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Your brother John owns a tire shop in Arkansas, and you live in Missouri.  John gives you a new set of tires from his store for your birthday. Which Arkansas tax is charged for this transaction?

Nonprofit organizations are automatically exempt from any income taxes.

Which of the following is the correct accounting equation for a nonprofit?

Most nonprofits do not have to pay any payroll taxes for employees.

Nonprofits are not allowed to borrow money like for-profit businesses are.

Most nonprofits are required to file which of the following annual reports to the federal government?

Sue lives in Arkansas.  She traveled to Louisiana to her friend’s home to purchase a vehicle because the sales tax rates are cheaper in Louisiana. Sue will drive the new car home to Arkansas and will drive it daily in Arkansas.  Which Arkansas tax is charged for this transaction?

A nonprofit organization may have funds that are restricted for a particular use. Who can make these restrictions?

Sissy owns a clothing store in Rogers, AR, named Sissy’s Styles.  Sissy’s Styles purchases 35 pairs of fashion jeans from a manufacturer in Eudora, AR.  The jeans are to be re-sold in the Rogers store.  Which Arkansas tax is charged for this transaction?

Both for-profit and nonprofit businesses are required to include a Statement of Cash Flows in their annual reports.