QUESTION Assume that partner, Rev. Lovejoy, makes a capital contribution of $12,000, partner, Ned Flanders, makes a contribution of $6,500 and services, and partner, Seymour Skinner, makes no monetary contribution, but agrees to devote knowledge and skill to the business. Assume that the partners agree to divide the partnership profits equally. When dissolution occurs, after […]
QUESTION Greiner, Inc., a calendar year S corporation, holds no AEP. During the year, Chad, an individual Greiner shareholder, receives a cash distribution of $30,000 from the entity. Chadâs basis in his stock is $25,000. Compute Chadâs ordinary income and capital gain from the distribution. What is his stock basis after accounting for the payment? […]
QUESTION 1. Reading the notes to the financial statements for APPLE Inc, as well as the balance sheet, post information about the Accounts Receivable for your company. Who owes the company money?2. Search for the phrase “Bad Debts” or Allowance (for collectible accounts). When you read the balance sheet you may see the receivables are […]
QUESTION Module 5 DiscussionDiscuss the differences between the indirect and direct methods of preparing the statement of cash flows. What do you believe are the most significant advantages and disadvantages of using each method? Explain your reasoning. ANSWER: REQUEST HELP FROM A TUTOR
QUESTION Question 1Complete the tax return on form 540, Schedule CA (540), and form 3506. Bea and Bill Morris live at 456 So. Sherman St., Placerville, CA 95667. They have one dependent child, Barbara, age 2, and Billâs parents Maggie and Mel Morris also live with them. Maggieâs income was $3,054 and Melâs income was […]
QUESTION Johnson & Johnson Case I. Is the company’s retirement plan under funded or over funded at December 31, 2007? At December 31, 2006? Where does this funded status appear on the company’s balance sheet? I am attaching the balance sheet and other financial statements. Please answer this question for me. Thank you!!! ANSWER: […]
QUESTION Company already made SR. 20,000 of payment on their NCB loan by time of dissolution.Companyâs net profit at time of dissolution is SR. 200,000.Legal Environment of BusinessASSIGNMENT (4)Chapter 37 â Termination of PartnershipLast Date for submission is 19 / 11 / 2015thGeneral InstructionsYou are requested to respond to this question individually. Any suspicious activities […]
QUESTION 1. CantonIndustries acquired equipment at a cost of $126,000 and a book value of$42,000. Prepare the journal entries torecord the disposal of the equipment under the following independentassumptions.(a)The equipment had no market value and was discarded.(b)The equipment is sold for $53,000.(c)The equipment is sold for $27,000.(d)The equipment is traded-in for a similar asset. The […]
QUESTION On January 1, 2012, Sheperd Corporation had $1,371,000 of common stock outstanding that was issued at par and retained earnings of $707,900. The company issued 28,900 shares of common stock at par on July 1 and earned net income of $392,900 for the year.Journalize the declaration of a 17% stock dividend on December 10, […]
QUESTION Module 1 â CaseThe Role of the Financial ManagerAssignment OverviewDue to the increasingly complex nature of corporate finance, more and more corporations are tapping their chief financial officer to become their chief executive officer. The CFO brings substantial financial expertise to the position of CEO. However, there may be other reasons why the CFO […]
