During a group chat, you heard 2 members of a team arguing about the application of the net operating loss. One member thinks it is a loss sustained on the income statement and should have no effect on the company s tax return. The other member, while not sure of his answer, countered that it is a cash flow tax item but he did not know how it is treated on the tax return.

During a group chat, you heard 2 members of a team arguing about the application of the net operating loss. One member thinks it is a loss sustained on the income statement and should have no effect on the company s tax return. The other member, while not sure of his answer, countered that it is a cash flow tax item but he did not know how it is treated on the tax return.

As a tax expert, please advise who is correct.

What is net operating loss?
Are there special limiations? If so, what are they?

Why is the budget in government and non profit business more important than those in for profit business?

Why is the budget in government and non profit business more important than those in for profit business?

Assume that after recording all adjusting entries (except income taxes), Elite s income before income taxes amounts to $7,500. Also assume Elite is a corporation subject to income taxes of 40% of income before income taxes. Which of the following statements is correct? 1. Elite need not accrue any more income taxes expense for February since the unadjusted trial balance already contains an income tax liability of $4,100. 2. Elite s net income for February is $4,500. 3 Elite s February 28 balance sheet should report income taxes payable of $3,000. 4 Elite s income taxes expense for February is $7,100.

Assume that after recording all adjusting entries (except income taxes), Elite s income before income taxes amounts to $7,500. Also assume Elite is a corporation subject to income taxes of 40% of income before income taxes. Which of the following statements is correct? 1. Elite need not accrue any more income taxes expense for February since the unadjusted trial balance already contains an income tax liability of $4,100. 2. Elite s net income for February is $4,500. 3 Elite s February 28 balance sheet should report income taxes payable of $3,000. 4 Elite s income taxes expense for February is $7,100.

Milford Company had 500 units of Tank in its inventory at a cost of $4 each. It purchased, for $2,800, 300 more units of Tank. Milford then sold 400 units at a selling price of $10 each, resulting in a gross profit of $1,600. The cost flow assumption used by Johnson is? Be sure to show your work?

Milford Company had 500 units of Tank in its inventory at a cost of $4 each. It purchased, for $2,800, 300 more units of Tank. Milford then sold 400 units at a selling price of $10 each, resulting in a gross profit of $1,600. The cost flow assumption used by Johnson is? Be sure to show your work?

S corporations must allocate their income to each shareholder on a strictly pro rata, per day basis. Is this also true with respect to partnerships? How do partnerships allocate income, deduction, loss, and credit items to partners?

S corporations must allocate their income to each shareholder on a strictly pro rata, per day basis. Is this also true with respect to partnerships? How do partnerships allocate income, deduction, loss, and credit items to partners?

What are the problems caused by issuing 20 year bonds and using the proceeds to pay employees salaries?

What are the problems caused by issuing 20 year bonds and using the proceeds to pay employees salaries?

Discuss how management can measure the cost savings of these recommendations.

1. Discuss the benefits of integrating Human Resource Management (HRM) and payroll databases.
2. Discuss the current problems related to labor at Fargo Publishing.
3. Discuss three recommendations to improve the problem related to labor at Fargo Publishing.
4. Discuss how management can measure the cost savings of these recommendations.

What evidence presented indicates that the control environment at Greater Providence may have been deficient and contributed to the embezzlement.

1. Discuss how Greater Providence Deposit & Trust might improve its control procedures over the disbursement of loan funds to minimize the risk of this type of fraud.

2. Discuss how Greater Providence might improve its loan review procedures at bank headquarters to minimize its fraud risk.

3. Discuss whether Greater Providence s auditors should have been able to detect this fraud.

4. What evidence presented indicates that the control environment at Greater Providence may have been deficient and contributed to the embezzlement.

Discuss the key macro environmental forces (Political Legal, Economic, Social, Technological) that affect the beer industry today. Which ones pose the greatest threats? Why?

Discuss the key macro environmental forces (Political Legal, Economic, Social, Technological) that affect the beer industry today. Which ones pose the greatest threats? Why?

Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage (not internal control)? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization?

Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage (not internal control)? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization?

What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.

What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.

A client advises you that her aunt gave her twenty lottery tickets as a holiday gift. One of the lottery tickets was a winner in the $50,000 game. Your client wants to know if the lottery winnings are exempted from federal income tax as the lottery ticket was given as a gift. What is the response to the client?

A client advises you that her aunt gave her twenty lottery tickets as a holiday gift. One of the lottery tickets was a winner in the $50,000 game. Your client wants to know if the lottery winnings are exempted from federal income tax as the lottery ticket was given as a gift. What is the response to the client?

Under Sarbanes Oxley regulations, which companies or industries are required to have internal controls for computer access? Which companies or industries are not required to follow these regulations? Would you recommend that companies, which are not obligated by the law, follow the computer access portion of the regulation? Why or why not?

Under Sarbanes Oxley regulations, which companies or industries are required to have internal controls for computer access? Which companies or industries are not required to follow these regulations? Would you recommend that companies, which are not obligated by the law, follow the computer access portion of the regulation? Why or why not?

Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?

Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?

What would be the consumer buying response to Coca Cola if the price of Pepsi doubled? If the prices of Coca Cola and Pepsi remained constant, what would be the consumers typical buying response to these products if their income was reduced by 30%? Suppose all carbonated beverages tripled in price. How would the concepts of utility, income, and substitution predict consumer behavior based on the rise in the cost of carbonated beverages?

What are the determinants of demand and what happens to the demand curve when each of these determinants change? What is the difference between a change in demand and a change in the quantity demanded?

2.1 Analyze the interaction of supply, demand, and price ceilings on the market equilibrium price, the concept of elasticity to changes in product price, consumer income, and competitor price, Explain how the concepts of utility, income, and substitution predict consumer behavior when a price changes.

Compare and contrast the uses of financial accounting information by 1) investors and 2) creditors. In your opinion, does one group rely more heavily on the information than the other?

Compare and contrast the uses of financial accounting information by 1) investors and 2) creditors. In your opinion, does one group rely more heavily on the information than the other?

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