Accounting

Week 5 Accounting Problems problems on document acc_wk_5.docx Place Your Order Here!

Microsoft Excel Assignment 3:Follow Instructions and complete document . Follow Instructions and complete document . Place Your Order Here!

The Impact of Culture on Conservatism PART I The framework created by Professor Sidney Gray in 1988 to explain the development of a country’s accounting system is presented in the chapter in Exhibit 2.8. Gray theorized that culture has an impact on a country’s accounting system through its influence on accounting values. Focusing on that

Five factors are often mentioned as affecting a country’s accounting practices 6. Five factors are often mentioned as affecting a country’s accounting practices: (a) legal system, (b) taxation, (c) providers of financing, (d) inflation, and (e) political and economic ties. Required: Consider your home country. Identify which of these factors has had the strongest influence

Utech Company has income before irregular items of $345,800 for the year ended December 31, 2014. It also has the following items (before considering income taxes): (1) an extraordinary fire loss of $48,900 and (2) a gain of $29,100 from the disposal of a division. Assume all items are subject to income taxes at a 24% tax rate. Prepare

The Impact of Culture on Conservatism Review the case study “The Impact of Culture on Conservatism” at the end of Chapter 2 on pages 60 and 61. There are three total parts to this case study. However, you are only to focus on Part I, which discusses Professor Sidney Gray’s theory stating that “culture has

LO.6, 7, 8 Money, Inc., a calendar year S corporation in Denton, Texas, has two unrelated shareholders, each owning 50% of the stock. Both shareholders have a $400,000 stock basis as of January 1, 2013. At the beginning of 2013, Money has an AAA of $300,000 and AEP of $600,000. During 2013, Money has operating

Calculate Cougars ending AAA balance. LO.6, 8 Cougar, Inc., is a calendar year S corporation. Cougar’s Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corporate records. Tax-exempt interest income $ 3,000 Salary paid to

LO.6 If the beginning balance in Swan, Inc.’s OAA is $6,700 and the following transactions occur, what is Swan’s ending OAA balance? Depreciation recapture income $ 21,600 Payroll tax penalty (4,200) Tax exempt interest income 4,012 Nontaxable life insurance proceeds 100,000 Life insurance premiums paid (nondeductible) (3,007) Place Your Order Here!

LO.6, 8, 9, 11 Spence, Inc., a calendar year S corporation, generates an ordinary loss of $110,000 and makes a distribution of $140,000 to its sole shareholder, Storm Nelson. Nelson’s stock basis at the beginning of the year is $200,000. Write a memo to your senior manager, Aaron McMullin, discussing the tax treatment of Spence’s