Question 1
I need help writing this paper for accounting. Use the Internet to research a publically traded U.S. multinational corporation that has recently acquired another multinational corporation. Write a six to eight (6-8) page paper in which you: 1.Briefly describe the acquisition you have selected. 2.Analyze the accounting requirements for the business combination and discuss challenges in preparing the financial statements for the consolidation of subsidiaries on the date of acquisition. 3.Evaluate the amount of goodwill or other intangible assets derived from the transaction and explain whether or not you support that this value was created as a result of the business combination. 4.Analyze special issues related to business consolidations including changes in ownership, insolvency, liquidation, and reorganization resulting from the acquisition you selected. 5.For the company your selected, identify the key areas of difference for the acquisition reporting if IFRS was used instead of US GAAP and if the difference would be material to the profitability of the combined entity. 6.Include three (3) external sources to support your position. Your assignment must follow these formatting requirements: ?Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. ?Include a cover page containing the title of the assignment, the student?s name, the professor?s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: ?Analyze the accounting requirements for business combination and prepare the financial statements for the consolidation of subsidiaries on the date of acquisition. ?Analyze the effect of allocation and depreciation of difference between implied and book values. ?Analyze special issues related to business consolidations including changes in ownership, insolvency, liquidation, and reorganization. ?Examine the similarities and differences between US GAAP and IFRS, and the related requirements for accounting in the international marketplace. ?Use technology and information resources to research issues in advanced accounting. ?Write clearly and concisely about advanced accounting using proper writing mechanics
Question 2
Golf Corporation's financial statements for the years ended August 2006. Smith planned and is applying the following sampling procedures: During the prior years' audits, Smith used simple variables sampling in performing tests of controls on Golf's accounts receivable. For the current year Smith decided to uses Probability Proportional to Size (PPS) sampling in confirming accounts receivable, because PPS sampling uses each account in the population as a separate sample unit. Smith expected to discover many overstatements, but assumed that the PPS sample still would be smaller than the sample size of a simple variables sampling population. Smith reasoned that the PPS would automatically result in a stratified sample, because each account would have an equal chance of being selected for confirmation. Additionally, the selection of negative balances (unusual and an abnormal balance for accounts receivable) would be facilitated without any additional inputs. Smith computed the sample size using the risk assessment of incorrect acceptance, the total recorded book amount of the receivables, and the number of misstated accounts allowed. Smith divided the total recorded book amount of the accounts receivable (A/R) by the sample size to determine the sampling interval. Smith then calculated the standard deviation of the dollar amounts selected for evaluation of A/R. Smith calculated a sample size of 60, and the sampling interval was determined to be $10,000. However, only 58 accounts were selected because 2 accounts were so large that the sampling interval caused them to be selected twice. Smith then sent confirmation requests to 55 of the 58 customers selected in the sample. Three of the selected each had insignificant balances of $20 or under. Smith ignored these as di minimus and used this exclusion opportunity to select the three largest accounts that had not hit the sample. Each of these accounts had balances in excess of $7,000 so Smith then sent confirmations to these three as well. When the confirmations were returned two differences were revealed. One account with an audited balance of $3,000 had been recorded at $4,000. Smith projected this to be a $1,000 misstatement. Another account with an audited balance of $2,000 had been recorded at $1,900. Smith did not count the $100 difference, because the stated purpose of the test was to determine and detect overstatements, not understatements. In evaluating the sample results, Smith determined that the accounts receivable balance was not overstated, because the projected misstatement was less than the allowance determined for the sampling risk. Prepare a written report in a format that you would present to your boss in a real world situation that describes each incorrect assumption, statement, and inappropriate application of good sampling techniques in Smith's procedures. Support your work with appropriate research. ...
Question 3
"Use File Attached 2.) Burien allocates building depreciation, maintenance, and utilities on the basis of square footage. Office expenses are allocated on the basis of sales. Management is considering an expansion to a three-department operation. The proposed Department C would generate $120,000 in additional sales and have a 17.5% contribution to overhead. The company owns its building. Opening Department C would redistribute the square footage to each department as follows: A, 19,040; B, 21,760 sq. ft.; C, 13,600. Increases in indirect expenses would include: maintenance, $500; utilities, $3,800; and office expenses, $1,200. Complete the following departmental income statements, showing projected results of operations for the three sales departments. (Round amounts to the nearest whole dollar.) Also show your calculations for the allocation of indirect expenses in the tables below the Departmental Income Statement. 3.) Hess Co. manufactures a product that sells for $12 per unit. Total fixed costs are $96,000 and variable costs are $7 per unit. Hess can buy a newer production machine that will increase total fixed costs by $22,800 but variable costs will be decreased by $0.40 per unit. REQUIRED: Calculate the current break-even point in units and the break-even point in units if the new production machine is purchased. Show your answers in the spaces provided and use the space below the answer blocks to show your calculations. 4.) Slim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly on the loan balance at the end of the previous month). Loans are repaid at month's end from any excess cash. The cash balance on July 1 is $8,400. Cash receipts other than for loans received for July, August, September are forecasted as $24,000, $32,000, and $40,000, respectively. Payments other than for loan or interest payments for the same period are planned at $28,000, $30,000, and $32,000, respectively. At July 1, there are no outstanding loans. REQUIRED: Prepare a cash budget for July, August, and September. Use the template below for your answer. Extra Credit attached
Question 4
Alli Co. is a merchandising business. The account balances for Alli Co. as of November 30, 2012 (unless otherwise indicated), are as follows: 110 Cash $ 73,920 112 Accounts Receivable 37,875 113 Allowance for Doubtful Accounts 3,500 115 Merchandise Inventory 133,900 116 Prepaid Insurance 3,750 117 Store Supplies 2,850 123 Store Equipment 100,800 124 Accumulated Depreciation-Store Equipment 20,160 210 Accounts Payable 21,450 211 Salaries Payable 0 218 Interest Payable 0 220 Note Payable (Due 2017) 10,000 310 P. Williams, Capital (January 1, 2012) 89,510 311 P. Williams, Drawing 40,000 312 Income Summary 0 410 Sales 853,040 411 Sales Returns and Allowances 20,600 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 414,575 520 Sales Salaries Expense 74,400 521 Advertising Expense 18,000 522 Depreciation Expense 0 523 Store Supplies Expense 0 529 Miscellaneous Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 533 Bad Debt Expense 0 539 Miscellaneous Administrative Expense 1,650 550 Interest Expense 240 Alli Co. uses the perpetual inventory system and the last-in, first-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, first-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). Alli Co. sells four types of television entertainment units. The sale prices of each are: TV A: $3,500 TV B: $5,250 TV C: $6,125 PS D: $9,000 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, $2,200. 3. Purchased four TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $14,800. 4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.) 6. Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point. 10. Sold two project systems for cash. 11. Purchased store supplies on account from Matt Co., terms n/30, $620. 13. Issued check to Prince Co. number 2634 for full amount due, less discount allowed. 14. Issued credit memo for one TV A unit returned on sale of December 6. 15. Issued check number 2635 for advertising expense for last half of December, $1,500. 16. Received cash from Albert Co. for full amount due (less return of December 14 and discount). 19. Issued check number 2636 to buy two TV C units, $7,600. 19. Issued check number 2637 for $6,100 to Joseph Co. on account. 20. Sold three TV C units on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point. 20. For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $600. 21. Received $12,250 cash from McKenzie Co. on account, no discount. 21. Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600. 25. Received notification that Marie Co. has been granted bankruptcy with no amount of recovery. We are to write-off her amount due. (Note: See page 402 for entry required.) 24. Issued a debit memo for return of $5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller. 26. Issued check number 2639 for refund of cash on sales made for cash, $1,000. (Customer was going to return goods until an allowance was arranged.) 27. Issued check number 2640 for sales salaries of $1,750 and office salaries of $950. 28. Purchased store equipment on account from Matt Co., terms n/30, FOB destination, $800. 29. Issued check number 2641 for store supplies, $550. 30. Sold four TV C units on account to Randall Co., invoice number 893, terms 2/10, n/30, FOB shipping point. 30. Received cash from sale of December 20, less discount, plus transportation paid on December 20. (Round calculations to the nearest dollar.) 30. Issued check number 2642 for purchase of December 21, less return of December 24 and discount. 30. Issued a debit memo for $200 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger). Write Balance in the item section, and place a check mark (?) in the Post Reference column. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and when needed the Inventory Control Sheet. 3. Total each column on the special journals and prove the journal. 4. Post the totals of the account named columns and individually post the ?other? columns as well to the General Ledger. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. 7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data: a. Merchandise inventory on December 31 $110,200 b. Insurance expired during the year 1,250 c. Store supplies on hand on December 31 975 d. Depreciation for the current year needs to be calculated. Alli Co. uses the Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15th of the month). e. Accrued salaries on December 31: Sales salaries $480 Office salaries 260 530 f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month (round answer to the nearest dollar amount). g. Net realizable value of Accounts Receivable is determined to be $30,000. 8. Prepare a multiple-step income statement, a statement of owner?s equity, and a classified balance sheet in good form. 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both balance columns opposite the closing entry. 11. Prepare a post-closing trial balance.,thank you, this is the format we have to answer. thank you for your time.,Thank you for your reply. I understand that this H.W is long and takes alot of your valuable time. it is due soon! I know I need to pay much more for this big help and I will since it will take so much of your valuable time, please help me. Thank you so much,Thank you so much,Thank you so so much.
