Question 1
I just do not know which form those numbers should go in. I would canculate the results myself. Thanks John and Ellen Brite are married and file a joint return. They have no dependents. John owns an unincorporated specialty electrical lightning retail store, Brite-On. Brite-On had the following assets on January 1, 2012: Old store building purchased april 1, 1999: $100,000 Equipment (7-year recovery)purchased January 10,2007: $30,000 Inventory valued using FIFO method: 4,000 light bulbs: $5/bulb Brite-On purchased a competitor's store on March 1, 2012 for $107,000. The purchase price include the following: New store building: $60,000(FMV) Land: $18,000(FMV) Equipment:(5-year recovery): $11,000(FMV) Inventory: 3,000 lights bulbs: $6/bulb(cost) On Junes 30,2012, Brite-On sold the 7-year recovery period equipment for $12,000. Brite-On leased a $30,500 car for $500/month beginning on January 1,2012. The car is used 100% for business and was driven 14,000 miles during the year. Brite-On sold 8,000 light bulbs at a price of $15/bulb during the year. Also, Brite-On made additional purchases of 4,000 light bulbs in August 2011 at a cost of $7/bulb. Brite-On had the following revenues(in addition to the sales of light bulbs) an additional expenses: Service revenue: $64,000 Interest expense on business loans: $4,000 Auto expenses (gas, oil, etc): $3,800 Taxes and licenses: $3,300 Utilities: $2,800 Salaries: $24,000 John and Ellen also had some personal expenses: Medical bills: $4,500 Real property taxes: $3,800 State income taxes: $4,000 Home mortgage interest: $5,000 Charitable contributions (cash): $600 The Brites received interest income on a bank savings account of $275. John and Ellen made four $5,000 quarterly estimated tax payments. For self-employment tax purposes, assume John spent 100% of his time at the store while Ellen spends no time at the store. Additional facts: -Equipment acquired in 2007: the Brites elected out of bonus depreciation and did not elect Sec. 179 -Equipment acquired in 2012: the Brites elected Sec. 179 to expense the cost of the 5-year equipment but elected out of bonus depreciation -Lease inclusion rules require that Brite-On reduces its deductible lease expense by $8 Complete their 2012 Form 1040, Schedules A, and SE
Question 2
Problem #1 Suppose you want to purchase a million dollar home in twenty five years How much money should you invest each year at 10% to purchase the house in cash? Problem #2 Decision making. Suppose that a person has the following options: a. Placing $ 10,000 in a saving account paying 6% compounded semiannually or b. investing in a business such that the value of the investment after 8 years is 16,000. Which is a better investment? Problem #3 Corleone Olive Oil Company had the following account balances at August 31, 2011 Hint: Calculate net income and ratios Accounts Payable Accounts Receivable Accumulated depreciation Cash Cost of Goods Sold Equipment Inventory Owner's Equity Rent expense Sales revenue Wages payable Bumber of common shares Required: Calculate the following ratios: 1. Earnings per share 2. Debt to equity 3. Current ratio 4. Quick ratio 5. Return on Equity Multiple Choice Questions: 1. Which of the following is used to measure the company's ability to create profit by using it's assets? a. Profit margin b. asset turnover c. return on asset d. none of the above 2. Common sizing refers to a. the analyzing technique used to see the amounts of expenses to revenues b. the analyzing technique used to see the amounts of balance sheet accounts relative to total assets c. the analyzing technique used to compare how revenue, expenses or balance sheet accounts have changes over the prior year d. all of the above e. a and b only 3. The definition of book value is a. also the carrying value b. the historical cost less the accumulated depreciation c. the value at which an asset appears on the balance sheet d. all of the above 4. Which of the following is NOT a type of bond? a. Callable bond b. Convertible bond c. Changeable bond d. Serial bond 5. Net income will result if gross profit exceeds a. Cost of goods sold plus operating expenses b. Cost of goods sold c. purchases d. operating expenses 6. _______ stock has a higher claim on assets and dividends than common stock. a. Favored b. Preferred c. ? d ? do not have the choices for (c) or (d)
Question 3
1.Welch Company, which expects to start operations on 1-1-2011, will sell digital cameras in shopping malls. Welch has budgeted sales as indicated in the following table. The company expects a 10% increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March. Sales JAN FEB MAR cash sales $40,000 ? ? sales on account 100,000 ? ? total budgeted sales $140,000 ? ? A. Complete the sales budgeting by filling in the missing amounts. B. Determine the amount of sales revenue Welch will report on its first quarter pro forma income statement 2.Naftel Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Naftel's policy is to maintain and ending inventory balance equal to 10 percent of the following month's costs of goods sold. April's budgeted cost of good sold is $75,000. Jan. Feb. Mar. Budgeted cost of goods sold $50,000 $54,000 $60,000 Plus: Desired ending inventory $5,400 ? ? Inventory Needed 55,400 ? ? Less: Beginning Inventory 5,000 ? ? Required purchases (on account) 50,400 ? ? Required: A. Complete the inventory purchases budget by filling in the missing amounts. B. Determine the amount of cost of goods sold the company will report on its pro forma income statement. C. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. 3.The accountant for Teresa's Dress Shop prepared the following cash budget. Teresa desires to maintain a cash cushion of $14,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 2% per month. Cash Budget JUL AUG SEP section 1: cash receipts beginning cash balance $42,500 $? $? add cash receipts 180,000 200,000 240,600 total cash available (a) 222,500 ? ? section 2: cash payments for inventory purchases 165,526 140,230 174,152 for s&a expenses 54,500 60,560 61,432 for interest expense 0 ? ? total budgeted disburements (b) 220,026 ? ? section 3: financing activities surplus (shortage) 2,474 ? ? borrowing (repayments) (c) 11,526 ? ? ending cash balance (a- b + c) $14,000 $14,000 $14,000 Required a. Complete the cash budget by filling in the missing amounts. Round all computations to the nearest whole dollar. b. Determine the amount of net cash flows from operating activities Teresa's will report on the third quarter pro forma statement of cash flows. c. Determine the amount of net cash flows from financing activities Teresa's will report on the third quarter pro forma statement of cash flows,Where is the rest of it? There is only one question answered..Which is question # 1..I need 2 and 3 by tonite,Found it..my other computer has net nanny and would not let me open page 2 or 3..THANKS
Question 4
Michael I will pay $100, but I need it by 6PM or I am going to have to to else where. Im sorry. 1. When property is transferred, the gift tax is based on a. replacement cost of the transferred property. b. fair market value on the date of transfer. c. the transferor's original cost of the transferred property. d. the transferor's depreciated cost of the transferred property. 2. Which of the following taxes is regressive? a. Federal Insurance Contributions Act (FICA) b. excise tax c. property tax d. gift tax 3. All of the following are classified as flow-through entities for tax purposes except a. partnerships b. c corporations c. s corporations d. limited liability companies 4. The term "tax law" includes a. Internal Revenue Code. b. Treasury Regulations. c. Judicial decisions. d. all of the above 5. Which of the following serves as the highest authority for tax research, planning, and compliance activities? a. Internal Revenue Code b. Income Tax Regulations c. Revenue Rulings d. Revenue Procedures 6. Which of the following steps, related to a tax bill, occurs first? a. signature or veto by the President of the United States b. consideration by the Senate Finance Committee c. consideration by the House Ways and Means Committee d. consideration by the Joint Conference Committee Prentice Hall?s Federal Taxation 2008 edition (Pope, Anderson, & Kramer) Chapter 15 - Tax Research 7. Investigation of a tax problem that involves a closed-fact situation means that a. future events may be planned and controlled. b. the statute of limitations on the client's tax return is still open. c. the client's transactions have already occurred and the tax questions must now be resolved. d. research is primarily concerned with applying the law to the facts as they exist. 8. When Congress passes a statute with language such as, "The Secretary shall prescribe such regulations as he may deem necessary," the regulations ultimately issued for that statute are a. legislative regulations. b. statutory regulations. c. congressional regulations. d. interpretative regulations. 9. Which of the following is issued by the IRS to indicate the tax consequences of a particular transaction in which several taxpayers may engage such as whether or not a stop smoking program is tax deductible? a. letter rulings b. revenue rulings c. revenue procedures d. treasury regulations 10. The taxpayer need not pay the disputed tax in advance when the suit is initiated in a. U.S. Tax Court. b. U.S. District Court. c. U.S. Court of Federal Claims. d. both a and c 11. A tax case cannot be appealed when initiated in the a. U.S. Tax Court. b. U.S. Court of Federal Claims. c. U.S. Tax Court using the small case procedures. d. all cases may be appealed. 12. Which of the following is a true statement regarding primary authority of tax law? a. Articles in The Tax Adviser are always viewed as primary authority. b. The Daily Tax Reporter is the only source of primary tax authority. c. Tax services are the only sources of primary tax authority. d. Primary authority includes the Code, as well as administrative and judicial interpretations. Managerial Accounting: Tools for Business Decision Making 4th Chapter 1 - MANAGERIAL ACCOUNTING 13. Managerial accounting applies to each of the following types of businesses except a. service firms. b. merchandising firms. c. manufacturing firms. d. Managerial accounting applies to all types of firms. 14. Financial and managerial accounting are similar in that both a. have the same primary users. b. produce general-purpose reports. c. have reports that are prepared quarterly and annually. d. deal with the economic events of an enterprise. 15. The principal difference between a merchandising and a manufacturing income statement is the a. cost of goods sold section. b. extraordinary item section. c. operating expense section. d. revenue section. 16. Some companies implement systems to reduce defects in finished products with the goal of achieving zero defects. What are these systems called? a. Activity-based costing systems b. Enterprise resource planning systems c. Value chain systems d. Total quality management systems 17. Which one of the following is an example of a period cost? a. A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer b. Workers' compensation insurance on factory workers' wages allocated to the factory c. A box cost associated with computers d. A manager's salary for work that is done in the corporate head office Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8/e (Boynton and Johnson) CHAPTER 4: Auditor?s Legal Liability 18. The auditor?s legal liability to third parties under common law extends to: a. all third parties for all acts of negligence. b. all third parties for acts of fraud; select third parties for gross and ordinary negligence. c. select third parties for fraud, gross negligence, and ordinary negligence. d. all third parties for all acts of willful misconduct. e. all third parties for acts of fraud and gross negligence; select third parties for ordinary negligence. 19. Auditor liability under the 1933 Securities Act extends to the: a. financial statement date. b. auditor?s report date. c. filing date of the registration statement. d. effective date of the registration statement. e. due date of the registration statement. 20. When financial statements are determined to be false or misleading, the auditor?s best defense against a plaintiff bringing suit under the 1933 Securities Act would be: a. lack of intent. b. lack of privity. c. contributory negligence. d. no contest. e. due diligence. 21. In recent years, both the volume and cost of litigation related to alleged audit deficiencies reached alarming proportions. This important trend led to the: a. Racketeer Influenced and Corrupt Organization Act. b. Coalition to Eliminate Abusive Securities Suits. c. Securities Act of 1993. d. Private Securities Litigation Reform Act of 1995. e. Securities Exchange Act of 1994. 22. An auditor may be liable to a client for breach of contract under which of the following? a. Issues a standard audit report when he or she has not made an audit in accordance with GAAS. b. Does not deliver the audit report by the agreed-upon date. c. Violates the client?s confidential relationship. d. All of the above. e. None of the above. Modern Auditing: Assurance Services and the Integrity of Financial Reporting, 8/e (Boynton and Johnson) CHAPTER 5: Overview of the Audit Process 23. Which one of the following assertions is not made by management in placing an item in the financial statements? a. existence or occurrence b. direct controls c. rights and obligations d. presentation and disclosure e. completeness 24. If reported sales for 20X0 erroneously include sales that occurred in 20X1, the assertion violated on the 20X0 statements would be: a. existence or occurrence b. completeness c. valuation or allocation. d. presentation and disclosure e. rights and obligations 25. The completeness assertion would be violated if: a. fictitious sales transactions were included in accounts receivable. b. the allowance for doubtful accounts was understated. c. unbilled shipments had occurred during the period. d. disclosure in the statements of pledged receivables was inadequate. e. the balance of accounts payable was overstated. 26. For a particular assertion, control risk is the risk that: a. a material misstatement will occur in the accounting process. b. controls will not detect a material misstatement that occurs. c. audit procedures will fail to detect a weak control system. d. the prescribed control procedures will not be applied uniformly. e. an immaterial misstatement will occur in the accounting process. 27. Which one of the following reports serves as the primary communication of audit findings? a. the auditor?s report on internal controls. b. the auditor?s report on financial statements c. the auditor?s report on disagreements with management. d. the auditor?s report on significant audit adjustments. e. the auditor?s report on consultation with other accountants. Financial Accounting Theory and Analysis, 8/e (Schroeder, Clark, and Cathey) Chapter 1: The Development of Accounting Theory 28. Arpco. Inc., a for-profit provider of healthcare services, recently purchased two smaller companies and is researching accounting issues arising from the two business combinations. Which of the accounting pronouncements are the most authoritative? a. AIPPA Statement of Position. b. AICPA Industry and Audit Guides. c. FASB Statements of Financial Accounting Concepts d. FASB Statements of Financial Accounting Standards 29. Accounting standard setting in the U.S. is a. Done primarily by the Securities and Exchange Commission. b. Done primarily by the private sector. c. The responsibility of the public sector. d. Done primarily by the International Accounting Standards Board. 30. The accounting standard-setting body whose purpose is to resolve controversial matters quickly is the a. Emerging Issues Task Force (EITF). b. Accounting Standards Executive Committee (AcSEC). c. International Accounting Standards Board (IASB). d. Cost Accounting Standards Board (CASB). 31. When establishing financial accounting standards, the FASB a. Issues an exposure draft as a final statement. b. Holds a public hearing usually 60 days after the discussion memorandum is released. c. Consults only with the SEC before the statement is released. d. Delegates responsibility to the SEC. Financial Accounting Theory and Analysis, 8/e (Schroeder, Clark, and Cathey) Chapter 2: The Pursuit of the Conceptual Framework 32. What are the Statements of Financial Accounting Concepts intended to establish? a. Generally accepted accounting principles in financial reporting by business enterprises. b. The meaning of ?present fairly in accordance with generally accepted accounting principles.? c. The objectives and concepts for use in developing standards of financial accounting and reporting. d. The hierarchy of sources of generally accepted accounting principles. 33. According to the FASB?s conceptual framework the objectives of financial reporting for business enterprises are based on a. Generally accepted accounting principles b. Reporting on management?s stewardship. c. The need for conservatism. d. The needs of the users of the information. 34. According to the FASB?s conceptual framework which of the following relat4es to both relevance and reliability? a. Comparability. b. Feedback value. c. Verifiability. d. Timeliness. 35. According to the FASB?s conceptual framework, which of the following is an essential characteristic of an asset? a. The claims to an asset?s benefits are legally enforceable. b. An asset is tangible. c. An asset is obtained at a cost. d. An asset provides future benefits. 36. What is the purpose of information presented in notes to the financial statements? a. To provide disclosures required by generally accepted accounting principles. b. To correct improper presentation in the financial statements. c. To provide recognition of amounts not included in the totals of the financial statements. d. To present management?s responses to auditor comment Financial Accounting Theory and Analysis, 8/e (Schroeder, Clark, and Cathey) Chapter 12: Accounting for Income Taxes 37. Temporary differences arise when expenses are deductible for tax purposes After They Are Before They Are Recognized in Recognized in Financial Income Financial Income a. No No b. No Yes c. Yes Yes d. Yes No 38. Which of the following does not result in recognition of a deferred tax asset? a. An operating loss carryforward. b. Immediate expensing of organization costs. c. Subscriptions revenue received in advance. d. Receipt of municipal bond interest. 39. SFAS 109 states that a deferred tax asset shall be reduced by a valuation allowance if it is a. Probable that some portion will not be realized. b. Reasonably possible that some portion will not be realized. c. More likely than not that some portion will not be realized. d. Likely that some portion will not be realized. 40. Because Jsb Co. uses different methods to depreciate equipment for financial statement and income tax purposes, Jab has temporary differences that will reverse during the next year and add to taxable income. Deferred income taxes that are based on these temporary differences should be classified in Jab?s balance sheet as a a. Contra account to current assets. b. Contra account to noncurrent assets. c. Current liability. d. Noncurrent liability.
Question 5
Ok I understand. I'm making the payment now,I hope you can have it before that time,Is this all?? I'm not really satisfied with your solution,Are you sure this answer was meant for me for my project?? I dont get understand and what I asked is not cover can you explain please. I even sent you a sample so you can have something to compare,Hi, I have requested a review and clarification of the answer. the deadline of my project has passed already and I need an clarification. Please get back to me asap because I need to finish my project Thank you,Did you waited almost a week to ask me that, please I have no time. I need this asap. Is data with. some written part also. i sent it to you more that a week ago the structure of what i was asking you to do. Just I want you to be honest with me and tell me if you are gonna be able to help me. You said yes that's why i paid $ 70 * Request initial start-up capital of at least $200,000 in addition to the team's investment of $100,000 (Can be increased up to $600,000 with instructor approval.) Realistically value the firm using one or more appropriate methods. Key Concepts: * Create projected values for a business over a term of five years * Utilize appropriate methods to provide a future value of a business for investor utilization Please follow this structure Financial Plan Overview Sales Forecast Income Statement Projected Profit and Loss Table: Profit and Loss for Years One Through Five Ocasions GROUP Projected Proforma Projected Cash Flow Table: Five Year Cash Flow Projected Balance Sheet Industry Norms Required Investment Table: Startup Costs Company Valuation Investor Exit Plan Appendix A Appendix B - Tables Table I: General Assumptions Table II: Terminal Value ? Gordon Model Table III: Five Year Profit and Loss Statement Table III: Five Year Profit and Loss Statement Table IV: Staffing Budget Chart 1: Net Sales Year for 5 Years Chart 2: 4th Quarter Profit and Loss for Year 1 Chart 3: 4th Quarter Profit and Loss for 5 years Chart 4: Year 1 Monthly Marketing Expenses Chart 5: Sales by Segment Chart 6: Annual Sales Forecast by Services Chart 7: Annual Market Forecast Chart 8: Year 1 Monthly Sales by Region Chart 9: Working Capital and Return on Investments Appendix E ? Electronic Financial Worksheets" ",Rachel, I have attached My Business Plan, please review it, specially the Financial Plan,all the numbers are there already what I would like you to do is review if the number are accurate with the information I have. Everything is there already so you don't have to work that much :). Just please review them for me and make sure everything is fine. You know Balance Sheet, Cash Flow, Expenses, Profit and Loss, Break Even Analysis, Business Ratios. And if maybe I have to change the wordy in the Financial Plan, please just do it.,PLEASE I NEED THIS BY NOON TOMORROW THANKS,This is the document I attached for you, can you please explain me if you did any comments and modifications and where?? And also I think the data and the Projected Balance Sheet is not correct, could you please review that Thank you, Elizabeth
