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1. Lee is starting a small lawn service. On the advice of his accountant, Lee has formed a corporation and made an S corporation election. The accountant has asked Lee to consider electing a fiscal year ending on the last day in February. The accountant pointed out that Lee's business is likely to slow down during the winter. Also, the accountant indicated that the February year end would permit the accountant to do Lee's accounting work after the busy season in accounting is over. What tax issues should Lee consider?
2. Judy's Cars, Inc. sells collectible automobiles to consumers. Judy employs the specific identification inventory valuation method. Prices are negotiated by Judy and individual customers. Judy accepts trade-ins when she sells an automobile. Judy negotiates the allowance for trade with the customer. Occasionally, Judy finds that it can take two or three years to sell a given automobile. Judy now has four automobiles that she has held for over two years. She expects to eventually sell those automobiles but expects that they will sell for less than the original cost. What tax issues should Judy consider?
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
High & Dry’s standard price for direct materials is $3.60 per unit-The actual purchase price per unit was
Larsen Company makes and sells a single product, widgets. Three pounds of clay are needed to make one widget-How much clay should be purchased in September?
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
The role and process of recognising depreciation in accounting reports, and by identifying accounting concepts which provide the justification for recognising depreciation.
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Evaluate earnings per share
Supposing the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,20x5), the fund balance of capital projects fund employed to account for this project would be?
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