Karl Marx argued that all value in goods and services (commodities) came from the expenditure of labor in production. Profit, interest, and rent are therefore the results of appropriating the surplus product of workers and hence constitute exploitation of the working class. Many economists argue, to the contrary, that entrepreneurship is a factor of production which adds value to the production process and therefore earns a legitimate return to its exertion. How would you evaluate these two contrasting views, and what are their implications for society?
An investment project has annual cash inflows of $4,500, $3,800, $5,000, and $4,200, and a discount rate of 15 percent. What is the discounted payback period for these cash flows if the initial cost is $5,600? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Discounted payback period years What is the discounted payback period for these cash flows if the initial cost is $7,700? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Discounted payback period years What is the discounted payback period for these cash flows if the initial cost is $10,700? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Discounted payback period years
Your firm is preparing the Form 1040 of Norah McGinty, a resident, like you, of Oklahoma. You have contracted for the last three filing seasons with a firm in India, Tax Express Bangalore, to prepare initial drafts of tax returns using tax software that you provide to Tax Express. You find that the use of Tax Express Bangalore’s services significantly increases the profits of your Form 1040 practice. Your firm uses Tax Express annually to help prepare Forms 1040 for about 500 of your clients. Three of your tax managers, JaJuan, Max, and Emma, spend several weeks in the autumn every year in India, training the Bangalore staff in Federal tax law changes and in the operations of your tax software packages. Phil, a tax associate in your Norman office, is handling Norah’s return this year. Phil works with Norah to complete the online tax questionnaire that summarizes Norah’s taxable events and the related dollar amounts. The questionnaire includes the Social Security numbers of Norah and her two dependent children. The children are young, and their income levels do not require them to complete income tax returns. Phil sends the completed questionnaire and electronic files of supporting documents to the Bangalore staff at the end of the work day on Monday, using a secure file transfer site. Upon arriving at work Thursday morning, Phil finds that Tax Express has completed the Form 1040, including a payment voucher. Phil reviews the return, makes a few minor changes to it, and then meets with Norah on Saturday to convey to her the finalized documents. Norah reviews the form, and she signs it and writes a check for the amount due, mailing the return to the IRS Service Center from her home on the following Monday. In a memo for the tax research file, discuss any special rules from the Code and Regulations that might affect your firm’s use of Tax Express Bangalore for your client Norah McGinty.
Please read and answer all the questions of this case , and then write a following memorandum question of “Using the information provided in the case,
as well as analytical procedures, identify and discuss the issues that may raise substantial doubts about the entity’s ability to continue as a going concern for the next twelve months.”
3 pages of memorandum will be fine.Again, first answer all the question of this case, and write a memorandum paper within 3 pages.
ISSUES IN ACCOUNTING EDUCATION American Accounting Association Vol. 31, No. 3 DOI: 10.2308/iace 51218 August 2016 pp. 355 366 Trading Styles, Inc.: An Analysis of the Going Concern Assessment Velina K. Popova Sarah E. Stein Virginia Polytechnic Institute and State University CASE Introduction You are an audit senior on the Trading Styles, Inc. engagement, which is a private retail company. You work for the audit ?rm Elliott & Roan, LLP in the Denver, Colorado of?ce. This is your ?rst year on the engagement; however, the company has been your ?rm’s audit client for the past six years and represents approximately 15 percent of your audit of?ce’s revenue. Your audit ?rm issued a standard unquali?ed opinion for the audits of Trading Styles, Inc. in each of the last six years. You are currently working with your team to complete the ?scal year 2014 audit and your manager asked you to research and prepare an assessment of the company’s ability to continue as a going concern. To approach this task, you begin by pulling together speci?c background and ?nancial information to develop your consideration of the going concern assumption. Company Background Trading Styles, Inc. was founded in 1991 and is headquartered in Ohio. The company operates in the highly competitive business of apparel-based specialty retailer and personal care and beauty categories. Trading Styles de?nes itself as ‘‘a place that provides a luxury shopping experience and focus on fashion’’ and is a trend-setter in the industry. The company targets its products toward the high-end segment of the market, appealing to women of all ages who are concerned with fashion as well as value. Trading Styles sells merchandise through specialty retail stores in the United States and Canada, which are primarily mall-based, as well as through websites and catalogues. The majority (approximately 75 percent) of company sales come from the stores and the remaining 25 percent are generated online and through catalogs….
Attachments:
Once all objects have been created in the database, create SQL INSERT statements (DML) to populate each table with sample data. Then develop SQL SELECT statements to query your tables.
• INSERT statements – each table should have a minimum of 10 rows unless you have specific business rules that prevent it from having that many records.
• SELECT Statements – minimum 20 Queries.
•
Note: You should have a minimum of 20 SQL select statements. Query 1 to 12 (see below) are required, plus at least 8 advanced queries. Each query should have comment/description to explain its business purpose, as well as which requirement item you are satisfying (i.e., –1. Select all columns and all rows from one table).
Please submit both query statements and query results.
1. Select all columns and all rows from one table.
2. Select 5 columns and all rows from one table.
3. Select all columns and all rows from one view.
4. Using a join on 2 tables, select all columns and all rows from the tables without the use of a Cartesian product.
5. Select and order data retrieved from one table.
6. Using a join on 3 tables, select 5 columns from the 3 tables. Use syntax that would limit the output to 10 rows.
7. Select distinct rows using joins on 3 tables.
8. Use GROUP BY & HAVING in a select statement using one or more tables.
9. Use IN clause to select data from one or more tables.
10.Select length of one column from one table (use LENGTH function).
11.Use the SQL DELETE statement to delete one record from one table. Add select statements to demonstrate the table contents before and after the DELETE statement. Make sure to use ROLLBACK afterwards so that the data will not be physically removed.
12.Use the SQL UPDATE statement to change some data. Add select statements to demonstrate the table contents before and after the UPDATE statement. You can either COMMIT or ROLLBACK afterwards.
13.Using Coronel, Morris and Rob’s definition of Advanced SQL (Chapter 8), perform 8 additional advanced (multiple table joins, sub-queries, aggregate, etc.) SQL statements.
Once all objects have been created in the database, create SQL INSERT statements (DML) to populate each table with sample data. Then develop SQL SELECT statements to query your tables. ? INSERT state
Introduction Which global/environmental health problem did you pick? How many are affected by this health problem on a given year. (Use latest yearly data). Is it fatal? If so, how many people die on a yearly basis? (Use latest yearly data). Any future projections of the health problem?
Societal Impacts of the Health Problem How does the health problem affect individuals? Physically? Mentally? What is the economic costs to society/country/individuals due to the health problem? What are the environmental effects from the health problem? (if environmental) What are the determinants of health which may cause/contribute to the health problem? Which geographical areas is mostly affected by this health problem? Countries/regions? Urban vs. Rural? Add any other pertinent information you think is important.
Programs/Policies Enacted for the Health Problem Are there any preventive measures taken against the health problem? Are there any government policies implemented? Are there any future policies to be enacted? Is there a treatment prescribed for the health problem? OR if an environmental issue how to minimize the effects?
Summary Just briefly summarize on the previous sections. Include what you think is crucial from each section.
An executive committee consists of 11 members, 6 men and 5 women. 3 members are selected at random to go to a meeting in Hawaii. What is the probability that all 3 selected are women?
Assessment item 2 – Divine Denim case study
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Value: 15%
Due Date: 10-Apr-2020
Return Date: 06-May-2020
Length: See individual questions for word length
Submission method options: Alternative submission method
TASK
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Read the background information on the fictitious business, Divine Denim Pty Ltd, and then apply the knowledge you have gained in this subject to answer the various questions.
Background
Helen Croker owns Divine Denim, a growing company making made to measure, designer denim jeans and jackets. She uses organic yarn-dyed cotton denim of different weights depending on the garment that she is making. Although she prefers to take the measurements herself, she is now making denim clothes for international customers using the self-measuring system she has developed and put online. For her custom clients, she takes measurements or uses the measurements supplied through her customers’ online application. She uses these measurements to alter the pattern for the design chosen by the client. The pattern is sent to the Cutting Department and the cut material then transferred to the Machining Department.
Helen has recently expanded into a Ready to Wear (RTW) collection which is made in Australia and sold online at a cheaper price point than the made to measure clothing.
Helen designs the RTW clothes and sends the designs to a pattern maker. She previously had two machinists working for her and has just expanded to 8 machinists and a cutter in an expanded factory to manufacture the RTW clothing. One of the machinists uses the riveting and buttonhole machines. Helen has the latest computerised machines enabling her to complete a single setup for all machines from an iPad. She has an administrator who manages the payroll, orders, creditors, delivery and invoicing. An IT expert works 2.5 days a week and manages the company’s website, other IT issues and online presence including monthly podcasts. A bookkeeping service is used for basic bookkeeping, GST returns and preparing information for the tax agent.
Helen decided that she needs better cost control and regular information and has asked your firm of accountants, Good Numbers, to provide her assistance to maintain and grow her expanding business.
Question 1 Business background (25 marks)
As part of your initial meeting with Helen, you are concerned to find out as much as possible about the business and the strategies that she plans to use. To start this discussion, you explain to her Porter’s Five Forces and Porter’s Strategy Model and how these can affect her costs and sales. You ask Helen to explain to you how she thinks the forces in Porter’s model affect the custom clothing and the RTW businesses and the strategies she will take with these different products.
Required:
Presentation:
Record your answer to part i. in point form in one column. In the next column, record Helen’s evaluation (part ii.) of the impact that each of the points on the Five Forces and the Organisational Strategies (PFFOS) have on the made to measure business. In the last column record Helen’s evaluation of the impact that each of the PFFOS points have on the RTW businesses. See format below.
| Porter’s Five Forces and Organisational Strategies (PFFOS) Summary | How PFFOS affect the made to measure business | How PFFOS affect the RTW business |
(max 750 words)
Question 2Cost allocation (25 marks)
You have explained to Helen the importance of understanding how indirect costs can be allocated to the cost of finished goods and the problems of using a cost of goods manufactured statement to apply these costs and appropriately cost and price her products. Divine Denim has 2 production departments (Cutting and Machining), and 3 support departments (Administration, IT and Design).
The IT Department’s costs are allocated based on the number of computers. The Administration Department’s costs are allocated based on the number of employees. The Design Department’s costs are allocated 50% to cutting and 50% to Machining. Allocate the support department costs in the following order: Administration then IT. Helen has provided some estimates of costs for the current year (see below).
| INPUT DATA | |||||
| Direct costs | Administration | IT | Design | Cutting | Machining |
| Materials & Labour | 55,000 | 35,000 | 45,000 | 50,000 | 400,000 |
| Indirect costs | 10,000 | 7,500 | 10,000 | 7,500 | 25,000 |
| Total | 65,000 | 42,500 | 55,000 | 57,500 | 425,000 |
| Allocation base | |||||
| No of computers | 1 | 1 | 1 | 9 | |
| Designs | 0.5 | 0.5 | |||
| No. of employees | 1 | 1 | 1 | 1 | 8 |
Required:
Presentation: The input data above can be copied directly from the online subject outline into a spreadsheet. Cut and paste your spreadsheet results and formula view into your Word document. The formula view should include the column letters and the row numbers. See the ‘Getting Started’ menu tab on the Interact subject sitefor advice on spreadsheet layout and utilities.
Question 3 Process costing (25 marks)
As part of your role, you provide Helen with the costs of running her Cutting and Machining departments in July. Only skinny jeans were manufactured in July. All work is commenced in the Cutting Department and output is then transferred to the Machining Department. No direct material is added in the Machining Department but labour and overhead costs, including thread, rivets, buttons, and zippers are incurred uniformly throughout the process. Overhead is allocated based on 125% of direct labour cost. For the Machining Department, the following work in process information for 1 March 2020 is available: 100 units, 75% complete. Costs of this work in process include:
| $ | |
| Cutting department costs transferred in | 3,330 |
| Machining department costs | |
| Direct labour | 32,000 |
During March 200 units were completed and transferred to Administration for dispatch. Units transferred from the Cutting Department to the Machining Department were charged to Machining at $44.50 each. Direct labour costs in March for the Machining department were $32,000.
On 31 March 35 units were in process in Machining and these were estimated to be 45% complete.
Required:
For the Machining Department calculate, for the month of March, the cost of work completed and the cost of work in process as at 31 March 2020, using:
Use the example in Figure 7.4 of the text and the information in the Background to Divine Denim, design a job cost record for a pair of custom-made jeans. (5 marks)
Presentation: Use Excel to prepare your answers to parts i and ii. Cut and paste your spreadsheet results and formula view into your word document. The formula view should include the column letters and the row numbers.
Question 4 Budgets (25 marks)
Part A
On 1 February 2020 Divine Denim has a cash balance of $40 000. Sales for the next six months are expected to be:
| Feb | March | April | May | June | July |
| $50,000 | $70,000 | $130,000 | $210,000 | $260,000 | $300,000 |
The gross margin on sales is expected to be 50%. The company plans to carry a finished goods inventory equal to expected sales for the next two months. Purchases are paid in the month following purchase.
Variable selling expenses are expected to equal 15% of sales. Fixed selling and administrative expenses are expected to be $30 000 per month, including $2,000 depreciation. Eighty percent of the expenses will be paid in the month incurred, the balance in the month following.
Sixty percent of sales are expected to be cash sales. Twenty-five percent of credit sales are collected in the month of sale and 75% in the month following sale.
Required:
Presentation: Use Excel to prepare your answers to parts i. and ii. Cut and paste your spreadsheet results and formula view into your word document. The formula view should include the column letters and the row numbers.
Part B
Explain to Helen how the budget is related to the organisational strategies outlined in your answer to Question 1. (max 300 words) (8 marks)
Online submission via Turnitin is required for this assignment. Details will be provided by your subject lecturer.
RATIONALE
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This assessment task will assess the following learning outcome/s:
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Trading-Style….pdf