Questions: 14-24 and 14-51, 17-1 and 17-24 Problems (Show your work.): 14-52, 17-40, and 17-49 Chapter 14: 24. What is the purpose of the dividends received deduction? What corporations are entitled to claim this deduction? What dividends qualify for this deduction? The tax deduction received by a corporation on the dividends paid to it by companies in which it has an ownership stake. Generally Corporation pays taxes on its income before distributing dividends. So if this deduction is not allowed
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Y’Lonn James Yolanda Serrano ACCT504-10563 Case Study #2 02/05/2016 Situation a. Missing Internal Controls: Monitoring control is the missing internal control weakness. This monitoring provides “eyes and ears”, so that no one person or group of persons can process a transaction completely without being seen and checked by another person or group. This control involves understanding how companies monitors its control and how effective the monitoring is. The clerk should not be the only
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1. Please write a four-to-six sentence paragraph on the following question. Describe each of the four basic financial statements. What is the relationship between them? The four basic financial statements are the: balance sheet, income statement, cash flow statement, and the equity statement. With the balance sheet, this gives the overall view of a company’s financial situation, showing whether or not the company is performing positively or negatively. Income statements show the net income of
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Stocks Heather Anderson 11/17/2014 XACC/291 Celena Hudak Preferred Stocks Preferred stock is a type of stock issued by a business that usually pays a fixed dividend prior to any distributions to the holders of the common stock of the business. (Tools, 2014) Preferred stock has voting rights. Preferred stock dividends may be stated as a fixed amount (such as $5) or as a percentage of the stated price of the preferred stock. For example, a 10% dividend on $80 preferred stock is an $8 dividend
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Crystal McPherson Homework-Week 1 1-18: a. The services provided by Consumers Union are comparable to the assurance services provided by that of a CPA firm. Both the services of Consumers Union and that of a CPA firm are designed to improve the quality of information for decision makers related to their services. While CPA’s are valued for their independence, Consumers Union is valued for their reports due to their independence of the products tested. b. The concepts of information
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ACCT553 Week 1 Homework _________________________________________________________ Please provide your answer to each question in the space provided below. When finished, submit to the DropBox. Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment. The sixteenth amendment, which was passed by Congress in 1909, grants the power to collect federal income taxes (Smith et al. 2015). Congress is given the authority to collect tax on any source of income, whether directly
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Prepared for: The President of LJB Company October 5, 2014 Table of contents Introduction: _______________________________________________________________3 New internal control requirements: ______________________________________________3 What the company is doing right: _______________________________________________4 What the company is doing wrong: ______________________________________________5 Conclusion: ________________________________________________________________5
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Case Study 2—Internal Control Due by Sunday of Week 5, 11:59 p.m., Mountain time LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future. The president wants to be aware of any new regulations required of his company if they go public, so he met with a colleague of yours at a local restaurant. The president of the company explained the current system of internal controls to your colleague
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| | | | | | | | | | Balance sheet (as of July 31, 20XX) | Cash | $25,960 | | Accounts payable | $93,120 | | Accounts receivable | $240,000 | | Loans payable | $11,000 | | Inventory | $14,400 | | Capital stock | $260,000 | | Building and equipment (net) | $210,000 | | Retained earnings | $126,240 | | | $490,360 | | | $490,360 | | | | | | | Income statement (for month of July, 20XX) | | | | | Revenue | $320,000 | | | | | COGS | $128
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Name ACCT525 Week 6 Assignment 1. What efforts is the Auditing Standards Board making to clarify auditing standards? There are efforts on the United States side to clarify the auditing standards. The Auditing Standard Boards [of the United States], which sets auditing standards for nonpublicly traded entities, has launched the Clarity Project in an effort to make U.S. Generally Accepted Audited Standards (GAAS) easier to read, understand, and apply. The Clarity Project includes the goal
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