...PROBLEM 5-9 1. The new estimate would be used in computing depreciation expense for 2011. No adjustment of the balance in accumulated depreciation at the beginning of the year would be made. Instead, the remaining depreciable cost would be divided by the estimated remaining life. This is not a change in accounting principle, but rather a change in an estimate, which requires a prospective treatment. Disclosure in the notes to the financial statements is appropriate, if material. 2. The additional assessment should be shown on the current period's income statement. If material it should be shown separately; if immaterial it could be included with the current year's tax expense. Only if the additional assessment were from the correction of an error should it appear on the statement of retained earnings and any comparative numbers that would appear in the financial statements. If the assessment was due to an error, details should be discussed in the financial statement notes. 3. The effect of the error at December 31, 2010, should be shown as an adjustment of the beginning balance of retained earnings on the retained earnings statement (net of applicable income taxes). The current year's expense should be adjusted (if necessary) for the possible carry forward of the error into the 2011 expense computation. Any comparative figures appearing on the financial statements would also have to be retroactively adjusted, as well as details of the error should be discussed in the...
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...Assisnment PrintView Page of 12 I C*N,WL awar0: 4 t . 10 points priceof purchased with an invoice taos Company merchandise resalefrom TusconCompany for Taospaidwithin the n160. merchandise costTuscon The had and termsof 2110, $14,322. $21,000 credit period. inventory system. Assume bothbuyer seller a perpetual that and use discount (Omit the "$" sign in your l(a)Prepare entriesthat the buyershouldrecordfor the purchase. response.) General Journal Merchandise inventory payable lAccounts Debit l,:J l Credit | 21,000 *****-**r*i i {"?1,oqa (Omitthe "$" sign in your record the cashpayment. for 1(b)Prepare entries that the buyershould response.) General Journal *- Debit Credit lAccil *;-i"*"t"il I M"'"h;;.ld I Cash *" lLiulil f)?;ooDl420 f ;t58r Debit Credit (Omitthe "$" sign in your response.) Prepare record thesale. for 2(a) entries theseller that should General Journal lAccountsreceivable l:l -ffi r*Tiw6f*TTWI' f 74"'?* ry--**ffi {t6 f soods sotd llvr"r"n"nclr" f*-14)2- (Omitthe "$" sign in your 2(b)Prepare for entries that the sellershould record the cashcollection. response.) General Journal I Cash l S a l e sd i s c o u n t s LJ ***'*"*1*1 t :,1 Debit Credit f-ffiH8r f* 420 r?Criivabil********-**i*1,.] fAccountJ I zUaii Assume that the buyerborrowed enough cashto pay the balance the lastday of the discount on period an annual period. at interest of 11o/o paidit backon the lastdayof...
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...DIPLOMA UNIT 5 BUSINESS ACCOUNTING TINOTENDA MARECHA LAMBETH COLLEGE CV FASHIONS/T-SHIRT MANIA 2013 BTEC L3 BUSINESS DIPLOMA UNIT 5 BUSINESS ACCOUNTING TINOTENDA MARECHA LAMBETH COLLEGE CONTENTS DETAILS PAGE NUMBER PURPOSE OF ACCOUNTING-P1 | 2 | CAPITAL INCOME,EXPENDITURE AND REVENUE INCOME AND EXPENDITURE-P2 | 3 | CASHFLOW STATEMENT-P3(FIND ATTACHED CASHFLOW STATEMENT) | 4 | TRADING,PROFIT AND LOSS ACCOUNT-P4 | 5 | BALANCE SHEET-P4 | 6 | RATIO ANALYSIS:PROFITABILITY AND LIQUIDITY | 7 | EFFICIENCY AND INVESTMENT RATIOS | 8 | M1 | 9 | M2:RATIO ANALYSIS | 11 | D1 | 12 | D2 | 14 | CV FASHIONS P1: WHAT IS THE MAIN PURPOSE OF ACCOUNTING WITHIN A BUSINESS? INTRODUCTION Accounting is the process...
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...Memo To: Kristen Huffman, President and CEO From: Date: September 25, 2012 Re: Huffman Trucking Ratio Analysis Team B has completed a ratio analysis on Huffman Trucking. Our team has looked over financial statements to determine the liquidity, profitability, and solvency ratios of Huffman Trucking. These ratios provide detailed information to creditors, investors, and employees. Together, the ratios reveal data related to the performance and position of Huffman Trucking. What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position? * The liquidity ratio of a company shows the way the company is able to pay back short-term debt that is owed. Creditors would be interested in this type of ratio. The profitability ratios are the profit performance that makes up the financial success of the company. Profitability ratios would be beneficial to individuals outside of the company such as investors and creditors. Solvency ratios are the ability of the company to pay off the long-term debt. The company’s solvency ratios are of interest to long-term creditors and the company’s’ shareholders. Shareholders and long-term creditors would be most interested in solvency ratios of the company. * Which users may be interested in each type of ratio? Huffman Trucking are mainly suppliers, other trader creditors and staff such as: Government – profitability ratio. Suppliers - they are interested in liuidity. Electronics cunsumers –...
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...$ 20,000.00 60.00% 4 Contribution margin per unit Increase in unit sales Increase in net operating income Units 900 $ $ 8.00 per unit 1 unit 8.00 Per unit $ 20.00 $ 12.00 $ 8.00 5. Sales Variable expenses Contribution margin Fixed expenses Net operating income 6. Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 18,000.00 $ 10,800.00 $ 7,200.00 $ 6,000.00 $ 1,200.00 Units 900 Per unit $ 16,200.00 $ 18.00 $ 9,720.00 $ 10.80 $ 6,480.00 $ 7.20 $ 6,000.00 $ 480.00 7 Sales Variable expenses Contribution margin Fixed expenses Net operating income 1250 $ 25,000.00 $ 16,250.00 $ 8,750.00 $ 7,500.00 $ 1,250.00 $ $ $ 20.00 13.00 7.00 8 Profit $6,000.00 $8.00 = = = = = = Unit CM X Q - Fixed expenses 750 units 9. Profit $6,000.00 40.00% = = = = = CM ration X Sales - Fixed Expenses $15,000 10 Profit $5000+$6000 $8 11 Sales Break-even sales at units Margin of safety (in dollars) Margin of safety (in dollars) Sales Margin of safety percentage = = = = = = Unit CM X Q - Fixed expenses 1,375 $ 20,000.00 $ 15,000.00 $ 5,000.00 $ 5,000.00 $ 20,000.00 25.00% Units 12 Contribution margin Net operating income Degree of operating leverage Degree of operating leverage % increase in sales % increase in net operating income $ $ 8,000.00 2,000.00 4.0 4 5% 20% 13 14 Contribution margin Net operating income Degree of operating leverage $ $ 14,000 2,000...
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...This assignment was designed put us, the student in a situation where we are placed in the supervisor position. In this assignment put the supervisor in a position of having to pick and choose what tasks to do themselves and what tasks should be delegated out after coming in and finding their basket full of tasks that need to be dealt with. When you obtain the position of supervisor, there is usually far too much for just you to do, therefore it is important to learn what to delegate and who to delegate it to. The most important tasks should be done by the supervisor but as far as things such as someone’s vacation hours and stocking merchandise for the store, those tasks should be delegated out to the assistant manager and to the store clerks. Being a supervisor means being in a role of leadership, logic, common sense, and decision making for yourself, the employees, and for the company. The “in Basket” debate and discussion gives us and our fellow classmates the opportunity to see if we can successfully delegate out certain tasks as a supervisor at a fictitious company. The discussion between me and fellow classmates was a great one and it appeared as though everyone agreed on everything accept for different incidents. The only two incidents where I came across disagreement were in regards to task number 3, and task number 4. These are the examples in which I will be using in this paper as far as disagreeing is concerned. Task number 3 is in regards to the mall hours changing...
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...question number 4, if answered Public Transportation please go to question number 5.) 4.) How likely are you willing to carpool? a. Very likely b. Likely c. No change d. Less likely e. Not likely at all 5.) Do you shop at other outlets in the area? If yes please answer question number 6, if no go to question number 7. a. Yes b. No 6.) Please rank the shopping centers from best to worst – (with 1 representing the best) Paragon Outlets Hacienda Shopping Center Stoneridge Mall Livermore Plaza 7.) I will be stopping at Paragon outlets instead of the other malls in the area. a. Strongly agree b. Agree c. Somewhat agree d. Disagree e. Strongly disagree 8.) Why would you shop at the Outlet? a. Shopping b. Food c. Entertainment d. Other 9.) When will you be visiting the Outlet? a. Morning b. Lunchtime c. Afternoon d. Evening e. Weekend 10.) How many times do you visit a mall or shopping center in a month? a. 0-1 b. 2-5 c. 6-9 d. 10-14 e. 15+ 11.) Do you believe there is a benefit shopping at a mall vs. at local stores a. Yes b. No c. Don’t shop at local stores 12.) Impact of Outlet on online shopping a. Less Likely b. No effect c. More Likely d. No Answer 13.) On a scale of 1 to 5 rate if you think the...
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...Customer number 1 Interested in a Camera Photo • What is your age? 38 • What is your gender? Male • What is your household size? 2 people • What is your household income? $40,000.00 • What is your profession? Handling heavy machinery • What is your education level? High School Diploma Psychographic Questions • What did you find interesting about this product? It’s capability of taking photos • What are your thoughts about the product? It has a great resolution Buying Pattern Questions • Do you ever purchase electronics? YES • Where do you go when you are looking for electronics? On Web • How often do you purchase electronics? Once in a while • How long does it take you to make a buying decision? A few days • What is your typical budget for electronics? $200-$500 • How far would you travel to make the purchase? Around Windsor Benefits Questions • What features do you look for when you purchase electronics? Its quality • What specific benefits do you look for in electronics? Reliability • What motivates you to purchase electronics? Universal Trend • What needs are you trying to meet when you purchase electronics? Enhancing lifestyle • How do you hope electronics will make your life better? Time saving Customer Number 2 Interested in a gaming console • What is your age? 22 • What is your gender? Male • What is your household size? 4 people • What is your household income? $30,000.00 • What is your profession? Student • What is your education...
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...0 g Tums 21.0 g Mylanta 18.0 g CVS brand 18.3 g Rennies 17.5 g 24.1 mL 22.4 mL 20.0 mL 19.9 mL 24.4 mL 1. Which is the strongest antacid, on a single-dose basis? Which is the weakest? Explain and show your calculations. 2. Which are the strongest and weakest, on a by-weight (mass) basis? 3. When people do back titrations, they usually watch the solution for a color change when the solution becomes neutral. What might you have used in the above experiment to get this color change to happen in the solution? At what pH would the solution have been neutral? 4. If you had walked into the lab, only to discover that you only had 0.1 M sulfuric acid available to run your tests, how might this have affected your calculations? Why? 5. In...
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...|1 |0.00-1,499.99 |0.00 |15 % | |2 |1,500.00-2,999.99 |225.00 |16 % | |3 |3,000.00-4,999.99 |465.00 |18 % | |4 |5,000.00-7,999.99 |825.00 |20 % | |5 |8,000.00-14,999.99 |1425.00 |25 % | Ok number 3 if the excess is over $3,000.00 then that would be 16% of $236.00; therefore the total tax would be $236.00 +36.00 which would be $272.00 Number 4 if the excess is 5,000 then that would be 18% of $232.5; therefore the total tax would be $232.5 + 32.5, or $265.00. Number 5 if the excess is over 8,000 then that would be 25% of $570.00 therefore the total tax would be $570.00 + $120.00, or $690.00. Number 1 if the excess is $0.00 then that would be 15% of $0.00 therefore, the total tax would be $0.00 + $0.00 which would nothing $0.00 I understand but I am confused on the number and how to get the, I know this cannot be right but I am trying to follow procedure and hoe to calculate all of this, I understand the concept of...
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...Miles Cohen 701465100 Chapter 5 Auditing homework Review Checkpoints (1-17, 19-22, 24-32) 1) The 3 goals of an internal control system according to COSO is (1) Reliability of financial reporting, (2) Effectiveness and efficiency of operations, (3) compliance w/ applicable laws and regulations 2) Human error due to mistakes in judgment, fatigue and carelessness can still occur 3) Reasonable assurance recognizes that the costs of controls should not exceed the benefits that are expected from the controls 4) * Management is responsible for establishing and maintaining adequate internal control over financial reporting, Auditors are responsible for evaluating and finding any risk for the internal control effectiveness 5) Control risk is the probability that an entity’s controls will fail to prevent or detect material misstatement due to error or frauds. 6) To see if the client’s internal control is effective at controlling control risk. 7) Control risk adversely affects all 3 aspects 8) 5 components of management’s internal control (1) control environment, (2) Risk assessment, (3) control activities, (4) Monitoring and (5) information and communication 9) The control environment is the tone set for the organization as the foundation for all other components of internal control 10) Audit committee is a subcommittee of the BOD that is generally composed of 3-6 independt members in the entity’s day-to-day management of the organizations BOD. 11) Risk assessment...
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...Corporate Tax Return Project This assignment requires the completion of a Federal corporate tax return, the 2009 return for the Jackson Corporation. The return involves the first year of operations of Jackson Corporation. You may prepare the tax return using tax software or use the IRS’s “fill-in” forms. The forms may be found by going to www.irs.gov go to - Forms and Publications. Under Forms and Publications there is a link to “previous years” for the 2009 forms. I highly suggest using the tax software in the book- if you don’t have the software see me. The returns must be completed no later than July 20, 2011 at 6pm. For every DAY that the return is turned in earlier than the due date 1 bonus point is awarded up to a maximum of 10 points. For each day the project is late there is a penalty of 10 points. The return is worth a base of 100 points. For any judgment call you must document your position. A very short summary of facts/ law/ conclusion is required. Instructions: Complete the corporate tax return for 2009 for Jackson Corporation. This may include the Schedules A, C, D, E, J, K, L, M-1/ M-2, 4626 and 1120-W. Be careful about what additional forms are needed. This project is an individual assignment. It is NOT a group assignment. I am looking for the following (and will grade accordingly) with this assignment: 1. Correct use of the Forms. 2. Issue identification. 3. Documentation. For any judgment call you...
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...1958–75: Early life and The Jackson 5 Michael Jackson was born the seventh of nine children on August 29, 1958 in Gary, Indiana, an industrial suburb of Chicago, to an African American working-class family. His mother, Katherine Esther Scruse, was a devout Jehovah's Witness, and his father, Joseph Walter "Joe" Jackson, a steel mill worker who performed with an R&B band called The Falcons. Jackson had three sisters: Rebbie, La Toya, and Janet, and five brothers: Jackie, Tito, Jermaine, Marlon, and Randy.[3] Jackson had a troubled relationship with his father. He stated that he was physically and emotionally abused during incessant rehearsals, whippings, and name-calling, though he credited his father's discipline for his success.[4] In one altercation recalled by Marlon, Joseph held Michael upside down by one leg and "pummeled him over and over again with his hand, hitting him on his back and buttocks".[5] Joseph would also trip or push his sons into walls. One night while Michael was asleep, Joseph climbed into his room through the bedroom window, wearing a fright mask and screaming. He said he wanted to teach the children not to leave the window open when they went to sleep. For years afterward, Jackson said he suffered nightmares about being kidnapped from his bedroom.[5] Joseph acknowledged in 2003 that he regularly whipped Jackson as a child.[6] Jackson first spoke openly about his childhood abuse in an interview with Oprah Winfrey broadcast on February 10, 1993. He...
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...Calculate the future value of $2000 in A. Five years at an interest rate of 5% per year. 2000x 1.05^5= 2552.56 B. Ten years at an interest rate of 5% per year. 2000x1.05^10= 3257.79 C. Five years at an interest rate of 10% per year 2000x1.1^5= 3221.02 D. Why is the amount of interest earned in part (a) less than half the amount of interest earned in part (b)? In the last 5 years you gain more interest on the interest already earned in the beginning 5 years and you get interest on the first $2,000. #4 What is the present value of $10,000 received? A. Twelve years from today when the interest rate is 4% per year? PV= 10,000/1.04^12= 6,245.97 B. Twenty years from today when the interest rate is 8% per year? PV= 10,000/1.08^20= 8,879.71 C. Six years from today when the interest rate is 2% per year? PV= 10,000/1.02^6= 8,879.71 #9 You are thinking of retiring. Your retirement plan will pay you either $250,000 immediately on retirement or $350,000 five years after the date of your retirement. Which alternative should you choose if the interest rate is: A. 0% per year? 350,000/1.0^5= 350,000 B. 8% per year? 350,000/1.08^5= 238,204 C. 20% per year? 350,000/1.2^5= 140,657 I would take the 250,000 #14 You have been offered a unique investment opportunity. If you invest $10,000 today you will receive...
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...AC1220 Lab 5.2 Introduction On July 25, 20x1, Jake’s Computer Sales and Repair enters into an agreement with Inner-Tech, a local computer software development firm. Inner-Tech pays Jake’s Computer Sales and Repair $45,000 in advance for ongoing computer repair services. At year-end, Jake determines that $38,500 of this amount has been earned. Requirement 1 a. Journalize the unearned revenue transaction on July 25, 20x1. DATE | Account and Explanation | DEBIT | CREDIT | Jul 25 | | | | | | | | | To record unearned revenue | | | b. Journalize the necessary adjustment for December 31, 20x1. DATE | Account and Explanation | DEBIT | CREDIT | Dec 31 | | | | | | | | | To adjust unearned revenue | | | Requirement 2 Analysis shows that around 2 percent of A-line sales require after-sale repairs. Beginning July 1, 20x1, Jake’s Computer Sales and Repair provides customers with a limited product warranty on each A-line computer sold. Sales of A-line computers total to $74,500 in July 20x1. a. Compute the estimated warranty expense payable amount. b. Journalize the estimated warrantee expense. DATE | Account and Explanation | DEBIT | CREDIT | Jul 31 | | | | | | | | | To accrue warranty payable | | | c. Actual repairs made during August 20x1 to products under warranty results in cash expenditures of $800. Journalize the warranty repair cost. DATE | Account and Explanation...
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