Question 1
The CPA firm you are working for has just taken on a new client. The firm has just learned that the new client will soon be on the cover of a well-known magazine, the firm is very concerned the work they produce is outstanding in every aspect. That is why the firm has chosen your team to work on the assignment. In a meeting in the main conference room you learn the following. The Dakota Fanning Corp. has 100,000 shares of common stock outstanding. In 2011, the company reports income from continuing operations before taxes of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows. 1. In 2011, The Dakota Fanning Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $36,000. The gain or loss is considered ordinary. 2. The Dakota Fanning Corp. discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss on operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes. 3. In 2011, The Dakota Fanning Corp. reviewed its accounts receivable and determined that $26,000 of accounts receivable that had been carried for years appeared unlikely to be collected. 4. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings. 5. The Dakota Fanning Corp. sold its only investment in common stock during the year at a gain of $145,000. The gain is taxed at a total effective rate of 40%. Assume that the transaction meets the requirements of an extraordinary item. The owner and managing partner has just come into the conference room and instructs your team to analyze the above information and prepare an income statement for the year 2011, starting with income from continuing operations before income taxes. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 38% on all items, unless otherwise indicated.),i only need the answer for Compute earnings per share as it should be shown on the face of the income statment
Question 2
Problem 10.5A Bond Interest (Bonds Issued at Face Value) L.O. 5 Blue Mountain Power Company obtained authorization to issue 20-year bonds with a face value of $10 million. The bonds are dated May 1, 2011, and have a contract rate of interest of 10 percent. They pay interest on November 1 and May 1. The bonds were issued on August 1, 2011, at 100 plus three months' accrued interest. a. August 1, 2011, to record the issuance of the bonds. b. November 1, 2011, to record the first semiannual interest payment on the bond issue. c. December 31, 2011, to record interest expense accrued through year-end. d. May 1, 2012, to record the second semiannual interest payment. Prepare the necessary journal entries in general journal form on (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response): Date General journal Debit Credit Aug. 1, 2011 (Click to select)Office equipmentAccounts receivableCashAccounts payableBonds payableBond interest expenseBond interest payableBonds receivable (Click to select)Bonds payableBond interest expenseBonds receivableOffice equipmentAccounts payableAccounts receivableBond Interest payableCash (Click to select)Bonds receivableCashBonds payableAccounts receivableOffice equipmentAccounts payableBond interest expenseBond Interest payable Nov. 1, 2011 (Click to select)Bond interest expenseCashAccounts receivableBond interest payableBonds payableOffice equipmentBonds receivableAccounts payable (Click to select)Accounts payableOffice equipmentBond interest expenseAccounts receivableBond interest payableBonds payableBonds receivableCash (Click to select)Bond interest payableOffice equipmentBonds payableBonds receivableBond interest expenseCashAccounts receivableAccounts payable Dec. 31, 2011 (Click to select)Discount on bond payableNotes payableBond interest expenseCashInterest expensePremium on bond payableBonds payableInterest revenue (Click to select)Interest revenueDiscount on bond payableInterest expenseNotes payableCashBond interest payablePremium on bond payableBonds payable May 1, 2012 (Click to select)CashBond interest expenseOffice equipmentBonds receivableBond interest payableBonds payableAccounts payableAccounts receivable (Click to select)Bond interest expenseBonds payableCashAccounts payableOffice equipmentBonds receivableBond interest payableAccounts receivable (Click to select)Bond interest payableCashAccounts payableBond interest expenseAccounts receivableBonds payableBonds receivableOffice equipment
Question 3
CAPSTONE PROJECT: Zynga Background: With 18% of its staff laid off on June 3rd 2013, Zynga is clearly in trouble. The Director of Strategy at Zynga has hired your team to explain to investors & internal stakeholder various aspects of their business. To help you with the messaging, the CEO has asked you to arrange the report based on the framework below. Additionally, he has asked, unless otherwise directed to/specified, you to only use information for the 2012 Annual Report and recent earnings report provided with this document in creating the report. Further, the Director of Strategy has asked you to cite the source of data using footnotes. I. Product Positioning Analysis: 1 page Using data in 2012 Financial Report and external data, identify Zynga?s product positioning strategy. [Note: don?t just look at pure-play competitors, also look at ?close? competitors] II. Top 5 Strategic Cost Management Recommendations: 1 page Utilizing data provided in the 2012 Financial Report and external data, identify five recommendations to executive management focused only on Cost Management. For each recommendation clearly identify relevant data (e.g. competitor's financial data, external research reports etc.) and how the recommendation relates to the three pillars of strategic cost management (Value Chain, Product Positioning, or Cost Driver analysis). Arguments that are not relevant to cost management, lack relevant supportive data, and/or lack association with the three themes in Strategic Cost Management will not be considered for grading. III. Review of cost data: 0.5 page Carefully review the components and growth in the following line items: Cost of revenue, Research and development, Sales and marketing, General and administrative. Answer the following: ? What are the key drivers of cost for each of the line items? ? What is the most controllable and what is the least? Why? ? If you can cut expenses, while supporting revenue, where would you cut and how? IV. Reliance on key Partners: 0.5 page Given that Zynga?s key strategic partner is Facebook, note one strategic cost benefit and one strategic cost loss (Note: do not focus on revenue. This should be purely related to doing a cost analysis)
Question 4
Problem 1- Measuring and Recording Pension Expense Presented below is information related to the pension plan of Vector Inc. For the year 2010. 1. The service cost of pension expense is $450,000. 2. The projected benefit obligation and the accumulated benefit obligation at the beginning of the year are $570,000 and $525,000, respectively. The settlement rate is 10%. 3. The expected return on plan assets is 9%. The actual return on plan assets is $49,000. 4. The unrecognized prior service cost at the beginning of the year is $260,000. The average remaining service-life of the employees is 5 years. 5. At the beginning of the period, the fair value of pension plan assets is $525,000. 6. The company had an unrecognized net loss at the beginning of the period of $170,000. Any amortization of unrecognized net loss is recognized on straight-line basis over the average remaining service-life of the employees. 7. The contribution made to the pension fund in 2010 was $435,000. Benefits paid from the fund in 2010 totaled $85,000. a. Determine the pension expense to be reported on the income statement for 2010. Show all computations. Round all Computations to nearest dollar. b. Prepare the journal entry to record pension expense for 2010. c. Determine the projected benefit obligation at December 31, 2010. d. Determine the fair value of plan assets at December 31, 2010. Problem 2 - Leases On January 1, 2011, Foley Company (as lessor) entered into a noncancelable lease agreement with Pinkley Company for machinery which was carried on the accounting records of Foley at $4,530,000 and had a market value of $4,800,000. Minimum lease payments under the lease agreement which expires on December 31, 2020, total $7,100,000. Payments of $710,000 are due each January 1. The first payment was made on January 1, 2011 when the lease agreement was finalized. The interest rate of 10% which was stipulated in the lease agreement is the implicit rate set by the lessor. The effective interest method of amortization is being used. Pinkley expects the machine to have a ten-year life with no salvage value, and be depreciated on straight-line basis. Collectibility of the rentals is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. a. From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement? b. What should be the income before income taxes derived by Foley from the lease for the year ended December 31, 2011? c. Ignoring income taxes, what should be the expenses incurred by Pinkley from this lease for the year ended December 31, 2011? D. What journal entries should be recorded by Pinkley Company on January 1, 2011? E. What journal entries should be recorded by Foley COmpany on January on January 2011?
Question 5
Case Scenario: Fictitious Business Description Castle?s Family Restaurant has eight restaurants in the Northern California area with approximately 300-340 employees. Most of the employees work part time, with approximately 40% full time. The operations manager, Jay Morgan, also acts as the HR manager and travels to each location each week to take care of scheduling, recruiting, hiring, and answering questions for the employees as needed. He also takes care of payroll using an Excel spreadsheet and has a computer application to print payroll checks. Mr. Morgan approaches you, an HR Consultant, for a proposal. Due to the increase in gasoline costs, he would like to greatly reduce his travel time for visiting each location each week and wonders if there is anything you can suggest to him to help him complete his HR tasks in a cost-effective manner. He hopes there is some way he can do part of his HR tasks from his office instead of traveling to each location. Stage I (due Week 2) Using the case scenario above, provide an assessment of the current business. Describe the company in terms of size, type of business, etc. Explain why you think an HRIS is needed. As the owner of your own HR consulting firm, write a 2-4 page paper that includes the following paper headings, which are denoted in all caps. BUSINESS ASSESSMENT: The name, type, and size of business you?re assisting. Make assumptions in your business description using theory as needed and include the information in your paper for this case scenario. These assumptions would include background about a restaurant work environment and industry. IDENTIFIED PROBLEMS: Review all HR problems identified. I recommend making a list of HR functions that you believe could be more efficient based on the information provided in the scenario. From that list, choose one HR function for analysis, which will be the main focus for your business plan. Explain why you chose that HR function as your first item, and substantiate your assertions with theory. HRIS NEEDS ASSESSMENT: Explain how automation might create a more efficient process from the HR function chosen. How might an HRIS application assist the business? Stage II (due Week 5) Provide a detailed description of the HRIS application(s) chosen for the business. What ?type? of HRIS might create a more efficient process for the HR function chosen? This is not a copy-paste of information from a vendor website but an analysis and business plan to share with your customer. As the owner of your own HR consulting firm, write a 2-4 page paper that includes the following paper headings, which are denoted in all caps. HRIS TYPE: Now that you?ve conducted some research in the previous assignment, you should have a good foundation to take the next step in your business plan. You should have a good review of the scenario and have conducted some research on HRIS systems, and now your next step is to choose a type of HRIS. Share the ?type? of system you plan to implement to help your customer. This must be substantiated in this paper to your customer from a theoretical perspective. HRIS VENDOR CHOICE: Now that you have an HRIS type chosen, you need to now conduct research to find an HRIS vendor. You want to do a compare and contrast in this section of at least two vendors. Then, choose a vendor. Explain why you chose this vendor over others. Include the web address and proper citations for the vendor applications compared. You must have theory to support your decision. Stage III (Final Project, due Week 7) At this point in the project, you have identified the problem and a technology solution for the business. Now you want the business to accept the idea. Using your text, the previous stages completed with feedback provided, and the business plan template (see Doc Sharing), write a business plan to give to your customer, which details the risks, assumptions, impact, etc. of the proposed implementation of the HRIS. This stage of the project should be a professional document that you would present to a customer leadership team to accept your business plan. See Business Plan Template in Doc Sharing for details regarding each section required. Do not copy and paste Stage I and Stage II information into this Final Course Project. Stages I and II are considered raw data. You are now finalizing and summarizing. You are applying critical thinking skills to the data you?ve collected. Submit your business plan to the Week 7: Course Project Stage III Dropbox by the deadline. See "Due Dates for Assignments & Exams" in the Syllabus for due date information. Grading Rubrics Grading Rubric: Stage I and Stage II Assignments Category Points Assignment Expectation Introduction/Conclusion 10 Introduction provides sufficient background on the topic and previews major points. Conclusion is logical, flows from the body of the paper, and reviews the major points. Content Theory STAGE I Business Assessment, 20 pts. Identified Problems, 30 pts. HRIS Needs Assessment, 30 pts. STAGE II HRIS Type, 40 pts. HRIS Vendor, 40 pts. 80 All key elements of assignment are covered in a substantive way. Discussion of topics outlined in the project are stated clearly, are supported by specific details (examples or analysis), and are organized logically. The paper links theory to relevant examples of current experience and industry practice, and uses the vocabulary of the theory correctly. Readability 10 Paragraph transitions are present and logical, flow maintained throughout paper. Sentences are complete, clear, and concise. Sentence transitions are present and maintain the flow of thought. Rules of grammar, usage, and punctuation are followed. Spelling and word usage is correct. Total 100 A quality paper will meet or exceed all of the above requirements. Grading Rubric: Final Course Project Category Points Assignment Expectation Introduction/Conclusion 20 Introduction provides sufficient background on the topic and previews major points. Conclusion is logical, flows from the body of the paper, and reviews the major points. Content Executive Summary, 30 pts. Company Review, 30 pts. Business Analysis, 50 pts. HRIS Type Comparison, 50 pts. HRIS Recommendation, 50 pts. 210 All key elements of assignment are covered in a substantive way. Discussion of topics outlined in the project are stated clearly, are supported by specific details (examples or analysis), and are organized logically. The paper links theory to relevant examples of current experience and industry practice, and uses the vocabulary of the theory correctly. Business Plan Professionalism 30 Overall, the project should be presented in a professional document. Font type should be professional and readable. There should be font consistency. Formatting should not distract from document content. Professional is also accomplished by ensuring all content is present, the document has topical flow, is readable, and is a document that a customer would read and accept as a viable recommendation. Readability 20 Paragraph transitions are present and logical, flow maintained throughout paper. Sentences are complete, clear, and concise. Sentence transitions are present and maintain the flow of thought. Rules of grammar, usage, and punctuation are followed. Spelling and word usage is correct. Total 280 A quality paper will meet or exceed all of the above requirements.,Great start...can you offer any more help with assignment?
