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For the final project in this course, you will imagine you are a new CPA in an accounting firm. You have been asked to prepare a report on the differences in accounting practices for partnerships versus corporations in different scenarios, such as a major lawsuit, consolidation, estate planning, and use of a trust. You are to use a particular large corporation as your comparative example. Choose one of the following: Walmart, Kroger, Amazon, Costco, The Home Depot, CVS Health Corporation, or Target. You don’t have to choose a particular partnership for comparison.
This is the first of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Section I of the final project. Prepare a Word document that addresses the critical elements below in relation to your chosen corporation. Answer each question in a substantive way, and defend each of your responses with at least one scholarly source other than your textbook. Pay close attention to the grading rubric to make sure you meet the “Proficient” level in each requirement.
Specifically, the following critical elements must be addressed:
I. Business Entities—Partnerships and Corporations
Assume your company is involved in a major lawsuit and 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. Support your answer.
B. How do disclosure requirements differ from a corporation to a partnership, and what information is required? Support your answer.
C. Are the shareholders at risk for any personal liability with the company set up as a corporation? Defend your response and support your answer.
D. If your company was set up as a partnership, would the partners be at risk for personal liability? Defend your response and support your answer.
Guidelines for Submission: Your paper must be submitted as a 2- to 3-page Word document (excluding the title and reference pages). Use double spacing, 12-point Times New Roman font, and one-inch margins. For references, you should use at least one outside source other than the textbook. Sources should be cited using the latest APA style guidelines.