Which of the following C corporations will be allowed to use the cash method of accounting for
Question:
a. Jade Corporation, which had gross receipts of $5.3 million in 2014, $4.1 million in 2015, and $5 million in 2016.
b. Lime Corporation, a personal service corporation, which had gross receipts of $5.8 million in 2014, $5.2 million in 2015, and $4.4 million in 2016.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
In general a corporation is not allowed to use the cash method of ac...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
South Western Federal Taxation 2018 Corporations Partnerships Estates And Trusts
ISBN: 1389
41st Edition
Authors: William H. Hoffman, William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
Question Posted:
Students also viewed these Business Law questions
-
Which of the following corporate forms are exempt from the PHC tax? The accumulated earnings tax? a. Closely held corporations b. S corporations c. Professional corporations d. Tax-exempt...
-
Multiple-Choice Questions 1. A promoter is liable for any contract he signs on behalf of a corporation before it is formed, unless: A. The corporation adopts the contract. B. The promoter notifies...
-
1) Owners Equity consists of all the following except: a. Additional paid in capital. b. Par value stock c. Debentures outstanding d. Retained earnings 2) On the statement of cash flows an increase...
-
Describe the relationship of the AD, SRAS, and LRAS curves when the economy is in long-run macroeconomic equilibrium.
-
The boom AB is held in equilibrium by a ball-and-socket joint A and a pulley and cord system as shown. Determine the x, y, z components of reaction at A and the tension in cable DEC. Given: F = (0 0...
-
Using a search engine and the key words spy equipment, identify some of the high-tech gadgets that companies or individuals can use in carrying out industrial espionage on other companies or...
-
From the following information, calculate the missing figure in each column. () A B C D Net cash flow from 14,800 ? 21,400 48,660 operating activities Interest paid (5,800) (2,900) (6,000) (2,950)...
-
Omron Electronics currently produces the shipping containers it uses to deliver the electronics products it sells. The monthly cost of producing 10,000 containers follows: Unit-level...
-
Benitez Company currently outsources a relay switch that is a component in one of its products. The switches cost $36 each. The company is considering making the switches internally at the following...
-
The following information is provided for Yae-joon and Selah, ages 38 and 37, respectively: Assets Liabilities Checking account $1,900 Home mortgage balance $100,000 Money market mutual fund $5,400...
-
Grouse Corporation, a calendar year C corporation, had taxable income of $1.4 million, $1.2 million, and $700,000 for 2014, 2015, and 2016, respectively. Grouse has taxable income of $1.6 million for...
-
On February 12, 2004, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows. ¢ Kingfisher's...
-
What is the MagicBand? What technology is inside it and what does it do? How do the bands benefit the customer experience? What benefits does Disney realize from the system?
-
Consider the elements of cost in Geordie Ltd, namely, the cost of a product, the cost of direct labour and the cost of non-labour expenses (usually referred to as the overhead). In this company the...
-
What are the benefits or disadvantages of ER diagrams? Why bother with logical design and not just create tables and columns (physical design) directly? Note: Provide a reference.
-
How do taxes influence responsible financial planning?Discuss some examples of how taxes may influence a financial plan.
-
A)Scarlet is a staff accountant for Skynet (Pty) Ltd and suspected that management might have done earning management by using creative accounting to improve company performance. This situation best...
-
Suppose that both the direct materials costs and the plant leasing costs are for the production of 900000 units.What is the plant leasing costs per unit.Assume that plant leasing cost is a fixed cost.
-
For the instant represented, corner A of the rectangular plate has a velocity v A = 2.8 m/s and the plate has a clockwise angular velocity w = 12 rad/s. Determine the magnitude of the corresponding...
-
7 A 29-year-old, previously healthy man suddenly collapses at a party where legal and illicit drugs are being used. Enroute to the hospital, he requires resuscitation with defibrillation to establish...
-
What is the difference between a general partnership and a limited liability company? When might each type of entity be used? Why?
-
Penguin LLP owns a rental property and operates a consulting business. Each partner is active in the business and receives compensation from the LLP. The LLP invests its excess cash in government and...
-
Penguin LLP owns a rental property and operates a consulting business. Each partner is active in the business and receives compensation from the LLP. The LLP invests its excess cash in government and...
-
Which of the following is a SOURCE of cash?Group of answer choicesAn increase in Prepaid TaxesThe purchase of a new truckA decrease in Accounts PayableThe sale of marketable securities
-
Dec. 1, 2024: Mortgaged the warehouse for $550,000 cash with Southside Bank. The mortgage requires monthly payments of $7,000. The interest rate onthe note is 3% and accrues monthly. The first...
-
According to the Code, the subscriber must make the following disclosures: Group of answer choices Information about fees and charges. Information about fees and charges and daily or periodic...
Study smarter with the SolutionInn App