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 .