revenue for the American people; however, the success of these initiatives is a great source of controversy. Select one of the following current social trends relating to corporate taxes, and consider its impact on the corporate tax filer:
- Repatriation of earnings
- Paying taxes on repatriated earnings
- Computing tax credits to foreign countries after international consolidations
- Dividend deductions for U.S. corporations with foreign subsidiaries
Post Inc, had a receivable from a foregn customer that is payable in customer's loca currency. On Dec 31, 2009, Post correctly included this receivable for 200,000 local currency units
Distinguish between a debt security and an equity security.
Make the journal entries to record the above three securities purchases. Make the journal entry for the security sale on May 20. Compute the unrealized gains or losses and prepare the adjusting entry for Arantxa on December 31, 2008.
Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages earned during March will be paid during April and prepare the entry to record the company's payroll tax expense.
The following product line information is for the Home Deal Company. The company is considering dropping its Children's product line due to poor operating income performance. Fixed expenses are allocated to each product line based on sales revenue..
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
On July 1, 2002, Raptor Corporation, a wholesaler of used robotic equipment, issued $7,500,000 of ten-year, 10% bonds at an effective interest rate of 12%, Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year o..
Prepare Friday's audit report that was submitted to Kim's board of directors 2011 and 2010 comparative financial statements. Kim is a public company.
Define basic accounting concepts, terminology and transactions. Illustrate the accounting cycle. Describe the four types of financial statements. Explain the importance of ethics in accounting and financial decision making.
Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..
Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.
Internal users of accounting information include: Of the following accounts, the one which normally has the credit balance is:
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