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Identify the basic forms of conducting business, and distinguish and explain the tax implications for income earned and losses incurred by a sold proprietor, partnership, and corporation. Please discuss in detail the tax considerations of forming each type of entity and provide examples of situations when it would be more advantageous to form one over the others.
Briefly describe each of the generally accepted auditing standards and indicate how the action(s) of Jones resulted in a failure to comply with each standard. Use the table below to present your answers.
Quick Finance assessed a finance charge of 6% of the total accounts receivable factored and retained an amount equal to 2% of the total receivables to cover sales discounts.
ABC Company accepted a national credit card for a $2,500 purchase. The cost of the goods sold is $2,000. The credit card company charges a 3% fee. What is the impact of this transaction on net operating income?
Carolina Mills purchased $280,000 in supplies this year. The supplies account increased by $30,000 during the year to an ending balance of $71,000. What was supplies expense for Carolina Mills during the year?
Karen Company had 105,000 shares of common stock outstanding on January 1, 2011. On August 30, 2011, Karen sold 50,000 shares of common stock for cash. Karen also had 11,000 shares of convertible preferred stock outstanding throughout 2011.
Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts?
What are the steps used in lean production which reduces inventories, decreases defects, reduces wastes, and shortens customer response times.
Explain the accounting and reporting for stockholder's equity. How are restrictions on retained earnings reported? What are the key components of stockholder's equity? Indicate how to present and analyze stockholder's equity.
William Nowland's filing status is qualifying surviving spouse. His taxable income for 2009 is $76,000. Included in that amount is $5,000 of qualified dividends. How much federal income tax does he have to pay for the year?
Bateman Corporation sold an office building that it used in its business for $800,000. Bateman bought the building ten years ago for $600,000 and has claimed $200,000 of depreciation expense. What is the amount and character of Bateman's gain or l..
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and contribution margin per unit are as follows.
Prepare an overview of government accounting for a business person, using the State of Georgia as an example. Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.
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