Chat with us, powered by LiveChat ACC330 Federal Income Tax What are some aspects of personal finance that require knowledge of individual taxation? Be specific and provide examples. ?Such as....parents need to know | Wridemy

ACC330 Federal Income Tax What are some aspects of personal finance that require knowledge of individual taxation? Be specific and provide examples. ?Such as….parents need to know

ACC330 Federal Income Tax What are some aspects of personal finance that require knowledge of individual taxation? Be specific and provide examples. ?Such as….parents need to know

  

Term 2 Unit 1 Discussions

Unit 2: Devil's Advocate (ARTS1101 Art Appreciation)

Write both an argument for why a piece is successful and why it is not successful. By having to explain opinions opposite of your own, you must think more deeply. Choose any art from the textbook but list your title, artist and page number of your artwork. 

Artwork: Mona Lisa

Artist: Leornardo da Vinci

Page 22

Unit 1.1 DB: Importance of Sociological Research (SOC101 Principles of Sociology)

Discuss why Sociological research is necessary and why relying simply on personal knowledge may not be enough to clearly understand events in our daily lives. 

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Unit 1.2 DB: Social Problems and Sociological Perspectives (SOC101 Principles of Sociology)

Select a social problem such as drug abuse, suicide, homelessness, bullying or racism and discuss how the various sociological perspectives view the problem and how they may go about solving this problem.

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Why is tax knowledge so important? (ACC330 Federal Income Tax)

What are some aspects of personal finance that require knowledge of individual taxation?

Be specific and provide examples.  Such as….parents need to know about child tax credits if they have children under the age of 17.

(Remember, this is a discussion board, not a short answer assignment.  Please review the Discussion Board Grading Rubric for more details on discussion board requirements)

Unit 1 Discussion (ACC150 Accounting Essentials)

After you complete this course you will be able to understand and evaluate financial statements.  One of the ways we achieve that is through a series of discussion boards where we ask you to provide accounting explanations in your own words to your friend who is running her own business. You may go to sources beyond the currently covered chapter to develop your answers. Please provide your comments in your own words as an initial post and then comment to at least two other students about their post.  Anne Marie is the owner of Anne’s Beauty Salon, Inc.  Her accountant has prepared financial statements for the year 20XX for her business.  She doesn't like to ask him questions about it.  She would rather ask you as you are her friend and since she knows that you are taking an accounting course, she asks you the following questions:

  1. My accountant told me that the balance sheet shows      assets = liabilities plus equity.  What does that mean? 
  2. What is equity?
  3. Why are there four different financial      statements?  Why can’t they put all this information into one      statement?
  4. I don’t understand what the Statement of Retained      Earnings is all about.  What is retained earnings?  
  5. She also asked about dividends.  What are      they?  Will they increase expenses?

Please respond in your own words to each of these questions.  View the financial statements: (Attached)

Anne Financial

Unit 1 DB: Psychological Perspectives (PSY101 Fundamentals of Psychology)

The job of a Psychologist is to describe, explain, predict, and possibly change behavior.  Toward this end, different psychological perspectives have emerged in order to explain behavior.  These include the neuroscience, psychodynamic, behavioral, cognitive, and humanistic perspectives.  Describe three (3) of these perspectives and illustrate each perspective by using an example from everyday life.  Which perspective do you think has the most relevance in today's society, and why?

Be sure to provide the URL link(s) and/or title(s) to any resource used as reference in your post.

Term 2 Unit 1 Discussions

Unit 2: Devil's Advocate (ARTS1101 Art Appreciation)

Write both an argument for why a piece is successful and why it is not successful. By having to explain opinions opposite of your own, you must think more deeply. Choose any art from the textbook but list your title, artist and page number of your artwork.

Artwork: Mona Lisa

Artist: Leornardo da Vinci

Page 22

Unit 1.1 DB: Importance of Sociological Research (SOC101 Principles of Sociology)

Discuss why Sociological research is necessary and why relying simply on personal knowledge may not be enough to clearly understand events in our daily lives. 

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Unit 1.2 DB: Social Problems and Sociological Perspectives (SOC101 Principles of Sociology)

Select a social problem such as drug abuse, suicide, homelessness, bullying or racism and discuss how the various sociological perspectives view the problem and how they may go about solving this problem.

You must support your response with scholarly sources in APA format.  Simply stating your opinion is not enough, back up your opinion with citations.  Refer to the DB Grading Rubric for more details.

Why is tax knowledge so important? (ACC330 Federal Income Tax)

What are some aspects of personal finance that require knowledge of individual taxation?

Be specific and provide examples.  Such as….parents need to know about child tax credits if they have children under the age of 17.

(Remember, this is a discussion board, not a short answer assignment.  Please review the Discussion Board Grading Rubric for more details on discussion board requirements)

Unit 1 Discussion (ACC150 Accounting Essentials)

After you complete this course you will be able to understand and evaluate financial statements.  One of the ways we achieve that is through a series of discussion boards where we ask you to provide accounting explanations in your own words to your friend who is running her own business. You may go to sources beyond the currently covered chapter to develop your answers. Please provide your comments in your own words as an initial post and then comment to at least two other students about their post.  Anne Marie is the owner of Anne’s Beauty Salon, Inc.  Her accountant has prepared financial statements for the year 20XX for her business.  She doesn't like to ask him questions about it.  She would rather ask you as you are her friend and since she knows that you are taking an accounting course, she asks you the following questions:

1. My accountant told me that the balance sheet shows assets = liabilities plus equity.  What does that mean? 

2. What is equity?

3. Why are there four different financial statements?  Why can’t they put all this information into one statement?

4. I don’t understand what the Statement of Retained Earnings is all about.  What is retained earnings?  

5. She also asked about dividends.  What are they?  Will they increase expenses?

Please respond in your own words to each of these questions.  View the financial statements: (Attached)

Unit 1 DB: Psychological Perspectives (PSY101 Fundamentals of Psychology)

The job of a Psychologist is to describe, explain, predict, and possibly change behavior.  Toward this end, different psychological perspectives have emerged in order to explain behavior.  These include the neuroscience, psychodynamic, behavioral, cognitive, and humanistic perspectives.  Describe three (3) of these perspectives and illustrate each perspective by using an example from everyday life.  Which perspective do you think has the most relevance in today's society, and why?

Be sure to provide the URL link(s) and/or title(s) to any resource used as reference in your post.

,

Anne's Beauty Salon, Inc

Income Statement

For the Year 20XX

Sales (Revenue)

$125,000.00

 

Cost of Goods Sold

25,000.00

 

Gross Profit

100,000.00

 

 

 

Payroll Expense

67,500.00

 

Sales, General, Administrative Expense

5,000.00

 

Rent Expense

1,400.00

 

Utilities Expense

1,670.00

 

Insurance Expense

500.00

 

Depreciation Expense

2,500.00

 

Total Operating Expense

78,570.00

 

Total Operating Income

21,430.00

 

Income Taxes

6,430.00

 

Net Income

$15,000.00

 

 

 

 

Anne's Beauty Salon, Inc

Statement of Retained Earnings

For the Month Ending December 31, 20XX

 

 

Retained Earnings, December 1

$5,000.00

 

Add: Net Income

15,000.00

 

Subtract: Dividends

(2,402.50)

 

Retained Earnings, December 31

$17,597.50

 

 

 

 

Anne's Beauty Salon, Inc

Balance Sheet

At December 31, 20XX

Assets

Liabilities

 

Current Assets

Current Liabilities

 

Cash

$949.50

Accounts Payable

$5,000.00

Accounts Receivable

11,948.00

Unearned Revenue

200.00

Supplies

20,500.00

Total Current Liabilities

5,200.00

Prepaid Rent

8,400.00

 

Prepaid Insurance

6,000.00

 

Total Current Assets

47,797.50

Note Payable

15,000.00

Equipment

$25,000.00

Total Liabilities

20,200.00

Less: Accumulated

 

Stockholders' Equity

 

Depreciation

(5,000.00)

20,000.00

Common Stock

30,000.00

Total Long-Term Assets

Retained Earnings

17,597.50

Total Assets

$67,797.50

Total Liabilities and

$67,797.50

 

Stockholders' Equity

 

 

 

 

 

 

Copyright Post University 2022, All Rights Reserved

,

Anne's Beauty Salon, Inc

Income Statement

For the Year 20XX

Sales (Revenue)

$125,000.00

 

Cost of Goods Sold

25,000.00

 

Gross Profit

100,000.00

 

 

 

Payroll Expense

67,500.00

 

Sales, General, Administrative Expense

5,000.00

 

Rent Expense

1,400.00

 

Utilities Expense

1,670.00

 

Insurance Expense

500.00

 

Depreciation Expense

2,500.00

 

Total Operating Expense

78,570.00

 

Total Operating Income

21,430.00

 

Income Taxes

6,430.00

 

Net Income

$15,000.00

 

 

 

 

This copy of the Anne’s Beauty Salon financial statements shows the relationship between the four statements.

Statement of Retained Earnings

For the Month Ending December 31, 20XX

 

 

Retained Earnings, December 1

$5,000.00

 

Add: Net Income

15,000.00

 

Subtract: Dividends

(2,402.50)

 

Retained Earnings, December 31

$17,597.50

 

 

 

 

Anne's Beauty Salon, Inc

Balance Sheet

At December 31, 20XX

Assets

Liabilities

 

Current Assets

Current Liabilities

 

Cash

$949.50

Accounts Payable

$5,000.00

Accounts Receivable

11,948.00

Unearned Revenue

200.00

Supplies

20,500.00

Total Current Liabilities

5,200.00

Prepaid Rent

8,400.00

 

Prepaid Insurance

6,000.00

 

Total Current Assets

47,797.50

Note Payable

15,000.00

Equipment

$25,000.00

Total Liabilities

20,200.00

Less: Accumulated

 

Stockholders' Equity

 

Depreciation

(5,000.00)

20,000.00

Common Stock

30,000.00

Total Long-Term Assets

Retained Earnings

17,597.50

Total Assets

$67,797.50

Total Liabilities and

$67,797.50

 

Stockholders' Equity

 

 

 

 

 

 

The ending cash balance per the Statement of Cash Flows should equal the cash balance on the Balance Sheet

Copyright Post University 2022, All Rights Reserved

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