I have up loaded a file please answer this question using Excel. Thank you for all your help.

Several years ago, Brian formed Sigma Corporation, a retail company ineligible for the U.S. production activities deduction. Sigma uses the accrual method of accounting. In 2013, the corporation reported the following items: Gross profit $290,000 Long-term capital gain $20,000 Tax-exempt interest received Salary paid to Brian $7,000 $80,000 Payroll tax on Brian's salary (Sigma's share) $6,000 Depreciation $25,000 ($21,000 for E&P purposes) Other operating expenses $89,000 Dividend distribution to Brian $60,000 In addition to owning 100% of sigma's stock, Brian manages Sigma's business and earns the $80,000 salary listed above. This salary is an ordinary and necessary business expense of the corporation and is reasonable in amount. The payroll tax on Brian's $80,000 salary is $12,000, $6,000 of which Sigma pays and deducts, and the other $6,000 of which Brian pays through Social Security withholding. Brian is single no dependents and claims the standard deduction. a. Calculate Sigma's and Brian's 2013 taxable income and total tax liability, as well as their combined tax liability. Also, calculate the corporation's current E&P after the dividend distribution. b. Assume instead that Brian operates Sigma as a sole proprietorship. In the current year, the business reports the same operating results as above, and Brian withdraws $140,000 in lieu of the salary and dividend. Assume Brian's self-employment tax is $17,000. Compute Brian's total tax liability for 2013. c. Assume a C corporation such as in Part (a) distributes all of its after tax- earnings. Compare the tax treatment of long-term capital gains, tax-exempt interest, and operating profits if earned by a C corporation with the tax treatment of these items if earned by a sole proprietorship. ACG4501 - Online Assignment 1. The following information is provided about the Town's General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.) Estimated revenues Revenues Appropriations Expenditures $3,150,000 3,190,000 3,185,000 3,175,000 Fund BalanceUnassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance. Required Calculate the end-of-year balances for the Fund BalanceUnassigned and Budgetary Fund Balance accounts that would be reported on the town's balance sheet prepared as of June 30, 2017. Show all necessary work. 2. All revenues of the City are accounted for on the modified accrual basis. Below is shown a list of the City's General Fund transactions of a revenue nature. State which ones should be recognized by the General Fund as a revenue in the year of occurrence. If any item is not a current revenue, state the proper treatment for that item. 1) Receipt of money from issue of tax anticipation notes. 2) Collection of taxes that had been written off in prior year. 3) Collection of current-year property taxes. 4) Collection of prior years' delinquent property taxes. 5) Receipt of money in prepayment of a property owner's next-year taxes. 6) Collection of accounts receivable for charges for services. 3. The following is a pre-closing trial balance for the City's General Fund as of June 30, 2017: Debits Credits Cash $116,500 Taxes ReceivableCurrent 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000 Fund BalanceUnassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $338,500 $338,500 What is the fund balance as of June 30, 2017, after all closing entries have been made? Show your work. 4. During fiscal year 2017, the Town issued purchase orders to various vendors in the amounts shown for the following functions of the town: General Government Public Safety Public Works Culture and Recreation Health and Welfare Miscellaneous Total $ 82,500 148,700 130,400 97,300 94,800 14,200 $567,900 All goods ordered during the year were received at the following actual costs: General Government Public Safety Public Works Culture and Recreation Health and Welfare Miscellaneous Total $ 83,720 147,940 131,140 98,780 93,970 14,300 $569,850 a. Prepare a summary journal entry in the General Fund general journal to record the issuance of purchase orders during fiscal year 2017. (Subsidiary detail may be omitted.) b. Prepare summary journal entries in the General Fund general journal to record the receipt of and payment for goods during fiscal year 2017. (Subsidiary detail may be omitted.) 5. The following transactions occurred for the City's General Fund. a. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. b. Encumbrances issued against the appropriations during the year were $931,000. c. The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. d. Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000. e. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. f. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. g. Payments on Vouchers Payable totaled $1,505,000. Prepare journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.) ACG4501 - Online Assignment 1. The following information is provided about the Town's General Fund operating statement and budgetary accounts for the fiscal year ended June 30, 2017. (Note: The Town has no restricted, committed, or assigned fund balances.) Estimated revenues Revenues Appropriations Expenditures $3,150,000 3,190,000 3,185,000 3,175,000 Fund BalanceUnassigned at the beginning of year had a $600,000 credit balance. The Budgetary Fund Balance (after the FY 2017 budget was recorded) had a $35,000 debit balance. Required Calculate the end-of-year balances for the Fund BalanceUnassigned and Budgetary Fund Balance accounts that would be reported on the town's balance sheet prepared as of June 30, 2017. Show all necessary work. 2. All revenues of the City are accounted for on the modified accrual basis. Below is shown a list of the City's General Fund transactions of a revenue nature. State which ones should be recognized by the General Fund as a revenue in the year of occurrence. If any item is not a current revenue, state the proper treatment for that item. 1) Receipt of money from issue of tax anticipation notes. 2) Collection of taxes that had been written off in prior year. 3) Collection of current-year property taxes. 4) Collection of prior years' delinquent property taxes. 5) Receipt of money in prepayment of a property owner's next-year taxes. 6) Collection of accounts receivable for charges for services. 3. The following is a pre-closing trial balance for the City's General Fund as of June 30, 2017: Debits Credits Cash $116,500 Taxes ReceivableCurrent 29,000 Allowance for Uncollectible Current Taxes $3,000 Accounts Payable 7,800 Due to Other Funds 5,500 Tax Anticipation Notes Payable 50,000 Fund BalanceUnassigned 70,200 Budgetary Fund Balance 1,000 Estimated Revenues 100,000 Revenues 102,000 Appropriations 99,000 Expenditures 93,000 Totals $338,500 $338,500 What is the fund balance as of June 30, 2017, after all closing entries have been made? Show your work. 4. During fiscal year 2017, the Town issued purchase orders to various vendors in the amounts shown for the following functions of the town: General Government Public Safety Public Works Culture and Recreation Health and Welfare Miscellaneous Total $ 82,500 148,700 130,400 97,300 94,800 14,200 $567,900 All goods ordered during the year were received at the following actual costs: General Government Public Safety Public Works Culture and Recreation Health and Welfare Miscellaneous Total $ 83,720 147,940 131,140 98,780 93,970 14,300 $569,850 a. Prepare a summary journal entry in the General Fund general journal to record the issuance of purchase orders during fiscal year 2017. (Subsidiary detail may be omitted.) b. Prepare summary journal entries in the General Fund general journal to record the receipt of and payment for goods during fiscal year 2017. (Subsidiary detail may be omitted.) 5. The following transactions occurred for the City's General Fund. a. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. b. Encumbrances issued against the appropriations during the year were $931,000. c. The current year's tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. d. Collections of delinquent taxes from prior years' levies totaled $132,000; collections of the current year's levy totaled $1,459,000. e. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. f. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. g. Payments on Vouchers Payable totaled $1,505,000. Prepare journal entries in the General Fund general journal to record the transactions. (Subsidiary detail may be omitted.)