Accounting
What is the accounting equation?
Assets = Liabilities + Owner's Equity
Assets - Liabilities = Owner's Equity
What IRS tax form does a partnership file to report their income/expenses for the year?
Form 1065
Where was G&A's first Phoenix office located? (cross streets)
15th Ave and Encanto
Forensic accountants working for the FBI were responsible for arresting this infamous American gangster
Al Capone
What is Martie's full name?
Martha Lee Tarrant
True or False, Expenses decrease the equity account
True
For individuals, what is the highest federal tax rate for 2024?
The highest rate is 37%
What was the name of the 2nd firm acquired by Tim?
Eric Meyers, CPA
What begins with T, ends with T, and has T in it?
A teapot
Martie's #1 hobby
Bowling
Distributions to shareholders/partners get recorded on this part of the balance sheet
Equity
What does IRA stand or?
Individual Retirement Arrangement
True or False: from 2014-2016, G&A CPAs was engaged to perform audits for non-profit organizations.
False. G&A CPAs has never done audits.
What is the best-selling music album of all time?
Thriller - Michael Jackson sold over 70 million copies to this date
What is Martie's favorite sweet treat?
Chocolate
True or False, deferred tax asset account is considered a current asset
False. In 2015, the FASB issued and ASU which will require entities to present deferred tax assets (DTAs) and deferred tax liabilities (DTLs) as "noncurrent" on a balance sheet.
What is the current corporate income tax rate?
21%
What does the "G&A" in G&A CPAs and Financials Consultants, PC stand for?
Giacoletti & Associates, CPAs, and Financial Consultants, PC
What does the abbreviation VHS, stand for?
Video Home System
How many grandchildren does Martie have?
6
What does FASB stand for?
How is the AOTC (American Opportunity Credit) calculated?
Dollar for dollar for the first $2,000 of tuition expense + 25% of the next $2,000 = Total $2,500
How many interns did G&A employ from 2014 - 2023
10
Dave Thomas founded which fast food chain?
Wendy's
What was Martie's favorite part of working for G&A CPAs?
Working with Manny :)