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Prompt : In the first milestone , you addressed stockholders ’ equity and income measurement / revenue recognition for your portfolio . In the second milestone for your final project , you will continue work on your portfolio by completing critical elements III and V . You will be addressing income taxes and pensions 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
V . Pensions
Address the following elements in the form of a memo to your CEO :
A . From your company ’ s financial information , what type of pension plan does it have ? Discuss the reasons why your company has chosen this particular plan .
B . What was the effect of the pension plan on your company ’ s financial statements ? Defend your response .