Entries by Hannah Wangui

There are five categories of accounts utilized/require adjusting entries. Explain and discuss Long-Term Assets and Accrued Liabilities. Why is it important to consider that the item will benefit more than one accounting period? Why & what adjusting entries are required?. Explain and discuss Long-Term Assets and Accrued Liabilities. Why is it important to consider that the item will benefit more than one accounting period? Why & what adjusting entries are required?

August 13, 2019 in /by

There are five categories of accounts utilized/require adjusting entries. Explain and discuss Long-Term Assets and Accrued Liabilities. Why is it important to consider that the item will benefit more than one accounting period? Why & what adjusting entries are required?   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Net sales for a merchandiser is calculated as: gross sales − sales returns and allowances − sales discounts gross sales − cost of goods sold net sales − sales returns and allowances − sales discounts gross sales − merchandise inventory gross sales − sales returns and allowances − sales discounts gross sales − cost of goods sold net sales − sales returns and allowances − sales discounts gross sales − merchandise inventory

August 13, 2019 in /by

Net sales for a merchandiser is calculated as:gross sales − sales returns and allowances − sales discounts gross sales − cost of goods sold net sales − sales returns and allowances − sales discounts gross sales − merchandise inventory   Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

During your annual tax preparation meeting, Mary announced that she will be moving into her own apartment during the next year. As you congratulated her, she indicated that her father was not very happy about losing his deductions. When questioned about this statement, Mary indicated that her father had been claiming them (Mary and Livvie) as his dependents. Additional Background: Mary, 24, is a single mother who cares for her 4 year old daughter, Livvie. Mary sporadically receives small monthly payments from Livvie’s father to help with costs for Livvie’s care. Livvie doesn’t spend any time with her Father. Mary is an independent contractor and earns income of $9,000 from tutoring college students. Mary lives with her parents and pays them a fair amount each month for rent. Mary has been saving her income so that she can move into her own apartment with Livvie. Mary has paid for Livvie’s clothing, food, and has taken Livvie on vacation trips to Disney and other kid friendly resorts. Mary’s parents, Livvie’s grandparents have been spoiling their granddaughter with toys and presents and have taken care of Livvie when Mary is working. Your Task Research the rules concerning dependents, and determine who has the right to make a claim for dependents during the past tax year (Mary or her parents). State your assumptions and identify the issues that must be resolved. What should be the firm’s position in this matter?. As you congratulated her, she indicated that her father was not very happy about losing his deductions. When questioned about this statement, Mary indicated that her father had been claiming them (Mary and Livvie) as his dependents. Additional Background: Mary, 24, is a single mother who cares for her 4 year old daughter, Livvie. Mary sporadically receives small monthly payments from Livvie’s father to help with costs for Livvie’s care. Livvie doesn’t spend any time with her Father. Mary is an independent contractor and earns income of $9,000 from tutoring college students. Mary lives with her parents and pays them a fair amount each month for rent. Mary has been saving her income so that she can move into her own apartment with Livvie. Mary has paid for Livvie’s clothing, food, and has taken Livvie on vacation trips to Disney and other kid friendly resorts. Mary’s parents, Livvie’s grandparents have been spoiling their granddaughter with toys and presents and have taken care of Livvie when Mary is working. Your Task Research the rules concerning dependents, and determine who has the right to make a claim for dependents during the past tax year (Mary or her parents). State your assumptions and identify the issues that must be resolved. What should be the firm’s position in this matter?

August 13, 2019 in /by

During your annual tax preparation meeting, Mary announced that she will be moving into her own apartment during the next year. As you congratulated her, she indicated that her father was not very happy about losing his deductions. When questioned about this statement, Mary indicated that her father had been claiming them (Mary and Livvie) […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

I need help, please!!!! Cassius Clay operates a bituminous coal home heating and delivery service in Dauphin and Centre counties. He must have a supply of bituminous coal on hand so customers may get the coal they need to heat their homes. As a convenience to his customers, and to prevent high bills over the winter and low bills in the summer, he allows them to buy coal in advance at set prices and to pay for the coal ratably over a calendar year. To ensure himself a steady, reliable, and affordable supply of coal and to protect against price fluctuations, Cassius Clay enters into certain futures contracts to buy coal at a future date and at a set price. Clay clearly indicates beforehand that the futures contract in which he enters to buy coal is simply to secure a supply of coal and to protect him from losses on the futures contracts with his customers to sell coal, and that he does not intend to profit from the contract itself. Assume that Cassius Clay realizes a loss on the futures contract in which he entered to buy coal. That is, the price per his contract to buy coal is higher than the actual spot market price of coal the day he acquires a new supply of coal. How should Cassius Clay classify the loss—as ordinary or as capital? Be sure to demonstrate your research skills in writing a memo to the file. You must cite the relevant code section(s) (including section 1221) and at least two (2) Supreme Court cases (hint: the two key cases are dated 1955 and 1988). You must also address the general principle of classifying assets—as capital or as operating—and the exceptions thereto. As a reminder, the memo to the file should contain a brief statement of the facts, a statement of the issue(s), your conclusion(s) and recommendations, and an analysis which will include the sources (eg, Code, Regs, court cases) you used in reaching your conclusion(s). Be sure the sources are cited appropriately.

August 13, 2019 in /by

I need help, please!!!!Cassius Clay operates a bituminous coal home heating and delivery service in Dauphin and Centre counties. He must have a supply of bituminous coal on hand so customers may get the coal they need to heat their homes. As a convenience to his customers, and to prevent high bills over the winter […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"