jog the brain Flashcards
give 2 examples of imposed non-exchange revenues:
property taxes
fines
give 2 examples of derived tax revenues
sales tax
income tax
when short term debt is refinanced with long term debt, how is it classified and reported?
non-current liability
disclosed
what characteristics is difficult for governmental reporting?
relevance
how does sum of the years’ digits work?
- depreciation base: $20,000
- 4 year useful life
year 1: 4/10 * 20,000
year 2: 3/10 * 20,000
year 3: 2/10 * 20,000
year 4: 1/10 * 20,000
Cobb contributes $100 for 25% of the partnership.
Andrew contributed $200 for 75%
Bear contributed $50 for 25%.
how much is Cobb’s capital account under the bonus method?
add up all contributions = $350
$350 *25% = $87,500
bonus = 100,000 - 87,500
bonus can swing either to new or existing partners
Cobb contributes $100 for 25% of the partnership.
Andrew contributed $200 for 75%
Bear contributed $50 for 25%.
how much is Cobb’s capital account under the goodwill method?
Cobb’s capital account: $100
if $100 = 25% then the total capital = $400
the actual capital is $350 which means goodwill is $50
goodwill is distributed to the existing partners only
gain from troubled debt restructuring?
cancellation of debt - FMV of asset exchanged
gain/loss from transfer of asset for troubled debt restructuring?
FMV of asset exchanged - CV of asset exchanged
how do you report loan guarantee?
accrued and disclose
tax treatment for:
life insurance of proceeds received?
life insurance paid (when the company is the beneficiary)
subtract
add
estimates are reported as deferred tax
assets
when tax depreciation expense is greater than book depreciation expense, you get a deferred tax
liability
in interim reporting, how should expenses and losses be reported?
expenses - allocated across periods
losses - in FULL in the period incurred
form 3
form 20-f
form 11-k
- directors, officers or beneficial owners of equity securities
- non-US registrant annual report
- annual report of benefit plan
