ACC1 The information is presented in a structured manner and according to

Lehman College Department of Economics and Business INDIVIDUAL TAXATION (ACC 442) Fall

Lehman College

Department of Economics and Business

INDIVIDUAL TAXATION (ACC 442)

Fall 2021-ONLINE

Research Term Paper Requirements.

You will need to hand in (via Blackboard Safe assign) a tax research term paper. The following are the minimum requirements.

THE DUE DATE IS THE LAST DAY OF REGULAR CLASSES: DECEMBER 13, 2021. NO EXTENSIONS WILL BE GIVEN. IF A STUDENT DOES NOT HAND IT IN BY THE DUE DATE VIA BLACKBOARD SAFE ASSIGN IT WILL BE CONSIDERED TO BE A ZERO.

You need to research any FEDERAL TAX TOPIC that you like.

You need to cite the Internal Revenue Code section that it pertains to.

You need to summarize, and research 1 outside court case that deals with your tax topic

You need to summarize and research an outside tax article that deals with your tax topic.

The last paragraph of your paper should be your overall thoughts, and opinion of your topic, what you liked, disliked and what can be done to revise that code section

It should be between 6-8 pages, double space, Font 12, Times New Roman.

Each requirement that is met, will receive 5%, for a total of 20% of your grade. For example, if you leave out item number 5 above, the maximum percentage you will receive (assuming the rest is completed correctly) would be 15% out of a possible 20%.

For example: If a student wants to research about charitable contributions, they would find the Internal Revenue Code Section, “Section 123”. Then they would find a tax court case that deals with charitable contributions. Then they would find an article that deals with this same topic. Then their last paragraph should be their overall thoughts on the topic (charitable contributions).

Sources that a student can use for the outside article include, but are not limited to: Wall Street Journal, NY Times, CPA Journal, Tax Adviser, and other relevant scholarly articles. We do NOT want students to use, NY Post, Daily News, US Weekly, People Magazine etc. If you are not sure if you article is scholarly or not, you may email it to me, or come to the zoom office hours to discuss.[supanova_question]

ACC0303 Resit Assignment- Company Project (Due on 8th August 2021) You have

ACC0303 Resit Assignment- Company Project (Due on 8th August 2021)

You have been assigned the company ‘Tesco’, listed on the London Stock Exchange. Complete the following questions as part of the assignment. The word limit for every question is 200-250 words. Make sure you refer to reliable sources to find the information for the following questions. The references should be listed at the end of the 5 answers.

What is the background of the company? (you can mention about the history of the company, the business it deals in and location of the company)

Find out the current ratio of the company for three consecutive years (for example 2019-2020-2021). Pinpoint reasons why the current ratio would change for the three years. [please mention the definition and formula of current ratio as well].

What is the ticker symbol, Sedol number and market capitalization of the company? (mention the definition of each and figure for market capitalization)

Compare Tesco with its competitors.

Write about the present directors of the company. [information can be obtained from the website or annual report of the company][supanova_question]

ACC 410- Homework Although universities may be characterized by transactions not typically

Writing Assignment Help ACC 410- Homework

Although universities may be characterized by transactions not typically engaged in by other types of entities, most can be accounted for within the framework applicable to not-for-profit organizations in general.

Windom College, a not-for-profit institution, engaged in the following transactions during its fiscal year ending June 30, 2020. Prepare appropriate journal entries, indicating the types of funds (by restrictiveness) in which they would be recorded.

The college collected $86,400,000 in student tuition. Of this amount $6,000,000 was applicable to the summer semester, which ran from June 1 to August 30, and $400,000 was applicable to the fall semester that began the following September.

It received a contribution of $1,000,000 in stocks and bonds to establish an endowed chair in chemistry. Income from the chair must be used to supplement the salary of a professor of chemistry.

During the year, the chemistry chair endowment earned interest and dividends of $50,000, all of which was used to supplement the salary of the chair holder.

The fair value of the investments of the chemistry chair endowment declined by $80,000.

Using funds restricted for this purpose, the college purchased $150,000 of equipment for intercollegiate athletics. Intercollegiate athletics is accounted for as an auxiliary enterprise. The college charged depreciation of $30,000.

The annual alumni campaign yielded $1,800,000 in pledges. The college estimated that 2 percent would be uncollectible. During the year the college collected $1,500,000 on the pledges.

Exercise 13-3 (textbook pages 611-612) I have placed the work above please fill in the worksheets

Journal entries –

Debit

Credit

(1)

(2)

(3)

(4)

(5)

(6)

P. 13-4

Pledges must be distinguished by the extent to which they are restricted.

A private college receives the following pledges of support.

As part of its annual fund drive, alumni and friends of the college pledge $8 million. The college estimates that about 15 percent of the pledges will prove uncollectible.

A CPA firm promises to establish an endowed chair in the accounting department by donating $500,000. The chair agreement will provide that the funds be used to purchase investment grade securities and that the income from the securities be used to supplement the salary of the chair holder and support his or her academic activities.

A private foundation promises to donate $100,000 to be used to support a major revision of the college’s accounting curriculum.

An alumnus pledges $25,000 to the college’s loan fund, which is used to make loans to students requiring financial assistance.

The college is seeking support for construction of a new athletic fieldhouse. A local real estate investor promises to donate 10 acres of land on which a fieldhouse could be built if the college is able to raise the funds required to construct the building. The land has a market value of $1 million.

Indicate the category of net assets (with donor restrictions or without donor restrictions) in which each of the contributions should be recorded and the amount of revenue, if any, that should be recognized when the pledge was made. Briefly explain your response.

Problem 13-4 (textbook page 615) I have post the work above

Amount of Revenue

Reported

With restrictions or Without restrictions

If restricted, time

period for restriction

Explanation

1.

2.

3.

4.

5. [supanova_question]

Answer all the questions. Each question carries 15 marks. Question 1 Prepare

Answer all the questions. Each question carries 15 marks. Question 1

Prepare a Trial Balance for Shining Brothers Pvt. Ltd. at March 31st, 2019

ITEMS

AMOUNT ($)

Owner’s equity

1,551

Drawings

560

Machinery

2,850

Sales

2,850

Discount allowed

530

Purchases

1,260

Discount Received

364

Bank Loan

996

Creditors

528

Taxes Paid

720

Cash in Hand

226

Bills Payable

680

Inventory

264

Repair

461

Debtors

98

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. Discuss the purpose of preparing Trial Balance in an organization.

Question 2

“Too much inventory is expensive and wasteful. Not enough inventories can result in lost sales”- Elucidate.

Inventory can be anything from boxes of ice cream cones in the storeroom at a sweet shop to a million-square-foot warehouse full of goods for a big box chain. But in either case, accurate inventory management is a key to that company’s success.

Simply put, inventory is the goods that a business owns that it plans to sell. If your company is an apparel retailer, products become inventory when you take possession of shirts, dresses, suits and accessories from your suppliers. Those products leave the stock when they’re sold to

customers. Inventory can be stored on premises or at warehouses, distribution centers and other facilities.

Why inventory management is so crucial to a company’s success and How to Manage Inventory?

Question 3

Robest Industries produces only one Product. The following revenues and cost have been estimated for the forthcoming month:

Selling price, $ 250 per unit (SP) Variable cost, $ 100 per unit (VC) Fixed Cost, $ 56,000

The Manager of the firm wishes to know the following:

Calculate contribution margin per unit

Calculate contribution margin ratio.

Calculate BEP in units

Calculate BEP in sales.

Calculate sales value in $ to earn profit of $50,000

Define the term ‘Break-even’. Explicit the importance of Break-even Analysis which is a critical step in financial analysis

Question 4

PQR industries is in the Business of manufacturing agro equipment. Prepare the Cash Budget for the Quarter April to June, based upon the following data and additional information.

Month

Sales $

Purchase $

Wages

$

Manufacturing Overheads $

Office Overheads

$

Selling Overheads

$

January

60,000

36,000

9,000

4,000

2,000

4,000

February

62,000

38,000

8,000

3,000

1,500

5,000

March

64,000

33,000

10,000

4,500

2,500

4,500

April

58,000

35,000

8,500

3,500

2,000

3,500

May

56,000

39,000

9,000

4,000

1,000

4,500

June

60,000

34,000

8,000

3,000

1,500

4,500

Additional Information:

The Cash balance at 1 April is $ 800,000.

Sales: 40% cash sales & 60% collected in the following sales.

Purchases are all on credit and paid after 2 months.

A plot of land was purchased in April $ 87,000.

Wages are paid two months in arrear and all overheads settled after a month they are incurred.

PQR Industries is due to repay a loan of $ 16,000 in May.

A dividend of $ 80,000 is expected to be received in May.

“Budget is a detailed plan, expressed in quantitative term that specifies how an organization will acquire and use resources during a particular period of time” – Discuss the advantages and Limitations of Budget.

Question 5

The Alpine Group, Inc. provides the following data for the June 2019, when 15,000 units are manufactured:

Standard Material Cost (Per Unit) 8.50 Kg @ $7.50 / Kg Actual Material Cost (Per Unit) 6.75 Kg @ $13.5 / Kg Standard Labour Cost (Per Unit) 5.5 hrs @ $15 / Hr Actual Labour Cost (Per Unit) 6.5 hrs @ $12.2 / Hr

Calculate:

Direct Material Price Variance

Direct Material Quantity/Usage Variance Total Material Cost Variance

Direct Labour Rate Variance Direct labour Efficiency variance Total Labour Cost Variance

Calculate variable overhead spending variance if actual labour hours used are 260, standard variable overhead rate is $10.40 per direct labour hour and actual variable overhead rate is $9.30 per direct labour hour. Also specify whether the variance is favourable or unfavourable

Calculate the variable overhead efficiency variance using the following figures:

Number of Units Produced

620

Standard Direct Labour Hours Per Unit

0.2

Actual Direct Labour Hours Used

260

Standard Variable Overhead Rate

$10.40

Variance analysis is especially effective when you review the amount of a variance on a trend line, so that sudden changes in the variance level from month to month are more readily apparent. Variance analysis also involves the investigation of these differences, so that the outcome is a statement of the difference from expectations, and an interpretation of why the variance occurred.

Define the term “Variances Analysis” and also highlight the Advantages and Disadvantages of Variances.

Question 6

Furniture Inn manufactures computer tables. Recently a supplier has offered the tables of the same quality @ $14 each with an assurance of continued supply. The following is the budget for 4000 units prepared for the quarter ending 30 September 2019.

Required:

Should Furniture Inn accept the offer from the supplier?

What would be the decision if the supplier offered the tables at $12 each?

Formulae Sheet

Contribution Margin per unit = Selling Price p.u – Variable Cost p.u

Contribution Margin Ratio = Contribution p.u

Selling Price p.u

BEP in Units = Fixed Cost Contribution margin p.u

BEP in sales = Fixed Cost Contribution margin ratio

Sales in $ = Fixed cost + Desired Profit Contribution Margin Ratio

Direct Material Price Variance = (SP – AP) x AQ

Actual Quantity = Actual Quantity Produced x Actual Material p.u

Direct Material Quantity / Usage Variance = (SQ – AQ) x SP

9. Total Material Cost Variance

=

DMPV + DMQV

10. Direct Labour Rate Variance

=

(SR – AR) x AH

Actual Hours = Actual Quantity Produced x Actual Labour Hrs p.u

Direct Labour Efficiency Variance = (SH – AH) x SR

Total Labour Cost Variance = DLRV + DLEV

Variable Overhead Spending Variance = Standard Variable Overhead Rate ? Actual

Variable Overhead Rate = Difference Per Hour × Actual Labour Hours

Direct Labour Efficiency Variance = Actual Units Produced × Standard Direct

Labour Hours Per Unit = Standard Direct Labour Hours Allowed.

Standard Hours Allowed ? Actual Hours Used = Difference × Standard Variable Overhead Rate

1[supanova_question]

Description: Week 4 Assignment 2 – Financial Reporting Review of Local Government

Description: Week 4 Assignment 2 – Financial Reporting Review of Local Government

 Requirement

What Requirement is Asking —-

Compare and contrast the Comprehensive Annual Financial Report (CAFR) of the selected local government entity with the government entity identified in the Week 1 homework. In your comparison, include publication method of the CAFR.

This requires a comparison of the Town of Cary, NC with the Town of

Winston-Salem, NC in terms of the publication method/methods (that

is, how is it published) used for the 2019 CAFR (Comprehensive Annual

Financial Report) for each town.

What is the method/methods used?

Are they the same for both or how are they different?

Include in your comparison audit and budget information in the CAFR.

This question is asking for the audit and budget information for the town of Winston-Salem, NC compared to Cary, NC. Examples –

How do the budgets compare?

What type of budgets? Object, performance, etc?

How do their budget variances compare?

Were they both audited by public accounting firms?

Include in your comparison the type of audit report issued.

This question is asking what type of audit report was issued for Winston-Salem, NC and what type of audit report was issued for Cary, NC. Recall from your auditing class, there are four types of audit opinions – unqualified (clean report), qualified (qualified report), disclaimer (disclaimer report), and adverse (adverse report).

Include in your comparison the existence or nonexistence of an internal function within the government entity.

This question is asking if the town of Winston-Salem, NC has an internal audit function and if the town of Cary, NC has an internal audit function. Note: an internal audit function is not the same as internal controls. If the CAFR does not say, check the town’s website.

Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the CAFR from Chapter 2.

This question is asking you to answer all the questions for the Chapter 2 Continuing problem for the town of Winston-Salem, NC. These questions are found on pages 82-83 of the textbook.

Analyze the methods used by the selected local government entity in comparing the budget-to-actual reports. Include an evaluation of the basis of accounting used for the budget and financial statements.

This question has two parts. First you are to analyze the methods used to prepare the budget to actuals – for example,

Which financial statements do they present these comparisons for?

Do they compare the original budget or year-end amended budget?

Are the variance positive or negative?

What does this indicate for the town of Winston-Salem?

Second,

What is the basis of accounting used for the budget?

What is the basis of accounting used for the financial statements?

Analyze the sources of revenue on the selected local government. Include information on both governmental and business-type activities. Examine property taxes and how they are accounted for.

This question is asking for the sources of revenue for Winston-Salem, NC for both governmental activities and business types of activities. It is the first of six questions about sources of revenue. This one is asking about property taxes and how they are accounted for. For example,

What percentage of revenues are from property taxes/

Property tax rate statistics – rate, per capita, etc.

Are they accounted for on the cash basis, modified accrual basis, or accrual basis? Explain what that means for Winston-Salem.

Examine other sources identified as primary revenue for the entity.

The second question is asking about other sources (other than property taxes) of revenue for Winston-Salem, NC for both governmental and business-type activities. It is looking for the ones that are primary sources of revenue for Winston-Salem, NC.

Examine deferred revenue.

The third question ask about deferred revenue. Does Winston-Salem have any? If so, what is it from? This analysis should include both governmental activities and business-type activities. How does the financial statement reader know about it?

Examine year-to-year variations in the tax levels of income.

The fourth question ask you to examine the year-to-year variations in the tax levels of income. Hint: You can find this information in the statistical section.

Examine various management discussion and analysis items of note.

The fifth question ask you for information provided in the management discussion and analysis about the sources of revenue (for both governmental and business-type activities) for the town of Winston-Salem, NC.

Examine information about the general fund.

The sixth question ask you for information about the general fund. Remember these questions are about the sources of revenue for Winston-Salem, NC. For example,

What are the sources of revenue for the General Fund?

How much (percentages) comes from property taxes? Sales taxes? Etc.

Clarity, writing mechanics, and formatting requirements.

Run you paper through a grammar checker, like Grammarly to correct spelling errors, typos, and grammatical errors.[supanova_question]