ACC 317 Week 2 Chapter 16 Homework

ACC 317 Week 2 Chapter 16 Homework

 

 

LNS Corporation reports book income of $2,000,000. Included in the $2,000,000 is $15,000 of tax-exempt interest income. LNS reports $1,345,000 in ordinary and necessary business expenses. What is LNS Corporation’s taxable income for the year?

 

 

 

 

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ATW Corporation currently uses the FIFO method of accounting for its inventory for book and tax purposes. Its beginning inventory for the current year was $8,000,000. Its ending inventory for the current year was $7,000,000. If ATW had been using the LIFO method of accounting for its inventory, its beginning inventory would have been $7,000,000 and its ending inventory would have been $5,500,000. Assume ATW Corporation’s marginal tax rate is 34 percent.

  1. How much more in taxes did ATW Corporation pay for the current year because it used the FIFO method of accounting for inventory than it would have paid if it had used the LIFO method?

 

 

SWK’s taxable income is $60,000.

 

Compute SWK Inc.’s tax liability for each of the following scenarios: (Use Corporate Tax Rate Table.)

  1. SWK’s taxable income is $60,000.

tax liability _________

  1. SWK’s taxable income is $275,000

tax liability __________

  1. SWK’s taxable income is $15,500,000

tax liability __________

  1. SWK’s taxable income for the year is $50,000,000.

tax liability __________

 

 

LNS Corporation reports book income of $2,000,000. Included in the $2,000,000 is $15,000 of tax-exempt interest income. LNS reports $1,345,000 in ordinary and necessary business expenses. What is LNS Corporation’s taxable income for the year?

 

ATW Corporation currently uses the FIFO method of accounting for its inventory for book and tax purposes. Its beginning inventory for the current year was $8,000,000. Its ending inventory for the current year was $7,000,000. If ATW had been using the LIFO method of accounting for its inventory, its beginning inventory would have been $7,000,000 and its ending inventory would have been $5,500,000. Assume ATW Corporation’s marginal tax rate is 34 percent.

  1. How much more in taxes did ATW Corporation pay for the current year because it used the FIFO method of accounting for inventory than it would have paid if it had used the LIFO method?

 

 

SWK’s taxable income is $60,000.

 

Compute SWK Inc.’s tax liability for each of the following scenarios: (Use Corporate Tax Rate Table.)

  1. SWK’s taxable income is $60,000.

tax liability _________

  1. SWK’s taxable income is $275,000

tax liability __________

  1. SWK’s taxable income is $15,500,000

tax liability __________

  1. SWK’s taxable income for the year is $50,000,000.

tax liability __________

 

 

 

LNS Corporation reports book income of $2,000,000. Included in the $2,000,000 is $15,000 of tax-exempt interest income. LNS reports $1,345,000 in ordinary and necessary business expenses. What is LNS Corporation’s taxable income for the year?

 

ATW Corporation currently uses the FIFO method of accounting for its inventory for book and tax purposes. Its beginning inventory for the current year was $8,000,000. Its ending inventory for the current year was $7,000,000. If ATW had been using the LIFO method of accounting for its inventory, its beginning inventory would have been $7,000,000 and its ending inventory would have been $5,500,000. Assume ATW Corporation’s marginal tax rate is 34 percent.

  1. How much more in taxes did ATW Corporation pay for the current year because it used the FIFO method of accounting for inventory than it would have paid if it had used the LIFO method?

 

SWK’s taxable income is $60,000.

 

Compute SWK Inc.’s tax liability for each of the following scenarios: (Use Corporate Tax Rate Table.)

  1. SWK’s taxable income is $60,000.

tax liability _________

  1. SWK’s taxable income is $275,000

tax liability __________

  1. SWK’s taxable income is $15,500,000

tax liability __________

  1. SWK’s taxable income for the year is $50,000,000.

tax liability __________

ACC 317 Week 2 Chapter 15 Quiz

ACC 317 Week 2 Chapter 15 Quiz

Which legal entity is generally best suited for going public?

 

2

Generally, which of the following flow-through entities can elect to be treated as a C corporation?

 

3

 

 

 

 

 

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Which of the following entity characteristics are generally key drivers for small business owners in deciding which entity to choose?

 

If individual taxpayers are the shareholders of  PST Corporation and PST corporation is a shareholder of MNO Corporation, how many levels of tax is MNO’s pre-tax income potentially exposed to?

 

From a tax perspective, which entity choice is preferred when a liquidating distribution occurs and the entity has appreciated assets?

 

In certain circumstances, C corporations can elect to be treated as flow-through entities.

 

C corporations and S corporations are separate taxpaying entities that pay tax on their own income.

 

Tax rules require that entities be classified the same way for tax purposes as they are classified for legal purposes.

 

LLC members have more flexibility than corporate shareholders to alter their legal arrangements with respect to one another, the entity, and with outsiders.

 

Entities taxed as partnerships can use special allocations to reward owners based on their responsibilities, contributions, and individual needs.

 

 

 

 

Which legal entity is generally best suited for going public?

 

2

Generally, which of the following flow-through entities can elect to be treated as a C corporation?

 

3

 

Which of the following entity characteristics are generally key drivers for small business owners in deciding which entity to choose?

 

If individual taxpayers are the shareholders of  PST Corporation and PST corporation is a shareholder of MNO Corporation, how many levels of tax is MNO’s pre-tax income potentially exposed to?

 

From a tax perspective, which entity choice is preferred when a liquidating distribution occurs and the entity has appreciated assets?

 

In certain circumstances, C corporations can elect to be treated as flow-through entities.

 

C corporations and S corporations are separate taxpaying entities that pay tax on their own income.

 

Tax rules require that entities be classified the same way for tax purposes as they are classified for legal purposes.

 

LLC members have more flexibility than corporate shareholders to alter their legal arrangements with respect to one another, the entity, and with outsiders.

 

Entities taxed as partnerships can use special allocations to reward owners based on their responsibilities, contributions, and individual needs.

 

 

 

ACC 317 Week 2 Discussion

ACC 317 Week 2 Discussion

 

 

“Individuals Versus Corporations” Please respond to the following:

 

 

 

 

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  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.
ACC 317 Week 2 Discussion “Individuals Versus Corporations” Please respond to the following: Compare and contrast the different deductions and exclusions fr

ACC 317 Week 2 Discussion

 

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.

 

“Individuals Versus Corporations” Please respond to the following:

  • Compare and contrast the different deductions and exclusions from income between individuals and corporations. Describe at least two (2) tax benefits that are available to corporations that are notavailable to individuals. Discuss the reasons why these differences exist.
ACC 317 Week 2 Discussion “Individuals Versus Corporations” Please respond to the following: Compare and contrast the different deductions and exclusions fr

ACC 317 Week 1 Discussion

ACC 317 Week 1 Discussion

 

  • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
    Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
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  • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
    Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
  • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
    Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
  • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
    Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.

    ACC 317 Week 1 Discussion

     

    • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
      Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
    • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
      Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
    • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
      Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.
    • Bob, who is a close friend, has decided to start his own consulting firm.  He has received conflicting information regarding the best business structure to reduce his tax liability.  He will be the only employee; however, he is willing to consider creating an S-Corporation.
      Compare and contrast the benefits of Corporations, LLCs and S-Corps and make a recommendation regarding which would be the most advantageous for Bob. Defend your position.

ACC 317 Week 3 Discussion

ACC 317 Week 3 Discussion

 

 

“The Benefits of Deferring Taxes” Please respond to the following:

 

 

 

 

 

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  • Imagine that you work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization. Two presentations have been requested.
    The first is a presentation that explains the differences between the company’s effective tax rate, cash tax rate, and structural tax rate. The second presentation should highlight the difference between a deferred asset and deferred liability.
    Select either presentation, highlight the points that should be included, and briefly explain how these rates are used in your company and what benefits, if any, could be gained from switching between these rates. Determine how a company benefits from classifying a transaction as a deferred asset or a deferred liability on the balance sheet.

 

http://homeworkacer.blogspot.com/2018/07/acc-317-week-3-discussion.html

 

“The Benefits of Deferring Taxes” Please respond to the following:

  • Imagine that you work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization. Two presentations have been requested.
    The first is a presentation that explains the differences between the company’s effective tax rate, cash tax rate, and structural tax rate. The second presentation should highlight the difference between a deferred asset and deferred liability.
    Select either presentation, highlight the points that should be included, and briefly explain how these rates are used in your company and what benefits, if any, could be gained from switching between these rates. Determine how a company benefits from classifying a transaction as a deferred asset or a deferred liability on the balance sheet.

 

 

 

 

“The Benefits of Deferring Taxes” Please respond to the following:

  • Imagine that you work in an accounting firm and your boss has requested you to present an overview of the tax structure to your organization. Two presentations have been requested.
    The first is a presentation that explains the differences between the company’s effective tax rate, cash tax rate, and structural tax rate. The second presentation should highlight the difference between a deferred asset and deferred liability.
    Select either presentation, highlight the points that should be included, and briefly explain how these rates are used in your company and what benefits, if any, could be gained from switching between these rates. Determine how a company benefits from classifying a transaction as a deferred asset or a deferred liability on the balance sheet.

ACC 317 Quiz 2 Chapter 16,

ACC 317 Week 3 Chapter 17 Homework

ACC 317 Week 3 Chapter 17 Homework

 

 

 

Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on “Standards”). You will need a password from your instructor.

 

 

 

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QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.

 

Q

 

Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?

 

Q

Which of the following statements about uncertain tax positions (UTP) is correct?

 

Q

 

Which formula represents the calculation of a company’s effective tax rate?

 

Q

 

 

Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on “Standards”). You will need a password from your instructor.

 

 

 

 

 

http://homeworkacer.blogspot.com/2018/07/acc-317-week-3-chapter-17-homework.html

 

QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.

 

Q

 

Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?

 

Q

Which of the following statements about uncertain tax positions (UTP) is correct?

 

Q

 

Which formula represents the calculation of a company’s effective tax rate?

 

Q

 

 

 

Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb.org, and then click on “Standards”). You will need a password from your instructor.

 

 

QCass Corporation reported pretax book income of $10,000,000. During the current year, the reserve for bad debts increased by $100,000. In addition, tax depreciation exceeded book depreciation by $200,000. Cass Corporation sold a fixed asset and reported book gain of $50,000 and tax gain of $75,000. Finally, the company received $250,000 of tax-exempt life insurance proceeds from the death of one of its officers. Assuming a tax rate of 34 percent, compute the company’s current income tax expense or benefit.

 

Q

 

Which of the following evidence would be considered negative in determining whether Gratiot Corporation needs to record a valuation allowance for some or all of its deferred tax assets?

 

Q

Which of the following statements about uncertain tax positions (UTP) is correct?

 

Q

 

Which formula represents the calculation of a company’s effective tax rate?

 

Q

 

preview:ACC 317 Week 3 Chapter 17 Homework Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb
preview:ACC 317 Week 3 Chapter 17 Homework Find the paragraph(s) in ASC 740 that deal with the following items (you can access ASC 740 on the FASB website, www.fasb

 

ACC 317 Week 4 Chapter 18 homework

ACC 317 Quiz 3 Chapter 17

ACC 317 Quiz 3 Chapter 17

 

 

Green Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by $25,000. In addition, tax depreciation exceeded book depreciation by $100,000. Finally, Green subtracted a dividends received deduction of $25,000 in computing its current year taxable income. Using a tax rate of 34%, Green’s cash tax rate is:

 

 

 

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Q

 

Which of the following statements is true with respect to a company’s effective tax rate reconciliation?

 

Q

 

ASC 740 requires a publicly traded company to disclose the components of its deferred tax assets and liabilities only if the amounts are considered to be:

 

Q

 

Kedzie Company determined that the book basis of its liability for “other post-retirement benefits” (OPEB) exceeded the tax basis of this account by $10,000,000. This basis difference is characterized as:

 

Q

 

Which of the following statements about uncertain tax position disclosures is false?

 

Q

Which of the following statements best describes the disclosure of a company’s deferred tax assets and liabilities beginning in 2016?

 

Q

 

Knollcrest Corporation has a cumulative book loss over the past 36 months. Which of the following statements best describes how this fact enters into the valuation allowance analysis?

 

Q

 

Robinson Company had a net deferred tax liability of $34,000 at the beginning of the year, representing a net taxable temporary difference of $100,000. During the year, Robinson reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,000 and unfavorable temporary differences of $20,000. During the year, the company’s tax rate increased from 34% to 35%. Robinson’s deferred income tax expense or benefit for the current year would be:

 

ACC 317 Quiz 3 Chapter 17

 

 

Green Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased by $25,000. In addition, tax depreciation exceeded book depreciation by $100,000. Finally, Green subtracted a dividends received deduction of $25,000 in computing its current year taxable income. Using a tax rate of 34%, Green’s cash tax rate is:

 

Q

 

Which of the following statements is true with respect to a company’s effective tax rate reconciliation?

 

Q

 

ASC 740 requires a publicly traded company to disclose the components of its deferred tax assets and liabilities only if the amounts are considered to be:

 

Q

 

Kedzie Company determined that the book basis of its liability for “other post-retirement benefits” (OPEB) exceeded the tax basis of this account by $10,000,000. This basis difference is characterized as:

 

Q

 

Which of the following statements about uncertain tax position disclosures is false?

 

Q

Which of the following statements best describes the disclosure of a company’s deferred tax assets and liabilities beginning in 2016?

 

Q

 

Knollcrest Corporation has a cumulative book loss over the past 36 months. Which of the following statements best describes how this fact enters into the valuation allowance analysis?

 

Q

 

Robinson Company had a net deferred tax liability of $34,000 at the beginning of the year, representing a net taxable temporary difference of $100,000. During the year, Robinson reported pretax book income of $400,000. Included in the computation were favorable temporary differences of $50,000 and unfavorable temporary differences of $20,000. During the year, the company’s tax rate increased from 34% to 35%. Robinson’s deferred income tax expense or benefit for the current year would be:

 

 

ACC 317 Week 4 Discussion

ACC 317 Week 4 Discussion

 

ACC 317 Week 4 Discussion

 

ACC 317 Week 4 Discussion

 

“Taxation of Shareholder Benefits” Please respond to the following:

 

 

 

 

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  • If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:
    • Explain the tax consequences if the company decides not to rebuild.
    • Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.
    • Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?

 

 

“Taxation of Shareholder Benefits” Please respond to the following:

  • If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:
    • Explain the tax consequences if the company decides not to rebuild.
    • Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.
    • Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?

 

 

 

“Taxation of Shareholder Benefits” Please respond to the following:

  • If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:
    • Explain the tax consequences if the company decides not to rebuild.
    • Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.
    • Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?

 

 

“Taxation of Shareholder Benefits” Please respond to the following:

  • If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:
    • Explain the tax consequences if the company decides not to rebuild.
    • Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.
    • Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?

 

 

“Taxation of Shareholder Benefits” Please respond to the following:

  • If a company experiences a complete loss of an office building as a result of a fire and receives a $2 million recovery payment from the insurance company:
    • Explain the tax consequences if the company decides not to rebuild.
    • Identify the tax consequences if the company distributes the $2 million to its two (2) shareholders, assuming that no stock was exchanged in return.
    • Under what conditions will the distribution meet the requirements to be treated as a partial liquidation and not a dividend?