ECO 450 Week 9 Quiz

ECO 450 Week 9 Quiz in $12 only

Question 1

A tax on interest income:

Answer

Question 2

Which of the following is true about comprehensive income?

Answer

Question 3

If the market supply curve of savings is upward sloping, a tax on interest income will:

Answer

Question 4

2 out of 2 points

Most empirical research indicates that the market supply curve of labor hours by prime-age males is:

Answer

Question 5

Joe Tax Liability

Joe Tax Liability in $5 onlyJoe Tax Liability

During 2014, Joe has the following gains and losses:

LTCG $20,000
LTCL 6,000
STCG 4,000
STCL 14,000

a. How much is Joe’s tax liability if he is in the 15% tax bracket?
b. How much is Joe’s tax liability if he is in the 33% tax bracket?

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Individual Tax Return Problem 5

Individual Tax Return Problem 5 in $110 only

Individual Tax Return Project (LO 2 & 3)

Tax return problem: Complete the individual tax return problem 5 on page Appendix C-7 in your textbook. This is an individual project instead of a group project. However, you are encouraged to discuss with your classmates. Make sure that you don’t simply copy the forms. You have to download the appropriate forms from the IRS website http://www.irs.gov . DO NOT use any tax software to complete the project. Otherwise, your grade will be severely penalized. You have to attach your calculations/explanation (i.e., work papers) as part of the return. Without work papers, your grade will be capped at 30 points. Tax Return Project due at 11:59pm on Wednesday, April 20. You have to email me your pdf file (preferred) or submit a hard copy. Make sure that you combine multiple files into one file and only submit one file. (Assessing learning objectives 2 & 3)

INDIVIDUAL TAX RETURN PROBLEM 5

Required:

Use the following information to complete Paul and Judy Vance’s 2011 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.

You may need the following forms and schedules to complete the project: Form 1040, Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule SE, Form 2106-EZ, Form 4562 (for the dental practice), Form 4562 (for the rental property), Form 4797, and Form 8863. The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.

Facts:

Individual Tax Return Problem 1

Individual Tax Return Problem 1 in $17 only (Instant Download)

Required:
• Using the information provided below, complete Arlington Building Supply’s (ABS) 2010 Form 1065 and Schedule D. Also complete Jerry Johnson and Steve Stillwell’s Schedule K-1.
• Form 4562 for depreciation is not required. Use the amount of tax depreciation and §179 expense provided in the income statement and the C-14 Appendix C information in #4 below to complete the appropriate lines on the first page and on Schedule K of the Form 1065.
• Form 4797 for the sale of trade or business property is not required. Use the amount of gain and loss from the sale of the truck and forklifts in the income statement and the information provided in #4 and #5 below to complete the
appropriate lines on the first page and on Schedule K of the Form 1065.
• If any information is missing, use reasonable assumptions to fill in any gaps.
• The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.

APPENDIX C

TAX 655 Final Exam

TAX 655 Final Exam Solution 100% Correct Answers in $39 only

NOTE

Complete the problems as presented in this document. You may create a new document and/or spreadsheet as needed. Any memo should be no more than 3 pages in length. Please state any assumptions used if problems are not clear.

 Problem 1

Your client, a physician, recently purchased a yacht on which he flies a pennant with a medical emblem on it. He recently informed you that he purchased the yacht and flies the pennant to advertise his occupation and thus attract new patients. He has asked you if he may deduct as ordinary and necessary business expenses the costs of insuring and maintaining the yacht. In search of an answer, consult RIA’sCHECKPOINT TAX available on-line through the SNHU Shapiro Library. Explain the steps taken to find your answer.

Individual Tax Return Problem 6

Individual Tax Return Problem 6 in $39 only (Instant Download)Individual Tax Return Problem 6

Required:

· Use the following information to complete Paige Turner’s 2013 federal income tax return. If information is missing, use reasonable assumptions to fill in the gaps.

· Any required forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms.

Facts:

1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige, and Paige provides more than half of her support. Leif lives with his father, Will (Lief lived with Will for all of 2013). Will provides more than half of Leif’s support. Paige pays “alimony” of $400 per month to Will. The payments are to continue until Leif reaches age 18, when they will be reduced to $150. Paige provides you with the following additional information:

ACC Tax Problem – Robert and Susan (both 39)

ACC Tax Problem – Robert and Susan (both 39)

Robert and Susan (both 39) are married and have 2 children. Their son, Dylan, is 8 and their daughter, Harper, is 3. Susan sells pharmaceuticals for the Bendigo Drug Company. Robert is a teacher at the local junior high school. In the summer, Robert earns extra money as a self-employed house painter. Their income from their jobs is as follows:

Salary Federal Tax State Tax

Withheld Withheld
Susan $80,000 $5,000 $5,400
Robert 45,000 6,100 3,150

Finance Questions

Stock market of Brussels

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Finance Questions in $5 only

1. Investors in a limited company have their liability limited to:

a. The nominal value of their holding

b. The capital value of their holding

c. The market price of the shares

d. The fully paid value of the shares

2. A LLP differs from a limited company in that:

a. At least one member must have unlimited liability

b. It is not a seperate legal entity

c. It has no Memorandum and Articles of Association

d. Action cannot be taken against individual members for fraud or negligence

Business Entities,Laws and Regulations Paper

The Bank of England in Threadneedle Street, Lo...

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Entities, Laws, Regulations: Restaurant/bar, extermination business, construction

Restaurant/Bar: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership.

Professional Practice: Akiva and Tara have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs.

Write a 750 to 1,000-word paper, discussing the above two businesses. For each business, discuss the business entity that represents the best choice for each business, taking control, taxation, and liability issues into consideration. Identify laws and regulations each business must consider in starting the business, and identify risks against which each business must protect itself.

Management Accounting Questions (AC 330 Unit 2)

Economist salaries by educational attainment.

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1. Classify the items into the following categories: (a)direct materials (b)direct labor (c)manufacturing overhead: 1.salaries for assembly line inspectors 2.insurance on factory machines 3.property taxes on the factory building 4.factory repairs 5. upholstery used in manufacturing furniture 6.wages paid to assembly line workers 7.factory machinery depreciation 8.glue,nails,paint,and other small parts used in production 9.factory supervisors’ salaries 10.wood used in manufacturing furniture

2. Determine the total amt. of (a)delivery service (product) costs and (b) period costs: indirect materials $5400, depreciation on delivery equipment $11200, dispatchers salary $5000, property tax on building $870, CEO salary $12000, gas and oil $2200, drivers’ salaries $11000, advertising $1600, delivery repairs $300, supplies $650, utilities $990, equip repairs $180.

Mini Case: Will Leasing Fly at Continental?

Continental Airlines

CFM 3 Ch 21 Minicase Will Leasing Fly at Continental? in $28 only

  1. Calculate the net advantage to leasing, using the expected residual value and assuming Continental can use all the tax benefits of ownership with a tax rate of 40% and straight line depreciation to the expected residual value. Assume that Continental issues 80% secured debt and 20% unsecured debt to finance a purchase.

a) Calculate rt–the project cost of capital.

b) Calculate the expected lease residual value per aircraft.

c) Calculate the quarterly CFAT per aircraft under the leasing option.

  • Hint: It should be the same each quarter hroughout the term of the lease.
  • The lease payment is tax deductible.
  • Under the leasing option Continental forgoes the depreciation tax deduction.

d) Calculate the NAL.

  • Assume quarterly compounding to match the lease payments.
  • Continental’s required return on the asset—r, is given.
  • Assume no incremental difference in operating expenses between the purchasing and leasing options.
  • Assume that the lessor claims the ITC.

2.  Calculate the net advantage to leasing, assuming Continental cannot use any of the tax benefits of ownership and the residual value is (i) the expected residual value, (ii) $50 million, and (iii) $10 million

Journal Entries

Prepare the General Journals for these source documents. Record the journal entries in date order. Narrations are required.

Todd Wills has the following source documents relating to transactions for April 2010.

• Todd started business on 1 April with $25,000 in cash.

• On 2 April, the business purchased office equipment on credit from Small Equipment Supplies for $1,650, including GST.

• On 3 April, the business purchased, for cash, inventory with a value of $5,000, plus GST.

• On 7 April, the business received $2,750 cash for the sale of goods, including GST. The cost of these goods was $1,500.

• On 8 April, the business sold on credit inventory costing $1,000 to Low Ltd. These goods were sold for $1,700, plus GST.

• On 9 April, rent of $990 was paid, including GST.

• On 14 April, the business made a cash sale for $2,200, including GST. The original cost of these goods was $1,400.

• On 15 April, the business purchased additional inventory on credit from Big Supplies for $3,500 plus GST.

• On 17 April, the business borrowed $20,000 from the bank to be used by the business in its operations.

• On 21 April, Todd withdrew $2,000 in cash from the business for personal use.

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Cost of Capital and Weighted Average Cost of Capital

Calculate the after-tax cost of a $25 million debt issue that Pullman Manufacturing Corporation (40% marginal tax rate) is planning to place privately with a large insurance company. This long-term issue will yield 6.6% to the insurance company.

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Finance Question II

Finance Question II

The real estate agent tells the Bergholts that if they don’t care to purchase, they might consider renting. The rental option would cost $1,400/month plus utilities estimated at $220 and renter’s insurance of $25/month. The Bergholts believe that neither of them is likely to be transferred to another location within the next five years. After that, Dan perceives that he might move out of government service into the private sector. Assuming they remain in the same place for the next five years, the Bergholts would like to know if it is better to buy or rent the home. They expect that the price of housing and rents will rise at an annual rate of 3% over the next five years. They expect to earn an annual rate of 5% on the money market fund. All other prices, including utilities, maintenance, and taxes are expected to increase at a 3% annual rate. After federal, state, and local taxes, they get to keep only 55% of a marginal dollar of earnings.

  1. Estimate whether it is financially more attractive for the Bergholts to rent or to purchase the home over a five-year holding period. (Assuming the contract interest rate of 8%, monthly interest payments over the five-year period would total $87,574.)
  2. Suppose it turns out that they have to relocate after one year. Which is the preferred alternative after one year? (Interest payments over the first year would equal $17,852.)

Show all work for each assignment and explain each step carefully.

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