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What Accounting method (cash or accrual) would you recommend for the following businesses?a. A gift shop with average annual gross receipts of $900,000b. an accounting partnership with annual gross receipts of $12 million.c. A drywall subcontractor who works on residences and has annual gross receipts of $3 million.d. An incorporated insurance agency with annual gross receipts of $6 million.
Ross company is a computer consulting firm. the company also sells equipment to its clients. the sales of equipment account for approximately %40 of the company's gross receipts. the company has consistently used the cash method to report its income from services and the accrural method to report its income for the sale of inventory. In June of the current year, Ross's accountant discovered that as a small business, the company qualifies to use the cash method for all of its activities. The company is a calendar year taxpayer. As of the begininngin of the current year, the company had $120,000 of inventory on hand and $90,000 aof accounts receivable from the sales of equipment and $30,000 of receivables from the counseling services.a. Compute the adjustment due to the change in accounting method.b. Is the adjustment postive or negative? explain.c. when can the adjustment be taken into account in computing taxable income?
Assume that it is now January 1, 2012. XYZ Inc. has developed a solar panel capable of generating 200% more electricity than any other solar panel currently on the market. As a res
You are evaluating a project which costs $720,000, has a four-year life, and no salvage value. Depreciation is straight-line and the half year rule does not apply. Sales are projec
In May of 2010 a calendar year taxpayer, placed in service $2,137,000 of USED 15-year recovery property. The taxpayer has taxable income of $1,175,000 before the cost recover
GOODS AT BRANCH MARKED DOWN, OR MARKED UP BY AN ADDITIONAL AMOUNT If goods at the branch are not selling well, branch could be authorized by the Head office to mark-down the good
Explain:- Q.1 Explain the ways in which the needs of internal and external users of accounting information are the same and different. Q.2 Why is it important for financial sta
Format of the Balance Sheet It shows the financial position of the company as at the end of a given financial period. The standard requires that assets and liabilities should b
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
Natasha's income is $300 per month. She spends all of it on tickets to concerts and films. A concert ticket costs $15 and a fi lm ticket costs $10. Her marginal rate of substitutio
Who are the users of accounting information? For accounting information to be useful, accountant should be clear for whom the information is being prepared and for what purpose
A player for a Rice team, Jim Jones, is graduating this year and is considering a career in professional sports. The alternative is to work for two years and then attend business s
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