Tax Returns
Legal structure for a business in which the owners/shareholders are taxed separately from the entity.
What is C-Corporation
Cash, CVLI and Marketable Securities on a PFS are examples of
What are liquid assets
This K-1 shows Capital Account Analysis
What is 1065 K-1
This records a business transaction in the accounting system for an organization.
What is Journal Entry. What information is associated with journal entries in double entry method?
These Numbers/Letter represent Cash Distributions on K-1s
What are 16D on 1120S and 19A on 1065 K-1s
A form the IRS requires you to prepare in addition to your personal tax return when you have certain types of income or deductions
What is a Tax Schedule
Measure of ability to pay current debt obligations
What is DSC (Debt Service Coverage)
A minimum amount to be paid regardless of a business's profitability for their services or capital provided.
What is a guaranteed payment. Where would this be reported on a personal tax return?
The collective process of identifying, analyzing and recording accounting events of a company.
What is "The Accounting Cycle"
Measure of corporate profitability focusing on the financial outcome of operation by eliminating the impact of non-operating expenses.
What is EBITDA Earning Before Interest Taxes Depreciation and Amortization
ALL Income received from ALL sources
What is Gross Income
The typical schedules (in addition to 1040 form) where we pick up Inflow Cash Events
What is Sch B, Sch C, Sch D, Sch F
This K-1 shows Loans From Shareholder and Repayment of Loans From Shareholder.
What is 1120S K-1. What Number and Letter represents Repayment of Loans From Shareholder for Both K-1s?
These changes journal entries that you've already recorded.
What are adjusting entries
Ratio that measures the extent to which a company uses liabilities rather than equity to finance its assets
What is Leverage Ratio. What is an example? What does that tell you?
Which Income Tax Return requires you to file multiple returns for each LOCATION you do business in or receive income from
Multi STATE Return
These are the categories of Assets on the PFS
What are Cash, CVLI, Marketable Securities, Retirement Benefits, Notes Receivable, NWOB, Investment Real Estate, Personal Real Estate and Personal Property. What are the most liquid and what are the least liquid? Why?
This is displayed as 16A on K-1 1120S
What is Tax-Exempt Interest Income
Under accrual basis accounting, this ACTUAL journal entry would record the sale of a product i/a/o $150,000 with $50,000 Paid in Cash and the remaining amount as A/R
What is DEBIT Cash and A/R, CREDIT Revenue
Cash $50,000
Account Receivable $100,000
Revenue $150,000
Ratio measures the company's ability to generate profits from its resources
What is Profitability Ratio. Explain
For personal tax returns Taxable Income is defined as
What is Adjusted Gross Income (AGI) less Itemized Deductions or Standard Deduction
A record of a borrower's responsible repayment of debts
What is A Credit History
These Schedules or Forms on the personal tax return is where you can find the following from K-1s: (1) Interest Income & Dividends, (2) Royalties, (3) Ordinary Business Income/Loss, (4) Net Rental R/E Income/Loss (5) Gains/Losses, (6) Cash and Non Cash "Charitable" Contributions and (7) Section 179 Deduction
What is (1) Sch B (2) Sch E Part I, (3) Sch E Part II, (4) Sch E Part II, (5) Sch D-various additional form, (6) Sch A and (7) Form 4562 for Depreciation and Amortization but flows to Sch E Part II
A business sells gift cards as part of their operations. Under Accrual Basis, gift card purchases (not redeemed) would be shown as what on the balance sheet
What is a Liability (Unearned Revenue or Gift Card Liability) and no recording of revenue
A comprehensive report filed annually by a publicly traded company about its financial performance