Acc 317 problems | Accounting homework help

ACC 317 Problems

1.  Janice is the Sole owner of Catbird Company. In the current year.  Catbird had operating income of $100,000, a long term capital gain of $15,000, and a charitable contribution of $5,000. Janice withdrew $70,000 of profit from Catbird. How should Janice report this information on her individual tx return


a. An LLC


b. An S Corporation


c. A C corporation


2. Lupe, a cash basis taxpayer, owns 55% of the stock of Jasper Corporation, a calendar year accrual basis C Corporation. On december 31, 2013, Jasper accrues a performance bonus of $100,000 to Lupe that it pays to him on January 15, 2014. In whic year can Jasper deduct the bonus? In which year must Lupe include the bonus in gross income?


3. Schdule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporations income tax return as follows: net income per books+ additions- subtractions = taxable income. Classify the following items as additions or subtractions in the Schedule M-1 reconciliations.


a. Life insurance proceeds received upon death of covered executive.


b. Tax depreciation in excess of book depreciation.


c. Federal income tax per books.


4. In the current year, Tanager Corporation (a C corporation) had operating income of $480,000 and operating expenses of $390,000. In addition, Tanager had a long-term capital gain of $55,000 and a short-term capital loss of $40,000


a. Compute Tanager’s taxable income and tax for the year.


b. Assume, instead that Tanagers long-term capital gain was 15,000 (not $55,000) Compute Tanagers taxable income and tax for the year.


5. Egret Corporation, a calender year C Corporation, was formed on March 7, 2013, and opened for business on July 1, 2013. After its formation but prior to opening for business, Egret incurred the followng expenditures:


Accounting            $7,000


Advertising             14,500


Employee payroll   11,000


Rent                           8,000


Utilities                      1,000


What is the maximum amount of these expenditures that Egret can deduct in 2013?

Premium Custom Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.