Walmart reports deferred revenue for sales of gift certificates and for Sam’s Club membership fees. These amounts are taxed when collected, but not recognized in financial reporting income until tendered at a store. Why does the tax effect of deferred revenue appear as a deferred tax asset?

Please, Complete the following information, with short answers: -

• Revenue Cycle: -
  • What is its Purpose?
  • What are its Resources?
  • What are its Documents?
  • What are its Reports?
  • What is its Information?
  • What are its Activities?
  • What are its Sub-Processes?
  • Diagram the Process with the Input & Outputs?

During a recent IRS audit, the revenue agent decided that the Parker family used their closely held corporation, Falco, to avoid shareholder tax by accumulating earnings beyond the reasonable needs of the business. Falco’s taxable income was $900,000, it paid no dividends, and it had no business need to retain income. Falco’s marginal tax rate in prior years was 34 percent.

Required:

1. Compute Falco’s accumulated earnings tax assuming that it had accumulated $4 million after-tax income in prior years.
2. Compute Falco’s accumulated earnings tax assuming that it had accumulated $129,000 after-tax income in prior years.

"A company's marketing strategy will last two years and produce revenue in years 1 and 2 only. The strategy can result in a success, a moderate success, or a failure. The marketing strategy will cost $71,000 immediately (year 0), $42,000 in year 1, and $13,000 in year 2. There is uncertainty with projected revenues, but the forecasted revenues and probabilities for the marketing strategy are as follows: - Success: Year 1: $107,000; Year 2: $114,000; Probability: 0.21 - Moderate success: Year 1: $94,000; Year 2: $76,000; Probability: 0.43 - Failure: Year 1: $38,000; Year 2: $48,000; Probability: 0.36 The company's MARR is 25%. You can ignore any other costs except for the marketing costs. Calculate the standard deviation of the net present worth for the strategy. HINT: it is easier to calculate the net present worth of each separate result first (success, moderate success, failure) before dealing with the probabilities."

The knowledge of how the Internal Revenue Code treats business activities and how the different organizational forms are recognized as reporting entities are basic elements of taxation.

a.)What organizational forms are required to comply with filing and reporting to the IRS, and how they are different?

b.)How do GAAP and tax accounting differ?

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The following table represents short run cost-revenue information (in dollars) for a firm in a competitive market.

(a) Fill in all the blanks above using the following information: The Market Price is $50 per unit of output, the TVC of producing 9 units of output is $700, and the ATC of producing 10 units of output is $200

(b) Where does diminishing returns start? Explain your answer.

(c) What is the Fixed Costs for this firm? Explain your answer.

(d) In the Short Run, if this firm would go into production, determine the profit maximizing (or loss minimizing) level of output and profit amount.

(e) In the Short Run, if this firm would instead shutdown without going into production, determine its production amount and profit amount.

(f) Please determine the best course of action for this firm in the Short Run.

(g) Based on the data above, in the Long Run, explain what this firm should do.

According to the Internal Revenue Service, the average income tax refund for the 2011 tax year was $2,913. Assume the refund per person follows the normal probability distribution with a standard deviation of $950. a. What is the probability that a randomly selected tax return refund from the 2011 tax year will be 1. more than $ 2000 2. between $1,600 and $2,500? 3. between $3,200 and $4,000? b. Confirm the answers to part a using Excel or PH Stat.

After closing the revenue and expense accounts, the profit for the year ended December 31, 2021 of the Mitt & Ryan partnership is $25,800. The partnership agreement specifies that profits and losses will be shared using the following formula.

At the beginning of the year, Mitt's capital account had a balance of $30,900 and Ryan's capital account had a balance of $33,200. Mitt withdrew $1,070 cash per month while Ryan withdrew $1,270 per month from the partnership. During the year, Mitt made an additional investment of $5,200 cash into the partnership.

Prepare a schedule to show how the profit or loss will be allocated to the two partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Prepare a statement of partners' equity for the year. (List items that increase partner's equity first.)

Prepare the remaining closing entries on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

1. What is true at the quantity where total revenue is maximized?

Select one:

a. Demand is inelastic.

b. The elasticity value = 1

c. MR is positive

d. MR is negative

2. "Every company needs to worry about a recession." This statement should be modified because

Select one:

a. companies with a negative cross-price elasticity will likely enjoy more sales because recessions do not affect the sales of complementary products.

b. companies that sell goods with high own-price elasticity of demand will likely enjoy more sales as their prices rise during a recession.

c. companies that sell normal goods will likely enjoy more sales during a recession with falling incomes.

d. companies that sell inferior goods (negative income elasticity) will likely enjoy more sales during a recession with falling incomes.

3. Everyone knows that the biggest rival to your company (Frank's Fantastic Fudge-Filled Fedoras) is Nate's Nutella-eNgorged Neckerchiefs. On a lark and using sales and price data, you estimate the cross-price elasticity between Frank's and Nate's two products to be 0.08, while the cross-price elasticity between Frank's product and Cole's Cocoa-Covered Corduroy Caps is 1.12. Your calculations suggest that

Select one:

a. consumers consider Frank's and Cole's products to be more complementary to each other than are Frank's and Nate's products.

b. consumers consider Frank's and Nate's products to be better substitutes than are Frank's and Cole's products.

c. consumers consider Frank's and Cole's products to be better substitutes than are Frank's and Nate's products.

d. Frank's should be more concerned if Nate's drops the price of their product than if Cole's drops the price of their product.