ACG 3141 - Writing Assignment ? Income Taxes Swift, Inc., located at 3200 College Avenue, Davie FL 33314, is a publicly traded firm that currently manufactures various appliance products it sells throughout United States. Swift?s fiscal year-end, is December 31st. Swift is your client and Mia Young is the President of Swift, Inc. You are a newly hired staff member of FAU, Inc., an accounting firm located at 777 Glades Road, Boca Raton, FL 33431. Mia isin the process of preparing the December 31, 2017, classified statement of financial position. Because Mia is unfamiliar with the proper accounting treatment regarding deferred income taxes according to United States Generally Accepted Accounting Principles (US GAAP), she has hired FAU, Inc. to explain the accounting treatment specified by US GAAP. At December 31, 2017, Swift had pretax accounting income of $900,000. Assume an income tax rate of30%.Information regarding two transactions that occurred during 2017 that particularly concern Mia are as follows:? Installment sales for 2017 were $140,000 and are included in pretax accounting income. The installment sales will be collected in 2018.? In 2017, Swift sold appliances on which it has a warranty obligation. The sales related to the warranty obligation are included in the pretax accounting income mentioned above. The warranty expenses associated with the sales was estimated at $100,000 and expensed, for financial reporting purposes, in 2017. There were no amounts paid for warranty repairs during 2017. Your firm has delegated to you the task of determining the treatment of deferred taxes as of December 31, 2017, and has asked that you prepare a four (4) page typed memo (not handwritten, 1.5 spacing --not double spaced) dated January 2, 2018. You are to include a works cited page (the 4th page of your memo should be designated as the works cited page; use MLA Format for your works cited page) to the client explaining1. The standards that govern US GAAP treatment of deferred taxes.2. How to record the temporary difference related to the installment sales (e.g., deferred tax asset (DTA)or deferred tax liability (DTL)). What is the amount of the DTA or DTL?3. How to record the temporary difference related to the warranty expenses (e.g., deferred tax asset or deferred tax liability). What is the amount of the DTA or DTL?4. The required classified financial statement presentation and note disclosures regarding deferred tax assets and liabilities.In addition, you are to formulate a question to ask the client that would help you determine the different types of transaction(s) in which it could be involved that would affect income taxes, and include that in the conclusion of your memo.This memo is expected to be professional and informative. Remember the purpose of the memo and the audience that it is addressing when you write it.

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ACG 3141 - Writing Assignment - Income Taxes Swift, Inc., located at 3200 College Avenue, Davie FL 33314, is a publicly traded firm that currently manufactures various appliance products it sells throughout United States. Swift's fiscal year-end, is December 31st. Swift is your client and Mia Young is the President of Swift, Inc. You are a newly hired staff member of FAU, Inc., an accounting firm located at 777 Glades Road, Boca Raton, FL 33431. Mia is in the process of preparing the December 31, 2017, classified statement of financial position. Because Mia is unfamiliar with the proper accounting treatment regarding deferred income taxes according to United States Generally Accepted Accounting Principles (US GAAP), she has hired FAU, Inc. to explain the accounting treatment specified by US GAAP. At December 31, 2017, Swift had pretax accounting income of $900,000. Assume an income tax rate of 30%. Information regarding two transactions that occurred during 2017 that particularly concern Mia are as follows: Installment sales for 2017 were $140,000 and are included in pretax accounting income. The installment sales will be collected in 2018. In 2017, Swift sold appliances on which it has a warranty obligation. The sales related to the warranty obligation are included in the pretax accounting income mentioned above. The warranty expenses associated with the sales was estimated at $100,000 and expensed, for financial reporting purposes, in 2017. There were no amounts paid for warranty repairs during 2017. Your firm has delegated to you the task of determining the treatment of deferred taxes as of December 31, 2017, and has asked that you prepare a four (4) page typed memo (not handwritten, 1.5 spacing -not double spaced) dated January 2, 2018. You are to include a works cited page (the 4th page of your memo should be designated as the works cited page; use MLA Format for your works cited page) to the client explaining 1. The standards that govern US GAAP treatment of deferred taxes. 2. How to record the temporary difference related to the installment sales (e.g., deferred tax asset (DTA) or deferred tax liability (DTL)). What is the amount of the DTA or DTL? 3. How to record the temporary difference related to the warranty expenses (e.g., deferred tax asset or deferred tax liability). What is the amount of the DTA or DTL? 4. The required classified financial statement presentation and note disclosures regarding deferred tax assets and liabilities. In addition, you are to formulate a question to ask the client that would help you determine the different types of transaction(s) in which it could be involved that would affect income taxes, and include that in the conclusion of your memo. This memo is expected to be professional and informative. Remember the purpose of the memo and the audience that it is addressing when you write it. Follow the proper format for a memo, as presented in May & May, Effective Writing: A Handbook for Accountants. 10th edition. I will allow sub-headings in your memo. Helpful Hint: Remember to include headings, a proper introduction that previews your headings, and a conclusion. When citing sources within your memo and preparing a works cited page, please follow the formats illustrated in the May & May text on pages 162-164. Please be sure to prepare your memo according to the proper format for a memo, as presented in May & May, Effective Writing: A Handbook for Accountants. You may include tables and/or vertical enumerated points to illustrate the information you are providing to your client. IMPORTANT: You must turn in a hard copy of your writing assignment in class on the due date assigned per the syllabus and email your assignment to agaze@fau.edu You must do both: submit a hard copy in class and email your writing assignment. NOTE: This is an individual exercise. You may not collaborate with anyone on this assignment! If your memo is substantially similar (e.g., very similar wording and phrasing) to a memo submitted by another student, I will consider the similarity as evidence that you collaborated with that individual. In that case, both you and the other student will receive zero (0) points on this assignment. IMPORTANT WARNING: If your writing assignment score includes 3 or more of the student learning outcomes in the Developing category, most likely you will fail this assignment. Research Hints Effective July 1, 2009, the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) is the official guidance regarding GAAP. You can locate the Codification at http://aaahq.org/ascLogin.cfm Note: You will be required to enter the following User Name and password to gain access to the Codification. The password below is effective September 1, 2016 until August 31, 2017. User Name: AAA51093 Password: 5FJ3mCn There is a tutorial on the FASB Codification webpage for those who want further details on navigating the website. Note: You are to use the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) as one of your main source(s) for this writing assignment. Failure to use the FASB ASC will result in you not being awarded full points on your writing assignment, which may result in your failing the assignment. See FASB ASC Citing Hints on the next page. Other resources to help you with your research can be found on the FAU library web site. As a student with a valid FAU student owl card you have access to several electronic databases at the library. FASB ASC Citing Hints The FASB ASC system is broken down as follows: Topic XXX Subtopic XX Section XX Paragraph XX So if you were to reference 410-20-25-5, Asset Retirement and Environmental Obligations, you are telling the reader that you located your information in the FASB ASC under: Topic 410 Subtopic 20 Section 25 Paragraph 5 The following example is acceptable when citing the FASB ASC in my class. The initial recording of an asset retirement obligation (ARO) requires the capitalization of asset retirement costs, by increasing the book value of the related asset by the same amount of the ARO liability recorded (FASB ASC 410-20-25-5). When preparing your Works Cited page, the following is acceptable for my class when referencing the FASB ASC. Example: Financial Accounting Standards Board (FASB), XXXX. Accounting Standards Codification. Stamford, Conn.: FASB. Note: The XXXX above represents the Year you consulted/accessed the FASB Accounting Standards Codification (ASC). On your memo since you are consulting the FASB ASC in 2016 your reference on your Works Cited page would be as follows: Financial Accounting Standards Board (FASB), 2016. Accounting Standards Codification. Stamford, Conn.: FASB. Rubric for Assessment of ACG 3141-Writing Assignment - Income Taxes - Student Developing Fails to identify any of the appropriate codification standards. Evaluation Criteria Competent Correctly identifies some of the appropriate codification standards. Exemplary Correctly identifies and describes most/all of the appropriate codification standards. Fails to formulate a relevant question. Formulates a question that is somewhat relevant to US GAAP requirements. Formulates a question that is very relevant to US GAAP requirements. Fails to apply any of the appropriate codification standards. Correctly applies some of the appropriate codification standards. Correctly applies and describes most/all of the appropriate codification standards. Fails to answer / address items 2, 3, and 4. Provides limited explanation when answering/addressing items 2, 3, and 4. Provides in-depth explanation when answering/addressing items 2, 3, and 4. Fails to use proper memo format. Fails to properly cite sources, paraphrase or prepare works cited page correctly. Memo not initialed. Somewhat attempts to cite sources, paraphrase and prepare works cited page. Contains some errors. Memo format used and initialed. Sources cited and/or paraphrased correctly. Works cited page prepared correctly. Communication Students will communicate in a manner that is focused and organized. Vaguely or partially articulates primary purpose with minimal context in the paper. The purpose is unclear to the reader. Some, mostly formulaic transitions are used, providing little or no sense of direction. Somewhat articulates primary purpose in its broad context at the beginning of the paper. The purpose is fairly clear to the reader and the use of transitions lends a sense of progression and coherence. Fully articulates the primary purpose in relevant context at the beginning of the paper. The purpose is abundantly clear and well explained to the reader. Paragraphs logically and coherently build upon each other through the complete and fluent use of transitions and/or headings. Communication Students will communicate in a writing style that is clear and concise. Sentences may, at times, be wordy and contain unclear phrasing and vocabulary. Sentences are fairly clear and concise. Sentences are abundantly clear and concise. Communication Students will communicate using format, level, and tone appropriate to the discipline and intended audience. Contains wide range of errors, including several patterns that impede comprehension. Contains infrequent sentence level errors; a few patterns of error may be present, but they do not impede comprehension. Contains virtually no sentence level errors. Student Learning Outcomes Content Knowledge Students will demonstrate knowledge of relevant theoretical frameworks and/or relevant authoritative literature. Applied Research Students will identify appropriate questions, problems, or principles worthy of deeper study. Applied Research Students will apply relevant theoretical frameworks and/or relevant authoritative literature. Critical Thinking Students will interpret the results of their analysis/research. Communication Students will communicate using proper documentation and citation