Overview Tax organizers are used to help perform due diligence and provide an opportunity for tax planning. They assist in organizing the information provided by the client and provide insight into possible tax planning opportunities. Sometimes they are prepared by the tax firm with prior year information that is later confirmed by the client (such as confirming if there are any changes to address, telephone […]

Cash flows related to a bond include the receipt of cash when the bond is issued, payment of interest each period, and repayment of the bond at maturity. A journal entry must be made for each of these transactions. Scenario #1 XYZ Corporation issued $900,000 of 10 year, 7% bonds on May 1 of the current year at face value, with interest payable semi-annually on […]

Here is an opportunity to connect your current learning about revenues, expenses and adjusting entries with the profession’s commitment to ethics. EC3: Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Russell’s chemical pesticides. In the coming year, Russell will have environmentally safe and competitive chemicals to replace these discontinued […]

Submit a thread of 450 words (FOR THE MAIN POST) directly addressing the discussion prompt below IN BLUE. You MUST upload a properly APA Word document as an attachment. FOR THE REPLY: Then you will submit a meaningful reply of 350 words (FOR THE REPLY) to a classmate’s thread (I will send a post hat needs to be replied to) In your threads, (initial post […]

How could the different inventory costing methods used by CVS, Walmart, and Walgreens impact their respective income statements and balance sheets? Three pharmacy giants, CVS Health, Walmart, and Walgreens Boots Alliance each use a different inventory costing method. CVS uses weighted-average cost, Walmart uses FIFO, and Walgreens uses LIFO. Here is a hypothetical example that highlights the potential differences in income statements and balance sheets […]

Purpose: The purpose of this is to enable you to meet the following goals: • Understand the role of a tax practitioner • Identify the tax issues involved in a scenario • Be able to conduct comprehensive tax research utilizing on-line tools to formulate a solution to the issues raised. • Be able to articulate and defend a tax position in writing. Task: In order […]

Overview Companies choose their costing method based on their business activities and processes, as well as the products and services they offer. A company can be a manufacturing, merchandising, or service organization; this also impacts which costing method will be most useful for its purposes. As a part of costing, the company also needs to decide how to classify overhead costs using either traditional or […]

Complete the Assignment “Ed & Lydia Goodman’s Income & Expense Budget Worksheet.” Read the instructions that includes all the data you will need to complete the worksheet that is included in the next section. Income Expense Budget Worksheet Information Use the information below to compute the monthly expense worksheet information into the provided worksheet. You can use the worksheet that has been created in Excel […]

PLEASE READ THESE INSTRUCTIONS CAREFULLY 1. The jurisdiction of this paper is federal in nature and the Internal Revenue Code (“IRC”), the Treasury Regulations (“Treas. Reg(s).”) promulgated thereunder, federal case law, and publications of the Internal Revenue Service (“IRS”) are deemed to control. 2. You are an associate in the fictional accounting firm of Grande & Simmons, LLP (“GS”). Your client, CP America, Inc. seeks […]

The research paper format should be 1) Facts-A brief statement of the facts that have a tax effect 2) Issue-The tax questions raised by the facts 3) Conclusion-A brief answer to the question, without any statement as to why. 4) Reasoning: This is “why” your answer is what it is. It is likely the bulk of the paper. Give primary authority for each statement made. […]