Managerial Accounting on Job Order and Process Costing Explain the similarities and differences between job order costing and process costing. In your explanation, provide examples of when job order costing and process costing would be most appropriate.
Managerial Accounting on Job Order and Process Costing
Your initial post should be 200 to 250 words. Job costing involves the detailed accumulation of production costs attributable to specific units or groups of units. For example, the construction of a custom-designed piece of furniture would be accounted for with a job costing system. The costs of all labor worked on that specific item of furniture would be recorded on a time sheet and then compiled on a cost sheet for that job.
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After reviewing the slides, describe areas that would be unprofessional in your field when considering attire and presentation of self?
Include any additional thoughts.
Part 2: Personal Reflection and Connection (4 paragraphs)
What is the appropriate attire for an individual in your profession?
Note: you may want to research this by talking to those in your profession or researching appropriate attire for your profession as this may differ from what you viewed in the presentations. Review a brief overview of what is not appropriate attire in the majority of career fields.
Describe what makes someone a professional in your field. Use research and/or reflect on your personal experiences and what you know about your profession (or the profession you will work in).
What behavioral attributes do you practice that identify you as a professional?
What attributes, such as attire, communication skills, and presentation of self, do you possess that make you professional?
Minimum Submission Requirements
Failure to meet the minimum requirements could negatively affect your score and may result in failing the Course Assessment.
Assignment contains both Part 1 and Part 2
Each part meets the length requirements (3-4 paragraphs for part 1, at least 4 paragraphs for part 2). Each paragraph should be a minimum of 3-4 sentences.
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Building a Spreadsheet Model Essay Paper Which of the following is an appropriate first step when building a spreadsheet model?
Building a Spreadsheet Model Essay Paper
Visualize where you want to finish
Test the model
Do some calculation by hand
Optimize the model
QUESTION 5
How many cells should be used to represent each constraint?
0
1
2
3
QUESTION 10
Which of the following should be entered first when building a spreadsheet model?
The objective cell
The changing cells
The output cell
The data cells.
Many companies use spreadsheets to store information, but they also have other valuable functions. Companies use spreadsheets to model and manipulate data sets, create graphical visualizations, and inform future planning, and decision making. With popular spreadsheet programs such as Microsoft Excel and alternatives from LibreOffice and GoogleDocs, businesses of any size can put spreadsheets to good use.
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Introduction
This assessment will give you the opportunity to construct a complete budget for the manufacturing operations of a fictional company called the Spicer Corporation. In doing so, you will practice analyzing budget practices and techniques.
Demonstration of Proficiency
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Competency 2: Analyze budgeting practices in organizations.
Explain how the component budgets function within the complete annual budget.
Competency 3: Apply appropriate budgeting techniques for planning, executing, and controlling.
Create a complete annual budget.
Competency 4: Apply quantitative models to create and manage budgets and forecasts and evaluate budget performance.
Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Scenario
Cash budgets forecast cash needs to achieve operational goals, especially in terms of expected financing. For this assessment, you will act as a controller at a manufacturing company called the Spicer Corporation and your task will be to prepare a cash budget and an associated memo.
Your Role
You are a controller working for the vice president of finance at a manufacturing company called Spicer Corporation.
Requirements
The vice president has requested you create a cash budget (5 pages) for the coming year:
Use the Cash Budgeting Template [XLSX].
Include a supplement schedule for cash receipts for the coming year.
Assume management wants to maintain a minimum cash balance of $50,000.
When you complete the cash budget, include the component parts:
Sales budget.
Purchasing budget.
Payments budget.
Cash receipts budget.
In addition to the cash budget, the vice president has also requested that you prepare a memo to management (3 pages) that explains the purpose of a cash budget, its relationship to operational goals, and the process you performed to create it. As part of the memo, identify at least three key aspects of the current cash budget that management should note. For each key aspect, be sure to discuss how the overall cash budget will be impacted if there is a change in the expectation.
Use the Memo Template [DOC] to structure your memo.
Deliverable Format
Since the vice president of finance has requested these documents, you should make the cash budget and associated memo as clear, well-organized, and readable as possible. The vice president has requested the memo for management be 3 pages so that you have enough space to provide some scholarly and/or professional context.
Communication: Communicate in a manner that is scholarly, professional, and consistent with the needs and expectations of senior corporate leadership and other stakeholders. For this scenario, assume the vice president of finance expects original work, critical thinking, and scholarly sources. Your writing must be free of errors that detract from the overall message.
The memo is a professional document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines, including single-spaced paragraphs.
Resources: Incorporate at least two resources that are scholarly and/or professional. So that your imaginary vice president of finance can locate more information about cash budgeting, include a reference page at the end of your report.
Budget length: According to template.
Faculty will use the scoring guide to review your deliverable as if they were your immediate supervisor. Review the scoring guide prior to developing and submitting your assessment.
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Prepare a Statement of Cash Flows in Good Form 1. Prepare a statement of cash flows in good form.
Prepare a Statement of Cash Flows in Good Form
Determine the quarterly dividend per share amount that G paid during 2017.
Assume (1) that the quarterly dividend per share amount did not change during the year and (2) that the ex-dividend dates were 03-15, 06-15, 09-15, and 12-15. Be sure to show in detail how you determined the quarterly dividend per share amount.
The question is blew (I will upload it through files or words)
G Service Company’s 2016 and 2017 balance sheets and 2017 income statement (excluding EPS) follow:
12-31-1612-31-17
Cash$900,000$1,820,000
Trade receivables, net600,000760,000
Prepaid expenses100,000250,000
Plant assets2,900,0003,500,000
Accumulated depreciation(600,000)(725,000)
Patents240,000200,000
$4,140,000$5,805,000
Accrued liabilities109,95372,000
Unearned revenues250,00065,000
Short-term debt150,000100,000
Bonds payable300,000200,000
Prepare a Statement of Cash Flows in Good Form
Discount on bonds payable (2,503) (6,173)
Asset retirement obligations82,270154,513
Common stock ($1 par value)50,00053,350
Additional paid-in-capital, common stock1,450,0001,623,400
Treasury stock(250,000)(150,000)
Retained earnings2,000,2803,692,910
$4,140,000$5,805,000
Sales$6,700,000
Cost of services provided 2,900,000
Operating expenses1,400,000
Other (gains)/losses, net(3,458)
Impairment loss on plant assets47,000
Interest expense18,958
Income before taxes2,337,500
Income tax expense514,250
Net income$1,823,250
Additional information for G follows:
During 2017, G declared and paid cash dividends.
On 06-30-17, G declared and distributed a 5% stock dividend on its outstanding common stock. At the time of declaration, one share of G’s stock traded for $48.
On 08-15-17, G issued, in exchange for cash, 600 shares of its common stock when G’s stock traded for $50 per share. At the time of the issuance, G incurred and paid $1,200 of stock issuance costs.
G is a publicly-traded company. On 12-01-17, G issued 500 shares of its common stock in exchange for a tract of land (PP&E). At the time of the issuance, the appraised value of the land was $40,000.
On 09-01-16, bought back 5,000 shares of its own common stock. This was G’s first treasury stock transaction. Also, during 2016, this was G’s only treasury stock transaction. On 12-31-17, G reissued 2,000 of its treasury shares at $48 per share.
During 2017, G sold a machine (PP&E) for $16,000. The machine had an original cost of $50,000. At the time of sale, the machine’s book value was $5,000.
During 2017, G spent $150,000 to increase the useful life of one of its fixed assets.
On 12-31-15, G acquired a fixed asset that will require G to spend an estimated $100,000 to dismantle the asset when G retires the asset on 12-31-20. At 12-31-15, the interest rate on US Treasury securities was 2% and G’s credit standing required a 3% risk premium.
On 01-01-17, G acquired a fixed asset that will require G to spend an estimated $80,000 to dismantle the asset when G retires the asset on 12-31-20. At 01-01-17, the interest rate on US Treasury securities was 1.5% and G’s credit standing required a 4% risk premium.
G has several patents, all of which have limited lives. During 2017, G did not enter into any transaction that would increase the balance in its patent account.
Prepare a Statement of Cash Flows in Good Form
On 06-30-14, G issued $300,000 of its 5%, 5-year callable term bonds dated 06-30-14. The bonds pay interest every June 30 and December 31. When G issued the bonds, similar bonds paid 4.75%. On 06-30-14, G incurred and paid $8,000 of bond issuance costs. On 12-31-17, after making the semi-annual interest payment, G called in (retired) all the bonds at 102.
On 12-31-17, G issued $200,000 of its 2%, 5-year term bonds dated 12-31-17. The bonds pay interest every December 31 and June 30. When G issued the bonds, similar bonds paid 2.5%. On 12-31-17, G incurred and paid $1,500 of bond issuance costs.
G’s 2017 operating expenses include depreciation, patent amortization, and ARO accretion expenses.
G uses the indirect method.
Prepare a statement of cash flows in good form. Be sure to label your answers as provided by OR used in. Do NOT worry about any supplemental disclosures
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Prepare four documents (7 pages total single spaced) that advise a county board of advisers on matters related to a proposed tax rate, participative vs. authoritative budgets, methods of governmental financial reporting, and a cost-variance analysis.
These need to be under 10% turnitin similarity
Prepare four documents (7 pages total) that advise a county board of advisers on matters related to a proposed tax rate, participative vs. authoritative budgets, methods of governmental financial reporting, and a cost-variance analysis.
Introduction
This assessment will give you the opportunity to act as the comptroller for an imaginary Caroline County. As the comptroller, you will prepare and submit documents to the County Board that explain and demonstrate the unique accounting methods used by a county government, including the calculation and proposal of a tax rate.
Demonstration of Proficiency
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies through corresponding scoring guide criteria:
Competency 1: Apply advanced accounting techniques to organizational situations.
Explain dual government financial reports, including their names, contents, and the reason for the two sets.
Competency 2: Analyze budgeting practices in organizations.
Analyze revenues and expenditures for a governmental entity.
Competency 3: Apply appropriate budgeting techniques for planning, executing, and controlling.
Competency 4: Apply quantitative models to create and manage budgets and forecasts and evaluate budget performance.
Present tax rate necessary to balance revenues and expenditures for a governmental entity.
Compare participative budgets and authoritative budgets, including the advantages and disadvantages of each.
Create a budget based on estimated tax rate.
Explain how an overall variance is divided into a cost variance and a volume variance.
Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Scenario
For this assessment, you will act as the comptroller for an imaginary Caroline County. The current county board of supervisors is mostly new, so they will need a lot of guidance. One board member has requested an explanation for the two sets of financial reports used in government accounting. The board will also need recommendations on whether to approach the budget using an authoritative or participative approach. The most important item will be setting an appropriate tax rate for next year that takes into account the possible purchase of 6 new school busses, but the board has also requested a cost-variance analysis to explain food overages incurred during a recent bicentennial celebration at the county seat in Clarksville.
Your Role
You are the comptroller of the fictional Caroline County.
Requirements
For this assessment, your comptroller tasks will include preparing and submitting four different documents:
Document 1: Tax Rate Proposal and Budget (2 pages, not counting support documents and associated schedules)
In preparation for the annual meeting with the county board of supervisors, you will present a tax rate proposal and associated budget. To do so, you will need to:
Analyze revenues and expenditures for Caroline County.
Present a tax rate for the coming year that will balance revenues and expenditures in Caroline County.
Create a budget based on the estimated tax rate.
Data relevant to your proposal and budget:
Last year’s tax rate of 1.25% of assessed value of real estate was based on a budget requiring spending of $10,000,000 total from all sources.
One-fourth of that came from taxes on real estate.
The total assessed value of the property in the county was $200,000,000.
Since the last tax rate was set:
The county’s property has been appraised at an overall increase of 2 percent. This does not include the real estate of 15 new business at a total of $4,000,000 in assessed value or the addition of a new housing development adding a total of $10,000,000 in assessed value.
New regulations from the state will add $500,000 to the amount needed by county schools. The state will not pay for any of this $500,000.
The county would like to know the feasibility of purchasing 6 new school buses costing $200,000 USD each.
When preparing this tax rate proposal and budget (2 pages) for submission to the supervisors, include all relevant supporting documents and other information, such as:
Estimated assessed value of all property in the county.
Forecasted additions to the county surplus if the supervisors adopt your recommendation.
Document 2: Participative versus Authoritative Budget Recommendation (2 pages)
The county board of supervisors is currently debating whether the heads of the county departments should have more input into the budget preparation process than they have had in previous years. In other words, the board is debating whether to move to a more participative budgeting process. Write a report (1ñ2 pages) for presentation at the next board meeting that discusses the difference between a participative budget and an authoritative budget. Include the advantages and disadvantages of each.
Document 3: Government Financial Reporting Explanation (2 pages)
One of the newly elected members of the county board of supervisors is looking at last year’s Comprehensive Annual Financial Report and has noticed that it appears to contain two sets of financial reports instead of the one that he is used to seeing for business enterprises. He has asked you to explain this to him. Write an email (2 pages) that discusses the two sets of financial reports, including their names, their contents, and the reason that there are two sets.
Document 4: Cost-Variance Analysis (1 page)
A party was held to celebrate the bicentennial of Clarksville, the county seat of Caroline County. Six-hundred attendees were estimated, but 700 arrived. The food and entertainment budget was $6,000, but the actual costs were $7,500. The overall spending variance was $1,500 ($7,500 – $6,000 = $1,500). Using flexible budgeting techniques and variance analysis, write a report (1 page) that explains how this $1,500 overall variance is divided into a cost variance and a volume variance. Include your calculations and conclusions to present at the next board meeting.
Deliverable Format
For the sake of this assessment, imagine that all four of the documents you prepare will be archived in the county board’s records. Remember, too, that the prompt and effective decisions of the board will depend on the clarity, accuracy, and readability of these documents. You want each of them to be clear, well-organized, and readable.
Communication: Communicate in a manner that is professional and consistent with the needs and expectations of county board supervisors and other interested stakeholders. Assume the board of supervisors expect original work. Your writing must be free of errors that detract from the overall message.
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Assume (1) that the quarterly dividend per share amount did not change during the year and (2) that the ex-dividend dates were 03-15, 06-15, 09-15, and 12-15. Be sure to show in detail how you determined the quarterly dividend per share amount.
The question through files. Just determine the quarterly dividend per share amount that G paid during 2017.
The Quarterly Dividend per Share Amount
G Service Company’s 2016 and 2017 balance sheets and 2017 income statement (excluding EPS) follow:
The Quarterly Dividend per Share Amount Additional information for G follows:
During 2017, G declared and paid cash dividends.
On 06-30-17, G declared and distributed a 5% stock dividend on its outstanding common stock. At the time of declaration, one share of G’s stock traded for $48.
On 08-15-17, G issued, in exchange for cash, 600 shares of its common stock when G’s stock traded for $50 per share. At the time of the issuance, G incurred and paid $1,200 of stock issuance costs.
G is a publicly-traded company. On 12-01-17, G issued 500 shares of its common stock in exchange for a tract of land (PP&E). At the time of the issuance, the appraised value of the land was $40,000.
On 09-01-16, bought back 5,000 shares of its own common stock. This was G’s first treasury stock transaction. Also, during 2016, this was G’s only treasury stock transaction. On 12-31-17, G reissued 2,000 of its treasury shares at $48 per share.
During 2017, G sold a machine (PP&E) for $16,000. The machine had an original cost of $50,000. At the time of sale, the machine’s book value was $5,000.
During 2017, G spent $150,000 to increase the useful life of one of its fixed assets.
On 12-31-15, G acquired a fixed asset that will require G to spend an estimated $100,000 to dismantle the asset when G retires the asset on 12-31-20. At 12-31-15, the interest rate on US Treasury securities was 2% and G’s credit standing required a 3% risk premium.
On 01-01-17, G acquired a fixed asset that will require G to spend an estimated $80,000 to dismantle the asset when G retires the asset on 12-31-20. At 01-01-17, the interest rate on US Treasury securities was 1.5% and G’s credit standing required a 4% risk premium.
The Quarterly Dividend per Share Amount
G has several patents, all of which have limited lives. During 2017, G did not enter into any transaction that would increase the balance in its patent account.
On 06-30-14, G issued $300,000 of its 5%, 5-year callable term bonds dated 06-30-14. The bonds pay interest every June 30 and December 31. When G issued the bonds, similar bonds paid 4.75%. On 06-30-14, G incurred and paid $8,000 of bond issuance costs. On 12-31-17, after making the semi-annual interest payment, G called in (retired) all the bonds at 102.
On 12-31-17, G issued $200,000 of its 2%, 5-year term bonds dated 12-31-17. The bonds pay interest every December 31 and June 30. When G issued the bonds, similar bonds paid 2.5%. On 12-31-17, G incurred and paid $1,500 of bond issuance costs.
G’s 2017 operating expenses include depreciation, patent amortization, and ARO accretion expenses.
G uses the indirect method.
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Why do we focus on cash flows rather than accounting profits in making our capital-budgeting decisions? As a financial manager, explain which types of cash flows you would consider in evaluating an investment and why. Explain what is meant by options in capital budgeting and how they could influence a capital investment decision.
Search the SEU library or the internet for an academic or industry-related article. Select an article that relates to these concepts and explain how it relates to doing business in Saudi Arabia.
For your discussion post, your first step is to summarize the article in two paragraphs describing what you think are the most important points made by the authors (remember to cite the information, as appropriate). For the second step, include the reference listing with a hyperlink to the article. Please note, do not copy the article into your post and limit your summary to two paragraphs. Let me know if you have any questions. Enjoy your search.
Be sure to support your statements with logic and argument, citing all sources referenced. Post your initial response early, and check back often to continue the discussion. Be sure to respond to your peers’ posts as well.
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The Relationship of Costs in Decision Making Imagine that you have a friend, Jennifer Jackson, who owns a small family restaurant that opens at night. Jennifer’s restaurant has been open only a few years, and she likes to keep the business small.
The Relationship of Costs in Decision Making
The popularity of the restaurant has increased, but Jennifer is hesitant extending service to include lunch hours. She has two young children at home, and keeping the restaurant running only in the evenings has been profitable enough and allowed her to keep a sense of balance in her life. And yet, Jennifer feels she is losing an opportunity to expand that may not be available to her in a few years. For Jennifer’s case, what are the different costs factoring into her decision of whether to extend business hours or not?
To prepare for this paper, consider how to analyze cost concerns, such as opportunity cost, and consider how to determine the cost of alternatives over single and multiple time periods. Also, think about how you would analyze the role of costs in the decision-making process.
Respond to the following:
1-Differentiate opportunity cost, marginal cost, and relevant cost, including supportive and illustrative examples in terms of the purposes for which each cost is used. You can use the scenario of Jennifer’s restaurant to illustrate your examples.
2-Analyze the relationship between marginal benefit and marginal cost, and explain how marginal benefit is measured and how it relates to marginal cost.
3-Beyond the scenario of Jennifer’s restaurant, what other costs must managers address before making decisions? Why?
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