Week 3 Prepare a personal budget based on your post graduation situation. Complete Problem 3 of the Financial Planning Section in Personal Finance. Complete problems I2-50, I3-36, I3-57, I4-43, I6-34, I6-51, & I7-62 in the Individuals section of Federal Taxation Comprehensive. Name the seven business tax entities listed in Objective 3 in Week One and provide a tax advantage and disadvantage for each in a table. Complete Problem 3 of the Financial Planning Section in Personal Finance. Preparing a Personal Balance Sheet.Use the followingitems to prepare a balance sheet and a cash flow statement.Determine the total assets, total liabilities, net worth, totalcash inflows, and total cash outflows. (Obj. 3) Rent for the month, $650, Monthly take-home salary, $1,950Cash in checking account, $450Savings account balance, $1,890Spending for food, $345Balance of educational loan, $2,160Current value of automobile, $7,800Telephone bill paid for month, $65Credit card balance, $235Loan payment, $80Auto insurance, $230Household possessions, $3,400Stereo equipment, $2,350Payment for electricity, $90 Lunches/parking at work, $180Donations, $70Home computer, $1,500Value of stock investment, $860Clothing purchase, $110Restaurant spending, $130 Problem I2-50 Computation of Tax.Georgia, a single taxpayer, operates a business that produces$100,000 of income before any amounts are paid to her. She has no dependents and noother income. She has itemized deductions of $18,000. Compute the totalincome tax thatwould be paid assuming the following additional facts. Ignore payroll taxes. a.Georgia operates the business as an S corporation receiving a salary from the corporationof $60,000. The corporation distributes all of its remaining income to the shareholders. b.She operates the business as a C corporation receiving a salary from the corporation of$60,000. The corporation distributes its aftertax income to her as a dividend. c.How would the total tax change in each of the first two requirements if the corpora-tion made no payments to the owner other than the salary? Problem I3-36 Cash and Accrual Methods.Carmen opens a retail store. Her sales during the first yearare $600,000, of which $30,000 has not been collected at year-end. Her purchases are$400,000. She still owes $20,000 to her suppliers, and at year-end she has $50,000 ofinventory on hand. She incurred operating expenses of $160,000. At year-end she has notpaid $15,000 of the expenses. a.Compute her net income from the business assuming she elects the accrual method. b.Compute her net income from the business assuming she elects the cash method. c.Would paying the $15,000 she owes for operating expenses before year-end change hernet income under accrual method of reporting? under the cash method? Problem I3-57 Matt and Sandy reside in a community property state. Matt left home in April 2006because of disputes with his wife, Sandy. Subsequently, Matt earned $15,000. Before leav-ing home in April, Matt earned $3,000. Sandy was unaware of Matts whereabouts or hisearnings after he left home. The $3,000 earned by Matt before he left home was spent onfood, housing, and other items shared by Matt and Sandy. Matt and Sandy have onechild, who lived with Sandy after the husband left home. a.Is any portion of Matts earnings after he left home taxable to Sandy? b.What filing status is applicable to Sandy if she filed a return? c.How much income would Sandy be required to report if she filed? d.Is Sandy required to file? Problem I4-43 Employee Benefits.Ursula is employed by USA Corporation. USA Corporation providesmedical and health, disability, and group term life insurance coverage for its employees.Premiums attributable to Ursula were as follows:Medical and health$3,600Disability300Group term life (face amount is $40,000)200During the year, Ursula suffered a heart attack and subsequently died. Before her death,Ursula collected $14,000 as a reimbursement for medical expenses and $5,00
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