Case Study The Owners Of Price And Carter Accounting

Introduction - Ricki We have been hired by Price and Carter Accounting, LLC, a small startup accounting firm located in Columbus, Indiana that has only been open for about three months. They have hired us to look into their current situation and make recommendations based on that information for how they should begin acting on their goal of expanding within their market. Given that they are still a young company, they indicated their plans for expansion will not happen for the next few years. However, they would like to begin forming the right mind set now, so when it comes time to begin implementing the new changes within their organization, they will be fully prepared for what is to come next. Company Information - TJ The owners of†¦show more content†¦Mission, Vision, Values of the Company - Ricki The company’s mission statement is to help clients accomplish their goals by providing the highest quality of accounting, auditing, and tax-related services. Price and Carter Accounting, LLC’s primary purpose as an organization is to exceed clients’ expectations by continually striving to provide exceptional service, responsiveness, and personal attention based on their specific needs. It strives to employ people who go the extra mile for their clients. It is the goal of the organization to create a culture of growth, profitability, and enthusiasm for success throughout the firm. We feel this mission statement is a strong indicator of the types of services and level of care customers can expect from this organization. These statements give customers, employees, and potential shareholders a good overview of the company in relation to its overall function and reason for being. We believe that the mission statement for Price and Carter Accounting, LLC is a conci se and well thought-out foundation for the business. The company’s vision is to be the leading tax and accounting firm, providing reliable solutions and services for businesses worldwide. The company’s vision statement gives stakeholders a good overview of the company’s end goal and where it is headed. We believe that this statement accurately depicts Price and Carter Accounting, LLC’s intent toShow MoreRelatedAccounting Policies, Income Statement and Related Items2283 Words   |  10 PagesAbstract GAAP requires company to disclose accounting policy in their financial reports. These policies provide relevant information to decision makers on choices taken by executives. Financial statements are the final product of accounting process. Income statement provides data for investment and other decisions. The net income is essentially the common income statement form, consisting of classifications such as income from continuing operations, discontinued operations, extraordinary itemsRead MoreIntroduction and Learning Objectives of Accounting and Management6224 Words   |  25 PagesSchool of Accounting ACCT 1511: Accounting and Financial Management 1B Session 2, 2012 Week 5 Completing the Balance Sheet Student Handout Contents: 1. Learning Objectives 2. Tutorial Questions 3. Lecture Materials Lecturer: Dr Victoria Clout Website: http://telt.unsw.edu.au 1 Introduction and Learning Objectives In this week we are turning our attention towards the remaining major component of the balance sheet – owners’ equity. Like liabilities, owners’ equity represents anotherRead MoreThe Small And Medium Scale Enterprises2024 Words   |  9 Pages1.1 Background of the study The small and medium scale enterprises (SMEs) in developing countries such as Ghana have been playing very strategic role in the developmental agenda of the nations in the areas of rapid industrialization and other developmental goals as well as job creation among the youth. The interest in the role of SMEs in the development process continues to be in the forefront of policy debates in most countries. Citing Abor and Quartey (2010), Nyameet al (2013) revealed that SMEsRead MoreThe Financial Performance of Low-Cost and Full-Service Airlines in Times of Crisis8844 Words   |  36 PagesHalifax: Mar 2005. Vol. 22, Iss. 1; pg. 3, 18 pgs Abstract This paper examines the stock and accounting performance of three major airlines in the United States in the aftermath of the September 11, 2001, terrorist attacks. September 11 (9/11) resulted in dramatic changes in the airline industry and had significant implications for the economic gains and future prospects of most airlines. Our study focuses on the stock markets perception of the viability of low-cost versus full-service businessRead MoreGrowing Pain8511 Words   |  35 Pagesoutside of Lee Carter’s office. She must have been talking with Les Finch, Maher thought. Here’s trouble. Of course, it didn’t necessarily mean anything, Maher told himself as he passed the office, waving to Carter. Finch, a well-connected marketing consultant, had been the matchmaker between Carter and Waterway Industries to begin with. With the company in the fourth quarter of its best year ever, he certainly wouldn’t be encouraging her to leave. Would he? Maher got a cup of coffee in the company’sRead MoreForeign Exchange Risk Management14141 Words   |  57 Pagesbusinesses. REFERENCES: Adler, M (1982)Translation Methods and Operational Foreign Exchange Risk Management, in G. Bergendahl (Ed) International Financial Management, Stockholm, Norsteds. REVIEW 2 How is foreign exchange risk managed? An empirical study applied to two Swiss companies. ABSTRACT This paper investigates how two Swiss companies manage their foreign exchange risk and compares the results to theoretical findings and to previous empirical research. We find significant differences in theRead MoreAccounting for Non Accounting Students45396 Words   |  182 PagesinggLecturer’s Guide Accounting for Non-accounting Students Sixth edition J R Dyson ISBN 0 273 68301 2  © Pearson Education Limited 2004 Lecturers adopting the main text are permitted to download the manual as required. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published in Great Britain under the Pitman Publishing imprint in 1997 Second edition publishedRead MoreBackground Inditex, One of the Worlds Largest Fashion Distributors, Has Eight Major Sales Formats - Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home Y Kiddys Class- with 3.147 Stores in 70100262 Words   |  402 PagesInterorganisational management of environmental and social aspects in the supply chain Case studies from the textile sector Doctoral dissertation the international institute for industrial environmental economics Lund University, Sweden  IIIEE DISSERTATIONS 2009:2  Responsibility in the Supply Chain Interorganisational management of environmental and social aspects in the supply chain Case studies from the textile sector Beatrice KOGG Doctoral Dissertation May 2009 Read MoreAgency Theory Essay 329591 Words   |  119 PagesCATHERINE M. DALTON Kelley School of Business, Indiana University Abstract A central tenet of agency theory is that there is potential for mischief when the interests of owners and managers diverge. In those circumstances, and for a variety of reasons, managers may be able to exact higher rents than are reasonable or than the owners of the firm would otherwise accord them. While that foundational element of agency theory is secure, other elements derived directly from agency theory are far less settledRead MoreEffect of Internal Controls on Financial Performance11978 Words   |  48 PagesINTRODUCTION 1.1 Background of the study Over the past decade, Africa and other developing regions have been in the midst of tremendous changes. Market liberalization and governmental decentralization policies have interfaced with globalization and urbanization trends to dramatically transform social, political, economic and cultural lives. In this context of rapid change, SME operations can no longer remain behind serving only to meet sustenance income for their owners. SMEs engagements have to become

The Differences Between Creationism And Creationism

Research Paper People all over the world believe in extraordinary things. People believe there are no gods , some believe there are one thousand gods, some believe there are one god, some believe that humans that have died are reborn in the form of a cow. These beliefs are known as religion. Religion is the belief and worship of a greater power over mankind. There are four thousand two hundred known religions in the world. Some religions are different forms of the same belief, but interpreted differently. Beliefs coincide with each other, but some contradict each other completely. Two major beliefs that contradict each other are Evolution and Creationism. What is evolution? Evolution is the belief that mankind evolved from primates such†¦show more content†¦Evolutionism is the belief that humans evolved from primates. Creationism is the belief that God created mankind in his own image. Each religious belief contradict each other and cause friction between the two. Both rel igions have evidence of being true. The evidence of course contradict the other, but so long as each side s evidence exist. The first side is evolution. Evolution is the belief that mankind was created from evolving from primates such as chimpanzees or monkeys. This belief was first approached in the late seventeenth century when modern ideals of taxonomy in biology were created. Ideals of evolution have been spread out through numerous cultures. Cultures like Greek Mythology, Middle Age ideology, Islamic cultures, and German Idealism, all contained bits and pieces of beliefs of evolution. Each culture has different ideals on evolution. Evolutionism wasn’t recognized publically until Charles Darwin. Darwin a very famous scientist, published an article on his theory of evolution. In 1859, Darwin published that theory in the article â€Å"On the Origins of Species†. Another man by the name of Alfred Wallace expressed the same idea before Darwin did in 1858. Wallace not b eing nearly as well known was never given any credit for the theory. His ideas were a little different than Darwin’s in the sense that Wallace believed that human soul is not formed from evolution. Darwin was criticized forShow MoreRelatedShould Religious Education Be Public Schools?1719 Words   |  7 Pagesbackgrounds. Creationism is thought to be a great asset to the education curriculum. Creationism is composed of parts equally religious and science (evolution). It is disadvantageous to exclude this based on its involvement with religion. Additionally, to not include the idea of a creator in our idea of the world’s conception is deemed unconstitutional and senseless. According to the First amendment, no law should prohibit the practice of religion nor should it affect freedom of speech. Creationism shouldRead More Do Creationism and Intelligent Design Have a Place in the Classroom?1280 Words   |  6 Pagesof Evolution† shares similar opinions (2007). In 2006, The Times published an article by Halpin reporting the inclusion of creationism in a new biology syllabus produced by the OCR exam board. James Williams, science course leader at Sussex Universitys School of Education, told the Times Educational Supplement: This opens a legitimate gate for the inclusion of creationism or int elligent design in science classes as if they were legitimate theories on a par with evolution fact and theory.† The OCRRead MoreCharles Darwin s Views On Evolution And Evolution1275 Words   |  6 Pagestwo or more events, in which the occurrence of one, precludes the occurrence of the other. Creationism and evolution are two notions that can be viewed as mutually exclusive or non-mutually exclusive, depending on the evidence that you are provided with as well as one’s personal beliefs. In order to appreciate this concept it is important to understand the meanings of both opposing arguments. Creationism is the belief that the universe and living creatures originate from specific acts of divineRead MoreCopernicus And The First Pioneers Of Science1525 Words   |  7 Pagesunconstitutional (8). Then Overton defined five â€Å"characteristics of science† to help distinguish the difference between science and religion and clarify why religion shouldn’t be taught as fact (8). Today Mr. Jones is again being asked to teach creationism, a religious theory, in his biology class alongside evolution-science, which consists of tested scientific theory. I propose that creationism be taught in an optional theology class or through an extracurricular workshop to maintain the separationRead MoreThe Louisiana Science Education Act Essay1728 Words   |  7 PagesIn the United States, evolution and creationism remain a controversial issue as far as which method should s tay in science classes across the globe. How was the earth created? How were humans created? These are questions that arise in most science classes. Many students require an explanation of why people exist. There are those who would oppose evolution, and there are those who oppose creationism. Is there a significant difference between these methods? Several states have passed regulations thatRead MoreThe Beliefs Of The World : Creationism Vs Creationism1266 Words   |  6 PagesAysha Brockington Dr. Stamper GE 102 Compare Contrast 10/28/15 The Beliefs of the World: Creationism vs Evolution Creationism and Evolution is a heavily discussed topic all over the world, sparking controversy on every turn. Whether humanity evolved from monkeys over time or was created instantly by an almighty God; that has been the debate between creationist and scientist since Charles Darwin came forth with the evolution theory in the late eighteen-fifties. It’s hard to contest againstRead MoreIntelligent Design: An Intelligent Way of Disguising Religion1346 Words   |  6 PagesGod put all the plants, animals, and people on this planet, and evolution completely contradicts that. The idea of including creationism in schools has been brought to courts multiple times but with no success. Now the creationists have a new way of presenting it. They disguise it behind science and use the term Intelligent Design. Intelligent Design is a form of creationism under new terminology and is the attempt of many to incorporate religion into school systems and science education; it has noRead MoreCr eationism vs. Evolutionism in Public Schools1538 Words   |  7 PagesDebate: Creationism vs. Evolution in Schools: 1st Affirmative Constructive Speech Creationism and Evolutionism by definition are very different topics. Currently, evolutionary naturalism is the most widely taught view of origins in America. In schools in the modern day, only evolutionism is taught and condoned. But before the 1920s, only creationism was taught, and evolution was forbidden. Then, on February 20, 2008, the Florida State Board of Education voted to revise the public school guidelinesRead MoreThe Debate Between Evolution and Creationism1648 Words   |  7 PagesIf the question was posed as to what is the debate between creationism vs. evolution consist of, the thought that it is ‘â€Å"God did it† vs. â€Å"Natural processes did it,†Ã¢â‚¬â„¢ (Scott, 2004) may arise. Science cannot absolutely prove or disprove Creation or Evolution. Yet scientist and the remainder of society use creationism and evolution to prove our existence. Creationist believe in the Christian account of the origin as recorded in Genesis. Creationism is the belief that statements such as â€Å"In the beginningRead MoreCreationism vs. Darwinism: A Comparative Analysis1530 Words   |  6 Pagesï » ¿Creationism vs. Darwinism Abstract An analysis of creationism, and its various forms, is undertaken in order to determine basis for creationist beliefs. Additionally, Darwinism is explored and the differences between Creationism and Darwinism are analyzed. Despite overwhelming evidence that supports the existence and validity of Darwinism, there are still arguments made that attempt to discredit evolution. The battle between Creationists and Darwinists extends beyond science and religion and has

American Dream Is Still Alive Free Essays

string(32) " close to paying a living wage\." American Dream is Still Alive My whole life I grew up believing that there is such thing as the American Dream. The last couple years my faith in that has been tested for sure. Today there are many problems with the economy; there are many people out there who think there’s no such thing as the American Dream anymore. We will write a custom essay sample on American Dream Is Still Alive or any similar topic only for you Order Now â€Å"The creation of a government that is out of control, and thus out of touch, robs every citizen, preventing fulfillment of the original American Dream (Thomas 569). I agree with this, however I am still proud to be an American and I believe that no matter how hard it is, you can do anything you put your mind to. It’s not going to be easy; in fact it will be much more challenging than it used to be when the economy was different. But that doesn’t mean that the American Dream has been lost forever. The American dream may not be exactly what it used to be, and it may be harder to achieve than ever before; however, it is still alive. One reason the American dream is harder to achieve is because America is in a financial crisis. Costly war after costly war is being fought. Our men and women are fighting wars in other countries and are gone for years on end†¦many don’t return at all. Our economy has taken a nose dive, and at a rate that many wonder if there is any hope of it ever coming back up. It seems that more people are unemployed than working, and even those who were highly employable before can’t seem to find a job anymore. The top 4 percent of Americans hold the largest amount of money, and is not trickling down. Many believe we are going through another depression. Children are starving and standards of living are lowering. Wherever you choose to look—at the economy and jobs, the public schools, the budget deficits, the nonstop warfare overseas—you’ll see a country in sad shape (Herbert 564). † It is evident that things need to change. The American Dream may be buried, but we can dig it up and find ways to make it live long and prosperous once again. The news shows that unemployment is slowly dropping, but I can’t help but wonder if that is because those people who receive unemployment benefits are no longer receiving benefits, not necessarily because they have a job, but because their money has run out. In order to make it at all we need to be earning an income. Not to mention the fact that when we are working, most people aren’t even earning a living wage; but what makes matters worse, unemployment is so high these days, just finding a job is becoming next to impossible. The high unemployment makes things so difficult these days. So many people are scrambling to make a living or to make ends meet. With the economy as fallen as it is, even highly educated people are without a job. Many people are finding out that you can be too educated for a regular job. Others are finding that employers don’t want to hire you if you are unemployed. Again, others are highly trainable and would make excellent employees, but employers don’t want to take the time or spend the money to train. During a recession like this, many people need to be working two jobs just to make ends meet. But even fast food restaurants have raised their standards to high that they expect a resume before the consider you. With so little people hiring and those hiring having such high standards, people are becoming desperate just to find a job. State and local governments, faced with fiscal nightmares, are reducing services, cutting their work forces, hacking away at health and pension benefits, and raising taxes and fees. In many cases, the austerity measures are punishing some of the most vulnerable people, including children, the sick, and the disabled (Herbert 565). † These cutbacks have had many ramifications on the American Dream. People who were well on their way to achieving it had their dreams snatched out from under them as employers let people go, lowered wages, took away bonuses, and raised the fees on benefits or cut it all together. Suddenly new grads needed more experience and education to get their foot in the door while earning barely enough to pay their rent, let alone their student loans. America has recently fallen into a great recession, and though some claim we are no longer in a recession, our country and has never quite bounced back. Our economy is fragile and unstable. â€Å"In June 2009†¦. native born workers lost 1. 2 million [jobs] (Herbert 565). † Businesses are afraid to hire more workers; for fear that consumers aren’t comfortable spending money quite yet. Consumers are afraid to spend money for fear that they won’t be earning any more. People who were once financially stable are barely getting by, some even homeless. This recession has been said to be equal to, if not worse than, the Great Depression. â€Å"The human suffering in the years required to recover from the recession will continue to be immense (Herbert 565). † Recovery may be happening, but is definitely an unstable process. Jobs are still hard to come by and a living wage is still almost unheard of. â€Å"The U. S. needs to develop a full-employment economy that provides jobs for all ho want to work at pay that enables workers and their families to enjoy a decent standard of living (Herbert 565). † In this day and age, it is as much about earning a wage that pays the bills as it is to have a job. What’s the point of working 45 hours a week if it doesn’t pay all your bills? Many people are willing to work the jobs that they may have never considered before, but those jobs don’t come close to paying a living wage. You read "American Dream Is Still Alive" in category "Essay examples" Potential small business owners are having a hard time starting up, as banks are uneasy about giving business loans, slowing job growth even more. Another hindrance in the comeback of our beautiful country is the enormous gap between our wealthiest and our poorest. â€Å"As long as income and wealth keep concentrating at the top, and the great divide between America’s have-mores and have-lesses continues to widen, the Great Recession won’t end, at least not in the real economy. Weak national real estate markets, sluggish job growth, and slow recovery of liquid assets lost during the recession are obstacles to a full recovery (King 574). † There was once a time where you could not exactly be rich, but not exactly be poor. You could afford to live, have a decent job, and even go on vacation. Maybe you couldn’t afford to own two brand new vehicles and put your children in expensive private schools, but you had a savings account that had money in it and were happy with where your hard work had taken you. That, my friends, is what used to be called the Middle Class. It is quickly becoming something of the past, and without those striving for the American Dream, may become a mythical fairytale that we tell our children and grandchildren about. The importance of education has fallen to the back burner as cuts to public school become greater. As the saying goes, children are our future. They are the people that will be, one day, running our government. When cuts are constantly being made to public schools, children aren’t getting what they need to get the kind of education that allows them to grow up to be critical thinking adults. â€Å"A monopolistic government school system keeps the poor from achieving their dreams, as many remain locked, producing graduates who lag behind other nations in subjects that matter (Thomas 569). † The subjects children are taught were chosen with care. Every child has different talents, and those talents need to be fostered. When subjects get cut from schools, many children miss out on learning what they need to learn in order to grow and become who they are supposed to do. â€Å"There was a time when the United States understood the importance of educating its young people and led the way in compulsory public schooling. It also built the finest higher education system in the world. Now, although no one will admit it publicly, we’ve decided to go in another direction (Herbert 566). † This is sad but true. Somewhere down the line, we must have forgotten that a poor education creates a poor society. There is only one teacher per classroom, but each classroom has over two dozen children, each having separate learning needs, and each having different learning styles. With funding being directed places other than public education, the result is schools closing. All over America school after school after school is being closed. This puts hardworking teachers out of business and crams the classrooms even more with children who require a proper education that consists of one-on-one time. Public figures talks endlessly about ‘transformative changes’ in public education, but the years go by and we see no such thing (Herbert 566). † Lately, it seems the only changes we’ve seen have not been what are best for our education system. â€Å"School systems around the country are being hammered with dreadful cutbacks and teachers are being let go in droves, not because they a re incompetent, but strictly for budget reasons (Herbert 566). † This leaves kindergartens with waiting lists and parents who have to pay upwards of $300 a month kindergarten fees. Some children are put in part time daycare, while others get full time. However, both go to first grade. I can’t help but wonder if one is more prepared than the other? But I believe there is a silver lining to all of this. The American dream is still alive there is always hope for a better future. The fact that there hasn’t been an overturn of government proves that we are strong. We can adapt to new challenges that come our way. We may get knocked down a time or two, but it’s that light at the end of the tunnel—the one some call the American Dream—that get us back up to try again. As a nation, we have dealt with economic downturns in the past, and the American Dream has faced trials and tests before†¦We have adapted the values contained within the American Dream to meet new challenges (King 577). † Many people have been hit hard with the economic changes. They acclimated to new situations, new ways of living, reinvented themselves, and in doing so, they have found their way back on top. One way we can help bring back the American Dream to its full potential, is to support local business and buy locally. Entrepreneurs create businesses, hire people; people get paid, people shop. People have nice things and money in their pockets, they aren’t so scared to help pay taxes and fund good schools. â€Å"I believe it is necessary and imperative to continue to support the business mechanisms that sustain our economy (King 577). † Without a booming economy, we don’t have a functioning society. We need to support our brothers and sisters. We need to help those around us, and not let it burden us. All this will help create more jobs, and will in turn help the community. If anyone works hard enough, they can â€Å"climb out of hardship and achieve success (King 577). † Hard work is key. It pays off. Sometimes it takes longer than we want it to, but if we don’t give up, we will reap the reward. If we have proven anything in this day and age, it is that we are persistent. â€Å"Despite the recent recession, many have faith that as long as people believe they have a chance of becoming better off than they are today, then the American dream is intact (King 577). † We all have the American Dream inside us, and we will work to achieve it, doing whatever it takes. I believe the American Dream is very much alive. It may not look exactly like it did 50, 60, or 70 years ago, but it is here to stay. Society has adapted and changed, and so has the American Dream. No longer is it about becoming as rich as one possibly can, but about being financially secure, having a job that pays a living wage, as well as having a savings. Stability is more important that material wealth. It’s a good dream. It may not be so easy to obtain, but it is within reach. With hard work and a positive attitude, I believe it is much closer than we realize. Work Cited Herbert, Bob. â€Å"Hiding from Reality. † They Say, I Say with Readings. 2nd ed. Eds, Gerald Graff, Cathy Birkenstein, and Russell Durst. New York: WW. Norton Company, 2012, 564-67. Print. King, Brandon. â€Å"The American Dream: Dead, Alive, or on Hold? † They Say, I Say with Readings. 2nd ed. Eds. Gerald Graff et al. New York: Norton, 2012. 572-79. Print. Thomas, Cal. â€Å"Is the American Dream Over? † They Say, I Say with Readings. 2nd ed. Eds, Gerald Graff et al. New York: Norton, 2012. 568-70. Print. How to cite American Dream Is Still Alive, Essay examples

Perspectives Accountability Of Australian â€Myassignmenthelp.Com

Question: Discuss About The Perspectives On The Accountability Of Australian? Answer: Introducation The main aim is to evaluate section 8-1(1) of the ITAA 1997 and identify the relevant deductions that could be used by taxpayers. These relevant deductions would eventually allow the taxpayers to reduce the assessable income and retain more cash. The Section 4-15 of the Income Tax Assessment Act mainly indicates the relevant exemption that could be used by the taxpayers for reducing its overall taxable income. Hence, the overall deductions rules that is been laid down in the overall product mainly helps in identifying the ways in which overall assessable income of the individual could be reduced. Fry (2017) mentioned that with the help of overall sections the expenses that is conducted by individual could be deducted, which might help in reducing the overall tax liability on the individual. Moreover, deductions provided by section 8-1(1) of the ITAA 1997 can directly be posted on the assessable income calculation. Under the cases Smith v Westinghouse Brake Company (1888) and Granite Supply Association Ltd v Kitton (1905) overall expenses on transfer of machinery from one place to another is identified to be deductible expenses. The situation directly portrays that the relevant expenditure is been conducted on transferring the machinery from one place to another. Therefore, under the section 8-1 of ITAA the expense of transferring machinery is deductible in nature (Barkoczy 2017). Deductions on revaluation of property or asset is not calculated under the section 8-1 of ITAA 1997. Therefore, the situation directly states that no relevant adoption will be provided for revaluation of assets is conducted by the organisation under the section 8-1 of ITAA 1997. The overall deduction on the revaluation could not be conducted, as it is not an actual expenses, whereas it is just a revaluation of the assets that is been conducted by the operations. Therefore, the decline in overall assets value could not be considered an expense and no deductions are allowed as per 8-1 of ITAA 1997. Section 8-1 of ITAA 1997 mainly indicates that any kind of expenses that are conducted for law proceedings are mainly deductible in nature. Section directly indicates that law proceeding expenses can be reduced by the assessable income. The section 8-1 of ITAA 1997 directly mentioned that any kind of expenses that has been conducted on solicitor is mainly deductible in nature. Big Bank Ltd The situation directly indicates that Big Bank Limited has paid for advertisements, which could indicate the relevant GST tax credit that needs to be provided to the bank for its expenses. According to the GST 1999 Act, overall management that have GST can be used as a tax credit by the organisation, which provide them extra lineage and increase retained earnings. The relevant evaluation of the situation that is currently been faced by Big Bank is relatively considered regarding GST tax credit that is mentioned in GST Act 1999. The overall expenses that is been conducted by the bank could provide relevant tax exemption to the company, which could help in increasing its retained income. The overall tax credit increment is mainly beneficial for the company, which could directly help in reducing any kind of ax obligations of the organisation. Rules regarding GST: There are relevant settings and ruling about GST, under the chapter 2, GST Act 1999, where companies conducting expenses inclusive GST is relevantly deductible in nature as tax credit. GST paid in the expenses are mainly tax deductible, where relevant access of your organisation it with you while increasing its retained income (Fry 2017). The relevant rule regarding GST is that any kind of payments that is been conducted by the organisation for its activities can be considered under this rule. Hence, the GST paid on the expenses can be deducted from taxes or considered a tax credit, which reduces the overall taxable amount of the organisation. Furthermore, the ruleing alo states that any kind of expenses that is not an activity of the organisation cannot be considered under this ruling and no tax credit will be allotted. Issues faced by Big Bank: The main issue is needed to segregate the expenditure on an advertisement that is conducted by Big Bank. The $1,650,000 expenses on advertisement that is being conducted by the organisation for supporting its promotional needs. The main aim is to identify whether the expenditure on advertisement GST is tax deductible or not (Ismer and Jescheck 2017). Therefore, there are two types of expenses, which is been conducted through advertisements, firstly the expense on promotion of expecting activities and second promotion of new activity. Therefore, whether the expense is considered under the GST rule or not is mainly identified, this could help the Big Bank get the required tax credit. Analysing the situation of Big Bank: The evaluation of the situation mainly indicates that the Big Bank Company has high infrastructure, which has allowed them to operate smoothly and conduct adequate operation. Therefore the expenses on advertisement conducted by Big Bank are segregated in two segments, where the first expenses are conducted on current promotional needs and other expenses is conducted on promotion of new product. Hence, expenses of $1,100,000 and that GST is mainly deductible in nature under GST Act 1999. However, expenses conducted for the new product is not considered to be under GST. Therefore, only 2% of the expense of $550,000 is considered under GST Tax credit (Williamson et al. 2017). Conclusion: Hence, from the evaluation of case study it could be understood that GST tax credit is mainly provided on advertisement expense of $1,100,000, while providing only 2% on the other expenses on advertisements. Therefore, the rule regarding GST can be utilised by Big Bank and reduce its overall tax liability and increase retained income. Calculation of Input Tax credit Particulars Amount ($) Amount ($) Total spending on advertisement and promotional activities 1,650,000.00 GST input credit 100% eligible for: 1,100,000.00 Portion of advertisement expenditures ineligible for input credit in respect of GST 550,000.00 100% GST input credit 100,000.00 Add: For 2% contribution in revenue 3,000.00 Amount of input credit allowed to the bank 103,000.00 Table 1: Big Bank input credit allowed (Source: created by author) Angelos income Assessable income of Angelo inclusive of foreign incomes Particulars Amount Amount Gross total income without any deductions $ 68,000.00 Available deductions: Medical expenditures $ 5,000.00 Expenses for deriving employment expenses disallowed for deduction - Expenses incurred in UK for generating Rental income $ 500.00 Interests expenditures for generation of dividend income $ 140.00 Expenses for generation of interest income $ 60.00 Total amount of deductions $ 5,700.00 Net income after deductions $ 62,300.00 Income tax payable $11,794.18 Medical levi $ 1,246.00 Total taxable income $ 13,040.18 Table 2: Inclusive method used in identifying assessable income (Source: created by Author) Assessable income of Angelo exclusive of foreign incomes Details ($) ($) Gross total income without any deductions 44,000.00 Available deductions: Medical expenditures 5,000.00 Expenses for deriving employment expenses disallowed for deduction - Expenses incurred in UK for generating Rental income - Interests expenditures for generation of dividend income - Expenses for generation of interest income - Total amount of deductions 5,000.00 Net income after deductions 39,000.00 Income tax payable 4,221.68 Table 3: Exclusive method depicting the income tax payable (Source: created by author) With the help of figure 2 and 3 all the relevant taxable income that needs to be paid by Angelo is mainly depicted. Moreover, both Income Tax payable inclusive and exclusive method has been provided in the figure 2 and 3, which could help in deriving minimum tax that is to be paid by Angelo (Braithwaite 2017). In addition, (13,040.18 4,221.68) = $8,818.51 is mainly identified in overall tax that needs to be provided by Angelo for the current fiscal year. Johnny and Leon Statement showing Calculation of Income from Partnership Particulars Amount Amount Revenue from sporting goods sales $ 400,000.00 Interests incomes on bank deposits $ 10,000.00 Un-franked portion of dividend $ 8,400.00 Amount of Bad debts recovered $ 10,000.00 Incomes exempt - Income from capital gain $ 30,000.00 The amount of gross total income $ 458,400.00 Expenses eligible as deduction: Partners salaries $ 25,000.00 Fringe benefit tax $ 16,000.00 Interests on capital $ 2,000.00 Interests expenses on loan $ 4,000.00 Johnnys travelling expenses $ 3,000.00 Office building renewal fees $ 2,000.00 Documentation related expenses $ 700.00 Expenses on debt collection $ 500.00 Council rates $ 500.00 Salaries of employees $ 20,000.00 Cost of goods sold {(Opening stock + purchases) Closing stock} $ 34,000.00 Retail shop rent $ 20,000.00 Bad debt losses $ 30,000.00 Expenses related to business lunches - Pilferage $ 3,000.00 $ 160,700.00 Income of the partnership firm for the income year before setoff of loss $ 297,700.00 Less: Setting off loss incurred in the previous year $ 40,000.00 Net income of the partnership in the income year $ 257,700.00 Table 4: Mentioning about the total income generated from partnership (Source: created by Author) Reference Barkoczy, S., 2017. 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