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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.
Cheatam Enterprises has a 4.2% merit rate on unemployment (top state rate is 5.4%). During the first week of the payroll tax year, Cheatam pays $20,000 in wages (no one employee earns over $7,000 during the week). What are the TOTAL payroll taxe..
Prepare strategies to address this component of the triangle to prevent recurrence for the given-mentioned company.
Evaluate the direct materials price and efficiency variances for the year and evaluate the direct labor price and efficiency variances for the year and determine the efficiency variances and variable overhead spending for the year
In addition, Ashley pays $14,000 in commissions and $3,000 in legal fees in connection with the sale. Explain how much does Ashley realize (the amount realized) from the sale of her property?
Indicate the amount of income or loss from the partnership that should be reported by Wilson in 2011 on his Individual Income Tax Return. Compute Wilson's basis in his partnership interest at the end of 2011.
Evaluate the price and usage variances for direct labor and direct material and compute the material variances
construction fund. during fy 2011 the voters of the town of dex approved equipping and constructing a recreation center
Calculate consolidated net income and identify the amount attributable to shareholders
Compute sales level required in both dollars and units to earn $210,000 of after-tax income in 2010 with the machine installed and no change in unit sales price. Assume that the income tax rate is 30%.
Advise Polaris Ltd whether it is required to produce consolidated financial statements (CFS). Consider the levels of control and the members' rights in your answer.
What is the real future value of $10,000 which will sit in a savings account for 20 years, earning 4% interest compounded yearly during a period of 4% annual inflation?
Further investigation showed that the department manager also was the timekeeper because the company could not afford a separate timekeeper. What actions might be taken to correct this problem?
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