...ACCT553 Week 4 Homework ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬_________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 14 1. Please describe the concept of "double taxation" and discuss which entity(ies) are subject to this type of taxation. (5 pts) Double taxation is tax on income of a business entity and second tax on distributions made to owners. The classic example is dividends paid to an owner from a corporation. 2. What types of taxpayers are considered "with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) The eligible" taxpayers are the individuals or partnerships who are the original owners of shares in electing domestic small business corporation. The stock must be issued for property, common or preferred, domestically chartered and otherwise meet the tests to qualify as 1244 stock. 3. Please describe how the treatment of capital gains (losses) differs for a C Corporation as compared to an Individual. ( 5 pts.) Individuals net their capital gains and losses together, and the result is reported on an individual form 1040. Net long term capital gains are taxed at rates currently discounted to ordinary rates. Capital losses can be deducted up to $3,000 per year against ordinary income, with carrybacks and carry forwards available for those losses. C corporations may net capital losses against capital gains only, and pay tax...
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...Chapter 15 – Homework Week 4 E15-2 Recording the Issuance of Common and Preferred Stock – Kathleen Battle Corp. Journal entries to record given transaction are listed below: 1/10 Cash (80,000 x $5) $400,000 Common Stock (80,000 x $1) $ 80,000 Paid-in Capital in Excess of Stated Value – Common Stock (80,000 x $4) $320,000 3/01 Cash (5,000 x $108) $540,000 Preferred Stock (5,000 x $100) $500,000 Paid-in Capital in Excess of Par Value – Preferred Stock (5,000 x $8) $ 40,000 4/01 Land $ 80,000 Common Stock (24,000 x $1) $ 24,000 Paid-in Capital in Excess of Stated Value – Common Stock ($80,000 - $24,000) $ 64,000 5/01 Cash ($80,000 x $7) $560,000 Common Stock (80,000 x $1) $ 80,000 Paid-in Capital in Excess of Stated Value – Common Stock (80,000 x $6) $480,000 8/01 Organized Expense $ 50,000 Common Stock (10,000 x $1) $ 10,000 Paid-in Capital in Excess of Stated Value – Common Stock ($50,000 - $10,000) $ 40,000 9/01 Cash (10,000 x $9) $ 90,000 Common Stock (10,000 x $1) $ 10,000 Paid-in Capital in Excess of Stated Value – Common Stock (10,000 x $8) $ 80,000 11/1 Cash (1,000 x $112) $112,000 Preferred Stock (1,000 x $100) $100,000 Paid-in Capital in Excess of Par Value – Preferred Stock (1,000 x $12) $ 12,000 E15-5 Lump Sum Sales of Stock with Preferred Stock – Dave Matthews Inc. (a) Fair Market Value of...
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...Week 4 1. How do you think a small margin for error affects communication on a project? When there is a small margin for error communication can be affected. In the project for Ball Corporation there is absolutely no room for errors and everyone involved in the project knows it. Because there is no room for errors everyone is really detailed when sharing information and in delegating assignments. The employees force themselves to pay close attention to every detail because every little detail counts. When there is room for error the management might not be so detailed with the employees and the employees might not pay as close attention because they know that an error won’t cause any drastic problems. 2. In what ways do you act differently in a face-to-face meeting than you do during a telephone conference call? A telephone conference call is very different than a face-to-face meeting. When you are in a telephone conference call you don’t dress professionally or even act professionally. In a face-to-face meeting you are forced to dress appropriately and act appropriately because everyone else in the meeting is able to see you. You can’t be still in your bed on your PJs because that would be very unprofessional; you can’t mute the call and talk to someone else because everyone will notice. 3. Why is written communication essential in some situations (such as conveying specifications), while oral communication is essential in others (such as technology interchange...
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...Week 4 EC315 Homework Chapter 10 34. A recent article in Vitality magazine reported that the mean amount of leisure time per week for American men is 40.0 hours. You believe this figure is too large and decide to conduct your own test. In a random sample of 60 men, you find that the mean is 37.8 hours of leisure per week and that the standard deviation of the sample is 12.2 hours. Can you conclude that the information in the article is untrue? Use the .05 significance level. Determine the p-value and explain its meaning. H0: u = 40 H1: u < 40 (my belief) test stat: t(37.8) = (37.8-40)/[12.2/sqrt(60)] = -1.3968 determine the p-value and explain its meaning. p-value = P(t25 Critical value: Statistic= t=(26.067-25)/(1.534/√15)=2.694 Critical value= inv-t(14,0.01) =2.624 Test value: Reject region: {t/t>2.624} Decision: statistic=2.694>2.624=critical value We reject H0, At the .01 significance level we conclude that the mean number of patients per day is more than 25. Decision: P-value= t(2.694,14)=0.0087 So p-value < 0.01 (we reject H0) Summary: We can interpret the p-value as: p-value= probability of obtaining a statistic value greater than 2.694 if μ =25 61. Refer to the Baseball 2010 data, which report information on the 30 Major League Baseball teams for the 2010 season. a. Conduct a test of hypothesis to determine whether the mean payroll of the teams was different form $80.0 million. Use the .05 significance level. b. Conduct a...
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...Our Company Network Security Plan Developed August 2010 Andre Bryant Table of Contents Security Threats and Risks 3 Types of Threats 3 Mitigation Strategies 3 Security Policies 3 Physical Access 3 Data Access 3 Security Laws 3 Law 1: 3 Law 2: 4 Law 3: 4 Disaster Recovery 4 Backup Policies 4 Testing 4 Security Threats and Risks Types of Threats • Trojan Horses • Viruses • Hackers Mitigation Strategies • Firewalls • VPN access and protocols • Strong Technology policy with strict accountability Security Policies Physical Access Technology policy will allow the IT assign identification numbers to each employee. These numbers will assign access to each employee as well as track employee internet usage. This will also allow restriction to certain sites that are not filtered by the system. Data Access All traffic will be filtered through the firewall. We will also implement a network usage list that will let all users know what areas are restricted (hp.com). Security Laws Law 1: As part of our company’s network security policy, we are requiring the use of IMAP exclusively. IMAP and SMTP must be routed through a firewall (hp.com). Law 2: No trafficking or usage of copyrighted or restricted files or software. The penalty for violation of this policy could result in immediate termination (klariti.com). Law 3: ...
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...ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product Description ENTR 510 Week 4 Homework New Venture Table of Contents Introduction3 Necessary skills for the first person3 Necessary values4 References5 ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product Description ENTR 510 Week 4 Homework New Venture Table of Contents Introduction3 Necessary skills for the first person3 Necessary values4 References5 ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product Description ENTR 510 Week 4 Homework New Venture Table of Contents Introduction3 Necessary skills for the first person3 Necessary values4 References5 ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product Description ENTR 510 Week 4 Homework New Venture Table of Contents Introduction3 Necessary skills for the first person3 Necessary values4 References5 ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product Description ENTR 510 Week 4 Homework New Venture Table of Contents Introduction3 Necessary skills for the first person3 Necessary values4 References5 ENTR 510 Week 4 Homework Purchase here http://devrycourse.com/ENTR%20510/entr-510-week-4-homework Product...
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...BMGT220 Week 4 homework solutions Click Link Below To Buy: http://hwaid.com/shop/bmgt220-week-4-homework-solutions/ Compute the ending inventory using the perpetual weighted average method below. These are the same transactions used in week 3 homework: units price 1-Jan Beginning inventory 3,500 $ 3.00 14-Jan Bought 1,500 $ 3.15 5-Feb Sold 1,000 22-Feb Bought 2,000 $ 3.20 7-Mar Sold 1,500 15-Mar Sold 2,000 5-Apr Bought 1,000 $ 3.25 10-Apr Sold 800 12-Apr Sold 800 22-Apr Sold 500 4-May Sold 600 10-May Bought 2,000 $ 3.30 25-May Sold 500 Problem 2 Complete journal entries for the following transactions: 1. Sales for the month of June, 2014 were $75,000. Using a percentage allowance method of 1% record the allowance. 2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay 3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill 4. On July 30, our fiscal year ends, the allowance for doubtful accounts has a balance of $1...
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...ACCT 220 Week 4 Homework Click Link Below To Buy: http://hwaid.com/shop/acct-220-week-4-homework/ • Compute the interest for the following notes and assume at 360 day year for all quizzes, homework, etc. Date of Note Principle Interest Rate (%) Term Interest July 1 $100,000 10% 90 Days January 1 $70,000 8% 120 Days September 1 $200,000 4% 60 Days • On June 1, 2015, Hardy and Company sold merchandise on account to Laurel Company for $16,000 with terms of 2/10 net 30. On June 30, Laurel Company gave Hardy a 10% Promissory Note to settle the account. Make the journal entries to record the sale and settlement of the account receivable. Date Account Debit Credit • The financial statements of Lawn Mowers Inc. report beginning accounts receivable of $100,000 and ending accounts receivable of $105,000. Net credit sales were $1,200,000 for the year. Calculate the accounts receivable turnover and average collection period in days. Use a 365 day year. 1. Accounts Receivable Turnover (b) Average Days To Collect • Lost in The Woods Trading Company borrows $70,000 at 3% interest from the Bonnie and Clyde...
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...ACCT 625 Week 4 Homework Click Link Below To Buy: http://hwaid.com/shop/acct-625-week-4-homework/ Question 1. The following information relates to Hudson City for its fiscal year ended December 31, 2014. • On January 31, 2014, the city purchased as an investment for its debt service fund a fifteen-year, 6 percent,$1 million bond for $998,000. During the year it received $30,000ininterest.Atyear-endthefairvalueofthebond was $999,500. • On December 31, 2013, the Foundation for the Arts pledged to donate $1, up to a maximum of $1 million, for each $3 that the museum is able to collect from other private contributors. The funds are to finance construction of the city-owned art museum. During 2014, the city collected $600,000 and received the matching money from the Foundation. In January and February 2015 it collected an additional $2,400,000 and also received the matching money. • During the year the city imposed license fees on street vendors. All vendors were required to purchase the licenses by September 30, 2014. The licenses cover the one-year period from October 1, 2014, through September 30, 2015. During 2014 the city collected $240,000 in license fees. • The city sold a fire truck for $40,000 that it had acquired five years earlier for $250,000. At the time of sale the city had charged $225,000 in depreciation. • The city received a grant of $2 million to partially reimburse costs of training police officers. During the year the city incurred $1,500...
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...ACCT 323 Week 4 Homework Click Link Below To Buy: http://hwaid.com/shop/acct-323-week-4-homework/ 1) In the current tax year, Gunther earned $125,000 from his job as a civil engineer. In addition, he received $30,000 of income from Activity A, and lost $40,000, and 20,000 from Activities B and C respectively. Activities A, B, and C are passive activities that Gunther acquired in the current year. What amount of loss may Gunther deduct on his current year taxes with respect to each activity? What amount of loss, if any, must be carried over to the subsequent year for each activity? 2) During the current year, Beth and Bill, who file a joint return, incurred the following items of income and loss: Salary $ 130,000 Activity A (passive) 10,000 Activity B (rental real estate/nontrade or business) (30,000) Activity C (rental real estate/nontrade or business) (20,000) Beth and Bill actively participate in activities B and C, and they own 100% of each rental property. a) What is their AGI for the year? b) What is the amount of suspended losses, if any, that may be carried over with respect to each activity? 3) In the current tax year, Neil’s personal automobile was totaled in a traffic accident. Neil had purchased the automobile two years earlier for $28,000. The FMV of the automobile just prior to the accident was $18,000. The automobile is now worthless. Neil received a $14,000 insurance check in settlement of his accident claim. Later that same...
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...Homework week 4 Question 47.1 In this case Buder v. Sartore, for 12 years, Theodore Alexander Buder’s father made substantial gifts to his minor grandchildren. During the period Buder and Sartore were going through divorce. Money was given to Buder to safeguard for his kids with the understanding that he would safeguard the money and invest it on behalf of the children. Buder invested money in “blue chip” stock and penny stock on his name as custodian for the children, as required by the Uniform Gifts to Minors Act (UGMA).This stocks suffered a major loss except one Buder’s ex-wife, Sartore, sued him, alleging that he had breached his fiduciary duty owed to the children under the UGMA. She sought to recover the funds lost by Buder’s investment of the children’s funds in penny stocks. Sartore wins the case on behalf of her children; Buder must make up for the losses suffered by the children’s accounts because of his investment of their funds in penny stocks. The court held that a custodian of children’s funds subject to the Uniform Gift to Minors Act (UGMA) owes a duty of care when investing the minor’s money. According to the Business Law textbook by Cheeseman, these laws establish procedures for adults to make irrevocable gifts of money and securities to minors. Gifts of money can be made by depositing the money in an account in a financial institution, with the donor or another trustee (e.g., another adult or bank) as custodian for the minor. Gifts of securities can be...
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