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Human resources, and payroll processing

Case study on Tax Accounting

Dr. Thompson Peterson is an OB/GYN while his wife, Suzy, is personal injury attorney specializing in medical malpractice. Despite their perhaps counterintuitive marriage of professions, they have been married for 18 years and have three children under the age of 14. Their financial information for tax year 2017 is as follows:

· Thompsons Salary from a local hospital $500,000 . 1040 ln 7

Federal Income Tax Withholding on Salary $135,000

· Interest Income from Nestle bonds $22,000 Schedule B 1040 ln 8

· Interest Income from Wells Fargo $5,000 Schedule B 1040 ln 8

· Interest Income from State of California Bonds $15,500 1040 ln 8b

· Gambling Winnings (in Las Vegas) $27,000 1040 ln 21

· Life Insurance Proceeds – Death of grandmother $1,750,000

· Inheritance from Grandmother $2,700,000

· Annuity Payments (investment=$100K, payout=300K) $30,000 1040 ln 16

· Short term capital gains from stocks held less than 1 year $17,000 Schedule D 1040 ln 13

· Dividends from Sysco (qualified) $18,500 Schedule B 1040 ln 9a/b

· Dividend from Scientific Atlanta (qualified) $25,000 Schedule B 1040 ln 9a/b

· Dividends from T-mobile Europe (non-qualified) $22,000 Schedule B 1040 ln 9a

· Alimony paid to Suzy’s ex-husband (ss# 231-45-0987) $30,000 1040 ln 31

· Mortgage Interest – Principal ($1.750,000) $72,000 Schedule A line 10

· Home Equity Interest – Principal ($375,000) $29,500 Schedule A

· Charitable Contributions to St. Mary’s Church $96,000 Schedule A line 15a

· Contributions to the Democratic National Committee $19,200

· Donation of property painting to local university $74,000 Schedule A line 16

· Investment interest expense $83,500 Schedule A line 13

· Real Estate Taxes – residence $29,250 Schedule A line 6

· Unreimbursed employee business expenses $28,250 Schedule A line 20

· Tax return preparation fees $6,000 Schedule A line 21

· Gambling Costs (lottery tickets, poker costs) $45,000 Schedule A line 27

· Quarterly Estimated Tax Payments by the Petersons $350,000 ($87,500 per quarter)

Other Capital Gain Information

  • On December 11, 2017, the Peterson’s sold 1,000 share of Microsoft for $91 per share. The commission on the trade was 1% of the sales proceeds. They originally purchased the shares on 2/5/1998 for a total purchase price of $65,850. Schedule D / 1040 ln 13
  • On January 15, 2017, the Peterson’s sold a mutual fund for $118,000 that they bought on 1/2/2014. They originally invested $88,000. Schedule d / 1040 ln 13
    • For tax year 2015, the couple received a substitute 1099 from the fund showing the following from the fund: Interest Income: $1,500 / Dividend Income: 1,750 / Short term capital losses of $2,750, and Long-term capital gains of $10,400.
    • For tax year 2016, the couple received a substitute 1099 from the fund showing the following from the fund Interest Income: $3,500 / Dividend Income: 6,750 / Short term capital gains of $2,000, and Long-term capital gains of $9,400.

Business income for Suzy Peterson, Esq, a sole-proprietor that reports her income on Schedule C:

Revenue $1,385,000

Salaries paid to staff $328,000

KEOGH Contribution (retirement plan) $50,000 report on 1040 ln 28

Office expenses $22,500

Travel $33,000

Legal and professional fees $63,650

Rent expense $32,400

Business meals and entertainment $32,000

Country club memberships $15,000

Payroll tax expense $40,250

Section 179 & Depreciation Expense $408,000

Amortization of Goodwill and Purchased Customer Lists $90,000

Penalties and fines payable to State of Texas $19,500

Withdrawals by the business owner of cash $450,000

 

Ordinary Income: K-1 Line 1: $550,000 report on Sch. E. page 2

Guaranteed payment K-1 Line 4: $50,000 report on Sch E. page 2

KEOGH Contributions K-1 Line 13: $45,000 report on Schedule A ln 15a

Self Employment Income K-1 Line 14: $600,000 report on Schedule SE

Cash Distributions K-1 Line 19: $400,000

Requirements:

Prepare the following questions using Microsoft Excel. Prepare them in the order shown.

  1. What is Suzy’s 2017 net profit from her legal practice
  2. Calculate the Peterson’s Self Employment Tax (FICA Cap is $127,200)
  3. What is the Peterson’s 2017 Gross Income (i.e., line 22 of Form 1040)
  4. What is the Peterson’s 2017 Adjusted Gross Income?
  5. What is the Peterson’s 2017 Itemized Deductions – use 2016 sales tax calculator from IRS.gov for sales tax deduction.
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Propitious Niche

Propitious Niche

Identify a Propitious Niche that a specific firm has in business today. Name the firm and its product or service that is the Propitious Niche. Explain why that Propitious Niche exists. Discuss if this Propitious Niche is being challenged by other competitors.

Please provide at least 200 words in your written discussion work. You should also review the comments of other students on this topic and generate at least two quality replies.

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Case study on Risk Management

 Case study on Risk Management

Research Assignment.
1. Each student is required to select a topic of personal interest and prepare a written report on the subject. The subject is one of your choosing but MUST be in the area of Risk Management that influences the outcomes concerning Costing / Estimating / Financing of projects.
Evaluate the perspective of the major parties involved, usually these would be:a. The ownerb. The designerc. The builder
2. The format of the report you can take as similar to a journal publication. The body of the report (subparagraphs “a” through “g” below) shall be a minimum of 2000 words (double spaced, 12 point Times New Roman font, 1 inch margins all around) not including figures, tables and graphics. The report shall include the following:
a) Definition of the report’s objective.b) Thorough literature review of the subject.c) Primary and concrete issues addressed in the report.d) Advantages and disadvantages to different parties:a. The ownerb. The designerc. The builder
e) Zoom in ona. Potential Contractual issuesb. Cost implications
f) Conclusions and recommendations supported by facts found in the study.g) Reference list, 10 sources minimum with at least one book, and three peer-reviewed journal articles.
——————————————————————————————————————————————————
A Quick Guide to PublicationsPublication criteriaArticles should take the form of a Note or Project:Notes should record significant advances in engineering knowledge of relevance to the New Zealand engineering profession.Projects should record significant advances in engineering practice in the context of New Zealand projects or developments.The key criteria for deciding whether your paper is suitable are:Does your paper represent an advance – that is, does it contain information not available elsewhere?Is it relevant to the New Zealand engineering profession – that is, is it potentially useful to a section of New Zealand’s professional engineers?Writing and formattingYou can assume that your reader is a fellow engineering professional sharing much of your engineering knowledge.Papers should follow the academic conventions regarding writing, formatting, referencing etc.How to get startedWriting an article is usually NOT the first step. First you need to decide on your publishing objectives. Do you want to share interesting results with your peers? And who do you want to reach – researchers or consultants?Answer these questions and you will clarify your approach and the content of your paper.Writing a technical paper is not so different from writing an engineering report:Outline what you want your paper to say.Make a rough draft by dumping all relevant information into a document.Define in your first paragraph your paper’s core message – its rationale and objective.Explain your points, including concrete examples if possible.End with a discussion of implications, recommendations to your readers, or a call to action, depending on the nature of the topic.From here it’s just a matter of refining the content and formatting your paper. 

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IT/IS Resource Conflicts

IT/IS Resource Conflicts

Respond

To the following question:

Describe a time in your personal or professional experience in which you had to deal with a conflict related to an Information Technology or Information System decision.

1. Was this conflict resolved?

2. What was the outcome of the decision that was made and who did it impact in terms of stakeholders?

Requirements

Comment on at least two posts by the end of this module week.

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Case study on journal

Case study on journal

On November 1, 2013, Athom Corporation purchased 5,000 television sets for its merchandise inventory from Sockk, a South Korean firm, at a total quoted cost of 600,000,000 won (W). On this date, the spot rate for the won was $1 = 1,080W. On the same day, Athom invested $500,000 cash in a non-interest bearing account with a Japanese bank, to hedge its exposed liability position. The account payable to Sockk is due on January 30, 2014. The exchange rates on December 31, 2013 and January 30, 2014 were $1 = 1,060W, and $1 = 1,030W, respectively. Athom agreed to pay Sockk in won. The bank deposit made by Athom will be held in won but will be withdrawn in dollars by Athom on January 30th. Assume that Athom has a December 31 year-end. Assume this is a fair value hedge.
Prepare all the journal entries for Athom Corporation’s General Journal on November 1, 2013, December 31, 2013, and January 30, 2014. Round entries to the nearest whole dollar. If no entry is required on a particular date, indicate “no entry” in the General Journal.

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IT/IS Resources In Demand!

IT/IS Resources In Demand!

Hot IT Jobs

Research

Search for and locate the current top ten positions and descriptions currently trending within IT/IS.

Assignment

· Explain the reasons these positions are in such high demand.

· Provide an explanation of how these positions would enhance an organization’s competitive advantage and overall IT/IS strategy and governance competencies.

Note: This may be an opportunity for you to revise your organizational chart if you feel the need. Your final organizational chart should also be included in your IT Management Plan with your final submission.

Guidelines

Cite your source using current APA format.

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Case study on taxation

Case study on taxation

QUESTION 1

On January 30, 2017, Titan Techniques gave Master Motors a 90-day, 8%, $80,000 note

payable to extend a past due account payable. Titan has a March 31 year end.

Instructions

Prepare the year-end adjusting entry to accrue interest and record payment of the note on April

22, 2017.

QUESTION 2

Walters Accounting Company receives its annual property tax bill for the calendar year on May

1, 2018. The bill is for $32,000 and payable on June 30, 2018. Walters paid the bill on June 30,

2018. The company prepares quarterly financial statements and had initially estimated that its

2018 property taxes would be $30,000.

Instructions

Prepare All the required journal entries for 2018 related to the property taxes, including quarterly

accruals.

QUESTION 3

An inexperienced accountant for Trainer Company recorded the following transactions in the

records of the company for the year ended December 31, 2017. The controller has questioned

the appropriateness of the entries since she thinks that they have not been recorded in

accordance with generally accepted accounting principles. Profit for the year, including the

entries described below, is $200,000.

1. On January 1, the company president, an owner of the company, took a personal vacation

trip to the Gaspé. The trip cost $3,000. The accountant recorded the entry as follows:

Travel Expense ………………………………………………………………….. 3,000

Accounts Payable…………………………………………………………. 3,000

2. The company purchased on account a wastebasket on December 31 at a cost of $20. The

accountant made the following entry:

Office Equipment………………………………………………………………… 20

Accounts Payable…………………………………………………………. 20

3. Merchandise inventory which cost $14,000 had a current net replacement value of $22,000.

The accountant made the following entry as a result:

Merchandise Inventory………………………………………………………… 8,000

Gain on fair value adjustment…………………………………………. 8,000

4. Equipment with a fair market value of $15,000 was acquired in a liquidation sale for cash at

a cost of $10,000. The accountant recorded the transaction as follows:

Equipment…………………………………………………………………………. 15,000

Cash…………………………………………………………………………… 10,000

Gain on fair value adjustments ……………………………………….. 5,000

5. A customer’s account receivable for $17,000 was uncollectible and the following entry was

made:

Bad Debts Expense ……………………………………………………………. 17,000

Accounts Receivable…………………………………………………….. 17,000

Instructions

a) For each of the above entries, indicate the concept or constraint that was violated (no

explanation is required).

b) Determine the correct profit for 2017.

QUESTION 4

The following transactions occurred during 2017:

1. A television set is delivered to the customer in August. Six instalment payments of $200 per

month begin the following January. Ignore interest considerations.

2. Goods are sold FOB shipping point. An item with a retail value of $10,000 is loaded onto

the truck on May 31, but not unloaded until June 3 because the recipient delayed paying

the freight bill until then. The vendor prepares and mails the invoice to the customer on

June 10.

3. A computer network system and related cables are delivered to the customer’s premises on

March 31. Installation is completed by April 30, after which the system is ready for use. The

vendor provides monthly support and upgrades for 4 months following the month of

installation (through August). The value of the system and cables is $50,000, the value of

the installation services is $22,000 and the value of the monthly support totals $6,000.

4. Goods are sold FOB destination. An order with an invoice total of $3,500 is loaded onto the

truck January 31 and delivered on February 1.

5. A customer prepays for 10 oil changes for a total of $300. During December, two oil

changes are completed for this customer.

Instructions

Identify in which month revenue should be recognized in each situation. If revenue should be

recognized in more than one month, calculate the amounts that apply to each relevant month.

QUESTION 5

Quan Corporation is authorized to issue an unlimited number of common shares and 500,000

shares of preferred shares. During 2017, its first year of operation, the company had profit of

$305,000. The following share transactions occurred:

Jun 1 Paid the province $1,800 for incorporation fees.

Jun 5 Issued 100,000 of $4 cumulative preferred shares at $22 per share.

Jul 25 Lawyers for the company accepted 250 common shares as payment for legal

services provided in helping the company incorporate. The legal services are

estimated to have a value of $4,500. The shares were actively trading at $20 per

share.

Oct 18 Issued 45,000 common shares for land. The land had an asking price of $850,000.

The shares are currently selling on a Toronto Stock Exchange at $18 per share.

Instructions

a) Journalize the transactions for Quan Corporation assuming the company follows IFRS.

b) Prepare the shareholders’ equity section of the balance sheet at December 31, 2017.

Question 6

On January 1, 2017, Mandy Merchandise Ltd. has 25,000 common shared issued for a total of

$62,500, and no other shares or contributed capital. During 2017, Mandy had the following

transactions:

Jan 15 Issued 15,000 common shares for $2.50 each.

Mar 31 Settled an account for legal expenses by issuing 2,500 shares. The value of the legal

services was $5,000.

Sep 30 Issued 9,000 shares in exchange for equipment with a fair value of $22,500.

Instructions

a) Record the transactions.

b) Calculate the total number issued and average cost per share of the common shares at the

end of 2017.

 

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Organizational Chart

Organizational Chart

Assignment

Using an organizational chart tool, create an organizational chart for the IT department within the organization you are using for your IT Management Plan. Briefly describe the roles and responsibilities associated with the positions within the organizational chart. Be sure to also explain how these positions align with the IT/IS strategy and objectives of the organization as well as other departments and business functional units in which the positions will communicate with on a regular basis.

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Globalization Case Study

Globalization Case Study

Some authors feel that globalization has reached a deadlock, that due to uncertain economic conditions, worldwide, it has stalled in terms of growth. Describe where you see globalization over the next five years, expanding, contracting, or staying the same.
Please provide at least 200 words in your written discussion work. You should also review the comments of other students on this topic and generate at least two quality replies.

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IT Vendor Selection

IT Vendor Selection

Scenario

Assume you have been asked to oversee a new IT Project to implement a Customer Relationship Management (CRM) system for a large organization. View the following video regarding CRM implementation issues. As a project manager for a CRM implementation project, would you agree or disagree with the strategies and approaches described in this video. Provide a detailed explanation of your reasoning.

Respond to two other classmates to recommend best practices and pitfalls to avoid when implementing a CRM system as well as vendor relationship management.

Requirements

Comment on at least two posts by the end of this module week.

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