Accounting

Used a 150 words each

 

 

 

The Importance of Financial Statements”

·         Public companies are required to publish annual financial statements. Suggest the major benefits of companies making financial statement information available to employees. As an employee, discuss what financial information would be of value to you. Provide at least two (2) specific examples on why the information is important.

·         Briefly explain generally accepted accounting principles (GAAP), and describe why it is important that public companies follow GAAP when preparing financial statements. Also, give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.  

 

 

“Capital Leases and Operating Leases”

·         The new leasing standard accounting Standards Update (ASU) 842 will require lessees to recognize the assets and liabilities on the balance sheet created by the leases. This standard update will eliminate the primary form of off-balance sheet accounting and require additional disclosures on leasing transactions. Use the Internet or Strayer Library to research the provisions of (ASU) 842 applicable to the lessee. Identify two (2) material differences in lease reporting under the new standard and assess the impact on financial reporting. Speculate on the future impact the implementation of the new standard will have on investors.

 

 

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Federal taxation

Used a 150 words each

Tax Laws and Consequences”

·         This week we covered a wide variety of deductions both FOR and FROM Adjusted Gross Income (AGI). Choose a deduction, provide a brief description of the deduction, and identify whether it is ‘FOR’ or ‘FROM’ AGI. Provide an example of the deduction you have selected and how it would affect a hypothetical tax situation. Explain if the deduction was impacted by the Tax Cuts and Jobs Act and, if so, how it was impacted.

 

 

“New Tax Codes and Stock”

·         Calvin, a client of yours since you opened your practice, has over the past few years become very intrigued with investing in the stock market. He has interest bearing securities and dividend paying stocks. He also owns U.S. Securities. He is considering selling $400,000 in stocks.  He doesn’t know if he should sell additional stock for a loss to help offset the stock sale of $400,000. Calvin called you to ask what tax consequences the interest and dividends will have along with the stock sale. What tax advice would you offer to Calvin in planning for this situation?

 

 

 

 

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Accounting

Each should be 150 word each, no cover page

Accounting for Income Taxes and Losses”

·         A deferred tax asset exists when there is an increase in future tax refunds as a result of deductible temporary differences at the end of the current period. A deferred tax liability in comparison is the result of a taxable temporary difference for the current period that is payable in future years.  Imagine you are the controller of a growth company with deferred tax assets and deferred tax liabilities. The chief financial officer has requested justification for establishing a full valuation allowance for its deferred tax assets. The deferred tax asset account primarily results from accumulated net operating losses, bad debts, and warranties. The company also has deferred tax liabilities resulting from depreciation. The company is expecting to become profitable in the next year. What factors should the company consider in determining the need for a valuation allowance? Create an argument for or against a full valuation allowance for its deferred tax assets. Provide examples to support your recommendation. 

Note: Go to FASB Codification at http://aaahq.org/ascLogin.cfm for assistance with your response. (Note: A login and password are required to access this site and are available from your Professor.)

 

“Pension Plans”

·         According to the textbook, the defined contribution plan and defined benefit plan are the most popular pension plans used by employers. Employers have changed from traditional defined benefit plans to defined contribution plans with no major company establishing a traditional pension plan in the past decade. Differentiate between the defined contribution pension plan and the defined benefit plan. What are the major differences in accounting for defined contribution plans and defined benefit plans? Assess the most likely reasons this trend has occurred and the future impact on accounting for pensions.   

 

 

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Federal taxation

it should be 150 words each

 

“Helping a Family Develop a Tax Strategy”

·         A married couple arrives at your office and is hoping to get tax advice for their situation.  They have a 21-year-old daughter whom they support in her full-time college studies. The husband’s mother also lives with them and they support her in her daily living expenses.  They don’t understand whether they can report the daughter or mother as dependents and think they may benefit though a ‘married filing jointly’ status because they each make over $150,000 a year. They need your help! What kind of guidance would you provide to them in this situation? What additional facts would you need to know?

 

 

“Tax Implications”

·         Your client, Jack, has asked about the differences between the constructive receipt doctrine and the claim of right doctrine. Explain what each doctrine is by providing an example to help Jack understand the differences.

 

 

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Accounting

“Debt and Equity Investments”

·         Imagine that you are an investment analyst for your organization, responsible for the company’s investment portfolio. However, the president of the company is not familiar with the various classifications of equity investments. Your organization has tasked you with presenting a report to the president that compares and contrasts trading securities and available for sale securities, and the impact the securities have on the financial statements. Also, include in your report a brief explanation of the accounting treatment for unrealized gains and losses. Please explain how to account for the impairment of a held-to-maturity debt security.

 

 

“Revenue Recognition”

The revised revenue recognition accounting standard employs a five-step process toachieve the core principle to recognize income upon the transfer of promised goods or services.Use the Internet or Strayer Library to research a company that bundles a product and a service. Examine income recognition of the bundled product and service for the company by addressing each step in the five-step process for revenue recognition. Give your opinion on the most critical step for accurately reporting revenue in the five-step process. Provide support for your response. Some sales are made giving the customer the option of returning the item for a refund.  Please explain the accounting for sales with right of return.

 

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