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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.
Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.
The difference between the actual value and the projected value is called data dispersion. Please describe several ways the CFO organization can use to mitigate the data dispersion risks.
Prepare journal entries in good form to record the foregoing transactions for the fiscal year ended June 30, 2011.
Jan receives no reimbursement from her employer. Jan has an AGI for year of $50,000 and no other itemized deductions.
Which factors of production gain and which factors of production lose when trade arises between these two countries?
They spent $15,000 in connection with the adoption, all of which was paid by the employer in accordance with the adoption plan. How much of employer paid adoption costs must be included in their income?
A corporate taxpayer has an income tax expenditure recorded on its preliminary financial statements if $13,000,000. How could the $1,000,000 be reflected in the financial accounting income statement?
Difference between GAAP used in financial statements and government regulation and Show the difference between GAAP being used in financial statements and government regulations being used in financial statements.
Now, in Scenario B, we are going to borrow $4,000 debt and reduce the Equity to $6,000. Assume a 9% interest rate. Could you try to figure out the ROE. What conclusion could you draw from here?
Evaluate the amount of desired profit from the production and sale of Product T. and evaluate the total variable costs for the production and sale of 75,000 units of Product T.
The building was originally bought seven years ago for $62000 and has taken $15000 in depreciation, what is the realized gain
Why does the GAAP not allow a company to use the percentage of sales and the percentage of receivables methods at the same time?
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