Category: Accounting

Advance Federal Taxation

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Identify at least three errors or omissions on the Zeus, Inc.’s Form 1120: U.S. Corporation Income Tax Return 2020 [https://blackboard.strayer.edu/bbcswebdav/institution/ACC/ACC317/211000/Course_Files/cf_ACC317_wk5_Zeus_2020_tax_return.pdf]EditSign, justifying selections with IRS codes, IRS regulations, court cases, or FASB statements.
Explain the criteria that requires the use of M-3 and describe how it is more beneficial to the financial statement user.
Explain at least two IRS approved methods available to Zeus Inc. to make estimated tax payments, explaining and justifying the preferred method.
Explain the relationship of a corporation’s tax year and their financial reporting year, explaining at least two complications. Provide how to mitigate the two complications that might arise in preparing Zeus Inc’s income tax provision for the financial statements.
Use at least two quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment.
Writing contains accurate grammar, mechanics, and spelling in accordance with SWS style.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.The specific course learning outcomes associated with this assignment:

Analyze a corporate tax return to collect the required information for the preparation of a corporate tax return.

 

The current accounting standard-setting

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Critically evaluate the current accounting standard-setting process and identify its strengths and weaknesses.
Synthesize and summarize conflicting points of view about a controversial topic.
Clearly communicate your thoughts and ideas in a clear and concise manner.
In a 2-3 page, double-spaced paper, summarize the views expressed by the authors in the assigned reading list. Explain your position about who should set accounting standards in the United States and provide a well-reasoned argument to support your view.

 

The accounting field

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Introduce yourself to the class. Discuss why you are interested in the accounting field and highlight any professional experience that you have.

Additionally, review GAAP briefly and then discuss why it is important to have a governing set of principles for accounting practices. Provide examples to support your ideas.

In your responses to your peers, respond to their introduction and add to the conversation about governing principles. Provide examples from personal experience or recent events.

 

 

Bank reconciliation

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Exercise 1
Prepare a Bank Reconciliation for: Candace Co. by May 31:
The bank statement balance is $2,936.
The cash account balance is $3,194.
Outstanding checks amounted to $465.
Deposits in transit are $655.
The bank service charge is $50.
A check for $97 for supplies was recorded as $79 in the ledger.
Exercise 2.
Roper Electronics received their bank statement for the month of August with an ending balance of $11,740. Roper determined that check #613 for $155 and
check #601 for $420 were outstanding. In addition, a deposit of $6,900 for August 30 was in transit at the end of the month. Northern Regional Bank also
cashed a $5,000 note receivable on August 1 that was issued on March 1. The accrued interest is $250. Northern Regional Bank charged a $35 fee for the
collection service. The bank statement discloses a bank service charge of $20. A customer check for $68 was returned with the bank statement marked
“NSF”. The ending balance of Roper’s cash account is $12,938.

 

UC Internal Audit Manual

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Review the UC Internal Audit Manual and address the following questions:
1. according to the general audit operating process flowchart, what is the first and last step of an audit?
2. Regarding planning an audit, who has the responsibility to prepare and document the audit plan?
3. What “services” do the internal audit department provide and in what section(s) can the auditor find references to these services?

 

 

Investment Opportunities

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You are supposed to submit a write up of 2-3 pages (bullet points preferred) based on your career goals.
The write up is supposed to cover all the below-mentioned points:
● Mention your current age, the age at which you wish to retire and explain why did you pick that retirement age for yourself
● Explain the amount of money you wish to accumulate till the age of retirement and how are you planning to earn it
● Describe the investment options you would choose in order to attain your desired retirement amount. The investment options can be stocks, mutual funds or bonds or a combination of all three
● Prepare a budget of your intended annual income till the age of retirement. What percentage of it would you plan to save and what percentage would you plan to invest each year? How much money would you need to invest each year in order to attain your desired retirement amount? Your regular income can vary basis your job roadmap and career progression at various stages (link it with your job roadmap you designed for yourself in Assignment 1)
● Explain what other passive sources of income would you consider in order to attain your desired retirement amount and why. Passive income sources can be rental income or any other sources that would suit your situation

Investment Opportunities

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You are supposed to submit a write up of 2-3 pages (bullet points preferred) based on your career goals.
The write up is supposed to cover all the below-mentioned points:
● Mention your current age, the age at which you wish to retire and explain why did you pick that retirement age for yourself
● Explain the amount of money you wish to accumulate till the age of retirement and how are you planning to earn it
● Describe the investment options you would choose in order to attain your desired retirement amount. The investment options can be stocks, mutual funds or bonds or a combination of all three
● Prepare a budget of your intended annual income till the age of retirement. What percentage of it would you plan to save and what percentage would you plan to invest each year? How much money would you need to invest each year in order to attain your desired retirement amount? Your regular income can vary basis your job roadmap and career progression at various stages (link it with your job roadmap you designed for yourself in Assignment 1)
● Explain what other passive sources of income would you consider in order to attain your desired retirement amount and why. Passive income sources can be rental income or any other sources that would suit your situation

Effectiveness of a newly developed television ad on its sales

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Your firm is attempting to learn the effectiveness of a newly developed television ad on its sales. To do this, it has randomly run the ad between 0 and 5 times during one week across a large number of television markets in the United States. It then recorded product sales for the following month for each market. To conduct the analysis, analysts at the firm have assumed the following data-generating process:

Salesi=α+βAdsi+Ui

Regressing Sales on Ads yields βˆ=350. The firm would like to use this number to project the change in Sales when increasing weekly television ads to 20.

According to these results, what is the expected change in Sales when Ads increase from 5 to 20?
Why should we be skeptical of our result from Part a?
What can you do to find an estimate of the effect of increasing Ads from 5 to 20 that is more credible?