Common Size Analysis  (2) Liquidity ratios (3) Solvency ratios (4) Profitability ratios (5) DuPont Model

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1) Common Size Analysis

(2) Liquidity ratios

(3) Solvency ratios

(4) Profitability

ratios

(5) DuPont Model

Name:Student ID:Income Statement (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Revenue$162,412$170,064$177,260COGS125,706140,499130,942Gross Profit36,70629,56546,318SG & A13,60211,84723,302Interest Expense10,84810,9028,590Tax Expense(2,151)2,705768Net Income(5,453)3,467601Balance Sheet (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Cash & Marketable Securities$7,218$4,851$18,555Receivables, Trade (Net)3,1526,272141,394Inventories6,191751410,034Total Current Assets36,26039,310193,843Total Fixed Assets33,12137,50834,908Total Assets276,543284,421323,969Total Current Liabilities44,54643,32764,246Total Liabilities268,757265,811304,262Total Equity7,78618,61019,707Cash Flow Statement (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Cash Flow from Operations$22,764$33,764$9,166Cash Flow from Investing(17,169)(9,867)(23,171)Cash Flow from Financing(2,976)(8,521)22,372Summary income statements and balance sheets are presented for Ford and General Motorsyear 2001 (In millions). For additional information, their Web sites (and ticker symbols) arewww.ford.com (F) and www.gm.com (GM). Note that these numbers are for over all operatiautomotive.
 
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Name:Student ID:Income Statement (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Revenue$162,412$170,064$177,260COGS125,706140,499130,942Gross Profit36,70629,56546,318SG & A13,60211,84723,302Interest Expense10,84810,9028,590Tax Expense(2,151)2,705768Net Income(5,453)3,467601Balance Sheet (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Cash & Marketable Securities$7,218$4,851$18,555Receivables, Trade (Net)3,1526,272141,394Inventories6,191751410,034Total Current Assets36,26039,310193,843Total Fixed Assets33,12137,50834,908Total Assets276,543284,421323,969Total Current Liabilities44,54643,32764,246Total Liabilities268,757265,811304,262Total Equity7,78618,61019,707Cash Flow Statement (in millions)FordFordGMFiscal Year12/31/200112/31/200012/31/2001Cash Flow from Operations$22,764$33,764$9,166Cash Flow from Investing(17,169)(9,867)(23,171)Cash Flow from Financing(2,976)(8,521)22,372Summary income statements and balance sheets are presented for Ford and General Motorsyear 2001 (In millions). For additional information, their Web sites (and ticker symbols) arewww.ford.com (F) and www.gm.com (GM). Note that these numbers are for over all operatiautomotive.
 
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Partnership Tax Return INSTRUCTIONS Please use the information below to complete the Form 1065 and the Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or in Doc Sharing

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Partnership Tax Return

INSTRUCTIONS

Please use the information below to complete the Form 1065 and the

Schedule K-1 for Malcolm Fox only. Blank forms can be found on the IRS site or in Doc Sharing. Please feel free to use a tax software package if you have one, but be aware that I will not be able to answer specific questions about it.

GENERAL COMPANY INFORMATION

Malcolm Fox and Rhonda Ford are equal partners in MFRF LLP, a small business consulting firm. The partners are not related and are both U.S. citizens. Malcolm Fox lives at 415 Knight Court in Freeport, ME, 04469, with a Social Security number of 123-45-6789. Rhonda Ford lives at 123 Main Street in Freeport, ME, 04469, with a Social Security number of 456-12-4561.

The limited liability partnership uses the cash basis and the calendar year, and it began operation on January 1, 2009. The Federal ID for MFRF LLP is 11-1111111 and the current address is 2835 Harbor View Drive, Freeport, ME, 04469 for.

The partnership placed its $65,000 of furniture and fixtures in service on January 1, 2009. This year, it claimed $8,119 of depreciation expense for tax (line 16a and 16c) and financial purposes. No assets were placed in service in the current year.

On Oct. 15, the partnership sold securities, creating a $4,000 long-term capital loss. Please enter this directly onto schedule K; there is not enough information to create the detail.

Net income per books is $200,900. On January 1, 2012, the partners’ capital accounts equal $120,000 each. No additional capital contributions were made in 2012 and each partner made withdrawals of $120,000 during the year.

MFRF LLP Income Statement

Revenues

Fees collected                             800,000

Dividend income (all qualified)       3,600

Taxable business interest              1,400

Tax-exempt interest                    2,600

Long-term capital loss                  (4,000)

Total revenues                    803,600

Expenses

Accounting fees                           12,000

Advertising                                 5,000

Contribution to United Way           2,000

Depreciation expense                   8,119

Employee salaries                        340,000

Guaranteed payments                  140,000

Entertainment                             2,600

Travel                                        12,000

Equipment rental                         6,000

Office rentals paid                       7,000

Interest expense                         4,000

Insurance premiums                    2,200

Office expense                            20,481

Payroll taxes                               25,600

Utilities                                      15,700

Total expenses                    602,700

MFRF LLP Balance Sheet

Assets                                    January 1, 2012          December 31, 2012

Cash                                  $86,576                     $84,595

Tax-exempt securities          52,000                      52,000

Marketable securities           120,000 76,000

Furniture and equipment        65,000                      65,000

Accumulated depreciation     (36,576)                   (44,695)

Total assets                               $287,000                   $232,900

======                   ======

Liabilities and Equity                   January 1, 2012          December 31, 2012

Nonrecourse debt on

Equipment                          $47,000                     $32,000

Capital, Fox                                120,000                     100,450

Capital, Ford                       120,000                     100,450

Total Liabilities and Equity     $287,000                   $232,900

======                   =======

Certain Cash Contributions for Typhoon Haiyan Relief Effortsin the Philippines Can Be Deducted on Your 2013 Tax ReturnA new law allows you to choose to deduct certain charitable contributionsof money on your 2013 tax return instead of your 2014 return. Thecontributions must have been made after March 25, 2014, and before April15, 2014, for the relief of victims in the Republic of the Philippines affectedby the November 8, 2013, typhoon. Contributions of money includecontributions made by cash, check, money order, credit card, charge card,debit card, or via cell phone.The new law was enacted after the 2013 forms, instructions, andpublications had already been printed. When preparing your 2013 taxreturn, you may complete the forms as if these contributions were made onDecember 31, 2013, instead of in 2014.The contribution must be made to a qualified organization and meet allother requirements for charitable contribution deductions. However, if youmade the contribution by phone or text message, a telephone bill showingthe name of the donee organization, the date of the contribution, and theamount of the contribution will satisfy the recordkeeping requirement.Therefore, for example, if you made a $10 charitable contribution by textmessage that was charged to your telephone or wireless account, a billfrom your telecommunications company containing this informationsatisfies the recordkeeping requirement.
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.(TCO 8) Which of the following statements is false? (Points :2)A taxpayer can be charged a penalty for the late paymentof taxes if an extension to Fle was granted

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Question 1.1.(TCO 8) Which of the following statements is false? (Points :2)A taxpayer can be charged a penalty for the late paymentof taxes if an extension to Fle was granted.The interest charged on the late payment of taxes isdeductible on the federal tax return.The penalty for late Fling and late payment of taxes is 5%of the balance of tax due with the return for each month it isdelinquent.A taxpayer who can establish a reasonable cause for thelate Fling of his or her tax return will not be charged a late Flingpenalty.Question 2.2.(TCO 8) Peter did not extend or Fle his 2013 federal tax return until December 3, 2014.liability was $5,000; the return showed a net refund due of $750. He Fled late because heVegas with his old fraternity buddies. What amount of late-Fling penalty will he owe for theyear? (Points : 2)$2,500$150$0$75Question 3.3.(TCO 8) Mr. and Mrs. ±ields Fled a complete and accurate return for 2014 on April 14, 20the statute of limitations expire for their 2013 return? (Points : 2)April 15, 2019April 15, 2018August 15, 2016October 14, 2015Question 4.4.(TCO 8) Which of the following is generally considered an indication that Benjamin has cfraud? (Points : 2)Benjamin made major addition errors.Benjamin’s business records and documents were destroyed in a ²ood.Benjamin does not have any receipts for large deductions taken on his tax return.Benjamin employed a CPA to prepare his tax return.Question 5.5.(TCO 8) Which of the following statements concerning the innocent spouse rule is (are)2)The rule is used to relieve one spouse of an additional tax liability assessed upon a joi
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