III.Income Taxes

1. If Congress voted to eliminatecorporate taxes, what would be the effect onSear'sincome statement and balance sheet? Defend your response.
2. Calculate the income tax rate forSears. What effect will anincrease in incomeof $2,000,000 have onSears?
3. What are theeffectson the balance sheet and income statement? Justify your response.
4. How much didSear'spay inforeign taxeslast year? What percentage of its income is United States vs. foreign?

V.Pensions Address the following elements in the form of a memo to your CEO:

1. FromSear'sfinancial information, what type ofpension plandoes it have? Discuss the reasons why your company has chosen this particular plan.
2. What was theeffectof the pension plan onSear'sfinancial statements? Defend your response.
3. YourCEOhasinformedyouthecontrollerofyourcompanythattheboardofdirectorshasmadethedecisiontolookatotheroptionsoftypesofretirementplans.Investigatewhatotheralternativeswouldbeavailable,anddeterminewhichwouldbeappropriateforSears.

Use the following link to help locate the proper financial statements=(https://searsholdings.com/invest/annual-reports)

Your paper must be submitted as a 3-4-page Microsoft Word document with double spacing, 12-point Times New Roman font, one inch margins, and at least three credited sources cited in APA format.

Checked for originality!!

Acc620 Prompt: In the first milestone, you addressed stockholders' equity and income measurement/revenue recognition for your portfolio. In the second milestone for your final project, you will continue work on your portfolio by completing critical elements III and V. You will be addressing income taxes and pensions. III. Income Taxes A. If Congress voted to eliminate corporate taxes, what would be the effect on your company's income statement and balance sheet? Defend your response. B. Calculate the income tax rate for your chosen company. What effect will an increase in income of $2,000,000 have on your company? C. What are the effects on the balance sheet and income statement? Justify your response. D. How much did your company pay in foreign taxes last year? What percentage of its income is United States vs. foreign? V. Pensions Address the following elements in the form of a memo to your CEO: A. From your company's financial information, what type of pension plan does it have? Discuss the reasons why your company has chosen this particular plan. B. What was the effect of the pension plan on your company's financial statements? Defend your response. C. Your CEO has informed youthe controller of your companythat the board of directors has made the decision to look at other options of types of retirement plans. Investigate what other alternatives would be available, and determine which would be appropriate for your particular company. Guidelines for Submission: Your paper must be submitted as a 3-4-page Microsoft Word document with double spacing, 12-point Times New Roman font, one inch margins, and at least three sources cited in APA format. Income Taxes: Corporate Taxes Meets \"Proficient\" criteria, and defense is well supported with quantitative evidence Income Taxes: Increase in Income Meets \"Proficient\" criteria, and determination is well supported with quantitative evidence Income Taxes: Effects Meets \"Proficient\" criteria, and justification is well supported with quantitative evidence Income Taxes: Foreign Taxes Accurately determines how much the company paid in foreign taxes last year an what percentage of its income was United States versus Foreign Pensions: Pension Plan Meets \"Proficient\" criteria and shows a nuanced understanding of the company's decision-making rationale Pensions: Effect Meets \"Proficient\" criteria, and defense is well supported with concrete examples Pensions: Other Options Meets \"Proficient\" criteria and is well supported with concrete examples Articulation of Response: Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to read format