Accounting Archives - Page 15 of 20

Discuss how disclosures of a code of ethics by senior management could have a positive effect on public confidence and influence investors’ behavior. Discuss the consequences of not establishing a code of ethics. Support your position.

Audit, Internal Controls, & Code of Ethics

Discuss how disclosures of a code of ethics by senior management could have a positive effect on public confidence and influence investors’ behavior. Discuss the consequences of not establishing a code of ethics. Support your position.

Evaluate the importance of senior management in setting the tone for the application of the company’s code of ethics and promoting positive employee behavior, improved decision making, or the willingness to report unethical behavior of coworkers.

Recommend at least two policies that might encourage employees to report unethical behavior.

Imagine that you are a senior auditor, and your firm has been selected to audit a medium-sized company with a single location.

Provide an overview of the company.

Describe the four phases of an audit and discuss the key factors that would help you determine how to plan the audit for this company. Provide specific examples.

Determine both the relationship of risks in the planning of the audit and factors that influence those risks.
Speculate on which type of risk creates the most uncertainty for the auditor and recommend at least two ways to plan the audit to mitigate those risks. Provide specific examples.

Explain how you determined the filing status, dependents, and use of standard/itemized deduction.

Assisting a family with their tax returns

Consider the most beneficial way for Judy and Walter to file their federal income tax return.
Prepare a brief written summary, no more than 500 words that address the following:
Estimated taxable income for Judy and Walter (show computations).
Summary of tax return, including any suggestions or tax planning considerations.
Explain how you determined the filing status, dependents, and use of standard/itemized deduction.

Examine the impact of cost attribution and cost dynamics on the company’s leadership to address the cost unit.

Management Accounting

Examine the impact of cost attribution and cost dynamics on the company’s leadership
to address the cost unit.
(CLO 2 – 15 Marks)

2. Choose three theoretical models/frameworks that addresses the reduction of food waste
costs that can help company’s leadership in taking decisions in the future.
(CLO 2 – 10 Marks)

3. The company plans to produce new standardized therapeutic diet meals in addition to
their current menu. By applying the incremental analysis, produce two scenarios where
you can demonstrate when the new diet meal can be produced and when it can be
dropped.
(CLO 3 – 15 Marks)

Analyze the transactions and record journal entries in General Journal.Open accounts in General Ledger and post from the General Journal to the general ledger accounts.

1. Analyze the transactions and record journal entries in General Journal.

2. Open accounts in General Ledger and post from the General Journal to the general ledger accounts.

3. Record adjusting entries in General Journal and post to the general ledger accounts.

Additional information:

At the end of March, $900 of supplies remained.

The furniture and fixtures have a useful life of six years and will be worthless at the end of their useful life.

Salaries for the month of March are $4,600, and will be paid in April.

The company’s management estimated that of the $1,400 remaining on account from St.
Jude’s School, $200 would be uncollectible.

Income tax rate applied to the company is 21%.

4. For Davis Uniform Corporation as of Mar 31, 2021, prepare the financial statements
including Income Statement (multiple-step with EPS section), Classified Balance Sheet,
and Statement of Stockholders’ Equity. Statement of Cash Flows is not required.

5. Prepare closing entries to close the temporary accounts and post to the general ledger accounts.

note:
You are required to use Excel to complete this project (including the uses of functions for calculations). use the Excel template for Accounting Cycle Project posted on Canvas.
An electronic copy of your Accounting Cycle Project must be submitted through Canvas as an attached file.

refer to Page 3-10 of the textbook for the format of General Journal;
Page 3-13 of the textbook for the format of T-accounts in General Ledger;
Page 4-8 of the textbook for the format of a multiple-step Income Statement;
Page 4-24 of the textbook for the format of Statement of Stockholders’ Equity,
and you need to add one column for Additional Paid-in Capital;
Page 5-15 and 5-16 of the textbook for the format of Balance Sheet.

Discuss, giving examples, matters other than independence, which might be relevant in relation to the credibility of the auditor and steps that the accounting profession has taken or might take in relation to them.

UGB 225 and 238- writer can use any

Discuss, giving examples, matters other than independence, which might be relevant
in relation to the credibility of the auditor and steps that the accounting profession has taken
or might take in relation to them. (10marks)

(b) Discuss the following situations in the context of the independence of the auditor,
showing clearly the principles involved:

(i) The audit manager in charge of the audit assignment of Andrew Co holds 1,000 £1 ordinary
shares in the company (total shares in issue – 100,000). The audit partner holds no shares.
(5marks)

(ii) The audit fee receivable from Janet Co, a private company is £100,000. The total fee
income of the audit firm is £700,000. (5marks)

(iii) The audit senior in charge of the audit of Margot Bank Co has a personal loan from the
bank of £2,000 on which she is currently paying 13% interest. (5marks)

(iv) The audit partner is responsible for two audit assignments, Harry Co and Jean Co.

Harry Co has recently tendered for a contract with Jean Co for the supply of material
quantities of goods over a number of years. Jean Co has asked the audit partner to advise on
the matter. (5Marks)

(i) External auditors

(ii) Internal auditors, who are members of ACCA, outlining any general
threats to objectivity that exist (8

Choose a public company (it can be the same one you used for last homework) and calculate its r_,_, and WACC.Calculate its beta by downloading its 1-year prices, and the market prices, compute daily returns and standard deviations/correlation, then use CAPM (_+×)

WACC assignment
Choose a public company (it can be the same one you used for last homework) and calculate its r_,_, and WACC.

For _, use the most recent financial statement (10-Q or 10-K) and do interest expense / total debt, or find the information in the notes section of 10Q/10K

Calculate its beta by downloading its 1-year prices, and the market prices, compute daily returns and standard deviations/correlation, then use CAPM (_+×)

Finally for WACC, find the market cap from Yahoo! Finance for its “E” and add up all of its debt for the “D”

Discuss the differences between the inventory accounting methods (LIFO, FIFO, Weighted Average, Specific Identification). Do these inventory methods reflect the actual flow of inventory?

Accountin

Why do companies need to value their accounts receivable at the end of each accounting period?

Discuss the differences between the inventory accounting methods (LIFO, FIFO, Weighted Average, Specific Identification). Do these inventory methods reflect the actual flow of inventory?

What are some of the current liabilities you learned about in this week’s readings.

What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp? Post questions in the homework discussion thread!

What items appear under “Other Comprehensive Income (Loss)”?What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?

Accounting

Respond to one or more question(s) from each of the three categories below. Category: Revenue and Net Income

What was the corporation’s net sales, cost of goods sold, and gross profit?

What was the corporate tax rate? [Hint: divide income tax expense by income before income taxes]

What was the corporation’s net interest expense?

What is the account and amount of the top line item on the Statement (or Consolidated Statement) of Comprehensive Income?

What items appear under “Other Comprehensive Income (Loss)”?

What is the account and the amount of the bottom line item on the Statement (or Consolidated Statement) of Comprehensive Income?

Calculate the following ratios for the most recent year, and interpret/comment on what those results of your ratio analysis indicate about the financial aspect measured. Show your calculations.

a. Gross profit margin

b. Net profit margin

c. Times interest earned

Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.

Mastery Assignment Ch. 4

Financial Accounting 1100
Mastery Assignment Ch.4

Complete the following problems in Excel. Use a different tab for each problems
using the correct number format. Make sure you use two accounts (debit and
credit) for the adjusting entries. Read the problems carefully.

PA10.) Prepare journal entries to record the following transactions. Create a T-account
for Interest Payable, post any entries that affect the account, and tally the ending
balance for the account (assume Interest Payable beginning balance of $2,500).
A. March 1, paid interest due on note, $2,500
B. December 31, interest accrued on note payable, $4,250

PA13.) Prepare adjusting journal entries, as needed, considering the account balances
excerpted from the unadjusted trial balance and the adjustment data.

A. supplies actual count at year end, $6,500
B. remaining unexpired insurance, $6,000
C. remaining unearned service revenue, $1,200
D. salaries owed to employees, $2,400
E. depreciation on property plant and equipment, $18,000

PA15.) Prepare an adjusted trial balance from the following account information, considering
the adjustment; data provided (assume accounts have normal balances). Equipment was
recently purchased, so there is neither depreciation expense nor accumulated depreciation.

Adjustments needed:
Salaries due to employees, but unpaid at the end of the period, $2,000
Insurance still unexpired at end of the period, $12,000

Prepare journal entries to record the following transactions for the month of July: Use the appropriate date.Prepare an unadjusted trial balance, in correct format, from the following alphabetized account information.

Mastery Assignment Ch. 3

Financial Accounting 1100
Mastery Assignment Ch.3
Complete the following problems on an excel spreadsheet. Number your entries
based on the letter.

Be sure to use the appropriate account name for each
transaction. Each transaction should have two accounts (debit and credit)

PA12.) Sewn for You had the following transactions in its first week of business.
Prepare the necessary journal entries to record these transactions.

A. Jessica Johansen started Sewn for You, a seamstress business, by contributing
$20,000 and receiving stock in exchange.

B. Paid $2,250 to cover the first three months’ rent.

C. Purchased $500 of sewing supplies. She paid cash for the purchase.

D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for
the balance.(compound entry)

E. Finished a job for a customer earning $180. The customer paid cash.

F. Received a $500 down payment to make a wedding dress.

G. Received an electric bill for $125 which is due to be paid in three weeks.

H. Completed an altering job for $45. The customer asked to be billed.

PA16.) Prepare journal entries to record the following transactions for the month of July:
Use the appropriate date.

A. on first day of the month, paid rent for current month, $2,000

B. on tenth day of month, paid prior month balance due on accounts, $3,100

C. on twelfth day of month, collected cash for services provided, $5,500

D. on twenty-first day of month, paid salaries to employees, $3,600

E. on thirty-first day of month, paid for dividends to shareholders, $800

PA20.) Prepare an unadjusted trial balance, in correct format, from the following
alphabetized account information. Assume accounts have normal balances.
Assets, liabilities, then owner equity accounts.