Williams Santana Taxation Asasingment Help With Solution

Posted on March 16, 2017

Williams Santana Taxation Asasingment Help With Solution

 
Question
 
Williams- Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 1997 by two talented engineers with little business training. In 2011, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2011 before any adjusting entries or closing entries were prepared. The income tax rate is 40% for all years.

 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
 
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.
 
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
 
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
 
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
 
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
 

Features

Features for Assignment Help

Zero Plagiarism
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.

 

Relevancy
We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.

 

Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.

 

 

100% Confidential
All our works are kept as confidential as we respect the integrity and privacy of our clients.

Related Services

 
a. A five-year casualty insurance policy was purchased at the beginning of 2009 for $49,000. The full amount was debited to insurance expense at the time.
 
b. On December 31, 2010, merchandise inventory was overstated by $40,000 due to a mistake in the physical inventory count using the periodic inventory system.
 
c. The company changed inventory cost methods to FIFO from LIFO at the end of 2011 for both financial statement and income tax purposes. The change will cause a $980,000 increase in the beginning inventory at January 1, 2010.
 
d. At the end of 2010 the company failed to accrue $25,000 f sales commissions earned by employees during 2010. The expense was recorded when the commissions were paid in early 2011.
 
e. At the beginning of 2009, the company purchased a machine at a cost of $550,000. Its useful life was estimated to be 10 years with no salvage value. The machine has been depreciated by the double declining balance method. Its carrying amount on December 31, 2010, was $460,800. On January 1, 2011, the company changed to the straight to the straight-line method.
 
f. Additional industrial robots were acquired at the beginning of 2008 and added to the company’s assembly process. The $1,300,000 cost of the equipment was inadvertently recorded as repair expense. Robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight line method for both financial reporting and income tax reporting.
 
Required:
For each situation:

1. Identify whether it represents an accounting change or an error. If an accounting change, identify the type of change.
 
2. Prepare any journal entry necessary as a direct result of the change or error correction as well as any adjustment entry for 2011 related to the situation described. Any tax effects should be adjusted for through the deferred tax liability account.
 
3. Briefly describe any other steps that should be taken to appropriately report the situation.

 
 

Product Code :Tax11

To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)

You can also email us at assignmentconsultancy.help@gmail.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.

Summary
User Rating
5 based on 1 votes
URL