21-2 - What are the eligibility requirements that a corporation must meet in order to qualify under Subchapter S? In order to qualify under subchapter S‚ a corporation must be a small business corporation‚ and additionally‚ must be a domestic corporation with less than 100 shareholders‚ must include only eligible shareholders‚ must have only one class of stock‚ and must not be an ineligible corporation. 21-13 - What limits are placed on the selection of a tax year of an S corporation? How do
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CHAPTER 16 (fin man); chapter 1 (man) MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES discussion questions 1. Financial accounting and managerial accounting are different in several ways. Financial accounting information is reported in statements that are useful to persons or groups outside of a company. These statements objectively report the results of past operations at fixed periods and the financial condition of the business under generally accepted accounting principles. Managerial
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Financial and Managerial Accounting M1-21 Applying the Accounting Equation and Computing Financing Proportions Use the accounting equation to compute the missing financial amounts (a)‚ (b)‚ (c). Which of these companies is more owner financed? Which of these companies is more non-owner financed? Discuss why the proportion of the owner financing might differ across these three businesses. ($ millions) Assets = Liabilities + Equity Hewlett Packard….$74‚708 = $36‚962 +
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Memo To: John & Jane Smith From: Date: Re: Memo summarizing various tax issues 1. John Smith ’s tax issues: Issue a) How is the $300‚000 treated for purposes of federal tax income? John Smith’s earned income of $300‚000 will reported as gross income either on Schedule c of the individual return or as gross income on the LLC return. As a result of the variance in the state laws as to whether or not a single person LLC can report on a business return is the reasons why it could be
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Categorize the accounting tasks performed by Urlacher as relating to either the identification (I)‚ recording (R)‚ or communication (C) aspects of accounting. E1-2 (a) The following are users of financial statements. ___I___Customers __I___Securities and Exchange Commission ___C__Internal Revenue Service __C__Store manager ___I___Labor unions __R__Suppliers ___C__Marketing manager __C_ Vice-president
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CHAPTER 4 JOB COSTING 4.16 (10 min) Job order costing‚ process costing. a. Job costing l. Job costing b. Process costing m. Process costing c. Job costing n. Job costing d. Process costing o. Job costing e. Job costing p. Job costing f. Process costing q. Job costing g. Job costing r. Process costing h. Job costing (but some process costing) s. Job costing i. Process costing t. Process costing j. Process costing u. Job costing k. Job costing 4-17 (20
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-----------------------‚---------------- ADVANCED ACCOUNTING EXAM III - Part I FALL2013 NAME _ Part 1: Prepare journal entries in the General Fund for each of the following events relating to the City of Santa Rosa (all amounts in $1‚000s). Required a. The citizens approve the following budget for the year: . APPROPRIATIONS $22.888 2‚000 . ESTIMATED REVENUES .............................................•.... ESTIMATED OTHER FINANCING SOURCES $ 2‚479 (22
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. | Date Taken: | 9/26/2012 | Time Spent: | 3 h ‚ 00 secs | Points Received: | 137 / 170 (80.6%) | | Question Type: | # Of Questions: | # Correct: | Multiple Choice | 25 | 18 | Short | 1 | N/A | Essay | 2 | N/A | | | Grade Details - All Questions | Page: | 1 2 3 | 1. | Question : | (TCO
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Ques 1: Considering the facts given in this case‚ I would argue that ASC 470-10 is not applicable in this situation. Product “X” is undeveloped and the status is undetermined‚ therefore‚ payments are not guaranteed through the future revenues of this particular product (ASC 470-10-25-1). Further‚ based on ASC 470-10-25-2‚ these factors do not apply in this case to qualify as a debt. However‚ the facts below would show why it is more appropriate to account for the financing of the research and
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ACCT 2300 Final Exam Review Sheet 1. Chapter 1 a. Types of businesses b. Purpose of accounting & Primary users of information c. Purpose of Financial Statements d. Conceptual Framework 2. Chapter 2 a. Objectives of Financial Reporting b. Financial Statements – Know how to calculate each and all the parts in them b.i. Income Statement – Single and Multi-Step Net Sales - COGS Gross Profit Operating Expenses: - General and Administrative Expenses - Selling Expenses
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