Corporations

C Corporation:
Benefits:
1. No limits on number of shareholders
2. Business owners are removed from personal liability for debt incurred by the corporation
3. Link
Disadvantages:
1. Double taxed
2. It's costlier to start than a sole proprietorship or partnership
3. Link

S Corporation
Benefits:
1. Income tax saving
2. Payroll tax saving
3. Link
Disadvantages:
1. The number of owners is limited to 100 persons
2. More costly
3. Link
 
LLC
Benefits:
1. Limited personal liability for business debts
2. Choose between being taxed as partnership or corporation
3. llc link
Disadvantages:
1. More expensive
2. Businesses that operate in more than one state may not receive consistent treatment.
3. llc link

Free Enterprise Fund v. Public Company Accounting Oversight Board

In this article the Supreme Court weighs its option on the validity of parts of the anti-fraud law brought on by the Enron scandal. Some beleive it has to be changed otherwise the separation of powers is not in balance because the president cannot control it because he does not have the power to appoint or remove officials from office in this organizations board. Others believe it is necessary to have a board to stop fraud, but it should be able to be controlled by the president in some way. The supreme court is still looking into this and is expecting to have it figured out by spring.

Free Enterprise Fund v. Public Company Accounting Oversight Board

Sen. Joseph Lieberman

Joseph Lieberman was interviewed on his thoughts on the Enron case. Lieberman had arguements about wall street, and accounting firms. He argued that analysts on wall street should have to state if they are working for a company, because they have basically become salesmen for the companies. They have vey rarely ever given advice to sell a stock, but instead advise people to buy stock. Another problem with the accounting firms Lieberman thought was that one accounting firm should not be allowed to be the auditor and consultant for single company. This would cut back on the corruption because more than one accounting firm would be involved at all times. Lieberman did not have an issue with expensing options, which most people do think is an issue. Liebermans thought on the Enron case was that what they were doing with options was not wrong, but it was other things, processes, recording, and honesty that was wrong.

Joseph Lieberman

On Balance Article Summary

     In this article Amy reflects on Daniels life outside of his job as well as his achievements within Quest Technologies. Daniel is a dynamic industry CPA. He enjoys hiking, marathons, canoeing, and everything adventurous. Daniel not only loves his job, but helps by promoting accounting in America by giving speeches to accounting classes. For example he just recently gave a speech to his granddaughters accounting class at J.A. Craig High School in Janesville. Daniel has worked hard to earn his company many different accolades throughout the years. Quest Technologies recently recieved the Governor's Export Achievement Award in High Technology for their excellent work. Not only this, but since Heerey has worked at Quest it has grown by 15-20 percent, which is a huge achievement in todays economy. Heerey continues to be the proud accountant of Quest, which supplies over 65 countries worldwide, and a proud father and grandfather.



Amy E. Gaeth. "Daniel J. Heerey lays blueprint for success" On Balance December 6, 2010: 7-9

Financial Statement Analysis

Target vs. Shopko

1. Total Revenue: 65,357 vs. 72,342
    Total Expenses: 16,622 vs. 18,674
    Net Income: 48,735 vs. 53,668
    Net Loss:
    (in millions)
2. target equals 74.4%
    shopko equals 74.2%
3. Shopko has a better component percentage.

Fiscal Period

1. I chose the store Target for this assingment. Target is a store that provides its conusmers with many useful things. It stocks everything from trampolines to beard trimmers. I picked target cause it is where i get my beard trimmers from (that was a joke..ha ha).
2. Link to financial statements
3. Targets fiscal year ends the Saturday nearest January 31st.
4. The reason for Target's fiscal year ending on this time is because their busiest time of the year is from thanksgiving to christmas. After these holidays people do not generally spend as much since they jsut spent so much on christmas.