Consider and discuss the specific risks and nature of Apple company you will be auditing and create comprehensive work programs for the Acquisition, Payment, Property Plant, and Equipment (Fixed Assets), Notes Payable and Owner’s Equity accounts and cycles.
Submit a 275 -word document that includes the following:
Audit steps for tests of controls, balances, transactions, analytical procedures, etc. as well as other considerations such as sample size and sample methodology.
Please include any references used.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length
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If the company wants to sell a new product that costs $43 wholesale while keeping the same markup structure, what will be the price of the new product? (Use the gross margin percentage and round final answer to 0 decimal places, e.g. 25,000.) Price of t
EXERCISE 3-25 (PART LEVEL SUBMISSION)
The following is Sandhill Company’s income statement for the past year.
Sales revenue $710,000
Cost of goods sold 426,000
Gross margin 284,000
Operating expenses 100,000 Operating income $184,000
Use at least three (3) quality references Note: Wikipedia and other related websites do not qualify as academic resources.
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PLEASE MEET ALL THE REQUIREMENTS IN THE HIGHLIGHTED PORTION OF THE SCORING GUIDE.
Prepare a cash budget (4-5 pages) for a manufacturing company and a memo to new management (2-3 pages) that explains the purpose of a cash budget and its relationship to operational goals.
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 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.
Create the sales budget.
Create the purchasing budget.
Create the payments budget.
Create the cash receipts budget..
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 (4–5 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 (2–3 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 2–3 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.
Memo length: Minimum of 2–3 pages, not including reference pages.
Font and font size: Times New Roman, 12 pt.
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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In this chapter, we are discussing adjusting entries that are important to the accrual basis of accounting. There are four main classifications of journal entries, and each serves its own purpose and has several examples. Identify one specific type of journal entry and answer the following questions about it.
Briefly provide answers to the following questions:
What is the classification of the journal entry in question?
What accounts get debited and credited to account for the transaction?
How would the accounts be in error if the adjusting entry was not recorded at all?
Most journal entries have a counterpart on the other side of the transaction. For example, if we are buying something from a supplier, it would be an expense to us, but revenue to the supplier. Considering this, what is the counterpart adjusting journal entry for the one that you have selected?
Tony and Suzie graduate from college in May 2012 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts.
On July 1, 2012, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 38,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tony and Suzie will act as co-presidents of the company. The following business activities occur during July.
Jul. 1
Suzie purchases $19,000 of Great Adventures’ common stock using cash she saved during college.
1 Tony purchases $19,000 of Great Adventures’ common stock by borrowing from a local bank using his personal vehicle as collateral.
1 Suzie purchases a one-year insurance policy for $5,880 ($490 per month) to cover injuries to participants during outdoor clinics.
2 The company pays legal fees of $1,400 associated with incorporation.
4 Suzie purchases office supplies of $1,700 on account.
7
Suzie pays advertising of $390 to a local newspaper for an upcoming mountain biking clinic to be held on July 15. Attendees will be charged $50 the day of the clinic.
8 Tony purchases 10 mountain bikes, paying $11,000 cash.
15
On the day of the clinic, Great Adventures receives cash of $3,000 from 60 bikers. Tony conducts the mountain biking clinic.
22
Because of the success of the first mountain biking clinic, Tony holds another mountain biking clinic and the company receives $3,500.
24
Suzie pays advertising of $830 to a local radio station for a kayaking clinic to be held on August 10. Attendees can pay $130 in advance or $180 on the day of the clinic.
30
Great Adventures receives cash of $7,800 in advance from 60 kayakers for the upcoming kayak clinic.
[The following information applies to the questions displayed below.]
The following transactions occur over the remainder of the year.
Aug. 1
Suzie applies for and obtains a $47,000 low-interest loan for the company from the city council, which has recently passed an initiative encouraging business development related to outdoor activities. The loan is due in three years, and 6% annual interest is due each year on July 31.
Aug. 4 The company purchases 14 kayaks, costing $22,400.
Aug. 10
Twenty additional kayakers pay $3,200 ($160 each), in addition to the $5,500 that was paid in advance on July 30, on the day of the clinic. Tony conducts the first kayak clinic.
Aug. 17 Tony conducts a second kayak clinic and receives $10,800 cash.
Aug. 24 Office supplies of $1,700 purchased on July 4 are paid in full.
Sep. 1
To provide better storage of mountain bikes and kayaks when not in use, the company rents a storage shed, purchasing a one-year rental policy for $4,320 ($360 per month).
Sep. 21 Tony conducts a rock-climbing clinic. The company receives $14,300 cash.
Oct. 17
Tony conducts an orienteering clinic. Participants practice how to understand a topographical map, read an altimeter, use a compass, and orient through heavily wooded areas. Clinic fees total $18,000.
Dec. 1
Tony decides to hold the company’s first adventure race on December 15. Four-person teams will race from checkpoint to checkpoint using a combination of mountain biking, kayaking, orienteering, trail running, and rock-climbing skills. The first team in each category to complete all checkpoints in order wins. The entry fee for each team is $590.
Dec. 5
To help organize and promote the race, Tony hires his college roommate, Victor. Victor will be paid $40 in salary for each team that competes in the race. His salary will be paid after the race.
Dec. 8 The company pays $1,400 to purchase a permit from a state park where the race will be held. The amount is recorded as a miscellaneous expense.
Dec. 12
The company purchases racing supplies for $2,900 on account due in 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for participants, and field markers to prepare the racecourse.
Dec. 15 Forty teams pay a total of $23,600 to race. The race is held.
Dec. 16 The company pays Victor’s salary of $1,600.
Dec. 31 The company pays a dividend of $3,300 ($1,650 to Tony and $1,650 to Suzie).
Dec. 31
Using his personal money, Tony purchases a diamond ring for $4,400. Tony surprises Suzie by proposing that they get married. Suzie accepts!
The following information relates to year-end adjusting entries as of December 31, 2012.
a.
Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $7,800.
b. Six months’ worth of insurance has expired.
c. Four months’ worth of rent has expired.
d. Of the $1,700 of office supplies purchased on July 4, $350 remains.
e. Interest expense on the $47,000 loan obtained from the city council on August 1 should be recorded.
f. Of the $2,900 of racing supplies purchased on December 12, $210 remains.
g. Suzie calculates that the company owes $14,700 in income taxes.
Assume the following ending balances for the month of July before any adjusting journal entries have been made.
** 3. Post transactions from August 1 through December 31 and adjusting entries on December 31 to T-accounts.
4. Prepare an adjusted trial balance as of December 31, 2012. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Dividends, Revenues, and Expenses.)
5-a. For the period July 1 to December 31, 2012, prepare an income statement.
5-b. For the period July 1 to December 31, 2012, prepare an statement of stockholders’ equity. All account balances on July 1 were zero. (Amounts to be deducted should be indicated with minus sign.)
5-c. Prepare a classified balance sheet as of December 31, 2012.
6. Record closing entries as of December 31, 2012.
7. Post the closing entries of retained earnings to the T-accounts.
8. Prepare a post-closing trial balance as of December 31, 2012. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity.)
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Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
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International Financial Reporting Standards (IFRS) and U.S.
1. What are the types of differences that exist between International Financial Reporting Standards (IFRS) and U.S. generally accepted accounting principles (GAAP).
2. What is a provision, and when must a provision be recognized?
3. What is the difference in measuring compensation expense associated with stock options that vest on a single date (cliff vesting) and in installments (graded vesting)?
4. What is a contingent liability? What is the financial reporting treatment for contingent liabilities?
5. What approaches are used to recognize revenue from the rendering of services? Under what conditions is each of these approaches used?
6. What is the accounting treatment for debt extinguishment costs? Debt modification costs?
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United StatesTax Structure Review of Literature Topic: U.S. Tax Structure – Is it designed to help the poor? -Conduct a thorough Review of Literature on the Topic.
United States Tax Structure Review of Literature
-Double-spaced
-8 pages not to include the title page and the page on references.
Organize paper with these five sections:
1) Introduction and objective. Make sure the objective is specific.
2) Literature Review. Conduct a search on the topic of your paper and summarize works of others similar to what you are writing on. Be sure to follow APA guidelines.
3) Analysis: Analyze your topic with reference to the objective.
4) Summary and conclusion.
5) References. Provide at least five references, at least two of which must be scholarly books and /or journals.
International Financial Accounting Financial statement analysis
Select a non-UK company and obtain its latest annual financial reporting documents.
(a) (i) Prepare a table showing the breakdown between mandatory and voluntary content and between numerical, narrative and visual disclosures. (30 marks)
(ii) Discuss the nature of your findings and their implications for impression management. (10 marks)
(b) Discuss the external influences on the company’s financial reporting (legal, taxation, corporate finance, the accounting profession). (30 marks)
(c) With reference to Hofstede, Gray and other relevant research, discuss any signs of culture within the financial reporting documents . (30 marks)
Refer to relevant regulation and research.
(Total 100 marks)
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