The cash method of accounting is generally preferred by taxpayers. Describe two types of businesses that are
Question:
The cash method of accounting is generally preferred by taxpayers. Describe two types of businesses that are not allowed to use the cash method.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
Unless they qualify under the gross receipts t...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Taxation Of Individuals And Business Entities 2021
ISBN: 9781260247138
12th Edition
Authors: Brian Spilker, Benjamin Ayers, John Barrick, Troy Lewis, John Robinson, Connie Weaver, Ronald Worsham
Question Posted:
Students also viewed these Business questions
-
Describe in general how the cash method of accounting differs from the accrual method.
-
The cash method of accounting may be used for tax reporting purposes by which of the following taxpayers? a. A partnership with a C corporation-one with annual revenue exceeding $5 million-as a...
-
The cash method of accounting means that taxpayers don't recognize income unless they receive cash or cash equivalents. True or false? Explain.
-
need help entering sale oof land transaction in intuitproconnect On December 31, 2021, Anthony sold the inherited land from his uncle. The consideration was \( \$ 950,000 \) installment note plus the...
-
RGK, Inc. manufactures smart cell phones. RGK has recently introduced a new line of smart phones that is popular for college students. RGK purchases batteries from an outside supplier. RGK has noted...
-
Based on what you surmise Ms. Wooly is trying to get through the questionnaire, rewrite and reorder the questions (use both open-ended and closed questions) so that they follow good practice and...
-
Describe the supply chain performance metrics that are used to track the supply chain performance of a project. What is the rationale for selecting these metrics?
-
The following audit procedures are commonly performed by auditors in the verification of owners' equity: 1. Review the articles of incorporation and bylaws for provisions about owners' equity. 2....
-
Topper Sports, Incorporated, produces high-quality sports equipment. The company's Racket Division manufactures three tennis rackets-Standard, Deluxe, and Pro-widely used in amateur play. Selected...
-
For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Managements net income goal is $75,000. Compute the required sales in dollars needed to achieve managements target...
-
Compare and contrast the different year-ends available to sole proprietorships, flow-through entities, and C corporations.
-
Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for her business. This year, Renees proprietorship reported revenue of $95.5...
-
Which two areas of business generally attract the most small businesses? Why are these areas attractive to small business?
-
Discuss how a collaboration diagram represents the organization of objects that must cooperate to reach an objective.
-
How does component-based development help reuse?
-
Explain the significance of components in the context of object-oriented development.
-
Explain the significance of collection class and provide two examples.
-
What is the significance of a statechart diagram?
-
The income statement of a partnership includes the details of how the profit or loss is divided among the partners. Do you agree or disagree? Explain.
-
How does Kant answer Humes bundle theory of self? Do you think he is successful?
-
Art, an executive with Azure Corporation, plans to start a part-time business selling products on the Internet. He will devote about 15 hours each week to running the business. Arts salary from Azure...
-
Compute the income tax liability for each of the following unrelated C corporations. a. Darter Corporation has taxable income of $68,000. b. Owl Corporation has taxable income of $10,800,000. c....
-
In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $90,000. How much of the casualty loss will be deductible by Wilson under the following circumstances? a....
-
* Write an ARMv8 assembly code to compute the equation y = 12 n=1n5. Assume the value of a is stored in register X20 and is a 64-bit non-zero positive integer. Store the computed value y in X21. Do...
-
Our friend River wrote the code shown with the intention of printing out a message to the user if the variable letter was a lowercase letter. However, upon testing it with the character 'A', the code...
-
The output of the code below is #include #include int main(){ float x; x = floor(7.5); printf("%.2f ",x); return 0;}
Study smarter with the SolutionInn App