Mr. Jones is making a small fence for his garden. He has a board that is 12.2 feet long and 4 inches wide. He wants each panel of the fence to be 4 inches wide and 8 inches high. How many panels can he make from the board?: *

 

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Jones, Lang Salle and Co is a public accounting partnership with eight partners, 15 employed salaried accountants and 20 support and secretarial staff. The partnership has offices in North Sydney, Parramatta and Newcastle. Although it is involved in some long-term projects, approximately 75% of turnover is represented by work taking less than three months to complete. Up to and including the year ended 30 June 2017, the partnership submitted its income tax returns on a cash received basis and the Commissioner assessed them on this basis.

Because of the increasingly complex nature of its activities, however, the partnership decided to submit its return for the year ended 30 June 2018 on an accruals basis.

Your advice is sought on the following matters:-

1. (a) Must the Commissioner accept the altered basis for returning income ? What are the relevant considerations?
2. (b) For tax purposes, in which income year are fees which were earned but not received prior to 30 June 2017 regarded as having been derived?
3. (c) What treatment should be adopted in respect of the value of work-in-progress (i.e., uncompleted work) at the end of 30 June 2018?

 

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Mr. Jones Smith want’s to buy Smithon Manufacturing because it is very profitable. Right now it has 30 shareholders but no single majority shareholder. It is a C corporation with a fiscal year-end of December 1. In order for me to buy this company, I will need to invest a lot of money in new manufacturing equipment, which means that Smithon will incur a loss for two years. I want to buy the company effective January 1. I think I should buy the company from the shareholders and convert it to an S corporation. Also, I want a fiscal year-end that is also a calendar year-end, i.e., December 31. We should consider whether I could issue shares of stock from Johnson Services which is a C corporation to the shareholders of Smithon in an exchange of shares. That way, the current Smithon owners would become new shareholders (but not owners) of Johnson Services and I would get all their shares of Smithon. If I do so, I could probably offset Smithon’s profits with the losses from Johnson Services.1.

 

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Joni Marin Inc. has the following amounts reported in its general ledger at the end of the current year.

Organization costs

$23,300Trademarks

14,700Discount on bonds payable

36,300Deposits with advertising agency for ads to promote goodwill of company

11,300Excess of cost over fair value of net identifiable assets of acquired subsidiary

76,300Cost of equipment acquired for research and development projects; the

   equipment has an alternative future use

86,300Costs of developing a secret formula for a product that is expected to

   be marketed for at least 20 years

81,600

(a)

On the basis of this information, compute the total amount to be reported by Marin for intangible assets on its balance sheet at year-end.

Total amount reported for intangible assets

$

 

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Jordan and Jake each work during the summer. Jordan earns $9 per hour at her job. Jordan also gets a $10 weekly allowance. 

Jordan displayed her earnings in a table.

Hours012345678

Earnings101928374655647382

Jake earns $6.50 per hour at his job. Jake also gets a $15 weekly allowance.

Jake displayed his earnings in a graph.

How many hours will it take for Jordan and Jake to earn the same amount of money?

Enter your answer in the box.

hours

 

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