Question 1
I can increase this to $ 150.00 but I really need it by within the next 7 hours.,Hi Michael, You had finished the exercise but the paper is actually looking for 6-10 pages of audit plan. Here are the instructions as mentioned above: Write, in outline format but in complete sentences, a 6 to 10 page audit plan. In your audit plan cover the steps necessary to determine if you should select the client, the internal control procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps. Based on the actual facts in the case determine the emphasis you want to place on various accounts. Also reflect back over your entire accounting program and think about how the accounts are interrelated. For example, when allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the entry to the balance for bad debt expense. Make you comments as specific as possible. Rather than say look for unusual entries, say look for entries from unusual sources and rounded amounts with focus on those near an accounting cut off. Use precise language. Rather than saying you ?vouched accounts payable,? say that you looked at the item to determine that it was a bona fide business expense. Remember to focus on the key audit objectives and support needed after applying the audit risk model. Please revise the document. Thanks.,Hi Michael, Here is the additional instructions for this paper: Writing the Research Paper The Final Paper: * Must be six- to ten- double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. * Must include a cover page that includes: o Student?s name o Course name and number o Title of paper o Instructor?s name o Date submitted * Must include an introductory paragraph with a succinct thesis statement. * Must address the topic of the paper with critical thought. * Must conclude with a restatement of the thesis and a conclusion paragraph. * Must use at least three professional resources, including a minimum of one from ProQuest. * Must use APA style as outlined in the approved APA style guide to document all sources. * Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide. " Thanks,Just following up with the status on this paper. I had asked for an extension and I need to submit this by 6:00 PM.,Sorry for rushing you but I really need this ASAP. I wanted to be able to review it before the submission. Please give me the update. Thanks,How much longer do you think? I wanted to send an email to my professor so that I can request additional time before my submission.,Sorry to bother you again. I have until 8:30 PM to submit my paper to my professor. Any possibility of getting it back by 8:00 PM?,As mentioned before, I need to write an audit plan in outline format but in complete sentences, a 6 to 10 pages long. This assignment was not to provide solution to the questions or solved the problems from the attachment. The attachment is the company I am writing the audit plan on. So what you have provided earlier was no use. I've emailing back and forth with you and I though you are very clear with the instructions given. Instructions: In your audit plan cover the steps necessary to determine if you should select the client, the internal control procedures which need to be reviewed, the substantive tests [using accounts receivable a guide], and the final reporting steps. Based on the actual facts in the case determine the emphasis you want to place on various accounts. Also reflect back over your entire accounting program and think about how the accounts are interrelated. For example, when allowance for doubtful accounts is credited the offset is to bad debt expense. Therefore one of the steps should be to trace the debit side of the entry to the balance for bad debt expense. Make you comments as specific as possible. Rather than say look for unusual entries, say look for entries from unusual sources and rounded amounts with focus on those near an accounting cut off. Use precise language. Rather than saying you ?vouched accounts payable,? say that you looked at the item to determine that it was a bona fide business expense. Remember to focus on the key audit objectives and support needed after applying the audit risk model. Must be six- to ten- double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. * Must include a cover page that includes: o Student?s name o Course name and number o Title of paper o Instructor?s name o Date submitted * Must include an introductory paragraph with a succinct thesis statement. * Must address the topic of the paper with critical thought. * Must conclude with a restatement of the thesis and a conclusion paragraph. * Must use at least three professional resources, including a minimum of one from ProQuest. * Must use APA style as outlined in the approved APA style guide to document all sources. * Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide. ",So, any chance of getting it back soon?,Again, I don't have another 20-22 hours. This paper is due and you have made plenty of promises to me since 10:00 am. There were clear instructions given to you at 10:00 am and you had acknowledged that. Even at 5:30 pm, you told me you will be working on it and it will be done in 2-3 hours. And now you're telling me there was a mistake and you need another 20 hours. I don't have another 20 hours for this and I will need to have this done in 2 hours.,Hi Michael, It's OK. It already pass the deadline for my paper. As mentioned before,I was only able to extend for a few hours. I don't think I'll be able to use your service. Gloria
Question 2
Cost of goods manufactured, cost of goods sold, and income statement Gravois, Inc., incurred the following costs during June: Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1 58,375 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283,1 40 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 ,065 Manufacturing overhead, actual . . . . . . . . . . . . . . . . . . . . . . . . 204,750 Raw materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460,980 Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 23,000 Required: During the month, 19,500 units of product were manufactured and 11,000 units of product were sold. On June 1, Gravois, Inc., carried no inventories. On June 30, there were no inventories for raw materials or work in process. a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the ? nancial statements? d. (Optional) Prepare a traditional (absorption) income statement for Gravois, Inc., for the month of June. Assume that sales for the month were $1,035,000 and the company?s effective income tax rate was 35%.
Question 3
Can you answer this questions Problem: Question 1 Jane, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On March 1 of the current year, Jane exchanges her property (basis of $50,000 and value of $150,000) for 150 shares in Starling Corporation. On April 15, Jon exchanges his property (basis of $70,000 and value of $500,000) for 500 shares in Starling. On May 10, Clyde transfers his property (basis of $90,000 and value of $350,000) for 350 shares in Starling. a. If the three exchanges are part of a prearranged plan, what gain will each of the parties recognize on the exchanges? b. Assume Jane and Jon exchanged their property for stock four years ago while Clyde transfers his property for 350 shares in the current year. Clyde?s transfer is not part of a prearranged plan with Jane and Jon to incorporate their businesses. What gain will Clyde recognize on the transfer? c. Returning to the original facts, if the property that Clyde contributes has a basis of $490,000 (instead of $90,000), how might the parties otherwise structure the transaction? Question 2 Michael Robertson (1635 Maple Street, Syracuse, NY 13201) exchanges property (basis of $200,000 and fair market value of $850,000) for 75% of the stock of Red Corporation. The other 25% is owned by Sarah Mitchell, who acquired her stock several years ago. You represent Michael, who asks whether he must report gain on the transfer. Prepare a letter to Michael and a memorandum for the tax files documenting your response. Question 3 Barbara exchanges property (basis of $20,000 and fair market value of $500,000) for 65% of the stock of Pelican Corporation. Alice, Barbara?s daughter, who acquired her stock last year, owns the other 35% of Pelican. What are the tax issues? Question 4 At the start of the current year, Indigo Corporation (a calendar year taxpayer) has accumulated E & P of $240,000. Indigo?s current E & P is $160,000, and at the end of the year, it distributes $440,000 ($220,000 each) to its equal shareholders, Sarah and Mason. Their basis in the stock is $8,000 for Sarah and $32,000 for Mason. How is the distribution treated for tax purposes? Question 5 Bunting Corporation and Jennifer each own 50% of Sparrow Corporation?s common stock. On January 1, Sparrow has a deficit in accumulated E & P of $150,000. Its current E & P is $65,000. During the year, Sparrow makes cash distributions of $30,000 each to Bunting and Jennifer. a. How are the two shareholders taxed on the distribution? b. What is Sparrow Corporation?s accumulated E & P at the end of the year? Question 6 Penguin Corporation distributes equipment (adjusted basis of $80,000; fair market value of $65,000) to its shareholder, Holly. What are the tax consequences to Penguin Corporation and to Holly?
Question 4
Hey, If someone could please answer these 20 questions Please answer the quiz questions in the space provided using the financial statements for the City of Orlando, Florida for the fiscal year ended September 30, 2012. It is critical that you indicate the PDF page number where you found your answser when prompted for a page number in a question. http://www.cityoforlando.net/admin/cfo/PDFs/cafr_2012.pdf 1. How many wastewater customers were reported for the current year? 2. Which government-type activity had the highest net expense? 3. What was the total taxable value of the City?s tax base for the current year? 4. Did the City's tax base increase or decrease from the prior year? 5. Did the number of parks increase or decrease in the current year? 6. What was the amount of depreciation expense charged to the Public Works function? 7. What is the fourth largest category of functional expenditures for the General Fund? 8. Is budgetary comparison information presented as a schedule or a statement? 9. Are total assets larger for Government or Business-Type activities? 10. If a police officer is hired at the age of 21 and works at the City until normal retirement age, what is the earliest age at which he or she may retire? 11. What was the total tax rate a resident of Orlando paid for the current year for all taxing authorities? 12. By what amount at 9/30/12 had the total outstanding general bonded debt per capita changed from that at 9/30/03? 13. What is the capitalization threshold for infrastructure? 14. How much did other funds subsidize the Orlando Venues Fund in the current year? 15. On what page of the footnotes does detailed information about changes in long-term debt begin? 16. What was the unemployment rate for the current year? 17. Who was the largest taxpayer in the current year? Was this for the City, the County, or the MSA? 18. Who was the largest employer in the current year? Was this for the City, the County, or the MSA? 19. On what page of the footnotes does detailed information about changes in capital assets begin? 20. What is the amount of total Loans/Leases Payable and Bonds Payable for the Government-Type Activities at 9/30/12?
Question 5
SunShine Systems (trends, ratios stock performance) (LO3) SunShine Systems is a leading supplier of computer related products, including servers, workstations, storage devices, and network switches.? In the letter to stockholders as part of the 2012 annual report, President and CEO Scott G. McNealy offered the following remarks: Fiscal 2012 was clearly a mixed bag for Sun, the industry, and the economy as a whole. Still, we finished with revenue growth of 16 percent?and that?s significant. We believe it?s a good indication that Sun continued to pull away from the pack and gain market share. For that, we owe a debt of gratitude to our employees worldwide, who aggressively brought costs down? even as they continued to bring exciting new products to market. The statement would not appear to be telling you enough. For example, McNealy says the year was a mixed bag with revenue growth of 16 percent. But what about earnings? You can delve further by examining the income statement in Exhibit 1. Also, for additional analysis of other factors, consolidated balance sheet(s) are presented in Exhibit 2 below. 1. Referring to Exhibit 1, compute the annual percentage change in net income per common share-diluted (second numerical line from the bottom) for 2009-2010, 2010?2011, and 2011?2012. 2. Also in Exhibit 1, compute net income/net revenue (sales) for each of the four years. Begin with 2009. 3. What is the major reason for the change in the answer for Question 2 between 2011 and 2012? To answer this question for each of the two years, take the ratio of the major income statement accounts to net revenues (sales). Cost of sales Research and development Selling, general and administrative expense Provision for income tax 4. Compute return on stockholders? equity for 2011 and 2012 using data from Exhibits 1 and 2. ? Exhibit 1 SUNSHINE SYSTEMS, INC. Summary Consolidated Statement of Income (in millions) 2012 2011 2010 2009 Dollars Dollars Dollars Dollars Net revenues $16,450 $13,850 $10,005 $9,982 Costs and expenses: Cost of sales 8,055 4,590 3,890 4,710 Research and development 2,020 1,680 1,280 1,040 Selling, general and administrative 4,530 4,075 3,230 2,830 Goodwill amortization 260 70 25 9 In-process research and development 75 18 130 180 Total costs and expenses 14,940 10,433 8,355 8,769 Operating Income 1,510 3,417 1,450 1,213 Gain (loss) on strategic investments (80) 200 ? ? Interest income, net 355 175 95 40 Income before taxes 1,785 2,792 1,745 1,253 Provision for income taxes 580 890 570 380 Cumulative effect of change in accounting principle, net (50) ? ? ? Net income $ 1155 $ 1,902 $ 1,175 $ 873 Net income per common share?diluted $ 0.34 $ 0.56 $ 0.36 $ 0.28 Shares used in the calculation of net income per common share?diluted 3,390 3,382 3,272 3,100 5. Analyze your results to Question 4 more completely by computing ratios 1, 2a, 2b, and 3b (all from this chapter) for 2011 and 2012. Actually the answer to ratio 1 can be found as part of the answer to question 2, but it is helpful to look at it again. What do you think was the main contributing factor to the change in return on stockholders? equity between 2011 and 2012? Think in terms of the Du Pont system of analysis. 6. The average stock prices for each of the four years shown in Exhibit 1 were as follows: 2009 9 1/2 2010 13 3/4 2011 24 1/2 2012 16 1/2 a. Computer the price/earnings (P/E) ratio for each year. That is, take the stock price shown above and divide by net income per common stock-dilution from Exhibit 1. b. Why do you think the P/E has changed from its 2011 level to its 2012 level? A brief review of P/E ratios can be found under the topic of Price-Earnings Ratio Applied to Earnings per Share in Chapter 2. ? Exhibit 2 SUNSHINE SYSTEMS, INC Consolidated Balance Sheets (in millions) Assets 2012 2011 Current assets: Cash and cash equivalents $ 1,480 $ 1,855 Short-term investments 595 735 Accounts receivable, net allowances of $410 in 2012 and $534 in 2011 2,975 2,710 Inventories 1,063 565 Deferred tax assets 1,012 483 Prepaids and other current assets 979 492 Total current assets 8,104 6,840 Property, plant and equipment, net 2,710 2,105 Long-term investments 4,680 4,506 Goodwill, net of accumulated amortization of $349 in 2012 and $88 in 2011 2,061 185 Other assets, net 850 545 $18,405 $14,181 Liabilities and Stockholders? Equity Current liabilities: Short-term borrowings $ 5 $ 10 Accounts payable 1,070 944 Accrued payroll-related liabilities 498 771 Accrued liabilities and other 1,384 1,175 Deferred revenues and customer deposits 1,847 1,299 Warranty reserve 335 221 Income taxes payable 100 230 Total current liabilities 5,239 4,650 Deferred income taxes 754 587 Long-term debt and other obligations 1,710 1,730 Total debt $ 7,703 $ 6,967 Commitments and contingencies Stockholders? equity: Preferred stock, $0.001 par value, 10 shares authorized (1 share which has been designated as Series A Preferred participating stock): no shares issued and outstanding ? ? Common stock and additional paid-in-capital, $0.00067 par value, 7,200 shares authorized; issued: 3,536 shares in 2012 and 3,495 shares in 2011 6,238 2,728 Treasury stock, at cost: 288 shares in 2012 and 301 shares in 2011 (2,435) (1,438) Deferred equity compensation (75) (20) Retained earnings 6,905 5,969 Accumulated other comprehensive income (loss) 69 (25) Total stockholders? equity 10,602 7,314 $18,405 $14,181 ? 7. The book values per share for the same four years discussed in the preceding question were: 2009 $1.21 2010 $1.57 2011 $2.05 2012 $3.75 a. Compute the ratio of price to book value for each year. b. Is there any dramatic shift in the ratios worthy of note?
