Calculating Inventory

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date.

Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours multiplied by the budgeted direct-labor rate.) Budgeted totals for 2002 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year are as follows:

Actual Results
Direct Materials Used $5,600,000.00
Direct Labor $4,350,000.00
Indirect Material Used $65,000.00
Indirect Labor $2,860,000.00
Factory Depreciation $1,740,000.00
Factory Insurance $59,000.00
Factory Utilities $830,000.00
Selling and Administrative Expenses $2,160,000.00
Total $17,664,000.00

Job no. 2077 was completed in January 2002, and there was no work in process at year-end. All jobs produced during 2002 were sold with the exception of Job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or over-applied overhead to the cost of goods sold category.

Using the above information, do the following:

  • Calculate the company’s predetermined overhead application rate.
  • Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.
  • Calculate the finished-goods inventory for the 12/31/02 balance sheet.
  • Calculate the over-applied or under-applied overhead at year-end.
  • Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category.

Perform your calculations in an Excel spreadsheet and copy the calculations into a Word document.

Write a 1-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: Last name First Initial_M1_A3.doc.

Preparing an Income Statement, Retained Earnings Statement, and Balance Sheet

Purpose of Assignment 

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. 

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making, p. 36

Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: 

Cash

$ 4,600

Notes payable

$12,000

Accounts receivable

4,000

Accounts payable

500

Service revenue

7,500

Supplies expense

1,000

Supplies

2,400

Maintenance and repairs expense

600

Advertising expense

400

Utilities expense

300

Equipment

26,000

Salaries and wages expense

1,400

Common stock

22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet analyzing your findings using the questions below, in a total of 1,050 words:

  • Briefly address whether the company’s first month of operations was a success.
  • Discuss the company’s decision to distribute a dividend.

Use the Excel® spreadsheet to show your work and submit it with your analysis.

 

FORENSIC ACCOUNTING, SECURITIES FRAUD AND ETHICS

Forensic accounting, securities fraud and ethics

Project description
Do not use the sources from e-book. Using the information from websites only. Base on the website of these two companies (Gas Frac, Greenfields and SEDAR
After reviewing the reports on Gas Frac and Greenfields Petroleum and assessing the past 3 years financial reports and news releases on these two companies website’s

ans SEDAR.
1 Could you work on question 3 only. Beside the management safeguarded shareholder capital and write more about fraud if it is founded of each company, providing supporting detail.

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2 please providing me the information sources that you used to answer the question 3. Sending me the websites please. For example: you opened up that website and found

that it contains 60 pages of information. You used information on pages 2,5,7,9 to answer this question then please attach those actual pages to me by create the hyper

links or you found on the fiancial report of the company please give me the page’s number that you used.

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Finance Multiple choice questionsClick here to have a similar paper done for you by one of our writers within the set deadline at a discounted…

1. Assuming you own a home, where would the appraisal value of  your home go in a personal balance sheet?

A. Under liabilities

B. Within the equity total

C. Under assets

D. Under both the equity and the liabilities sections

2. When you work within an organization, you’re typically not taught to

A. follow a supervised plan for managing your time.

B. act as your own supervisor.

C. act in ways that are derived from established procedures.

D. identify yourself with your job or position.

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3. When budgeting for your immediate needs, you should divide them into

A. immediate and discretionary expenses.

B. fixed and immediate expenses.

C. discretionary and fixed expenses.

D. fixed and intermittent expenses.

4. According to the discussion of the “color of money,” blue money is

A. money spent wisely.

B. money set aside for emergencies and unexpected expenses.

C. currently expended green money.

D. invested for the long term.

5. In ancient Greece, a group of people living together with the common purpose of taking

care of each other through economic activity was called a(n)

A. household. C. economy.

B. commune. D. community.

6. In thinking about the “color of money,” which color would correspond to a DVD player

charged on a department store credit card?

A. Blue C. Red

B. Green D. Gray

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7. As you do your _______ when considering a business venture, you should consider factors

such as your financial resources, your special skills, where you live, and what you like to

do with your time.

A. evaluating C. marketing and production

B. creative thinking D. planning

8. You’re in search of the job that will give you a sense of self-esteem and allow you to

employ your skills. Which among the four general types of life goals are you mainly

pursuing?

A. Establishing your values

B. Establishing primary relationships

C. Seeking your ideal social place

D. Surviving in the jungle of competitionExamination 57

9. You’re in the process of setting up a business plan. In particular, you’re thinking about how to work your plan. You need to focus on two process considerations. The first concerns organization of the business; the second concerns the operations of the business, such as

A. deciding who will do what and when.

B. contacting potential investors.

C. working out a pricing scheme.

D. thinking out your mission statement.

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10. In working out your plan for pricing your products, you decide to keep your prices at about

the same level as similar businesses in adjoining states. This could best be described

as a _______ approach.

A. skimming C. market penetration

B. simple comparison D. competitive

11. You’ve decided to capitalize your new business through a bank loan and through offering

stock to a limited number of investors. Your initial funding will

A. include equity and start-up financing.

B. consist of debt financing through investors.

C. consist of personal and public equity financing.

D. include debt and equity financing.

12. In this study unit, you were encouraged to create a graphic representation of how you

spend your time over 24 hours. It suggested using different colors to indicate your level of

A. interest. C. detachment.

B. anxiety. D. effort.

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13. As you manage your personal finances, you’ll probably want to pay attention to general

conditions in the economy. One general concern for most people managing their

day-to-day finances would be

A. current interest rates.

B. the international labor market.

C. good deals in major real estate ventures.

D. the likelihood of a major depression.

14. An entrepreneur estimating costs for a new business tends to avoid looking at the

A. cost of capital equipment.

B. escalating costs of raw materials.

C. inevitability of things going wrong.

D. costs associated with hiring personnel.58 Examination

15. As a bank loan officer looks over your business plan, which of the following statements is

most likely to get more of her careful attention when she considers the progress your

business will make?

A. Your cash flow projection

B. Your most recent balance sheet

C. Your personal financial statement

D. Your current income statement

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16. When researching your prospective business, you must know your product and your

A. sales pitch. C. customer.

B. interests. D. skills.

17. Because consumers today are presented with so many choices, it’s generally best if your

advertising is

A. persistent to the point of being annoying.

B. targeted to the demographic profile of the potential customer.

C. consistent with your highest values.

D. imaginative and amusing enough to get a person’s attention.

18. You’ve decided that you want to get your household budget under control so you can

increase the proportion of money you devote to savings. Your first step will be to

A. check out wise investments.

B. open a savings account.

C. think about how you most enjoy spending your time.

D. keep track of your expenses for a period of time.

19. In the most basic terms, while working out the business process of production and

marketing, you’ll want to be continually prepared for

A. finding innovative ways to reduce expenses.

B. locating new blood to replace employees who don’t work out.

C. balancing growth against the need for increasing your profits.

D. adapting to new conditions in the market and within your organization.

20. Prior to opening your new gift shop, you’ll want to locate dependable suppliers before

completing the _______ process.

A. research C. operations

B. planning D. creative thinking

Do you have an assignment on this question. We can create a custom

Solution for you.

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Careers in Accounting

Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities besides preparing financial statements and recording business transactions. These activities include computing costs and efficiency gains from new technologies, participating in strategies for mergers and acquisitions, quality management, developing and using information systems to track financial performance, tax strategy, and health care benefits management.

Use the Internet database to research career options within the accounting field and accounting job postings in your local area (Maryland, Virginia, Washington, D.C.) to respond to the questions in the assignment.
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Write a one to two (1-2) page paper in which you:

Describe at least two (2) career options someone with an accounting education can pursue. Be sure to reference sources such as the Bureau of Labor Statistics and the American Institute of Certified Public Accountants.
Describe one (1) researched accounting position, and explain the essential skills that would make a candidate successful in the position. Articulate the primary manner in which the researched accounting positions could add value to the company seeking candidates.
Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Your assignment must follow these formatting requirements:

Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

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Estimating net operating income

The management of Reagon Corporation expects sales in January to be $122,000. The company’s contribution margin ratio is 69% and its fixed monthly expenses are
$50,000.Estaimate the company’s net operating income for January, assuming that the fixed monthly expenses do not change. Show your work!

 

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Finance and Accounting

Randy Bozarth loosened his. grip on the tiller of his sail boat and let the bow turn slowly into the breeze. Soon the craft nosed into the wind and was virtually dead in the water giving Randy time to think about what had been troubling him for days now. If only he had taken an international finance course rather than wasting his time on “fun” electives when in college.But that was in the past and if he had learned anything so far in life it was you cannot change the past.Randy had relocated from the Chesapeake Bay area to the west coast of Mexico a couple of years earlier to be able to sail more and also to experience a different culture. So far he was quite happy with his decision although life ‘south of the border” did present some unique challenges. Most of the challenges came from his housing arrangements. Upon moving south he decided he would forgo living in a single family dwelling and instead opt for a condominium. There were several condo complexes to choose from and most were owned predominately by Canadians, US. citizens, and Europeans. Randy chose Bahia Mar Condominiums as his home and in general was very satisfied with his choice.
Given Randy’s educational background (BS. in accounting) and years spent as a hospital controller it was no surprise that he was called upon by his neighbors to assist in the governance of the homeowners association (HOA). With scine’ireluetance he had allowed
himself to be elected treasurer of the Bahia Mar HOA’s Board ofpir’ectors last year. This means that he is obligated to review the quarterly financial statements prepared by the management of the HOA. Additionally he is resppnsible for presenting the proposed budget for the upcoming year to the annual meeting of allHleO condo owners. It is the budget that is troubling him.
The HOA is responsible for building and grounds maintenance, security, maid service (if desired), as well as general administration Citile‘ HOA which includes paying taxes, utilities, billing owners, etc. Virtually all costs incilrred“arerlenominated in pesos. The current year’s budgeted expenditures are 5,250,000.,pesosy’i Approximately two-thirds of the budget is comprised of salaries for various HOA employees.
The budgeting process is largely‘driv’en by the expenditures requested by management. Once those have been justifiedfand “agreed upon by the Board of Directors of the HOA, management converts the budget into US. dollars. The budgeted expenditures amount is then divided by 150, thefnurnber of condominiums, to determine the annual condominium fees. The resulting annual, fee is then divided by four as homeowner fees are paid quarterly on the first day of each quarter. Since most condo owners’primary residences are in the US.
it was decided that condo fees would be denominated in US. dollars rather than the local currency.During the last few years management used an exchange rate of 10.5 pesos to the US. dollar to convert the peso denominated budget into dollars. Actual exchange rates fluctuated between 9.9 and 13.9 pesos per US. dollar during that period. The manager of the HOA is insisting on utilizing the same conversion factor as in the past years. His arguments range from “consistency” to “no one can predict the future”. Randy is uncomfortable with this approach. He takes his fiduciary responsibilities seriously and while on his watch as treasurer he wants the budgeting process accomplished in a professional manner.As the budgeting process moves forward Randy knows he must decide how he wants the currency translation to be handled.

He will also need to provide a coherent argument for his position and draft a memo for the HOA’s Board and manager. As Randy contemplates these exchange rate issues he notices a squall building rapidly a few miles to the west and moving his way. Apparently it’s time to make some decisions both financial and navigational.

Appendix ADepending on the extent of guidance the faculty member desires to provide to students, the following information regarding the current situation (as of Sept. 2oXo) may be provided:
The expected interest rate in the US for 2oXl is approximately 0.25%
The expected interest rate in Mexico for 2oX1 is approximately 4.50%
The current spot rate is 13.03 pesos/US$.
A chart of the forward prices offered by a local bank is:

Date Futures Price: $/pesc I
Sept. 2oXo 0.076925
Oct. 2oXo 0.076400
Nov. 2oxo 0.076100
Dec. 2oXo 0.076275
Jan. 2ox1 ‘ 0.075775 H
Feb. 2oX1 ‘ 0.075475
Mar, 2ox1 0.075125
Apr. 2oX1 0.074975 V; 5
May 2ox1 0.oi4025
June 2ox1 05074400
July 2oX]
Aug. 2ox1 1″ 0.075025
Scpt. 2ox1 “‘“-5.,_..”0.’073’600
Dec. 2ox1 “i ‘ 0.072800
Questions
1. Assuming Mr. Bozai’tlr{youldiprefer to use external sources for an. exchange rate, how would you suggest a ratefor

converting next year’s budget from pesos to US. dollars be determined?
2. What alternate methods might Mr. Bozarth propose to the Board for dealing with foreign currency fluctuations?
3. How might Mr. Bozarth go about formulating an estimate of the exchange rate for the upcoming year rather than

relying on external quotes?
4. What are the implications for the owners and the HOA manager of using the actual foreign exchange rate as compared

to the lo.5 pesos per US. dollar rate used in prior years’ budgeting process? How might this influence the owners’ and

managers preferences regarding the choice of exchange rate for next year’s budget?

 

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Accounting

Your client owns an apartment building in Los Angeles for which he paid a price of $500,000 which was his original basis. During the ten years he has owned the building, he has taken depreciation deductions which total $120,000.An investor has offered to buy the building from your client for a price of $850,000 which is agreeable to your client if the client can avoid paying taxes on his gain.
The client has found an office building located in San Diego which was legally converted into co-op shares in 2012. Two shares in the co-op are for sale for a price of $425,000 each, so the client would like to acquire those as part of an exchange qualifying under IRC sec. 1031. The client would have the investor buy the two shares immediately prior to exchanging those two shares so that at the end of the exchange the investor owns the apartment building and your client owns the two shares in the office co-op.
Write a letter to the client explain all of the income tax related consequences and risks of this transaction.
Your grade will mostly be based on your identifying issues in tax law and citing and explaining sources of law (court cases and sources written by Congress, Treasury, and the IRS).

Use Intelliconnect (CCH) to find your sources. From the CSUF Portal access the Titan Library and then go to databases. Then, indicate Intelliconnect. You may need to re-enter your user ID and password after connecting to CCH.

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Accounting

Physician Office Revenue for Visit Code 99214 has a full established rate of $72.00. Often different payers, there are nine different contracted rates, as follows:

Payer Contracted Rate
FHP $35.70
HPHP 58.85
MC 54.90
UND 60.40
CCN 70.20
MO 70.75

CGN 10.00
PRU 54.90
PHCS 50.00
ANA 45.00
Rates for illustration only.
Required:Set up a worksheet with four columns: Payer, Full Rate, Contracted Rate, and Contractual Allowance.For each payer, enter the full rate and the contracted rate.For each payer, compute the contractual allowance.The first payer has been computed below:

Full Payer Rate

(less)

Contracted Rate

=

Contratural Allowance

FHP $72.00

$35.7

$36.30

 

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Master Budget

The master budget is a detailed and comprehensive analysis of an organization’s long-and short-term goals.Identify the major inputs to the master budget and the usefulness of each.Additionally, why would a company need to create a master budget? What are the advantages and disadvantages?

 

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Intermediate Accounting

400 Words.ABC company enters into a lease agreement with XYZ corporation for laser tech machines. The lease agreement qualifies as an operating lease. However, there is one thing that stands out. There is a bargain-purchase option. After the 3-year lease term, each laser tech machine can be purchased for $500, even though the market value is $850.

You are the controller of ABC company. You feel that the machine should be recorded as a capital lease because of the bargain-purchase option. Your manager, Martha, feels that at the end of the 3-year term, the laser tech will not be worth $500 because of rapid advances in technology.What is the ethical issue?What should you, the controller, do?What are the generally accepted accounting principles (GAAP) for reporting a lease as a capital lease?

 

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Accounting

The Accounting Analysis Project is based on the completion of the Bellwether Garden Supply (BGS) project and consists of two (2) separate parts – textbook questions, and an analysis in response to the BGS project.Complete the BGS project which is located at http://highered.mcgraw-hill.com/sites/dl/free/0078025710/999257/Bellwether_Garden_Supply_Project_SCA_2013.pdf. Analyze the following

Write a four to five (4-5) page paper in which you:Analyze the financial condition of Bellwether Garden Supply, and interpret the result for company leaders.Submit a copy of the firm’s key financial statements and reports (balance sheet, income statement, statement of retained earnings, statement of changes in financial position, and customer ledger) in one (1) Excel document.Make recommendations for how management should address major business decisions or directions for the company over the next two (2) years.Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Part II of your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length

 

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A Management Accounting Perspective on Safety

The essay length should be 1500 words and with 5 references, and I have already found two references:• Tappura, S., Sievänen, M., Heikkilä, J., Jussila, A., & Nenonen, N. (2015). A management accounting perspective on safety. Safety Science, 71, 151-159. Retrieved from http://www.sciencedirect.com/science/article/pii/S0925753514000198• Angelakis, G., Theriou, N., & Lordanis, F., (2010). Adoption and benefits of management accounting practices: Evidence from Greece and Finland. SienceDirect 87-96. Retrieved from

http://zh9bf5sp6t.search.serialssolutions.com/?ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info:sid/summon.serialssolutions.com&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Adoption+and+benefits+of+management+accounting+practices&rft.jtitle=Advances+in+accounting&rft.au=Angelakis%2C+George&rft.au=Theriou%2C+Nikolaos&rft.au=Floropoulos%2C+Iordanis&rft.date=2010&rft.pub=Elsevier&rft.issn=0882-6110&rft.volume=26&rft.issue=1&rft.spage=87&rft.epage=96&rft.externalDocID=640312705&paramdict=en-US

Essay plan:A management Accounting Perspective on Safety.Statement of intention: What are the benefits of Accounting Management for a Business?Thesis statement: Accounting is a very important aspect of a business process; therefore, the success of a business depends by a certain level on Accounting Management and here I will illustrate why.

Essay map:• Management accounting provides managers with relevant information and analysis of a certain operation.• Monetary information, financial information and non-financial information are needed to guide safety-related decision-making.
• Accounting is an important department in a business.

 

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Accounting

In Depth Critique/Argument: This gives you a chance to rip apart, fully analyze, and break down any film related to the course. This is the same as the first paper assignment, but more in depth. You may choose a film we watched in class, OR a film that we’ve talked about but haven’t watched (such as American Sniper), OR another film of your choice. I attached the research outline. GuidelinesFor this assignment, you have to not only include your own experience, but conduct interviews with others on the social significance of the film. This paper must include at least 2 interviews. (see the article ‘Straddling the Cultural Divide – Chapter 7” from week 7’s reading assignment for an example paper that uses this approach.) All papers regardless of type MUST directly quote the texts read for class or other scholarly texts. You need to use at least 3-5 source texts. Of these, you need to use at least 2 sources from the reading material from class. If you plan to also use other source texts, you can list them on the first part of the assignment, the research outline, and I will give you feedback/approval on it. If you would like suggestions from me for theorists and/or other texts to relate to your paper, I’m happy to make suggestions and to brainstorm ideas Your paper must: • present a clearly constructed argument bolstered by evidence/examples. • engage substantively with the topic of this class. • demonstrate a facility with the relevant concepts. • maintain the standards of academic prose and citation. • 12 point font, double spaced • In the heading of your paper, please also put what paper type you have chosen to write. (1, 2, or 3).

 

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Auditing

You have just been employed as a junior auditor at the chartered accountant firm of PMG.
Upon joining the firm, the partners request that you review the firm’s audit clients to ensure that the independence requirements of APES 110 are being met. Your review has revealed the following:
(a) Paul Smith, the current senior manager on the audit of John Deer (JD) Ltd which
specialises in the production in mining equipment, has just entered into a business
venture (PJ Motors) with the CFO of JD Ltd, whereby they are both equal partners in
a business retailing motor vehicles. Paul has informed you that this is not a problem
since the 2 entities (JD Ltd and PJ Motors) are in different non-competing industries.
(b) PMG has recently accepted an engagement to provide audit services to Stocky Ltd.
Upon discussion with the manager of the Audit Team for Stocky Ltd, you were
informed that one of PMG’s partner, Jeff Bates’ daughter currently works at Stocky
Ltd. You later found out that Jeff’s daughter is the Financial Accountant at Stocky
Ltd. Jeff Bates is not on the Audit Team of Stocky Ltd.
(c) PMG’s secretarial services division has a pool of experienced and qualified company
secretaries. These qualified company secretaries are either outsourced full time or
part time to listed entities in Australia. Due to cost effective quality services, this
division has a high growth in the last three years. Treck Manufacturing Ltd and
Platinum Fabricators Ltd are two listed companies to whom secretarial services have
been outsourced and assurance services provided.
(d) Audrey Jones, a senior auditor at PMG, has been on the audit team of Barminco Ltd
for a number of years. The account clerk of Barminco resigned 9 months ago, and
Barminco has yet to replace him. As a result, Barminco is significantly behind in their
bookkeeping. The financial controller of Barminco recently asked one of PMG’s
partners to allow Audrey to join Barminco’s accounting team for a period of up to 6
months in order to bring their bookkeeping up-to-date and ready for the year end
audit.
(e) While discussing with one of your colleagues, Shelly McDonald, she told you that she
had a great weekend attending a musical show at the theatre. She further let out that
the tickets to the show were gifted to her by the CFO of Macmahon Ltd at the
completion of this year’s review because he was so please with the speed and
efficiency to which the audit was completed.
Required
For each of the independent situations above, and using the conceptual framework in
APES 110, answer the following questions.
1. Identify potential threats to independence & recommend safeguards to reduce
the independence threat (5 marks)
2. Provide an objective assessment of whether audit independence can be
achieved (5 marks)

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Auditing

From the financial statements, the management commentary in the annual report and other sources, and using appropriate auditing procedures, identify THREE areas of heightened audit risk relating to the audit of this company this year. Explain in detail, using some quantitative analysis, why you consider these to be areas of increased audit risk. (50%)What does the company do and where does it do it?Do the financial statements indicate any anomalies requiring further investigation?Are there any ethical issues affecting this audit?Are there any recent changes in the economy, the industry, or the organisation creating risks?Are there any recent changes in accounting regulation affecting this company for this year?What are the key problematic accounting areas for this company?

 

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Management Accounting

You are the newly recruited Financial Advisor of Norman and Co. Ltd. This company absorbs production overhead using machine hours. All products are priced by adding a 25% mark-up on cost to obtain the selling price.

The management has the following information about their products:
Applicable to its products:
Total Overheads = £100,000
Total machine Hours = 50,000 hrs

Product X Y
Units of Production 2,500 5,000
Material Cost p/unit £30 £50
Labour Cost per unit £20 £16
Machine Hrs P/unit 10
After interviewing all the important people of the organization you have apportioned the overhead costs as per below:
% Overheads

Set up Costs 35
Inspections 45
Materials Handling 20

Cost Pools are as follows:

X Y Total
Set ups 300 50 350
Inspections 500 250 750
Goods Movements 300 700 1000

The financial director of Norman and Co Ltd. is considering replacing the existing traditional system with activity based costing but is unsure exactly what would be involved. He is also determined to keep costs to a minimum and does not want any new system to involve a lot of extra work or expenditure.

Required:
Prepare a report for the financial director which must address the following:An appraisal of the existing traditional system. (What is the Cost per unit of X and Y under Traditional Absorption Costing) (10 marks for calculation and 15 marks for analysis)A broad outline of an ABC system with an explanation as to why it might be desirable. (15 marks)Your recommendations for ABC implementation and any problems you foresee bringing in ABC for Norman and Co. Ltd. What is the Cost per unit of X and Y under ABC (20 marks for calculation and 20 marks for analysis)Your advice on whether ABC is viable for Norman and Co. Ltd., given the financial directors concerns. (10 marks)In addition 10 marks will be awarded for the style and presentation of the report. (Total 100 marks)

 

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Accounting

You have received an official e-mail from the Bank of Devry, and you open it to see what they have to say because you truly do have an account with the bank. The bank informs you that you need to log-in to your account and update your personal information. The bank further tells you that by not complying to this urgent update within 72 hours would result in you losing your account.

You are concerned because you have been with the bank for many years and you trust them and do not want to lose your account. Conveniently located at the bottom of the e-mail was a link directly to the bank. You click on it, being brought to the Bank of Devry site. The page asks you to complete all of the information asked for: Name, Address, Social Security Number, Account Number, Online ID, Passcode, Last Eight Numbers of ATM/Debit Card, ATM/Debit Card PIN, Routing Number, and E-mail Address.

You eagerly comply, answering all of the questions asked, then click enter, sit back, and rest assured that you have properly updated your account.

In a 1–2 page analysis, answer the following questions and be sure that any outside sources are properly cited and referenced:Do you think that this is a legitimate e-mail? Why or why not?What action should you take if you receive an e-mail similar to this?If a fraud scheme has occurred here, what type of fraud has occurred? What clues exist in an e-mail like this that should concern you?What steps should you take if you know that this is a fraudulent e-mail?

 

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Cost allocation

Research the topic of cost allocation and theory. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. What is cost allocation? Search and discuss two common allocations found in the auto industry. When is it beneficial to use cost allocations? How can a firm determine if it is useful or not?

Research the topic of incentive/organizational reasons for cost allocations. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. Explain how cost allocations are a tax system. Provide at least three examples illustrating this idea. What are some common positive and negative externalities? How do they impact a firm?

Research the topic of insulating and noninsulating cost allocations. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. Compare and contrast insulating and noninsulating cost allocations? How do they impact managerial decision making?  Provide examples to support your research.

Research the topic of cost allocation and practices. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. What is the death spiral? How is it related to cost allocation? What affects such a relationship? Identify at least three methods for allocating costs. When is each method used? What are the pros and cons of each?

Research the topic of joint costs. When writing your paper, be sure to answer the following questions, in addition to providing any other information you wish to include. Review the term “joint costs” and discuss how firms manage them? Provide at least three examples of firms which must account for joint costs. Be sure to discuss byproducts and how they are accounted for

 

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Forensic Accounting

Read the following articles (below) and chapter 11 (uploaded) then write a 3 page essay on the problems that forensic accountants might face in their own efforts to ferret out potential fraud threats to their client in a medium-sized (say, sales $100,000,000 or higher), when fraud is suspected, large corporate databases and other sources of information are involved. Also, respond to how do the articles tie in with Chapter 11 view of forensic accounting practice, and ways of implementing and conducting an investigation, as well as–importantly–triggers for fraud to occur in the first place?

Make sure that you reference all the resources provided below!

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Please see:

Review of Jet Bomb Plot Shows More Missed Clues

Officials cite lapses not disclosed in the government report about what went wrong inside the nation’s counterterrorism network.

http://www.nytimes.com/2010/01/18/us/18intel.html?scp=1&sq=Review%20of%20Jet%20B
omb%20Plot%20Shows%20More%20Missed%20Clues&st=cse

In your essay, please also consider the following article:

http://www.jsonline.com/business/80085207.html

and 

http://retheauditors.com/2010/01/16/defending-koss-and-their-auditors-just-loopy
-distorted-feedback/
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As well as the following quotation from John Cassidy’s book: How Markets Fail: The Logic of Economic Calamities (Farrar, Straus and Giroux, NY), 2009.

In the case of various calamities (e.g., the financial market crisis, the breaching of the levees in New Orleans, the 2001 terrorist strikes),…”the authorities claimed to have had no inkling of what was coming. Strictly speaking, this must have been true: had the people in charge known more, they would have taken preemptive action. But lack of knowledge rarely equates with complete ignorance. In 1941, numerous American experts on imperial Japan considered an attack on the U.S. Pacific Fleet an urgent threat; prior to 9/11, al-Qaeda had made no secret of its intention to strike the United States again–the CIA and the FBI had some of the actual plotters under observation;…What prevented the authorities from averting these disasters wasn’t so much a lack of timely warnings as a dearth of imagination. The individuals in charge weren’t particularly venal or shortsighted; even their negligence was within the usual bounds. They simply couldn’t conceive of …”

and this too:

http://www.dfinews.com/news/rooting-out-rumors-epidemics-and-crime-math

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The Role of Accounting

Accounting increases a student’s preparedness to understand complex business concepts and the rationale managers use to make financing decisions. It is a business discipline that allows companies to analyze, record, and retrieve critical financial information that can be used to determine a company’s financial status, and provide reports and insights that are needed to make sound financial decisions.

Write a two to three (2-3) page paper in which you:Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization. Defend your position.Compare the major functions of an accountant to that of a certified public accountant. Make an argument for and against the importance of accounting and accountants in our society from a U.S. or global perspective.Imagine that you have decided to create your own business venture. Determine whether the company will be a service or merchandising company. Describe the differences between the charts of accounts for both companies.Based on the company that you selected in 3, make an argument for automating the accounting process, and implement at least three (3) types of internal controls to prevent or detect theft or fraud.

Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary financial accounting equation, and financial statements and reports.Use technology and information resources to research issues in financial accounting.Write clearly and concisely about financial accounting using proper writing mechanics.

 

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Finance and Accounting

Boehm Corporation has had stable earnings growth of 8% a year for the past 10 years and in 2013 Boehm paid dividends of $2.6 million on net income of $9.8 million. However, in 2014 earnings are expected to jump to $12.6 million, and Boehm plans to invest $7.3 million in a plant expansion. This one-time unusual earnings growth wont be maintained, though, and after 2014 Boehm will return to its previous 8% earnings growth rate. Its target debt ratio is 35%.
Calculate Boehms total dividends for 2014 under each of the following policies:
1. Its 2014 dividend payment is set to force dividends to grow at the long-run growth rate in earnings.
2. It continues the 2013 dividend payout ratio.
3. It uses a pure residual policy with all distributions in the form of dividends (35% of the $7.3 million investment is financed with debt).
4. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy.

 

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