Anne decides to leave the ABC Partnership after owning the interest for many years. She owns a 52% capital, profits, and loss interest in the general partnership (which is not a service partnership). Anne’s basis in her partnership interest is $ 120,000 just before she leaves the partnership. The partnership agreement does not mention payments to partners who leave the partnership. The partnership has not […]

Imagine you have been selected as the consultant to develop a business plan for Durango Manufacturing Company, a startup medium sized public manufacturing company. The CEO has a background in manufacturing and is well versed in supply chain management. However, the CEO has limited experience in financial management and creating value for various stakeholders’ groups. Your business plan must include a five-year strategy to increase […]

CITY OF MONROE General Fund Balance Sheet As of December 31, 2020 Assets Cash 503000 Taxes receivable 210,000 Less: Estimated uncollectible taxes (37,000 ) Net 173,000 Interest and penalties receivable on taxes 5,200 Less: Estimated uncollectible interest and penalties (950) Net 4,250 Due from state government 204,000 Total assets 884,250 Liabilities, Deferred Inflows, and Fund Equity Liabilities: Accounts payable 99,000 Due to other funds 27,000 […]

B.I.G. Corporation sold a plot of undeveloped land to SubCo this year for $100,000. B.I.G. had acquired the land several years ago for $40,000. The consolidated return also reflects the operating results of the parties: B.I.G. generated $130,000 income from operations (exclusive of the sale of the land), and SubCo produced a $20,000 operating loss.If required, use the minus sign to indicate a loss.a.  Compute […]

ssuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating […]

It is early April 2020 and you, CPA, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal tax pool this year. The experience gained will be valuable for your career. You meet with the partner, Aram Anzari, who has instructions for a special personal tax return he would like you to […]

It is early April 2020 and you, CPA, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal tax pool this yeaIt is early April 2020 and you, CPA, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal […]

10 to 12 page paper is neededImagine you have been selected as the consultant to develop a business plan for Durango Manufacturing Company, a startup medium sized public manufacturing company. The CEO has a background in manufacturing and is well versed in supply chain management. However, the CEO has limited experience in financial management and creating value for various stakeholders’ groups. Your business plan must […]

Select a public university system and review the financial statements and audit report for the system. Write a three to four (3-4) page paper in which you:Identify and analyze the employee pension plan disclosures in the financial statements. Evaluate the impact of the GAASB proposed changes to the pension liabilities on the financial statements of the institution.Identify and analyze the economic conditions that will affect the […]

The general manager of a business encounters many different types of business transactions. Provide an example for each of the following transactions that would describe its effect on the accounting equation. Each situation is independent of other situations.The transaction would increase an asset account and increase a liability account.The transaction would decrease an asset account and decrease the owner’s equity account.The transaction would increase an asset […]