...PRODUCT DESCRIPTION ACC 290 Week 5, 1- The control environment is the basis of the entire control system that the organization is establishing. The control environment is the value that is placed on integrity and the knowledge that unethical activity will not be tolerated. It is management’s responsibility to express behavior and attitude that enforces this ethical behavior. The control environment affects the internal control by setting a basis of control activities that safeguard assets, enhance accounting reliability, increase 2- The controls that should be in place to protect a merchandiser in a cash rich environment are – Establishment of responsibility Segregation of duties Documentation procedures Physical controls Independent internal verification 3- The Sarbanes-Oxley Act (SOX) requires that all publicly traded U.S. corporations are required to sustain a satisfactory structure of internal controls. In addition to internal controls each organization must be able to confirm their compliance by an independent outside audit. SOX came about because of public outrage to lack of corporate integrity and accounting dishonesty. Major corporations such as Enron and WorldCom were dishonestly reporting accounting figures to investors and such dishonesty led to the major losses in investor’s money. SOX requirements have improved Assignment BE5-1 Sales: $181,500 Cost of goods sold: $41,200 Gross profit: $38,000 Operating expenses: $17...
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...ACC 291 Week 2 Assignment Description / Instructions: Complete the following Week 2 Assignment in WileyPLUS: * Problem 8-3A * Brief Exercise 9-11 * DO IT! 9-5 * Exercise 9-7 * Exercise 9-8 * BYP 9-1 * BYP 9.2 * Problem 9-2A | | | | Question 1 | | Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2014 (in millions): other plant assets $984.1; land $240.2; patents and trademarks (at cost) $536.6; machinery and equipment $2,049.3; buildings $939; goodwill (at cost) $190.3; accumulated amortization $53.8; and accumulated depreciation $2,151. Prepare a partial balance sheet for Nike for these items. (List Property, Plant and Equipment in order of Land, Buildings and Equipment.) NIKE, INC. Partial Balance Sheet As of May 31, 2014 (in millions) | | | | | | | | | | | | | $ | | | | | $ | | | | | | | | | | | | | | | | | | : | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | | | | | | : | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Question 2 | | Match the statement with the term most directly associated with it. 1. | | | | Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance. | | | | | | 2. | | | | The allocation of the...
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...` Team A Weekly Reflection Summary ACC 290 May 6, 2013 Mike Arnone In 2002, the Sarbanes-Oxley Act (SOX) was enacted because of several high profile companies conducting shady accounting practices. The bankruptcy of Enron in 2001 totaling $62 billion in assets financially crippled employees and retirees of the Enron Corporation. The shear lack of attention and respect of the accounting system by corporate officers of Enron had to be addressed. Several things where put in place to ensure this type of financial disaster would not happen again. The internal control principles are the primary control solutions. The corporate officers are required to review, approve, and sign off on all financial statements. SOX has affects the practice of accounting because it lead to the creation of the Public Company Accounting Oversight Board (PCAOB), whose role is to oversee and inspect the audits and auditors of public companies (Nichols, 2009). SOX make the manager’s responsible for financial reporting. For public companies, it requires the Corporate Executive Office (CEO) and the Chief Financial Officer (CFO) to certify the statements that have to be submitted to the SEC. The Act also requires that all of the public companies have to issue a report on internal control, acknowledging management’s responsibility for maintaining controls and assessing the effectiveness of the company’s internal control structure and procedures. (Nichols, 2009). SOX requires all United States (U.S...
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...ACC 290 Week 5 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-5-wileyplus-new Question 1 In its first month of operation, Kuhlman Company purchased 310 units of inventory for $5, then 410 units for $6, and finally 350 units for $7. At the end of the month, 380 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Question 2 Sadowski Video Center accumulates the following cost and market data at December 31. Inventory Categories | | Cost Data | | Market Data | Cameras | | $11,475 | | $12,565 | Camcorders | | 8,599 | | 9,289 | DVDs | | 11,359 | | 10,039 | Compute the lower-of-cost-or-market valuation for Sadowski inventory. The lower-of-cost-or-market value | | $ | Question 3 The financial statements of Tootsie Roll are presented below. Answer the following questions. (Give the amounts in thousands of dollars, as shown in Tootsie Roll’s annual report.) What did Tootsie Roll report for the amount of inventories in its Consolidated Balance Sheet at December 31, 2011? At December 31, 2010? (Round amounts to thousands.) Compute the dollar amount of change and the percentage change in inventories between 2010 and 2011. (Round percentages to 1 decimal place, e.g. 15.4% and other answer to thousands.) Compute inventory as a percentage of current assets for 2011.(Round answer to 1 decimal place, e.g. 15.4%.) What are the (product)...
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...\A Review of Wal-Mart’s Fiscal Year 2013 (FY-13) Financial Statement Two important parts of company’s financial statement are the balance sheet, that list of the company’s asset and liabilities at the end of a period and the income statement that is also referred to as the profit-and-loss statement or statement of revenue and expense because it shows the company’s financial performance during the period ("Income Statement," n.d.). Wal-Mart’s FY-13 financial statement for the period ending on 31 January 2013 shows that they had over $203 million in total assets and provides details of just how that amount came to be. Breaking Down the Income Statement and Balance Sheet Wal-Mart has proven time and time again that it is one of the United States most financially stable company’s. During period of recession and financial shortfalls, Wal-Mart is still able to produce a profit while increasing its assets and providing the stockholders will sound returns on their investment. A brief synopsis of the company’s income statements and balance sheets for 2011 through 2013 tell the story of its performance ("Wal-Mart Stores, Inc. Revenue And Financial Data," 2013). |Income Statement |2013 |2012 |2011 | |Revenue |$469,162 |$446,950 |$421,849 | |Gross Profit ...
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...Buy ACC/290 ACC/291 wileyplus - YouTube ► 0:10► 0:10 www.youtube.com/watch?v=3NYAYXcAOgE May 5, 2012 - 10 sec - Uploaded by uoptutorial buy acc 290 , acc 291 and many other courses from our website uoptutorial dot com. More videos for acc 290 » ACC 290: Certified Bookkeeper Course - Western Nevada Collegewww.wnc.edu/academics/catalog/acc/290/Cached You +1'd this publicly. Undo ACC 290: Certified Bookkeeper Course. General Information. Name: Certified Bookkeeper Course; Discipline: Accounting (ACC); Units (Credits): 6; Schedule ... ACC 290www.scribd.com/collections/3473096/ACC-290Cached You +1'd this publicly. Undo ACC/290 checkpoint acc/290 assignment acc/290 discussion questions acc/290 dqs acc/290 week acc/290 appendix acc/290 final acc/290 learning acc/290 ... ACC 290 Final Examwww.scribd.com/doc/89721525/ACC-290-Final-ExamCached You +1'd this publicly. Undo Apr 17, 2012 – purchase the solution to final Exam http://studentoffortune.com/question/1468561 /ACC-290-Wk-5 1) Which financial statement is used to ... ACC 290 - Student of Fortunestudentoffortune.com/question/1336889/ACC-290Cached You +1'd this publicly. Undo Jan 18, 2012 – ACC 290 Week 4 Learning Team Financial Reporting Kroger ... ACC 290 Week 4 - Chapter 4 P-4.8A Pro window washing.xlsx (33K) ACC 290 ... ACC 290 Week 3 Individual Summary Question One ...studentoffortune.com/.../ACC-290-Week-3-Individual-Summary-Qu...Cached You +1'd this publicly. Undo ACC 290 Principle Of Accounting I - Entire...
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...ACC 290 Week 2 Assignment Click Link Below To Buy: http://hwcampus.com/shop/acc-290-week-2-assignment/ Broadening Your Perspective 3-2 The financial statements of The Hershey Company and Tootsie Roll are presented below. THE HERSHEY COMPANY CONSOLIDATED STATEMENTS OF INCOME For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketing and administrative 1,477,750 1,426,477 1,208,672 Business realignment and impairment (credits) charges, net (886) 83,433 82,875 Total costs and expenses 5,025,760 4,765,711 4,537,078 Income before Interest and Income Taxes 1,055,028 905,298 761,590 Interest expense, net 92,183 96,434 90,459 Income before Income Taxes 962,845 808,864 671,131 Provision for income taxes 333,883 299,065 235,137 Net Income $628,962 $509,799 $435,994 Net Income Per Share—Basic—Class B Common Stock $2.58 $2.08 $1.77 Net Income Per Share—Diluted—Class B Common Stock $2.56 $2.07 $1.77 Net Income Per Share—Basic—Common Stock $2.85 $2.29 $1.97 Net Income Per Share—Diluted—Common Stock $2.74 $2.21 $1.90 Cash Dividends Paid Per Share: Common Stock $1.3800 $1.2800 $1.1900 Class B Common Stock 1.2500 1.1600 1.0712 ................................. Required Based on the information contained in these financial statements, determine the normal balance for: Tootsie Roll Industries...
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...ACC 290 Week 3 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-3-wileyplus-new Question 1 Ken Lumas started his own consulting firm, Lumas Consulting, on June 1, 2014. The trial balance at June 30 is as follows. LUMAS CONSULTING Trial Balance June 30, 2014 | | | Debit | | Credit | Cash | | $ 6,850 | | | Accounts Receivable | | 7,000 | | | Supplies | | 2,044 | | | Prepaid Insurance | | 3,480 | | | Equipment | | 15,000 | | | Accounts Payable | | | | $ 4,280 | Unearned Service Revenue | | | | 5,200 | Common Stock | | | | 22,134 | Service Revenue | | | | 8,000 | Salaries and Wages Expense | | 4,000 | | | Rent Expense | | 1,240 | | | | | $39,614 | | $39,614 | In addition to those accounts listed on the trial balance, the chart of accounts for Lumas also contains the following accounts: Accumulated Depreciation—Equipment, Salaries and Wages Payable, Depreciation Expense, Insurance Expense, Utilities Expense, and Supplies Expense. Other data: 1. | | Supplies on hand at June 30 total $850. | 2. | | A utility bill for $181 has not been recorded and will not be paid until next month. | 3. | | The insurance policy is for a year. | 4. | | Services were performed for $4,370 of unearned service revenue by the end of the month. | 5. | | Salaries of $1,338 are accrued at June 30. | 6. | | The equipment has a 5-year life with no salvage...
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...ACC 290 Week 4 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-4-wileyplus-new Question 1 Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed. July 1 Issued 12,023 shares of common stock for $12,023 cash. 1 Purchased used truck for $8,023, paying $2,050 cash and the balance on account. 3 Purchased cleaning supplies for $917 on account. 5 Paid $2,280 cash on a 1-year insurance policy effective July 1. 12 Billed customers $4,890 for cleaning services. 18 Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies. 20 Paid $2,070 cash for employee salaries. 21 Collected $1,753 cash from customers billed on July 12. 25 Billed customers $2,620 for cleaning services. 31 Paid $370 for maintenance of the truck during month. 31 Declared and paid $616 cash dividend. Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.) Prepare a trial balance at July 31. Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent...
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...ACC 290 Week 2 WileyPLUS – 100% Correct To Buy This material Click below link http://www.uoptutors.com/acc-290-new/acc-290-week-2-wileyplus-new Question 1 Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $22,450 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $468 per week, payable monthly. 2 Paid office rent for the month $1,122. 3 Purchased architectural supplies on account from Burlington Company $1,621. 10 Completed blueprints on a carport and billed client $2,370 for services. 11 Received $873 cash advance from J. Madison to design a new home. 20 Received $3,492 cash for services completed and delivered to M. Svetlana. 30 Paid secretary-receptionist for the month $1,872. 30 Paid $374 to Burlington Company for accounts payable due. Journalize the transactions. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.) Prepare a trial balance on April 30, 2014. Question 2 This is the trial...
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...Comparing IFRS to GAAP ACC/290 June 5, 2016 Arin Smith Comparing IFRS to GAAP As international business increase those with financial responsibilities should be well versed in the two primary accounting methods: GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards). The Financial Accounting Standards Board set the GAAP which is primarily used in the United States and the IFRS is used in several other countries. It has been reported that the United States Security and Exchange Commission is planning to switch to IFRS in 2015 (Logue, 2011). While the two accounting methods share some similarities, there are some differences that could result in different reporting. Having a good understanding of both methods will allow companies to make business decisions that are effective and compliant. IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? In my understanding, the IFRS does not give any specific order for the statement of financial position. If anything the, IFRS requires separation of current and noncurrent assets and liabilities. For a lot of the companies today they just report their assets in reverse order based off their liquidity. Now, the GAAP recommends separation of current and noncurrent assets and liabilities and also. require that all the accounts be in a specific ordered based on the liquidities hierarchy. IFRS 2-2:...
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...Acc 290 Week 4, 1-One can determine the cost of goods sold when using a periodic inventory system does not calculate the cost of goods sold until the end of the period. At the end of the period a count is done to determine the ending balance of the inventory. After this is completed the cost of goods sold 2- The perpetual system of inventory keeps a running tally of inventory that is live and this is done by automatically making changes to the inventory as each item is sold, freight cost, returned, or 3- The reason behind understanding value of inventory at a point in time is to accurately report what the value of the inventory (asset) is for a company. If the asset of a company is worth less than what the market is willing to pay for it than the company will not make money on selling those goods. Also, knowing the price the inventory was purchased at compared to what the market price – Week 4 Problems Date Accounts Debit Credit July 1 Cash 12,000 12,000 1 Equipment 8,000 6,000 2,000 3 Supplies 900 900 5 Prepaid Insur. 1,800 1,800 12 Accounts Rec. 3,700 3,700 18 Accounts Pay. 1,500 1,500 20 Salary Exp. 2,000 2,000 21 Cash 1,600 1,600 25 Accounts Rec. 2,500 2,500 Financial Reporting Problem, Part I The company’s annual report is important because it gives the shareholders a clear picture and understanding about how the company is doing financially. The annual reports provide thorough information on very significant section of the accounts...
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...Differences of Accrual and Cash Basis Cesar Roldan ACC/290 3/9/2014 Walter A. Corrigan Introduction Accounting and bookkeeping is part of the foundation to any business, small or large, family business or public corporation, accounting is necessary. Before invemtory takes place, before any transations are processed the business must determine what basis suits the business better, the accrual basis or the cash basis. Deciding what basis to use is simple after understanding their functions and how it can influence the business bookkeeping. One of the main differences between these two basis is the timing of when transactions are recorded, in accrual basis the transaction or revenue is recorded at the time the transaction is made whether there was any cash payment involved or not. In cash basis transactions are recorded only when payment is final, or when cash is paid out. “For example: Let's say you own a business that sells machinery. If you sell $5,000 worth of machinery, under the cash method, that amount is not recorded in the books until the customer hands you the money or you receive the check. Under the accrual method, the $5000 is recorded as revenue immediately when the sale is made, even if you receive the money a few days or weeks later. The same thing occurs for expenses. If you get an electric bill for $1700, under the cash method, the amount is not added to the books until you actually pay the bill. However, under the accrual method, the $1700 is recorded...
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...Week Five Problems and Exercises ACC/290 Principles of Accounting I BE-5-1 Presented here are the components in Korinek Company’s income statement. Determine the missing amounts. |Sales Revenue | |Cost of Goods | | | | |Sold | | |Dec. 15 |Accounts Receivable |900 | | | | Sales Revenue | |900 | | |(To record credit sale to Pocras Company) | | | | | | | | |15 |Cost of Goods Sold |590 | | | | Inventory | |590 | | | (To record cost of goods sold on account) | | | Pocras Company General Ledger |Date |Account Title |Debit |Credit | |Dec. 15 |Inventory...
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