B. Review your company’ s revenue over the past two years. Analyze the change in revenue( increase / decrease) and give the reasons for this change.
C. Reflecting upon your company’ s balance sheet, identify the unearned revenue accounts listed. How does your company handle the proper accounting treatment with regard to recognizing revenue from unearned revenue accounts
III. Income Taxes
A. If Congress voted to eliminate corporate taxes, what would be the effect on your company’ s income statement and balance sheet? Defend your response.
B. Calculate the income tax rate for your chosen company. What effect will an increase in income of $ 2,000,000 have on your company?
C. What are the effects on the balance sheet and income statement? Justify your response.
D. How much did your company pay in foreign taxes last year? What percentage of its income is United States vs. foreign?
IV. Leases
A. What are the differences between operating and capital leases?
B. Describe the particular leases of your company based on the liability section of your company’ s balance sheet.
C. What impact have the leases had on the company’ s financial statements for the most recent year?
D. Discuss the advantages and disadvantages of leasing a building versus purchasing one.