Question 1
"Written Assignment paper should consist, at a minimum, of the following: ? seven to 10 double-spaced pages of text, not including the title, table of contents, and bibliography pages ? title page ? bibliography or works cited (business classes use APA format) ? footnotes and endnotes (business classes use APA format) ? graphs, tables, and appendixes, if you refer to trends and other analysis Your paper should use one-inch margins on the left, right, top, and bottom of each page, and a font set at 12 point. Written Assignment: SEC 10-K Analysis Using the Internet, access the SEC 10-K annual report for a publicly traded company of your choice. The company must be a manufacturing concern with inventory and accounts receivable. Review the company's MD&A as well as financial statements and the accompanying footnotes. Use this information to prepare your analytic results. You may want to seek additional background and comparative data on the business. Your paper should briefly describe your assessment of the firm's activities and plans for the future. The content of your paper should focus on accounting issues and include words used in our accounting course, including financial accounting as well as managerial accounting. An example would be a discussion on inventory: how it is valued, whether there is a WIP account, and other details you will learn this semester. Use terms from our course and create displays using the SEC 10-K for your company. The use of headings will label the sections in your paper. You should present inventory turnover, days sales in inventory, days sales in accounts receivable, and other financial analysis from our course, both for the current year and as they relate to changes in accounts from one year to the next. Your goal is to explain the financial statements and the information of the SEC 10-K with the knowledge you learn in our course. While not explaining every item in the SEC 10-K, your paper should tell a story and illustrate your mastery of accounting terms and concepts. No more than one page should be devoted to your company's history and nonfinancial information.
Question 2
Jefferson County General Fund began the year 2012 with the following account balances: Cash Debit 132348 Taxes Recievable Debit 47220 Allowance for uncollectible taxes Credit 500 Supplies Debit 660 Budgetary fund balance reserve for encumbrances Credit 4800 deferred Property taxes credit 22000 Wages Payable credit 970 Fund Balance Credit 151958 Totals 180228 180228 during 2012 Jefferson experiaenced the following transactions: 1. The budget was passed by the county commission, providing estimated revenues of 250000 and appropriations of 180000 and estimated other financing uses of 40000. classify expenditures in the general fund as either general government or capital outlay. make entries directly to these and the individual revenue accounts; do not use subsidiary ledgers. 2. The encumbrances outstanding at Dec 31 2011 were reestablished. 3. The deferred revenue at Dec 31 2011 is recognized as revenue in the current period. 4. Property Taxes in the amount of 260000 were levied by the county. It was estimated 0.5% will be uncollectible. 5. Property tax collections totaled 247000. Accounts totaling 950 were written off as uncollectible. 6. Encumbrances were issued for supplies in the amount of 36000 7. supplies in the amount of 39800 were received. Jefferson county records supplies as an asset when aquired . The related encumbrances for these items totaled 40000 and included the 4800 encumbered last year. The county paid 35650 on accounts payable during the year. 8. the county contracted to have alarm systems (capital assets) installed in the administration building at a cost of 46600. The systems were installed and the amount was paid. 9. Paid wages totaling 131970 including the amount payable at the end of 2011.(there were for general government operations.) 10. Paid other general government operating items of 7600. 11. The general fund transferred 38500 to the debt service fund in anticipation of bond interest and principle payments. 12. Wages earned but unpaid at the end of the year amounted to 2200 13. supplies of 250 were on hand at the end of the year (Supplies are used for general government operations. 14. A review of property taxes received indicates that 17500 of the outstanding balances would likely be collected more than 60 days after year-end and should be deferred. Required use the attached Excel template. A seperate tab is provided in Excel for each of these steps: a. Prepare journal entries to record the information described in the items 1 to 14. b. Post these entries to T-Accounts c. Prepare closing journal entries; psot to the T-Accounts prov ided. classify fund balances assuming there are no restricted or committed net resources and the only assigned net resources are the outstanding encumbrances. d. Prepare a statement of Revenues, Expenditures and Changes in Fund Balance for the General fund for the year ending 2012. Use Excel forumulas to calculate the cells shaded in blue. e. Prepare a Balance sheet for eht general fund as of Dec 31 2012. Use Excel formula to calculate the cells shaded in blue.,I started the assignment but am unsure if my answers are correct. Please double check journal entries and T account entries. I am stuck and am unable to get any further in the assignment. If you could fix and complete the assignment so I can understand what I need to do.
Question 3
1. Which of the following methods for translating foreign currency financial statements attempts to produce consolidated financial statements as if a subsidiary had actually used the parent company's currency for all its transactions? A) Current/Noncurrent method B) Monetary/Nonmonetary method C) Current rate method D) Temporal method 2. Essco Ltd, a foreign subsidiary of Peako Corp., has written down its inventory to current market value under a ?lower of cost or market? rule. When consolidating Essco's balance sheet into Peako's balance sheet, what exchange rate should be used for the inventory under the temporal method? A) historical rate B) current rate C) average rate D) cannot be determined with the information given 3. Under the temporal method of consolidating foreign currency financial statements, what exchange rate should be used for translating the depreciation expense recorded by a subsidiary? A) average rate B) current rate C) historical rate D) forward rate 4. Under both the temporal method and the current rate method, what exchange rate should be used to translate a foreign subsidiary's dividends into parent company currency? A) current rate B) historical rate C) average rate D) Any of the above methods may be used under both the temporal and current method. 5. Under the current rate method of translating foreign currency financial statements, what exchange rate should be used for cost of goods sold? A) spot rate at the end of the year B) average rate during the year C) spot rate mid-year D) There is no single rate because beginning and ending inventory must be converted at different exchange rates than purchases. 6. International accounting standards define functional currency as: A) the currency of the parent company. B) the currency of the primary economic environment in which the subsidiary operates. C) the currency of the primary economic environment in which the parent operates. D) the currency used by a subsidiary for its financial reporting. 7. What is EDGAR? A) It is a database provided by the London, England stock exchange that provides financial statement information on U.K. companies. B) It is a database created by the U.S. Securities and Exchange Commission that provides reports of all corporations listed on the U.S. stock exchanges. C) It is a database of reports filed electronically with the U.S. Securities and Exchange Commission. D) It is a database that links users to U.S. company websites much like CAROL does in the U.K. 8. What language will be used for the quarterly reports submitted by foreign companies to the U.S. Securities and Exchange Commission? A) The quarterly reports may be in the company's local language. B) English or German C) English or one of the languages of the European Union D) English only 9. What is an advantage of using ratio analysis in comparing financial statements from different countries? A) Ratios are expressed as percentages, making currency differences irrelevant to the analysis. B) Ratios highlight the holding gains or losses related to currency translation. C) Purchasing power gains and losses from currency translation show up clearly in ratio analysis. D) Comparing business ratios across countries removes the effect of economic conditions and business culture. 10. Translating foreign financial statements into a convenience language: A) eliminates all readability problems for a financial analyst. B) does not always clarify accounting terminology unique to a particular country. C) is easily and inexpensively done when the convenience language is English. D) is required for all multinational corporations. 11. How would a company decide which foreign languages will be used to present its financial statements? A) Determine which language is closest to the local language so that translation is less costly. B) Choose the language based on which countries provide the greatest potential source of funds. C) Follow the language requirements of its local accounting regulatory agency. D) Select the language of the most populous country in its region of the world.
Question 4
Smackey Dog Foods, Inc - Scenario Summary Smackey Dog Foods, Inc. started in the kitchen of Sarah, Kim, and Jillian?s family home in the suburbs of Chicago. The three sisters initially bought the ingredients for their natural dog food recipes from the local grocery store. They used their dogs and the neighborhood dogs as their taste testers. Their dog food products were so good, the local kennels and veterinary offices were glad to distribute the sisters' products to their customers. Local demand increased significantly. Local pet stores and small grocery stores discovered the products and became distributors. The sisters moved the expanding business into a larger facility and hired a few more workers. While their competitors? sales were flat or declining, Smackey Dog Food, Inc.?s sales were on a vertical climb! Sales were so good last year, that the sisters opened a boutique division named Best Boy Gourmet, specializing in freshly manufactured, one-serving packages meant for consumption no later than 3 days after production. They sell this product at 3 times the cost of their other products and by special order only through their new website. Demand is high, but waste has been an issue. Sarah is the president and general manager of the operation. Sarah has been very proactive in growing the business. She has met with her banker to discuss expanding the facilities and equipment with another $150,000 loan. Their first loan for $150,000 was secured by the industrial size, food production equipment purchased with the loan. The banker now demands an audit of the corporate financial statements before releasing another loan to the company. Sarah has offered to place the corporate account receivables up as collateral to secure the second loan. Based on revenue projections by her sister Jillian?s sales team, Sarah believes that the company will not have trouble paying down the loan in a short period of time. Kim manages the production operations. She oversees the inventory, production, and shipment of dog food products. The Best Boy Gourmet line has taken almost all of her attention lately. The winter holidays are approaching and sales demand based on forecasts from the sales force are higher than ever. Attaining fresh, raw ingredients is more difficult in the winter months. If any of the fresh ingredients are delayed, production comes to a standstill. There has been significant inventory waste as a result. Kim?s assistant, Henry, monitors the production and shipment of Smackey Dog Food?s regular line of product. Henry takes pride in his work and is involved in every facet of the operation. With only one other warehouse employee to help, Henry personally is involved in preparing and approving all inventory records. Henry ensures that very little finished inventory sits in the warehouse. However, the shipping dock always seems to be full of returned dog food that should be restocked. When Kim asks him about it, Henry laughs and tells her that "first in first out" applies to dog food returns as well. Kim smiles and just accepts that answer. Jillian is not very good at understanding accounting. The sisters placed Jillian in charge of sales. She manages a sales team of 12 salesmen in Illinois, Indiana, and Wisconsin. Her fear of flying and poor driving skills limit her ability to get around to the areas outside of Chicago. As a result, she has placed a lot of faith in her sales team. The sales team complained last year that they did not like waiting for their commissions until after bookkeeping calculated the actual revenues. In order to keep their spirits fired up, Jillian has her sales people project what their sales will be in the upcoming quarter and she pays commissions in advance on those projections. The sales team loves her and Jillian loves their approval. Jillian has noticed that the projections typically are off by 11% on average. The employees of Smackey Dog Food, Inc. all own dogs. It was a hiring requirement on the job application. One employee was fired when it was discovered she never owned a dog when she was hired. A lawsuit is pending by the fired employee. At this time, the receivables represent 29% of the corporate assets. The Chicago retail chain Pup Stores, Co. is Smackey Dog Food?s largest buyer. They alone represent 31% of overall sales and usually pay within 30 days. However, Pup Stores is facing a major lawsuit from an animal rights group. The legal fees are eating into their cash reserves and they are facing some store closures. The accounts receivable aging indicates that 38% of the receivables are 30 days or less. Twenty-two percent are 31-60 days. Twenty-one percent of the receivables are 61-90 days old. Ten percent are 90-120 days. The remaining receivables are older than 120 days. Sarah has not written off any of the receivables, nor will she. Sales are projected to steadily grow at 16% next year if the company does not expand its facilities. With the expansion, sales are projected, rising 26%, with the most significant jump in the last quarter after expansion is completed and holiday sales pick up. Your Role You and your firm, Keller CPAs, have never audited a dog food manufacturer. Although it is late in the year to be accepting a new calendar year-end audit, you need the work and have the time to devote to the audit before your 2-week ski vacation in February. You begin the audit process just prior to year-end by sending your audit manager, Pete, and two audit staffers, Ben and Maureen, out to the client. They spend time assessing the client and planning the audit. During the first month of field work after year end, Ben and Maureen note that the dog food bags piled high on the docks are marked ?Returned.? One employee is seen throwing bags of the premium Best Boy Gourmet dog food into the dumpster in the morning and pulling it out and throwing it into Henry?s car during the employee lunch hour. Pete?s new best friend, Alan, was married to Smackey Dog Food, Inc.?s owner, Kim, 4 years ago. Alan is also good friends with the banker from whom Sarah is seeking the loan. Pete is unaware of the relationship. Pete has talked about some of the details of the audit to Alan over a few beers. Assignment Assignment REQUIRED: During our course, each of you will prepare one, short (5-7 pages, double-spaced) paper based on the Smackey Dog Food, Inc. case facts above. The purpose of the Project is to move you beyond the black letter into the actual practical application of legal principles in real-life situations. It serves to highlight the importance of audit opinions and reports. This project gives you an opportunity to conduct certain audit procedures and determine the course of action regarding the audit.Note: You are being graded on analyzing issues you identify in the project case IN ADDITION TO responding to the questions listed in the YD_Activity (see link below). Use the YD_Activity document to answer the questions related to this scenario Worksheet for You Decide Questions: Q1: Discuss how the SEC has influence (if any) over the audit of Smackey Dog Foods, Inc. Solution: Type your answer here Q2: Discuss the essential activities involved in the initial planning of an audit. How do these all specifically to the Smackey Dog Food client? Solution: Type your answer here Q3: Discuss the 4 stages of the audit and the major activities performed by the auditor in each phase. Give an example of how each of these specifically applies to the Smackey Dog Food, Inc audit. For instance, examine the apparent internal control weaknesses and possible negative outcome of each. Solution: Type your answer here Q4: Describe Keller CPAs? responsibilities related to communications regarding internal control matters. What internal controls issues do you identify? Solution: Type your answer here Q5: You decide that you will address Smackey Dog Food, Inc.?s accounts receivables through confirmations. Discuss the various types of confirmations and what forms you will implement and why. Solution: Type your answer here Q6: What are the major factors affecting sample size for confirming accounts receivable? Solution: Type your answer here Q7: A major issue in verifying the ending balance in property, plant and equipment is the possibility of legal encumbrances. Discuss what specific concern do you have. Describe the procedures your firm will perform to obtain evidence about existing legal encumbrances. Solution: Type your answer here Q8: The client wants to know if you will be present at the year-end inventory. What is your decision and why? What role or actions will you take at the inventory if you decide to attend the inventory. Why? Solution: Type your answer here Q9: Considering the general six functions that make up the inventory and warehousing cycle for Smackey Dog Foods, Inc., identify the related documents and/or records that would be used. From your analysis of the internal controls related to the inventory and warehousing cycle of Smackey Dog Foods, Inc., what internal control weaknesses exist? Solution: Type your answer here Q10: Discuss if Keller CPAs or its auditors are breaching any Professional Rules of Conduct and why or why not? Solution: Type your answer here Q11: Discuss the CPA firm?s legal liability concerns for this audit if they make a material unintentional or intentional mistake. Include any other legal liability concerns regarding possible Professional Rule violations. Solution: Type your answer here
Question 5
Objective of the Plan: The purpose of this marketing plan is to learn how to write a professional marketing plan to apply your knowledge from class. In addition, this experience will help you in your future work environment as well. To begin, please choose a product from an existing company or a company itself. The purpose of the plan is to improve the current marketing plan that a company is doing with a product they are currently selling, or the plan for the company. The first part of the project (due in week 5) will explain the history of the company and product, and their current marketing situation. Everything in week 5 is CURRENT information. The second and third portions of the paper will explain how you would revise and adjust the marketing strategy based on what you have learned in class to improve it- YOUR ideas. The length of the whole report; including the title page (only due in week 7), sections of the plan, and references should be 8-10 pages. This means you have 6-8 pages of content to write, so pace yourself in the beginning. You must meet the length requirements indicated for each part of the paper, but you can exceed if necessary. This is why there is a range of 6-8 pages. Please try not to exceed 8 pages of content if possible. There are very specific requirements explained below for each section of the outline for each part of the project. Each part of the project needs to be written in APA format (also citing sources in text), including references, in 12 pt font. Please label each section with a heading in bold as well. Example: Situational Analysis Internal Analysis SWOT Analysis This is a formal essay, so the format needs to be in paragraphs and complete sentences. Do not submit any portion of the project in bullet format, as points will be deducted accordingly. WEEK FIVE Situational Analysis: Internal Analysis- company history and background (1 paragraph) Market Description- competitor?s analysis (1 paragraph) Give a brief overview of the current competing products or companies- whichever is applicable depending on if your paper is on a specific product or a company. Please explain their large and small competitors briefly. Environmental Analysis (SWOT) ( 1 page) You need to present an internal (Strengths and weaknesses) and an external (Threats and opportunity) review of the company. Please provide two points for each component of the SWOT. Of course the strengths are important, but the weaknesses, opportunities, and threats are crucial to your plan. Once you identify where the company or product needs to improve, this is how you can create your plan going forward. Please base your objectives and plan on these points. Here are other examples that would help you determine the greatest opportunities, weaknesses, and threats facing the company buy using the SWOT analysis: Internal Strengths: is something the company is good at doing, e.g. adequate financial resources, access to economies of scale, better manufacturing capability, superior technological skill, etc. Internal Weaknesses: is something the company lacks or does poorly in comparison to competitors, e.g. falling behind in R&D, poor/lack of training cause a poor customer service, Weak market image, too narrow product line, etc External Opportunities: the factors in the external environment that represent an opportunity for the company, e.g. complacency among rival firms, ability to serve additional customer groups or expand into new markets or segments. External Threats: the factors in the external environment that represent a threat for the company, e.g. Entry of lower-cost foreign competitors, rising sales of substitute products, costly regulatory requirements, etc CURRENT Marketing Mix Description/Situation (1 page) A Product Review: describes and shows the CURRENT product/product line and service offerings (tangible good with accompanying services: e.g. an automobile that offers accompanying repair services, or hybrid offer consisting of equal parts of goods and services such as restaurant) explain the product and what is offers. A Price review: Explain the current pricing for your product or company. If there are several products, give a range of prices. You must include the pricing strategy they CURRENTLY offer (ie- skimming, penetration, value added, etc) , how they are set, and why you think they use this strategy. Are they flexible to allow for price adjustments for differences in consumer segments? Do they offer discounts, promotions, etc? A review of Distribution: Where is it CURRENTLY being distributed, through which types of distribution channels, and why? Are they domestic only, or global? Be specific- retail, wholesale, internet, catalog, etc. Where is it CURRENTLY being distributed, through which types of distribution channels, and why? A review of Promotions: This includes an analysis of the effectiveness of the CURRENT promotional effort of the company/marketing department. What promotional tools have been used by the company (advertising, personal selling, sales promotions, public relations) its advantages and disadvantages.
