Differentiate between partnerships and corporations for selecting an appropriate business entity
Analyze the effects of consolidations on financial statements for proper reporting
Determine effective strategies for estate planning to minimize tax liability
Evaluate the need for trusts in various scenarios for income protection
Illustrate how insolvencies impact business entities and their related stakeholders for informing recommendations
You will continue to work with the retail company that you chose in ACC 610 or , if you transferred into ACC 620 , you will continue with the retail company you chose from the following options : Wal-Mart , Target , Sears , Kroger , or Amazon . You have adopted this company to apply learning concepts in authentic scenarios . Through this project , you will conclude your portfolio that you have been assembling throughout the financial reporting series .
Your portfolio pieces for this project will include a financial analysis paper , spreadsheets to be included in that analysis paper , and a summary report .
Specifically , the following critical elements must be addressed :
I . Business Entities — Partnerships and Corporations Assume your company is involved in a major lawsuit . The probable damages are estimated to be $ 2,000,000 .
A . Describe the effects damage estimates would have on the financial statements of a corporation and a partnership .
B . How do disclosure requirements differ from a corporation to a partnership and what information is required ?