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A client of the CPA firm of Harston and Mendez is a medical practice of seven local doctors. One doctor has been sued for several million dollars

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A client of the CPA firm of Harston and Mendez is a medical practice of seven local doctors. One doctor has been sued for several million dollars as the result of a recent operation. Because of what appears to be this doctor’s very poor judgment, a patient died. Although that doctor was solely involved with the patient in question, the lawsuit names the entire practice as a defendant. Originally, four of these doctors formed this business as a general partnership. However, five years ago, the partners converted the business to a limited liability partnership based on the laws of the state in which they operate.

Required

Based on the facts presented in this case, answer these questions:

  1. What liability do the other six partners in this medical practice have in connection with this lawsuit?
  2. What factors will be important in determining the exact liability (if any) of these six doctors?
 
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The company you work for is considering acquiring stock in another company, and the CEO does not fully understand how the acquisition

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The company you work for is considering acquiring stock in another company, and the CEO does not fully understand how the acquisition will be accounted for. He needs more information on whether or not the stock being acquired will require use of the equity method of accounting for investments or require consolidation. 

Prepare a memo to the CEO explaining when an investment is accounted for using the equity method and when consolidation is required. Make sure you fully cover how investments are classified and accounted for using both methods and that your post is in memo format. Use your readings from the text and at least one additional academic resource to provide support for your response. The following resources can be used along with any others that are considered authoritative on the subject.

  • FASB Accounting Standards Codification Use the username and password provided to access this resource. Username: AAA52882, Password: 2F5BNjt 
  • American Institute of CPAs (AICPA)
  • International Accounting Standards Board (IASB)
 
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Kroger Company III. Income Taxes If Congress voted to eliminate corporate taxes , what would be the effect on your company’s income statement

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Kroger Company

III. Income Taxes

  1. If Congress voted to eliminate corporate taxes, what would be the effect on your company’s income statement and balance sheet? Defend your response.
  2. Calculate the income tax rate for your chosen company. What effect will an increase in income of $2,000,000 have on your company?
  3. What are the effects on the balance sheet and income statement? Justify your response.
  4. How much did your company pay in foreign taxes last year? What percentage of its income is United States vs. foreign?

V. Pensions 
Address the following elements in the form of a memo to your CEO:

  1. From your company’s financial information, what type of pension plan does it have? Discuss the reasons why your company has chosen this particular plan.
  2. What was the effect of the pension plan on your company’s financial statements? Defend your response.
  3. Your CEO has informed you—the controller of your company—that the board of directors has made the decision to look at other options of types of retirement plans. Investigate what other alternatives would be available, and determine which would be appropriate for your particular company.
 
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Choose a company from the EDGAR database and then respond to the four questions in the research case in Chapter 6. Make sure to choose any company with consolidated financial statements other than Compaq or GE.

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Choose a company from the EDGAR database and then respond to the four questions in the research case in Chapter 6. Make sure to choose any company with consolidated financial statements other than Compaq or GE. Give an opinion on whether you would have used the same method to present the statement of cash flows. What changes would have been made if the company had chosen to use the other method available? Use your readings from the text and at least one additional academic resource to provide support for your response. The following resources can be used, along with any others that are considered authoritative on the subject: ¥ EDGAR Database (U.S. Securities and Exchange Commission) ¥ FASB Accounting Standards Codification Use the username and password provided to access this resource. Username: AAA52882, Password: 2F5BNjt  ¥ American Institute of CPAs (AICPA) ¥ International Accounting Standards Board (IASB) Find a recent annual report for a firm with business acquisitions (e.g., Compaq, GE). Locate the firm’s consolidated statement of cash flows and answer the following: ¥ Does the firm employ the direct or indirect method of accounting for operating cash flows? ¥ How does the firm account for the balances in balance sheet operating accounts (e.g., accounts receivable, inventory, accounts payable) in determining operating cash flows? ¥ Describe the accounting for cash paid for business acquisitions in the statement of cash flows. ¥ Describe the accounting for any non-controlling subsidiary interest, acquired in-process research and development costs, and any other business combination–related items in the consolidated statement of cash flows.

 
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