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Tax problems – 1. Chuck, a single taxpayer, earns $75,250 in taxable income and $26,250 in interest from an investment in City of Heflin bonds.

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Tax problems –

1. Chuck, a single taxpayer, earns $75,250 in taxable income and $26,250 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.)
a. If Chuck earns an additional $64,000 of taxable income, what is his marginal tax rate on this income?
b. What is his marginal rate if, instead, he had $64,000 of additional deductions?

2. Jorge and Anita, married taxpayers, earn $185,000 in taxable income and $20,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?

3. Song earns $257,500 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $51,500 of tax).
a. If Congress increases the income tax rate such that Song’s average tax rate increases from 20 percent to 25 percent, how much more income tax will she pay assuming that the income effect is descriptive?
b. If the income effect is descriptive, the tax base and the tax collected will increase. True or False?
4. Congress would like to increase tax revenues by 12.5 percent. Assume that the average taxpayer in the United States earns $63,000 and pays an average tax rate of 20 percent.
a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 12.5 percent increase in tax revenues?
b. This is an example of what type of forecasting? Dynamic or Static?
 
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The Year 10 financial statements for a partnership, Fan Company A, have been provided on the “Year 10 Financial Statements” worksheet (see the “Partnership Income and Tax” attachment below). The Year 11 financial data is also provided on the “Year 11 Financial Data” worksheet (see the “Partnership Income and Tax” attachment below). Use ‘Admit Partner D to Partnership’ template section for this data.

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Given:
The Year 10 financial statements for a partnership, Fan Company A, have been provided on the “Year 10 Financial Statements” worksheet (see the “Partnership Income and 
Tax” attachment below). The Year 11 financial data is also provided on the “Year 11 Financial Data” worksheet (see the “Partnership Income and Tax” attachment below).
Use ‘Admit Partner D to Partnership’ template section for this data.
On January 1, Year 11, Partner A died. The partnership agreement stipulated that in the event of a partner’s death, the partner’s interest would be paid to the estate within 
90 days of the date of death. The balances in the partnership accounts were determined on January 1. The partnership has the authority by the partnership agreement to sell 
the deceased partner’s interest at a minimum of 100% of the capital account at the date of death. The remaining partners found an interested party, Partner D, who paid 
$350,000 for Partner A’s interest. The partnership agreement specifies that any bonus accruing from the sale of a deceased partner’s interest will be added to the remaining 
partners as of the date of death. Partner B will receive 5/8 of the bonus and Partner C will receive 3/8 of the bonus.
PARTNER e PD 350000.  FOR 307120.00
Use ‘REALIGNMENT OF PARTNERSHIP ALLOCATIONS’ template section for this data.
On October 1, Year 11, the partners agreed to add a new partner. Partner E will own a 20% share of the partnership. Partner E has some expertise that will benefit the 
partnership. Partner E is investing $50,000 and land worth a fair market value of $200,000. The partnership will assume the $60,000 mortgage remaining on the land. The ownership allocations will be 
realigned to allow this new owner a 20% interest.
On December 31, Year 11:
The partnership agreement states that all capital balances are paid a 10% interest allowance based on the balance on December 31, before any 
distributions of net income or salary allowances. Partner E’s interest allowance in this first year will be based on three months of ownership interest in the partnership. 
The partnership agreement stipulates that Partner B and Partner C each receive a salary allowance of $30,000. 
A review of the withdrawals by the partners taken during the year revealed the following amounts for each partner: 
 Partner B, $60,000; Partner C, $35,000; Partner D, $15,000; and Partner E, $30,000. 
The remaining net income (loss) is distributed according to the partner’s share of ownership. Income and loss distributions are the same percentage.
Task:
A.  Perform the calculations necessary to complete the following financial statements using the information provided in the given and the Excel templates provided.
1.  Income Statement for Year 11 (Use the “Year 11 Partnership Distribution” worksheet found in the “Partnership Income and Tax” attachment below.)  
2.  Partnership Distribution for Year 11 (Use the “Year 11 Partnership Distribution” worksheet found in the “Partnership Income and Tax” attachment below.)
 
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AM 3630 – Dealership Accounting Front-End Transactions 1. Post the following transactions using the general journal: A. A wholesaler has a 2006 Taurus for $10,200, a 2004 F-150 for $20,100 and a 2002 Explorer for $15,500 you want to purchase for the used car lot. A single check can be cut for all three vehicles at once through a payable account. (Hint: There a two transactions in the journal.) Assign stock numbers UC0004, UT0002, and UT0003.

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AM 3630 – Dealership Accounting
Front-End Transactions
1.Post the following transactions using the general journal:
A.  A wholesaler has a 2006 Taurus for $10,200, a 2004 F-150 for $20,100 and a 2002 Explorer for $15,500 you want to purchase for the used car lot.  A single check can be cut for all three vehicles at once through a payable account.  (Hint: There a two transactions in the journal.)  Assign stock numbers UC0004, UT0002, and UT0003.
B. A new Ford F-150 is stocked in to the dealership.  The VIN is 2FRX17284CA8433.  MSRP is $25,200 and the Invoice cost is $21,500.00.  Ford allows a $70.00 Advertising Allowance, a $215.00 Floor Plan Allowance, and $95.00 for Prep & Conditioning.  Holdback is 3% of MSRP.  The stock number assigned to the vehicle is NT50001.
C. A new Ford Mustang Convertible is stocked in to the dealership.  The VIN is 1FAFP44684F194183.  MSRP is $25,400.00 and the Invoice cost is $23,500.00.  Ford allows an $85.00 Advertising Allowance, a $225.00 Floor Plan Allowance, and $80.00 for Prep & Conditioning.  Holdback is 3% of MSRP.  The stock number assigned to the vehicle is NC50001.
D. A customer paying cash from an outside finance source agrees to a base selling price of $25,000.00 for the Mustang Convertible you stocked in during C.  The customer does not want insurance but does agree to purchase an ESP for $750.00 which costs the dealership $350.00.  There are no rebates on this vehicle.  The customer’s trade in is valued at $4,000.00 and the dealership allows $4,500.00 and there is no outstanding lien.  Tax is 5% of the base vehicle selling price.  License and registration is $375.00 and there is a $100.00 documentation processing fee.
E.  A customer agrees to a base selling price of $23,500.00 for the Ford F-150 you stocked in on B.  They also opt for a Credit Life Insurance Policy for $900.00 and an ESP contract for $700.00.  The Insurance costs the dealership $550.00 and the ESP contract costs $300.00.  The customer put a $500.00 deposit down initially and will pay an additional $2,500.00 cash down.  The customer is also applying a $500.00 rebate to the down payment.  The Customer has a trade in worth $6,000.00 and the dealership allows $7,000.00.  The outstanding lien balance on the trade is $4,000.00.  Tax is 5% of the base selling price of the vehicle and there are license and registration fees of $400.00.  The dealership charges $150.00 for documentation processing fees.  The reserve on the financing is $2,000.00 and the dealer retains 70%.
 
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Reporting problem 2 for walmart annual report for 2014-2015 including the balance sheet and income statement, this is what the instructor is asking: 1. What are the company’s total assets at the end of its most recent annual reporting period? 2. What are the total assets at the end of the previous annual reporting period?

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reporting problem 2 for walmart annual report for 2014-2015 including the balance sheet and income statement, this is what the instructor is asking: 1. What are the company’s total assets at the end of its most recent annual reporting period? 2. What are the total assets at the end of the previous annual reporting period? 3. How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? 4. What amount of accounts payable did the company have at the end of its most recent annual reporting period? 5. What amount of accounts payable did the company have at the end of the previous annual reporting period? 6. What are the company’s net revenues for the last three annual reporting periods? 7. What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period? 8. What are the company’s total current assets at the end of its most recent annual reporting period? 9. What are the total current assets at the end of the previous annual reporting period? 10. What other information in the annual report would be important to a potential investor, employee, and so on? 11. What are the company’s total current liabilities at the end of its most recent annual reporting period? 12. What are the company’s total current liabilities at the end of the previous annual reporting period? 13. Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? I need a paper and a copy of the annual report.

 
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