ACC 497 entire class Flashcards
ACC 497 Entire Course (With New Final Guide) NEW
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ACC 497 Entire Course (With New Final Guide) NEW
ACC 497 Final Exam Guide (New, 2017) NEW
ACC 497 Week 1 FASB Codification System (2 Papers) NEW
ACC 497 Week 1 Knowledge Check NEW
ACC 497 Week 2 Accounting Ethics NEW
ACC 497 Week 2 Discussion (LIFO) NEW
ACC 497 Week 2 Knowledge Check NEW
ACC 497 Week 2 Team Accounting for Employee Stock Options NEW
ACC 497 Week 2 Textbook Cases Case 1-1, Case 1-3, Case 2-2 NEW
ACC 497 Week 3 Accounting for Investments NEW
ACC 497 Week 3 Knowledge Check NEW
ACC 497 Week 3 Learning Team Discussion (Interest Cost on Construction) NEW
ACC 497 Week 3 Team Assignment Interest Cost NEW
ACC 497 Week 3 Textbook Problems Complete Problem Assignments 1-15 NEW
ACC 497 Week 4 Income Tax Implication of Capital Investment Decisions NEW
ACC 497 Week 4 International Versus U.S. Standards NEW
ACC 497 Week 4 knowledge Check NEW
ACC 497 Week 4 Learning Team Discussion (300 Words) NEW
ACC 497 Week 4 Team Goodwill NEW
ACC 497 Week 5 FARS Case (2 Papers) NEW
ACC 497 Week 5 Knowledge Check NEW
ACC 497 Week 5 Signature Assignment FARS Case NEW
ACC 497 Entire Course (With New Final Guide) NEW
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ACC 497 Final Exam Guide (New, 2017) NEW
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ACC 497 Final Exam Guide (New, 2017) NEW
1.
An unmodified audit opinion rendered on a governmental unit’s basic financial statements means those statements:
Have been certified as free from error.
Present the entity’s financial position fairly in conformity with GAAP.
Did not require modifications by the auditor.
All of the above.
2
Melinda invests $200,000 in a City of Heflin bond that pays 6 percent interest. Alternatively, Melinda could have invested the $200,000 in a bond recently issued by Surething Inc., that pays 8 percent interest with similar risk and other nontax characteristics to the City of Heflin bond. Assume Melinda’s marginal tax rate is 25 percent. (Leave no cells blank - be sure to enter “0” wherever required.)
a. What is her after-tax rate of return for the City of Heflin bond?
3.
One of the primary purposes of the Single Audit Act of 1984 (amended in 1996) is to:
Promote the efficient and effective use of audit resources.
Make audit activity legal at the federal level.
Allow federal auditors greater access to government entities receiving federal funds.
Detect fraud, waste and abuse in government entities.
4.
Tech Company has disclosed an uncertainty due to pending litigation. The auditor’s decision to issue a qualified opinion on Tech’s financial statements would most likely result from:
the entity’s lack of experience with such litigation.
an inability to estimate the amount of loss.
a lack of sufficient evidence.
a lack of insurance coverage for possible losses from such litigation.
5. The goal(s) of a performance audit include(s) assessment of: Economy. Internal control compliance. Program effectiveness. All of the above.
6.
Eagle Company, a public company, had a computer failure and lost part of its financial data. As a result, the auditor was unable to obtain sufficient audit evidence relating to Eagle’s inventory account. Assuming the inventory account is at least material, the auditor would most likely choose either:
a qualified opinion with no explanatory paragraph or a qualified opinion with an explanatory paragraph.
an unqualified opinion with no explanatory paragraph or an unqualified opinion with an explanatory paragraph.
a qualified opinion or an adverse opinion.
a qualified opinion or a disclaimer of opinion.
7.
Which of the following funds is a governmental fund-type?
Enterprise fund.
Internal service fund.
Permanent fund.
Private-purpose trust fund.
8.
Which of the following is true regarding financial reporting for internal service funds?
Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.
Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.
Internal service funds are aggregated and reported as a major fund in the proprietary fund financial statements.
Internal service funds are reported in the governmental fund financial statements.
9.
The body that has the responsibility to set generally accepted accounting principles in Canada is the:
AcSB.
OSC.
FASB.
IASC.
10.
Under GASB standards, where are nonmajor funds reported?
In aggregate amounts in a single column in the fund financial statements.
In a note disclosure following the financial statements.
In the government-wide financial statements.
In the management’s discussion and analysis preceding the financial statements.
11.
For each of the following scenarios, indicate how they would be classified for fund balance reporting purposes by selecting from the list of classification.
12.
Which of the following would be considered Category (b) GAAP for state and local government auditees?
GASB Statements and Interpretations.
AICPA Practice Bulletins if specifically made applicable to state and local governments by the AICPA and cleared by the GASB.
GASB Technical Bulletins.
GASB Implementation Guides.
13.
The estate of Monique Chablis earned $450 of income this year. Is the estate required to file an income tax return?
No, because the estate’s gross income is less than $600, the estate is not required to file an income tax return.
14.
The essential characteristic(s) of accounting is (are):
communication of financial information to interested persons, communication of financial information about economic entities, and identification, measurement, and communication of financial information.
communication of financial information about economic entities.
communication of financial information to interested persons.
identification, measurement, and communication of financial information.
15.
For each of the following independent situations, indicate the type of financial statement audit report that you would issue and briefly explain your reasoning. Assume that all companies mentioned are private companies and that each item is at least material.
a. Barefield Corporation, a wholly owned subsidiary of Sandy, Inc., is audited by another CPA firm. As the auditor of Sandy, Inc., you have assured yourself of the other CPA firm’s independence and professional reputation. However, you are unwilling to take complete responsibility for its audit work.
b. The management of Bonner Corporation has decided to exclude the statement of cash flows from its financial statements because it believes that its bankers do not find the statement to be very useful.
c. You are auditing Diverse Carbon, a manufacturer of nerve gas for the military, for the year ended September 30. On September 1, one of its manufacturing plants caught fire, releasing nerve gas into the surrounding area. Two thousand people were killed and numerous others paralyzed. The company’s legal counsel indicates that the company is liable and that the amount of the liability can be reasonably estimated, but the company refuses to disclose this information in the financial statements.
d. During your audit of Cuccia Coal Company, the controller, Tracy Tricks, refuses to allow you to confirm accounts receivable because she is concerned about complaints from her customers. You are unable to satisfy yourself about accounts receivable by other audit procedures and you are concerned about Tracy’s true motives.
e. On January 31, Asare Toy Manufacturing hired your firm to audit the company’s financial statements for the prior year. You were unable to observe the client’s inventory on December 31. However, you were able to satisfy yourself about the inventory balance using other auditing procedures.
f. Gelato Bros., Inc., leases its manufacturing facility from a partnership controlled by the chief executive officer and major shareholder of Gelato. Your review of the lease indicates that the rental terms are in excess of rental terms for similar buildings in the area. The company refuses to disclose this related-party transaction in the footnotes.
g. Johnstone Manufacturing Company has used the double-declining balance method to depreciate its machinery. During the current year, management switched to the straight-line method because it felt that it better represented the utilization of the assets. You concur with its decision. All information is adequately disclosed in the financial statements.
16.
In which section of the standard audit report does the auditor inform financial statement users that certain information, such as combining statements or budgetary comparison schedules may not have been subject to the comprehensive audit procedures?
Auditor’s Opinion section.
Other Information section
Other Matters section.
Auditor’s Responsibility section.
17.
Award
Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for net sales using 2016 as the base.
- 0% for 2017 and 64.6% for 2016.
- 2% for 2017 and 56.1% for 2016.
- 1% for 2017 and 40.4% for 2016.
- 3% for 2017 and 100.0% for 2016.
- 2% for 2017 and 100.0% for 2016.
2017: $279,200 / $232,000 × 100 = 120.3%
2016: $232,000 / $232,000 × 100 = 100.0%
18
A company reports basic earnings per share of $4.30, cash dividends per share of $1.65, and a market price per share of $65.15. The company’s dividend yield equals:
- 62%.
- 82%.
- 50%.
- 53%.
- 45%.
19
Refer to the following selected financial information from McCormik, LLC. Compute the company’s days’ sales in inventory for Year 2. (Use 365 days a year.)
- 2.
- 2.
- 1.
- 2.
- 6.
20
Capital assets used by an enterprise fund should be accounted for in the
Business-type activities journal but no depreciation on the capital assets should be recorded.
Governmental activities journal and depreciation on the capital assets should be recorded.
Enterprise fund but no depreciation on the capital assets should be recorded.
Enterprise fund and depreciation on the capital assets should be recorded.
21.
For each of the following definitions, indicate the key term from the list that best matches by placing the appropriate terms.
22.
Which of the following statements regarding audit findings is true?
A material weakness is a deficiency in internal control important enough to merit attention by those charged with governance.
All of the above are true.
A deficiency exists when the design or operation of a control does not allow management or employees to prevent, or detect and correct misstatements on a timely basis.
A significant deficiency is a deficiency in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis.
23.
Which of the following would be reported as a nonspendable fund balance?
Assets whose use is limited.
Restricted assets.
Capital assets.
Inventory.
24.
For the following items that require reconciliation between governmental funds financial statements and governmental activities financial statements at the government-wide level according to GASB standards, indicate which is the best appropriate terms.
A) Always be subtracted from fund balances—governmental funds.
B) Always be added to fund balances—governmental funds
C) May be added to or subtracted from fund balances—governmental funds in arriving at net position of governmental activities.
25.
Martinez Corporation reported Net sales of $777,000 and Net income of $130,000. The Profit margin is:
- 27%.
- 67%.
- 98%.
- 0%.
- 73%.
26.
Selected current year company information follows:
27.
Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. This report is called a(an)
Popular report.
Required supplementary information.
Basic financial statements.
Comprehensive annual financial report.
28.
A corporation reported cash of $25,600 and total assets of $454,000 on its balance sheet. Its common-size percent for cash equals:
- 64%.
- 00%.
- 73%.
1773%.
56.40%.
29.
Refer to the following selected financial information from Shakley’s Incorporated. Compute the company’s profit margin for Year 2.
- 1%.
- 5%.
- 8%.
- 2%.
- 1%.
30.
An organization that has not published financial accounting standards is the:
Institute of Chartered Accountants.
Emerging Issues Committee.
Certified Management Accountants of Canada.
International Accounting Standards Committee.
ACC 497 Final Exam Guide (New, 2017) NEW
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UOP ACC 497 Week 1 FASB Codification System (2 Papers) NEW
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Access the FASB Online website and familiarize yourself with the contents.
Write a 350- to 700-word paper in which you answer the following questions:
§ What is the FASB Codification System?
§ What is the purpose of the FASB Codification System?
§ What are the nine content areas located in the FASB Codification System? What types of items are located under each content area?
Format your paper consistent with APA guidelines.
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UOP ACC 497 Week 1 FASB Codification System (2 Papers) NEW
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UOP ACC 497 Week 1 Knowledge Check NEW
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ACC 497 Week 1 Knowledge Check NEW
1.
Refer to the following selected financial information from McCormik, LLC. Compute the company’s working capital for Year 2.
$257,000. $178,000. $270,500. $142,500. $166,500.
2.
If cash flow prediction is a company’s primary reporting objective, this would likely result in:
Fewer accruals and deferrals.
Lower earnings.
Higher earnings.
Poor matching.
3.
Refer to the following selected financial information from McCormik, LLC. Compute the company’s inventory turnover for Year 2.
5.80.
3.09.
3.19.
3.14.
3.54.
Year 2: $392,000 / [($123,000 + $127,000) / 2] = 3.14
4.
Selected current year company information follows:
The total asset turnover is (Do not round intermediate calculations.):
- 11 times.
- 49 times.
- 25 times.
- 26 times.
- 77 times.
5.
Choose the correct statement about audits of corporations:
Outside auditors are paid by the government for auditing the financial statements of corporations.
Revenue Canada performs audits of corporations’ financial statements.
It is the employees of the firm being audited who perform the annual audit of the financial statements of that firm.
Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP.
6. Refer to the following selected financial information from McCormik, LLC. Compute the company's accounts receivable turnover for Year 2. 7.98. 5.59. 6.84. 7.73.
7. A corporation reported cash of $28,400 and total assets of $468,000 on its balance sheet. Its common-size percent for cash equals: 60.70%. 6.07%. 1648%. 100.00%. 16.48%.
8.
General-purpose financial statements report financial information relevant to:
investors only.
creditors only.
investors, creditors and government users.
government users only.
9.
A corporation reports the following year-end balance sheet data. The company’s current ratio equals:
- 14
- 57
- 32
- 36
10.
Which of the following statements regarding cash flows is not accurate?
Information about the balances of current liabilities, long-term debt and stockholders’ equity can be found in the statement of cash flows.
Before the present cash flow statement standard became effective, companies had a choice of whether to report cash flow from operating activities or working capital from operating activities.
Information about past cash flows is useful in predicting an entity’s future cash flows.
The reported cash flow from operating activities has been found useful in evaluating a firm’s ability to make interest payments and repay debt.
Studies have shown that a cash flows report is more relevant to investor decisions than a working capital report.
UOP ACC 497 Week 1 Knowledge Check NEW
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UOP ACC 497 Week 2 Discussion (LIFO) NEW
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Discuss the following:
Client X contacted you for clarification and recommendations on how the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.
UOP ACC 497 Week 2 Discussion (LIFO) NEW
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UOP ACC 497 Week 4 International Versus U.S. Standards NEW
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Write a 700- to 1,050-word response to the questions located at the end of the following case:
Case 3-5 International versus U.S. Standards (page 114)
Format your paper consistent with APA guidelines.
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UOP ACC 497 Week 4 International Versus U.S. Standards NEW
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UOP ACC 497 Week 5 Knowledge Check NEW
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ACC 497 Week 5 Knowledge Check NEW
1.
Which of the following factors would not indicate that a potential component unit (PCU) imposes a financial burden or provides a financial benefit to the primary government?
The primary government is obligated to provide financial support to the PCU.
The primary government is obligated for the PCU’s debt.
The primary government is entitled to its share of any dividends distributed by the PCU.
The primary government is entitled to the PCU’s resources.
2.
Select the type of the fund from the list that best matches with the following descriptive phrases.
3.
The GASB concept statements indicate that in certain instances a remeasured value for an asset or liability should be reported on the financial statements. Which of the following is not one of the methods recommended by the GASB for remeasured amounts?
Historical cost.
Fair value.
Replacement cost.
Lower of cost or market.
4.
A city received resources that the state indicates can only be used for public works projects, such as road construction. Assuming the resources have not been expended by year end, how would the resources the city received be shown in the city’s fund balances?
Spendable-Assigned Fund Balance.
Spendable-Committed Fund Balance.
Spendable-Restricted Fund Balance.
Spendable-Designated Fund Balance.
6.
Some governments provide to their citizens highly condensed financial information, budget summaries, and narrative descriptions. This report is called a(an)
Popular report.
Basic financial statements.
Required supplementary information.
Comprehensive annual financial report.
7.
Following is the governmental activities pre-closing trial balance for the Town of Freaz. Freaz is a relatively small town and, as a result, it has only governmental funds (i. e., it uses no proprietary funds). There are no component units. To complete the financial statements for its annual report, the town must prepare a government-wide statement of net position and a statement of activities.
The restricted net position for debt service increased $93 for FY 2017. The net position accounts do not reflect FY 2017 depreciation of $1,180 that was allocated to the functions of government, or the town’s decision to designate $930 for street repair. (All 000s omitted.)
Required
Using the trial balance provided by the town, prepare a government-wide statement of net position.
8.
Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?
Enterprise fund.
Special revenue fund.
Internal service fund.
Private-purpose trust fund.
9.
The City of Lynnwood was recently incorporated and had the following transactions for the fiscal year ended December 31, 2017.
- The city council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,120,000 and appropriations were $2,002,000.
- Property taxes in the amount of $2,060,000 were levied. It is estimated that $15,000 of the taxes levied will be uncollectible.
- A General Fund transfer of $31,000 in cash and $312,000 in equipment (with accumulated depreciation of $77,000) was made to establish a central duplicating internal service fund.
- A citizen of Lynnwood donated marketable securities with a fair value of $920,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the culture and recreation function. Revenue earned and received as of December 31, 2017, was $52,000.
- The city’s utility fund billed the city’s General Fund $137,000 for water and sewage services. As of December 31, the General Fund had paid $136,000 of the amount billed.
- The central duplicating fund purchased $10,500 in supplies.
- Cash collections recorded by the general government function during the year were as follows:
Property taxes $ 1,937,000
Licenses and permits 47,000
User charges 34,000
________________________________________
- During the year the internal service fund billed the city’s general government function $21,700 for duplicating services and it billed the city’s utility fund $14,100 for services.
- The city council decided to build a city hall at an estimated cost of $5,120,000. To finance the construction, 6 percent bonds were sold at the face value of $5,120,000. A contract for $4,620,000 has been signed for the project; however no expenditures have been incurred as of December 31, 2017.
- The general government function issued a purchase order for $38,000 for computer equipment. When the equipment was received, a voucher for $33,100 was approved for payment and payment was made.
a. For each transaction number identify all of the fund and/or government-wide activity journals in which journal entries must be made.
General Fund GF
Capital projects fund CPF
Internal service fund ISF
Permanent fund PF
After School Fund (a special revenue fund) SRF
Enterprise fund EF
Governmental activities GA
UOP ACC 497 Week 5 Knowledge Check NEW
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UOP ACC 497 Week 5 FARS Case (2 Papers) NEW
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Write a 1,050- to 1,400-word response in which you address the following questions from Case 3, Charitable Contributions and Debt: A Comparison of St. Jude Children’s Research Hospital/ALSAC and Universal Health Services:
Questions from Requirement A
Questions from Requirement B
How would your answers to Requirements A and B differ if the government owned and operated the hospital?
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UOP ACC 497 Week 5 FARS Case (2 Papers) NEW
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UOP ACC 497 Week 4 Team Goodwill NEW
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ACC 497 Week 4 Team Goodwill NEW
Discuss with your team the following case study:
Client X contacted you for clarification and recommendations regarding the instances when goodwill should be adjusted for impairment.
Write a team consensus response of no more than 700 words to include the following:
- Provide detailed rational of why goodwill must be adjusted for impairment.
- List the tests for impairment.
- Explain the meaning of a non cash impairment charge.
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UOP ACC 497 Week 4 Team Goodwill NEW
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UOP ACC 497 Week 3 Textbook Problems NEW
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For more classes visit http://www.uopassignments.com/ Complete Problem Assignments 1-15. Click the Assignment Files tab to submit your assignment What are consumption taxes?
Differentiate horizontal from vertical equity.
When was the constitutional amendment permitting an income tax ratified?
What is a sin tax?
What are three objectives of income taxation?
What are the three taxable persons that pay all of the income taxes?
What is the difference between gross revenue and gross income for a business?
What are at least three unique features of the individual tax model when compared to the corporate tax model? What are three similarities between these models?
What is the purpose of adjusted gross income for an individual?
What are the four filing statuses for which there are standard deductions?
Differentiate the personal exemption from the dependency exemption.
How is gain or loss on the disposition of business or investment property determined?
What is the difference between a deduction from income and a credit against a tax liability? Illustrate your answer.
What are three characteristics of a sole proprietorship? Are these characteristics the same as or different from those of a partnership? What are three characteristics of a limited liability company that differ from those of a partnership?
Compare a C corporation to an S corporation.
UOP ACC 497 Week 3 Textbook Problems NEW
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UOP ACC 497 Week 4 Learning Team Discussion (300 Words) NEW
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Discuss the following as a team:
Client X contacted you for clarification and recommendations regarding in what instances should goodwill be adjusted for impairment?
Write a 350 word summary of the discussion.
UOP ACC 497 Week 4 Learning Team Discussion (300 Words) NEW
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UOP ACC 497 Week 2 Textbook Cases Case 1-1, Case 1-3, Case 2-2 NEW
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Write a 350- to 700-word response for each of the following cases answering the questions located at the end of each case.
Case 1-1 Generally Accepted Accounting Principles on page 28)
Case 1-3 Politicization of Accounting Standards (page 28)
Case 2-2 The Theoretical Foundation of Accounting Principles (page 75)
Format your paper consistent with APA guidelines.
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UOP ACC 497 Week 2 Textbook Cases Case 1-1, Case 1-3, Case 2-2 NEW
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UOP ACC 497 Week 3 Accounting for Investments NEW
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ACC 497 Week 3 Accounting for Investments NEW
Review the following case study:
FASB ASC 320 requires companies to assign their portfolio of investment securities into:
- Trading securities.
- Securities available for sale.
- Held-to-maturity securities.
Write a response of no more than 1,500 words in which you answer the following:
- Define each of these categories of securities and discuss the accounting treatment for each category.
- Discuss how companies are required to assign each category of securities into its current and noncurrent portions.
- Discuss the arguments for each position. Some individuals maintain that the only proper accounting treatment for all marketable securities is current value. Others maintain that this treatment might allow companies to “manage earnings”.
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UOP ACC 497 Week 3 Accounting for Investments NEW
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UOP ACC 497 Week 2 Knowledge Check NEW
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ACC 497 Week 2 Knowledge Check NEW
1.
Via Gelato is a popular neighborhood gelato shop. The company has provided the following data concerning its operations:
While gelato is sold by the cone or cup, the shop measures its activity in terms of the total number of liters of gelato sold. For example, wages should be $5,900 plus $1.70 per liter of gelato sold and the actual wages for June were $15,900. Via Gelato expected to sell 6,000 liters in June, but actually sold 6,200 liters.
Required:
report showing Via Gelato revenue and spending variances for June
2.
Heritage Watercraft makes reproductions of classic wooden boats. The bottleneck in the production process is fitting wooden planks to build up the curved sections of the hull. This process requires the attention of the shop’s most experienced craftsman. A total of 3,400 hours is available per year in this bottleneck operation. Data concerning the company’s four products appear below:
No fixed costs could be avoided by modifying how many units are produced of any product or even by dropping any one of the products.
Required:
1a. Calculate the total hours required in the bottleneck operation to satisfy demand for all the products.
3.
Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as offering take-out and free home delivery services. The pizzeria’s owner has determined that the shop has two major cost drivers—the number of pizzas sold and the number of deliveries made.
Data concerning the pizzeria’s costs appear below:
In November, the pizzeria budgeted for 2,250 pizzas at an average selling price of $22 per pizza and for 210 deliveries.
Data concerning the pizzeria’s operations in November appear below:
Required:
- Complete the flexible budget performance report that shows both revenue and spending variances and activity variances for the pizzeria for November.
4.
Jake’s Roof Repair has provided the following data concerning its costs:
For example, wages and salaries should be $21,400 plus $15.00 per repair hour. The company expected to work 2,700 repair-hours in May, but actually worked 2,600 repair-hours. The company expects its sales to be $52.00 per repair-hour.
Required:
Compute the company’s activity variances for May.
5.
Advanced Pharmaceuticals, Inc., is a wholesale distributor of prescription drugs to independent retail and hospital-based pharmacies. Management believes that top-notch customer representatives are the key factor in determining whether the company will be successful in the future. Customer representatives serve as the company’s liaison with customers—helping pharmacies monitor their stocks, delivering drugs when customer stocks run low, and providing up-to-date information on drugs from many different companies. Customer representatives must be ultra-reliable and are highly trained. Good customer representatives are hard to come by and are not easily replaced.
Customer representatives routinely record the amount of time they spend serving each pharmacy. This time includes travel time to and from the company’s central warehouse as well as time spent replenishing stocks, dealing with complaints, answering questions about drugs, informing pharmacists of the latest developments and newest products, reviewing bills, explaining procedures, and so on. Some pharmacies require more hand-holding and attention than others and consequently they consume more of the representatives’ time.
Recently, customer representatives have made more frequent complaints that it is impossible to do their jobs without working well beyond normal working hours. This has led to an alarming increase in the number of customer representatives quitting for jobs in other organizations. As a consequence, management is considering dropping some customers to reduce the workload on customer representatives. Data concerning a representative sample of the company’s customers appears below:
Customer service costs include all of the costs—other than the costs of the drugs themselves—that could be avoided by dropping the customer. These costs include the hourly wages of the customer representatives, their sales commissions, the mileage-related costs of the customer representatives’ company-provided vehicles, and so on.
Required:
- Rank the four customers in terms of their profitability.
Carlsville Company, which began operations in 2015, invests its idle cash in trading securities. The following transactions are from its short-term investments in trading securities.
2015
Jan. 20 Purchased 800 shares of Ford Motor Co. at $26 per share plus a $125 commission.
Feb. 9 Purchased 2,200 shares of Lucent at $44.25 per share plus a $578 commission.
Oct. 12 Purchased 750 shares of Z-Seven at $7.50 per share plus a $200 commission.
Dec. 31 Fair value of the short-term investments in trading securities is $130,000
2016
Apr. 15 Sold 800 shares of Ford Motor Co. at $29 per share less a $285 commission.
July 5 Sold 750 shares of Z-Seven at $10.25 per share less a $102.50 commission.
July 22 Purchased 1,600 shares of Hunt Corp. at $30 per share plus a $444 commission.
Aug. 19 Purchased 1,800 shares of Donna Karan at $18.25 per share plus a $290 commission.
Dec. 31 Fair value of the short-term investments in trading securities is $160,000.
2017
Feb. 27 Purchased 3,400 shares of HCA at $34 per share plus a $420 commission.
Mar. 3 Sold 1,600 shares of Hunt at $25 per share less a $250 commission.
June 21 Sold 2,200 shares of Lucent at $42 per share less a $420 commission.
June 30 Purchased 1,200 shares of Black & Decker at $47.50 per share plus a $595 commission.
Nov. 1 Sold 1,800 shares of Donna Karan at $18.25 per share less a $309 commission.
Dec. 31 Fair value of the short-term investments in trading securities is $180,000.
Required:
- Prepare journal entries to record these short-term investment activities for the years shown. On December 31 of each year, prepare the adjusting entry to record any necessary fair value adjustment for the portfolio of trading securities.
7.
[The following information applies to the questions displayed below.]
Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2015 and 2016.
2015
Apr. 8 Sold merchandise to Salinas & Sons of Mexico for $5,938 cash. The exchange rate for pesos is $0.1043 on this day.
July 21 Sold merchandise on credit to Sumito Corp. in Japan. The price of 1.5 million yen is to be paid 120 days from the date of sale. The exchange rate for yen is $0.0094 on this day.
Oct. 14 Sold merchandise for 19,000 pounds to Smithers Ltd. of Great Britain, payment in full to be received in 90 days. The exchange rate for pounds is $1.4566 on this day.
Nov. 18 Received Sumito’s payment in yen for its July 21 purchase and immediately exchanged the yen for dollars. The exchange rate for yen is $0.0092 on this day.
Dec. 20 Sold merchandise for 17,000 ringgits to Hamid Albar of Malaysia, payment in full to be received in 30 days. On this day, the exchange rate for ringgits is $0.4501.
Dec. 31 Recorded adjusting entries to recognize exchange gains or losses on Doering’s annual financial statements. Rates for exchanging foreign currencies on this day follow.
2016
Jan. 12 Received full payment in pounds from Smithers for the October 14 sale and immediately exchanged the pounds for dollars. The exchange rate for pounds is $1.4699 on this day.
Jan. 19 Received Hamid Albar’s full payment in ringgits for the December 20 sale and immediately exchanged the ringgits for dollars. The exchange rate for ringgits is $0.4420 on this day.
UOP ACC 497 Week 2 Knowledge Check NEW
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ACC 497 Week 2 Accounting Ethics NEW
Review the following case study:
When the FASB issues new standards, the implementation date is often 12 months from date of issuance, and early implementation is encouraged. Becky Hoger, controller, discusses with her financial vice president the need for early implementation of a standard that would result in a fairer presentation of the company’s financial condition and earnings.
When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required.
Write a response of no more than 1,050 words in which you answer the following requirements:
- Determine an ethical issue that is involved in this case if any.
- Identify if the financial vice president acting improperly or immorally?
- Explain what Hoger have to gain by advocacy of early implementation?
- Identify who might be affected by the decision against early implementation?
Click the Assignment Files tab to submit your assignment.
UOP ACC 497 Week 2 Accounting Ethics NEW
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