Accounting

Please use the link to answer the questions only. The assignment requires you to download a CAFR from a local state or municipality.  We will all use the same CAFR for this assignment.  Please download the 2020 Comprehensive Annual Financial Report for the Town of Cary, North Carolina.  I have picked the Town of Cary because their population is over 100,000 and it is not excessively large, so the CAFR is a reasonable size. 

Click on the link below and then select – 2020 Comprehensive Annual Financial Report.  Download to your computer as we will use this for each of our continuing problems eachweek.  

https://www.townofcary.org/home/showpublisheddocument?id=25355

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Chapter 9 

Review the comprehensive annual financial report (CAFR) you obtained.

1.      Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of these activities could also have been accounted for in a general or other governmental fund.

2.     How are the internal service fund activities reported in the government‐wide statement of net position? How are they reported in the proprietary funds statement of net position?

3.     Did any of the internal service funds report significant operating surpluses or deficits for the year? Were any accumulated significant net asset balances over the years not invested in capital assets?

4.     Were any of the government’s enterprise funds “profitable” during the year? If so, what has the government done with the “earnings”? Has it transferred them to the general fund?

5.     Does the government have revenue bonds outstanding that are related to business‐type activities? If so, for what activities?

6.     Do the financial statements include a statement of cash flows for proprietary funds? Is the statement on a direct or an indirect basis? In how many categories are the cash flows presented? Which of these categories resulted in net cash inflows? Which resulted in net cash outflows?

7.     What was the total operating income? What was total net cash provided by operating activities? What accounts for the largest difference between these two amounts?

8.    Has the city entered into any service concession arrangements? Which specific ones, and why?

 

Chapter 10

Review the comprehensive annual financial report (CAFR) you obtained.

1.      Does the government maintain any permanent funds? If so, are they major or non-major funds and for what purposes?

2.     Does the government maintain any fiduciary funds? If so, for what purposes?

3.     Does the government contribute to one or more pension plans? Are they defined benefit or defined contribution plans? If they are defined benefit plans, are they single employer (maintained by the government itself) or multiple‐employer plans?

4.     Does the government report pension expenses or expenditures? If so, in which fund or funds?

5.     Does the government report pension liabilities? If so, in which fund or funds?

6.     Does the CAFR indicate the actuarial value of plan assets and liabilities? Are the plans over‐ or underfunded?

7.     Does the CAFR include the financial statements of the pension plans? Does it indicate that the pension plans issue their own reports and that these are publicly available?

8.    Did the pension fund investments have a “good year”?

9.     Does the CAFR indicate that the government provides other postemployment benefits? If so, what is the nature of these benefits? How are they reported?

10.Does the government maintain any custodial funds? How many and for what purposes?

 

 

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Accounting

Please only  use the link to answer these questions. The assignment requires you to download a CAFR from a local state or municipality.  We will all use the same CAFR for this assignment.  Please download the 2020 Comprehensive Annual Financial Report for the Town of Cary, North Carolina.  I have picked the Town of Cary because their population is over 100,000 and it is not excessively large, so the CAFR is a reasonable size. 

Click on the link below and then select – 2020 Comprehensive Annual Financial Report.  Download to your computer as we will use this for each of our continuing problems eachweek.  

https://www.townofcary.org/home/showpublisheddocument?id=25355

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Part A

Chapter 6

Review the Comprehensive Annual Financial Report (CAFR) that you have obtained.

1.      How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?

2.     How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?

3.     How are the capital projects and debt service funds reported in the government‐wide statement of net position?

4.     Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

5.     From where did the fund receive most of its resources?

6.     Did the city acquire or construct new capital assets using resources of this fund? If so, in what amount?

Part B

Chapter 8

Review the Comprehensive Annual Financial Report (CAFR) that you have obtained.

1.      How many capital projects funds does the government maintain? How can you tell? Are any of these major funds? If so, for what purposes are they maintained?

2.     How many debt service funds does the government maintain? How can you tell? Are any of these major funds? If so, for what types of obligations are they maintained?

3.     How are the capital projects and debt service funds reported in the government‐wide statement of net position?

4.     Select one of the more recently established (and larger) capital projects funds (a major fund, if there is one).

5.     From where did the fund receive most of its resources?

6.     Did the city acquire or construct new capital assets using resources of this fund? If so, in what amount?

7.     Does this fund have any long‐term debts associated with it? If so, does the government maintain a debt service fund to account for the resources to service the debt?

8.    Did the government issue additional long‐term debt to support governmental activities during the year? Did it repay any long‐term debt used to support governmental activities? Did it engage in any in‐substance defeasances?

 

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Accounting

Lenter Supply Company is a medium-sized distributor of wholesale hardware supplies in the central Ohio area. It has been a client of yours for several years and has instituted excellent internal controls for sales at your recommendation.

In providing control over shipments, the client has prenumbered “warehouse removal slips” that are used for every sale. It is company policy never to remove goods from the warehouse without an authorized warehouse removal slip. After shipment, two copies of the warehouse removal slip are sent to billing for the computerized preparation of a sales invoice. One copy is stapled to the duplicate copy of a prenumbered sales invoice, and the other copy is filed numerically. In some cases, more than one warehouse removal slip is used for billing one sales invoice. The smallest warehouse removal slip number for the year is 11741 and the largest is 34687. The smallest sales invoice number is 45302 and the largest is 65747.

In the audit of sales, one of the major concerns is the effectiveness of the controls in ensuring that all shipments are billed. You have decided to use audit sampling in testing internal controls.

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Required

a.       State an effective audit procedure for testing whether shipments have been billed. What is the sampling unit for the audit procedure?

b.      Assume that you expect no exceptions in the sample but are willing to accept a TER of 4 percent. At a 5 percent ARO, what is the appropriate sample size for the audit test? You may complete this requirement using attributes sampling.

c.       Design a random selection plan for selecting the sample from the population, using either systematic sampling or computer generation of random numbers. Use the sample size determined in part b. If you use systematic sampling, use a random starting point of 11932.

d.      Your supervisor suggests the possibility of performing other sales tests with the same sample as a means of efficiently using your audit time. List two other audit procedures that can conveniently be performed using the same sample, and state the purpose of each of the procedures.

e.       Is it desirable to test the occurrence of sales with the random sample you have designed in part c.? Why or why not?

15-33 (A-E)

The following are auditor judgments and attributes sampling results for six populations. Assume large population sizes.

1

2

3

4

5

6

EPER (in percent)

2

0.5

1

0

2

5

TER (in percent)

6

4

20

3

8

10

ARO (in percent)

10

5

10

5

5

10

Actual sample size

100

100

20

100

60

60

Actual number of exceptions in the sample

2

3

1

1

1

5

Required

a.       For each population, did the auditor select a smaller sample size than is indicated by using the attributes sampling tables in Table 15-8 (p. 519) for determining sample size? What are the implications of selecting either a larger or smaller sample size than those determined using the tables?

b.      Calculate the SER and CUER for each population.

c.       For which of the six populations should the sample results be considered unacceptable? What options are available to the auditor?

d.      Why is analysis of the exceptions necessary even when the populations are considered acceptable?

e.       For the following terms, identify which is an audit decision, a nonstatistical estimate made by the auditor, a sample result, and a statistical conclusion about the population:

1.      EPER

2.      TER

3.      ARO

4.      Actual sample size

5.      Actual number of exceptions in the sample

6.      SER

7.      CUER

 

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Accounting

To answer the question below here is an example. Please number them as shown

12-22 (A-C)

1 A write out your answer

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   B write out your answer

   C write out your answer

 

2. A write out your answer

   B write out your answer

   C write out your answer

12-22 (A-E)

 Each of the following internal controls has been taken from a standard internal control questionnaire used by a CPA firm for assessing control risk in the payroll and personnel cycle.

1.       Human resource policies require an investigation of an employment application from new employees. Investigation includes checking the employee’s background, former employers, and references.

2.       Approval of department head or foreman on time records is required before preparing payroll.

3.       All prenumbered time records are accounted for before beginning data entry for preparation of payroll.

4.       The payroll accounting software calculates gross and net pay based on hours inputted and information in employee master files, and payroll accounting personnel double-check the mathematical accuracy on a test basis.

5.       The payroll accounting software application will not accept data input for an employee number not contained in the employee master file.

6.       Persons preparing the payroll do not perform other payroll duties (e.g., human resources or approval of time records) nor do they have access to payroll data master files or cash.

7.       Written termination notices, with properly documented reasons for termination, and approval by an appropriate official are required.

8.       All checks and notices of electronic payments not distributed to employees are returned to the treasurer for safekeeping and follow-up.

9.       Online ability to add employees or change pay rates to the payroll master file is restricted via passwords to authorized human resource personnel.

Required

a.       For each internal control, identify the type(s) of specific control activity (or activities) to which it applies (such as adequate documents and records or physical control over assets and records).

b.       For each control, list a specific misstatement that could result from the absence of the control.

c.        For each control, identify one audit test that the auditor could use to uncover misstatements resulting from the absence of the control.

 

12-25 (A-C)

Anthony Liu, CPA, prepared the flowchart on the next page that portrays the raw materials purchasing function of one of Anthony’s clients, Medium-Sized Manufacturing Company, from the preparation of initial documents through the vouching of invoices for payment in accounts payable. Assume that all documents are prenumbered.

A figure shows a flowchart that depicts the processes involved in the raw materials purchasing function of a medium-sized manufacturing company.

Required

Identify the deficiencies in internal control that can be determined from the flowchart. Use the methodology discussed in this chapter. Include internal control deficiencies resulting from activities performed or not performed.

12-27 (A-C)

 Most grocery stores use bar code scanning technologies that interface with cash registers used to process customer purchases. Cashiers use the scanners to read bar code labels attached to each product, which the system then uses to obtain unit prices, calculate transaction totals, including sales taxes, and update perpetual inventory databases. Similarly, cashiers scan bar codes on coupons or member discount cards presented by the customer to process discounts. Along with the scanning technologies, groceries use point-of-sale technologies that allow customers to swipe debit and credit cards for payment, while still maintaining the ability for customers to pay with cash.

 

Required

a.Which financial statement accounts are impacted by the use of these technologies in a typical grocery store?

b.        Identify risks inherent to this business process in a grocery store that might affect the financial statement accounts identified in part a. For each risk, describe how these technologies help reduce the inherent risk.

c.How might an auditor use technology to test the operating effectiveness of a bar code scanner–based check-out system?

13-26 (A-F)

The following are audit procedures from different transaction cycles:

1.        Examine sales invoices for evidence of internal verification of prices, quantities, and extensions.

2.        Select items from the client’s perpetual inventory records and examine the items in the company’s warehouse.

3.        Use audit software to foot and cross-foot the cash disbursements journal and trace the balance to the general ledger.

4.        Examine loan agreements for key information such as interest rate, payment schedules, collateral, and restrictive covenants to determine whether management has properly included required disclosures in the footnotes to the financial statements.

5.        Select a sample of entries in the acquisitions journal and trace each one to a related vendor’s invoice to determine whether one exists.

6.        Examine documentation for acquisition transactions before and after the balance sheet date to determine whether they are recorded in the proper period.

7.        Inquire of the credit manager whether each account receivable on the aged trial balance is collectible.

8.        Compute inventory turnover for each major product and compare with previous years.

9.        Confirm a sample of notes payable balances, interest rates, and collateral with lenders.

10.     Use audit software to foot the accounts receivable trial balance and compare the balance with the general ledger.

Required

a.        For each substantive analytical procedure or test of details of balances procedure, identify the balance-  related audit objective or objectives being satisfied.

13-28 (A-E)

The following internal controls for the acquisition and payment cycle were selected from a standard internal control questionnaire.

1.        Approved purchase orders are required for all acquisitions of goods.

2.        Prenumbered receiving reports are prepared as support for acquisitions and numerically accounted for.

3.        Dates on receiving reports are compared with vendors’ invoices before entry into the acquisitions journal.

4.        Account classifications are reviewed by someone other than the preparer.

5.        Vendors’ invoices are recalculated before payment.

6.        All checks are signed by the owner or manager.

7.        The authorized signer compares data on supporting documents with checks and electronic funds transfer authorizations.

8.        Checks are mailed by the owner or a person under her supervision after signing.

9.        All supporting documents are cancelled after checks are signed or electronic funds transfers are approved.

10.     The accounts payable master file is updated, balanced, and reconciled to the general ledger monthly.

Required

a.For each control, identify which element of the five categories of control activities is applicable (separation of duties, proper authorization, adequate documents or records, physical control over assets and records, or independent checks on performance).

b.        For each control, state which transaction-related audit objective(s) is (are) applicable.

c.For each control, write an audit procedure that could be used to test the control for effectiveness.

d.        For each control, identify a likely misstatement, assuming that the control does not exist or is not functioning.

e.        For each likely misstatement, identify a substantive audit procedure to determine whether the misstatement exists.

13-32 (A-E)

Following are several decisions that the auditor must make in an audit of a nonpublic company. Letters indicate alternative conclusions that could be made.

Decisions

Alternative Conclusions

1. Determine whether it is cost effective to perform tests of controls.

A. It is cost effective

B. It is not cost effective

2. Perform substantive tests of details of balances.

C. Perform reduced tests

D. Perform expanded tests

3. Complete initial assessment of control risk.

E. Controls are effective

F. Controls are ineffective

4. Perform tests of controls.

G. Controls are effective

H. Controls are ineffective

Required

a.Identify the sequence in which the auditor should make decisions 1 to 4.

b.        For the audit of the sales and collection cycle and accounts receivable, an auditor reached the following conclusions: A, D, E, H. Put the letters in the appropriate sequence and evaluate whether the auditor’s logic was reasonable. Explain your answer.

c.For the audit of property, plant, and equipment and related acquisition records, an auditor reached the following conclusions: A, C, F, G. Put the letters in the appropriate sequence and evaluate whether the auditor used good professional judgment. Explain your answer.

d.        For the audit of payroll expenses and related liabilities, an auditor recorded the following conclusions: D, F. Put the letters in the appropriate sequence and evaluate whether the auditor used good professional judgment. Explain your answer.

e.For the audit of inventory and related inventory cost records, an auditor reached the following conclusions: B, C, E, G. Put the letters in the appropriate sequence and evaluate whether the auditor used good professional judgment. Explain your answer.

 

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Accounting

There are 3 problems to complete. Please number them according

1. The following are various audit procedures performed to satisfy specific transaction-related audit objectives as discussed in Chapter 6. The general transaction-related audit objectives from Chapter 6 are also included.

Audit Procedures

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1. Trace from receiving reports to vendors’ invoices and entries in the acquisitions journal.

2. Add the sales journal for the month of July and trace amounts to the general ledger.

3. Examine expense voucher packages and related vendors’ invoices for approval of expense account classification.

4. Observe opening of cash receipts to determine that cash receipts are promptly deposited and recorded.

5. Ask the accounts payable clerk about procedures for verifying prices, quantities, and extensions on vendors’ invoices.

6. Vouch entries in sales journal to sales invoices and related shipping documents.

7. Examine the footnotes about the company’s policies for recording revenue transactions to determine whether the disclosures are understandable. General Transaction-Related Audit Objectives

Occurrence                  Posting and Summarization                  Presentation

Completeness                             Classification

Accuracy                                    Timing

Required

A) Identify the type of audit evidence used for each audit procedure.

B) Identify the general transaction-related audit objective or objectives satisfied by each audit procedure.

2. Target and Kohl’s are chains of stores that cater to customers who desire name-brand goods at lower prices. The Securities and Exchange Commission (SEC) Form 10-K filing rules require management of U.S. public companies to include background information about the business, as well as the most recent financial condition and results of operations. Access each company’s most recent Form 10-K. These can be obtained through the SEC website (www.sec.gov), or directly from the investor relations section of the Target (www.target.com) and Kohl’s (www.kohls.com) websites.

Required

1. Read the description of each company’s business in Part I, Item 1 of Form 10-K. Evaluate the similarity of each company as a basis for making financial comparisons.

2. Each company follows what is called a 52/53-week year in which the fiscal year ends on the Saturday nearest January 31. Given the nature of these companies, why does a year end near January 31 make sense? Note that most public companies have a December 31 year end.

3. Use the financial statements included in Part II, Item 8 to calculate the gross margin percentage and inventory turnover ratio for each company for the most recent year. Which company has the higher gross margin percentage? Which company has the higher inventory turnover?

4. Evaluate whether the relation between the gross margin percentage and inventory turnover makes sense given the description of each company’s business.

3. You are evaluating audit results for assets in the audit of Roberts Manufacturing. You set the preliminary judgment about materiality at $50,000. The account balances, performance materiality, and estimated overstatements in the accounts are shown next.

Account         Account Balance        Perform Materiality                       Estimate of total overstatement

Cash                   50,000                             5,000                                                    1,000

Accounts receivable 1,200,000                      30,000                                           20,000

Inventory                  2,500,000                    50,000                                                ?

Other assets                 250,000                        15,000                                             12,000

Total $                            4,000,000                 $100,000                                             ?

Required

A. Assume you tested inventory amounts totaling $1,000,000 and found $10,000 in overstatements. Ignoring sampling risk, what is your estimate of the total misstatement in inventory?

B. Based on the audit of the assets accounts and ignoring other accounts, are the overall financial statements acceptable? Explain.

C. What do you believe the auditor should do in the circumstances?

 

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Accounting

use 1 page each

 

Fraudulent Financial Reporting”

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·         As economic crimes increase globally, accounting fraud is consistently in the top three areas according to a global survey reflected in the chapter. Use the Internet or Strayer Library to research a company sanctioned for financial accounting fraud in the past five (5) years. Give your opinion on the situational pressures that caused perpetrators to commit the fraudulent reporting. Assess the opportunities for fraudulent financial reporting and discuss ways the company you researched could eliminate fraudulent reporting. Provide justification for your response.

 

 

“Financial Statement Analysis and Disclosures” 

·         Discuss the importance of financial statement analysis and determine why it is important to investors and creditors. Imagine you are considering investing in a corporation. Suggest what key information you would look for in a company’s financial statements, and explain why this information is important to you.

·         Review authoritative guidance on accounting policy disclosures at the IFRS website, located at http://www.ifrs.org. In the search engine, type in “accounting policy disclosures.” Evaluate the main elements that primary disclosure accounting policies encompass and provide at least two (2) examples of the most commonly required disclosures. Give your opinion on the way in which the disclosures you identified are important to financial statement users. Provide a rationale for your opinion.

 

 

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Accounting

 

“IFRS and Preparing a Statement of Cash Flows”

·         Evaluate two (2) major differences between GAAP and IFRS with respect to the statement of cash flows. Give your opinion on which method you prefer. Provide a rationale for your response.

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·         Imagine you are the senior accountant at your organization and management is unsure of the difference between the indirect method and the direct method of preparing a statement of cash flows. Outline a brief memo to management differentiating between the direct method and indirect method. Advise management on which method the company should use to prepare the statement of cash flows. Provide at least two (2) specific examples on why the method you selected would be beneficial to the company.   

 

 

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Accounting

The report should be for 5 pages and I have 1 free page left. I would like to use my free page on this report. No cover page.

 

 

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Full Disclosure in Financial Reporting – Verizon Communications

 

According to the textbook, the goal of financial reporting is to report financial information that is transparent and complete and truthfully report the financial performance of a company. Investors and other interested parties need to read and understand all aspects of financing reporting. 

Use the Internet to research Verizon Communications’ financial statements, annual report, notes to the financial statements, president’s letter, and management discussion and analysis from the most recent year in order to complete this assignment. 

Write a five (5) page paper in which you:

 

  1. Discuss the disclosure requirement on accounting policies, and identify at least two (2) examples of the most commonly required disclosure. Explain the key ways in which the examples you provided are useful to financial statement users. Analyze Verizon Communications’ disclosure on accounting policies, and give your opinion on whether or not the information is helpful for decision making. Provide a rationale for your response.
  2. Explain the importance of the management discussion and analysis section of an annual report. Select three (3) items from Verizon’s management and discussion analysis of the annual report that could be useful to potential investors. Provide three (3) specific examples of how the three (3) items you selected could influence a potential investor’s decision to invest in Verizon.  
  3. Describe segmented information, and explain the way in which companies determine segments. Identify at least three (3) advantages and three (3) disadvantages of segmented financial data. Give your opinion on whether or not the advantages outweigh the disadvantages. Outline the manner in which Verizon segments its financial data. Suggest key actions that Verizon’s management can take in order to improve the company’s segmented financial data. Provide a rationale for your response.
  4. Analyze the various types of auditor’s reports, and determine the impact that the auditor’s report has on a company’s ability to obtain financing from a bank. Identify the type of auditor’s report issued on Verizon and speculate the way you believe banks will perceive Verizon’s auditor’s report.
  5. Use the Strayer Library to locate at least two (2) quality academic resources in this assignment. Note: Wikipedia and other websites do not qualify as academic resources.

 

 

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Accounting

Use a 150 words each

 

 

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“Changes in Accounting Principles and Changes in Accounting Estimates”

·         Use the Internet or Strayer Library to research a company that had a change in accounting principles within the past five (5) years. Discuss the accounting principles that the identified company changed and explain the major reasons why the company changed accounting principles. Give your opinion on whether you believe the change in accounting principles was motivated by an attempt to provide more useful information or to make financial results look better to investors and creditors. Provide a rationale for your response.  

 

 

Federal taxations

“Business Expenditures and Deductions”

·         Avery has always wanted to own his own business. Last year, he took the leap and opened a pet store in a nearby city. He leases the store. He incurred start-up costs and large inventory costs for buying food in bulk. He had to purchase three large tables and a machine that moves the food to higher shelves for storage.  He even hired five people: a groomer, two clerks, a stock person, and a bookkeeper. Unfortunately, his bookkeeper has accounting experience but no tax experience. Now, he is lost. How does he handle the start-up costs? What kinds of assets can he depreciate? What kinds of records should he keep? What changes were implemented in the Tax Cuts and Jobs Act that impacted this area of the tax law?

 

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Accounting

Used a 150 words each

 

 

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The Importance of Financial Statements”

·         Public companies are required to publish annual financial statements. Suggest the major benefits of companies making financial statement information available to employees. As an employee, discuss what financial information would be of value to you. Provide at least two (2) specific examples on why the information is important.

·         Briefly explain generally accepted accounting principles (GAAP), and describe why it is important that public companies follow GAAP when preparing financial statements. Also, give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.  

 

 

“Capital Leases and Operating Leases”

·         The new leasing standard accounting Standards Update (ASU) 842 will require lessees to recognize the assets and liabilities on the balance sheet created by the leases. This standard update will eliminate the primary form of off-balance sheet accounting and require additional disclosures on leasing transactions. Use the Internet or Strayer Library to research the provisions of (ASU) 842 applicable to the lessee. Identify two (2) material differences in lease reporting under the new standard and assess the impact on financial reporting. Speculate on the future impact the implementation of the new standard will have on investors.

 

 

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Accounting

Each should be 150 word each, no cover page

Accounting for Income Taxes and Losses”

·         A deferred tax asset exists when there is an increase in future tax refunds as a result of deductible temporary differences at the end of the current period. A deferred tax liability in comparison is the result of a taxable temporary difference for the current period that is payable in future years.  Imagine you are the controller of a growth company with deferred tax assets and deferred tax liabilities. The chief financial officer has requested justification for establishing a full valuation allowance for its deferred tax assets. The deferred tax asset account primarily results from accumulated net operating losses, bad debts, and warranties. The company also has deferred tax liabilities resulting from depreciation. The company is expecting to become profitable in the next year. What factors should the company consider in determining the need for a valuation allowance? Create an argument for or against a full valuation allowance for its deferred tax assets. Provide examples to support your recommendation. 

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Note: Go to FASB Codification at http://aaahq.org/ascLogin.cfm for assistance with your response. (Note: A login and password are required to access this site and are available from your Professor.)

 

“Pension Plans”

·         According to the textbook, the defined contribution plan and defined benefit plan are the most popular pension plans used by employers. Employers have changed from traditional defined benefit plans to defined contribution plans with no major company establishing a traditional pension plan in the past decade. Differentiate between the defined contribution pension plan and the defined benefit plan. What are the major differences in accounting for defined contribution plans and defined benefit plans? Assess the most likely reasons this trend has occurred and the future impact on accounting for pensions.   

 

 

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Accounting

“Debt and Equity Investments”

·         Imagine that you are an investment analyst for your organization, responsible for the company’s investment portfolio. However, the president of the company is not familiar with the various classifications of equity investments. Your organization has tasked you with presenting a report to the president that compares and contrasts trading securities and available for sale securities, and the impact the securities have on the financial statements. Also, include in your report a brief explanation of the accounting treatment for unrealized gains and losses. Please explain how to account for the impairment of a held-to-maturity debt security.

 

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“Revenue Recognition”

The revised revenue recognition accounting standard employs a five-step process toachieve the core principle to recognize income upon the transfer of promised goods or services.Use the Internet or Strayer Library to research a company that bundles a product and a service. Examine income recognition of the bundled product and service for the company by addressing each step in the five-step process for revenue recognition. Give your opinion on the most critical step for accurately reporting revenue in the five-step process. Provide support for your response. Some sales are made giving the customer the option of returning the item for a refund.  Please explain the accounting for sales with right of return.

 

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Accounting

only 150 words each

accounting

 

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1. “What About YOUR Future?”

·         According to the IMA (Institute of Management Accountants), “Big Data, robots, cognitive computing, and other emerging technologies are changing everything accountants do—from tax preparation to audits to M&A activity. Technology and automation will replace many accounting jobs in the next decade. Emerging skills needed include data governance and lifecycle, programming, business analytics, data visualization, and more. The status quo won’t cut it.”

o    Think back on what you have learned this quarter. Much of it has to do with Balance Sheet presentation, calculations, and analysis. How much of this work do you think is or will be automated for accountants? What is the future role of accountants as technology evolves? What will you do to keep yourself “marketable”

·         Evaluate the importance of ethics in accounting.

·         Explain why accounting is important for business.

·         Determine the best way to explain accounting to a non-accountant.

 

Law

2.

Law is always evolving.  It slowly changes over time in response to its environment.  In business, new types of products, services and practices drive the development of law as it is forced to adapt to situations we can’t even think about today.  A great example is the “gig” economy created by companies such as Uber and Lyft and their “do it yourself” ride service.

 

What new developments do you think will present the need to rethink and re-evaluate how business law concepts apply today or in the future?

 

 

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accounting

1. Cathy Lumbattis inherited $140,000 from an aunt. If Cathy decides not to spend her inheritance but to leave the money in her saving account until she retires in 15 years, how much money will she have, assuming an annual interest rate of 8% compounded semiannually.

2. LuAnn Bean will receive $7,000 in 7 years. What is the present value at 7% compounded annually?

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3. A bank is willing to lend money at 6% interest, compounded annually. How much would the bank be willing to loan you in exchange for a payment of $600 4 years from now?

4. Ed Walker wants to save some money so that he can make a down payment of $3,000 on a car when he graduates from college in 4 years. If Ed opens a savings account and earns 3% on his money, compounded annually, how much will he have to invest now?

5. Kristen Quinn makes equal deposits of $500 semiannually for 4 years. What is the future value at 8%?

6. Chuck Russo, a high school math teacher, wants to set up an IRA account into which he will deposit $2,000 per year. He plans to teach for 20 more years and then retire. If the interest on his account is 7% compounded annually, how much will be in his account when he retires?

7. Larson Lumber makes annual deposits of $500 at 6% compounded annually for 3 years. What is the future value of these deposits?

8. Michelle McFeaters can earn 6%. How much would have to be deposited in a savings account in order for Michelle to be able to make equal annual withdrawals of $200 at the end of each of 10 years? The balance at the end of the last year would be zero.

9. Barb Muller wins the lottery. She wins $20,000 per year to be paid for 10 years. The state offers her the choice of a cash settlement now instead of the annual payments for 10 years. If the interest rate is 6%, what is the amount the state will offer for a settlement today?

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