30 Aug 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)

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

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,

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

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