stock. No cash remain to be aid to Parent with respect to the remaining $50,000 of its liquidation preference for the preferred stock, or with respect to any common stock. In each of Subsidiary’s tax years, less than %10 of its gross income has been passive income. What are the amount and character of Parent’s loss on the preferred and common stock? First, it should be determined whether the transaction meets nonrecognition requirements of Sec. 332. There are two cases that are on point in determining
Words: 1064 - Pages: 5
------------------------------------------------- Fiscal year is February-January. All values USD millions. | ------------------------------------------------- 2011 | ------------------------------------------------- 2012 | ------------------------------------------------- 2013 | ------------------------------------------------- 2014 | ------------------------------------------------- | ------------------------------------------------- | -------------------------------------------------
Words: 542 - Pages: 3
Jacqueline Mitchell 01/09/16 LP 2.1Assignment: Revenue Recognition Concepts questions b. What it means for a business recognizes revenue is to record sales for product and/or services in the general ledger and reported on the income statement every reporting period. Revenue should be recorded when earned. GAAP criteria for revenue recognition a transaction (sale) takes place and the amount is either paid at the time of purchase or collected based on terms set and with a certain degree of reliability
Words: 475 - Pages: 2
earned little return on their significant investments of money and time. Propelled by a belief that their work would pay off, they persevered. Now, it appears their luck is changing. WAG became profitable in late 2009 and has reported a sizable net income for the year ended September 30, 2011. Both owners are excited by this turn of events. In the summer of 2010, Stephen had indicated he would like to buy out Rob, which coincided with Rob’s interest in leaving WAG and embarking on a new career.
Words: 1979 - Pages: 8
merchant. It presented the amount it received from its customer as gross revenue while money due to its merchants as cost of revenue. Also, it was using non-GAAP measure Adjusted Consolidated Segment Operating Income (ACSOI) which excluded some portion of its marketing expense from its income statement and considered this expense as investment on subscriber acquisition. It was also observed, considering the fact that Groupon was primary obligor for providing product and services to its customers, that
Words: 325 - Pages: 2
preparation for the 2011 symposium and is considered an earned earning. 2. The $27,000 for the publishing system is not applied to the 2000 budget because it is considered a capital expense and should be listed in the balance sheet, not in the annual income statement. 3. Membership dues for 2000 are $255,100. $32,400 will be applied to 2001 regardless of their 2000 receipt. This judgment was decided because membership dues are recognized for the year in which they are paid regardless of when
Words: 418 - Pages: 2
indicate better cost control and current asset utilization. The red flag item on the balance sheet is short-term borrowing, which saw an increase of $292 in 2012; this could indicate a significant short-term financing of operating expenses. Accrued income taxes in 2012 also increased by 641% that raises the questions in
Words: 636 - Pages: 3
From what I see your buissnes is looking good so far. I undersat you are having a few problems with formulare and calculating the totals I would love to help with walking you through the steps. Below is a list of questions you are needing answers to. 1.) What formula or function does he put in Column F that will show the total expenses for each day? *You can easily do this by clicking cell A1 and dragging the mouse on to the cell which will host the total, in your case this cell will be "F"
Words: 708 - Pages: 3
approve or sign 12. federal income tax- the tax you pay the federal government on the income you earn 13. Federal Reserve- institution responsible for creating and tracking all of the country’s money 14. FICA (Federal Insurance Contributions Act) – Social Security tax 15. fixed income/expense- income that does not change month to month 16. gross income- pay before withholdings 17. income- all the money that you earn or receive 18. net income- pay after withdrawals 19
Words: 513 - Pages: 3
excise duty held at 10 percent; no change in CENVAT rates * Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers *For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh. *Citizens over 80 years to have exemption limit of Rs 5 lakh. * To reduce surcharge on domestic companies to 5 percent from 7.5 percent. * A new revised income tax return form 'Sugam' to be introduced for small tax papers. * To
Words: 304 - Pages: 2
