Question 1
Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Paul also had 10,000 shares of convertible preferred stock outstanding throughout 2009. The preferred stock is $100 par, 6%, and is convertible into 3 shares of common for each share of preferred. Paul also had 500, 8%, convertible bonds outstanding throughout 2009. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at par. Reported net income for 2009 was $300,000 with a 40% tax rate. The regular common and preferred dividends were paid in 2009. Compute basic earnings per share for 2009.,Paul Company had 100,000 shares of common stock outstanding on January 1, 2009. On September 30, 2009, Paul sold 48,000 shares of common stock for cash. Paul also had 10,000 shares of convertible preferred stock outstanding throughout 2009. The preferred stock is $100 par, 6%, and is convertible into 3 shares of common for each share of preferred. Paul also had 500, 8%, convertible bonds outstanding throughout 2009. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at par. Reported net income for 2009 was $300,000 with a 40% tax rate. The regular common and preferred dividends were paid in 2009. Compute basic earnings per share for 2009.,artial balance sheets for ABC Company and additional information are provided below. ABC Company, Partial Balance Sheets, As of December 31 2009 2008 Equipment $100,000 $75,000 Accumulated depreciation (25,000) (20,000) Common stock, $5 par 180,000 100,000 Paid in capital 20,000 Retained earnings 40,000 30,000 Additional information for 2009: July 1: Issued 8,000 shares of common stock for cash. July 1: Purchased new equipment for cash. December 31: Paid cash dividends of $20,000. Prepare the financing activities section of the statement of cash flows for 2009.
Question 2
B. Indicate the impact on the accounting equation of each of the following transactions. 1. Owner investment of cash. 2. Purchase of equipment for cash 3. Borrowed money from bank by issuing a note payable. 4. Purchase of office furniture for cash. 5. Purchase of supplies on account. 6. Collect cash from customers for services performed. 7. Purchased 24-month insurance policy 8. Paid monthly payroll. PART IV ? TYPES OF ACCOUNTS (10 points) Instructions: Place a check in the appropriate columns to designate whether each of the following accounts: (1) has a debit or credit normal balance; and (2) is an asset, liability, or stockholders? equity account. ??????????????????????????????????????????? (1) (2) Stockholders? Account Debit Credit Asset Liability Equity ??????????????????????????????????????????? 1. Service Revenue ??????????????????????????????????????????? 2. Salaries Expense ??????????????????????????????????????????? 3. Supplies ??????????????????????????????????????????? 4. Common Stock ??????????????????????????????????????????? 5. Accounts Payable ??????????????????????????????????????????? 6. Salaries Payable ??????????????????????????????????????????? 7. Dividends ??????????????????????????????????????????? 8. Accounts Receivable ??????????????????????????????????????????? 9. Prepaid Insurance ??????????????????????????????????????????? 10. Notes Payable ??????????????????????????????????????????? PART I ? MULTIPLE CHOICE (39 points) Instructions: Designate the best answer for each of the following questions. ____ 1. The Accumulated Depreciation account is a(n) a. contra asset. b. liability. c. asset. d. operating expense. ____ 2. A post-closing trial balance contains a. real and nominal accounts. b. permanent and temporary accounts. c. balance sheet or permanent accounts. d. balance sheet and revenue accounts. ____ 3. Which of the following is false with regard to a worksheet? a. Before the adjusting entries are recorded in the General Journal, they are recorded in the adjustments columns of the worksheet. b. A worksheet is a required step in the accounting cycle. c. When a worksheet is used, the preparation of financial statements is still required. d. If a credit is needed to balance the income statement columns on the worksheet, a debit will be needed to balance the balance sheet columns ____ 4. On January 1, Altillo borrowed $10,000 at 6% interest for 1 year. Altillo accrues interest on the note monthly. If no adjusting entry is made at the end of January, what will be the impact on the financial statements? a. Revenues will be overstated by $50 b. Expenses will be understated by $600 c. Liabilities will be understated by $1,000 d. Net Income will be overstated by $50 ____ 5. What is the purpose of a post-closing trial balance? a. Prove that all income statement accounts have been properly posted. b. Prove the equality of income statement account balances. c. Prove the equality of all account balances. d. Prove the equality of permanent account balances. ____ 6. The average time that is required to go from "cash to cash" in producing revenues is referred to as the a. business cycle. b. operating cycle. c. fiscal year cycle. d. accounting cycle. ____ 7. On February 2, Reedy?s Printing Service received a payment of $6,000 for contracted printing work that will completed over the next 3 months. As of the end of February, the company had completed 1/3 of the work. The adjusting journal entry at the end of February for prepaid revenue will include a. a debit to Unearned Revenue for $6,000 b. a credit to Unearned Revenue for $4,000 c. a credit to Printing Revenues for $2,000 d. a debit to Cash for $2,000 ____ 8. On February 1, Andrews Company purchased printing supplies of $2,200. A month end inventory shows that the company has supplies of $900 on hand. The adjusting entry for this prepaid expense will include a. a debit to Supplies for $900 and a credit to Supplies Expense for $900 b. a debit to Supplies Expense and a credit to Cash for $1,300 c. a debit to Supplies Expense and a credit to Supplies for $1,300 d. a debit to Supplies and a credit to Cash for $900 ___ 9. Braxton Company purchased printing equipment at a cost of $18,000. The monthly depreciation on the equipment is $300. As of December 31, 2008, the balance in Accumulated Depreciation is $7,200. The book value of the equipment reported on the December 31, 2008 balance sheet will be a. $18,000 b. $17,700 c. $10,800 d. $7,200 ____ 10. Malone Co. recorded a payment of cash on account to a creditor by debiting Accounts Receivable and crediting Cash. The correcting entry is a. debit Accounts Payable and credit Cash. b. debit Cash and credit Accounts Receivable. c. debit Accounts Payable and credit Accounts Receivable. d. Some other correcting entry is necessary. ____ 11. On October 1, 2008, Greer Company signed a $6,000 six-month note payable that bears interest at a rate of 6%. The total interest to be accrued on this note at December 31, 2008, is a. $30. b. $90. c. $180. d. $360. ____ 12. Which of the following is false? a. Current assets are listed in the order of magnitude. b. Obligations expected to be paid after one year are classified as long-term liabilities. c. Intangible assets are non-current resources that do not have physical substance. d. Property, plant, and equipment are tangible resources of a relatively permanent nature that are used in the business and not intended for sale. ____ 13. Omission of a prepaid expense adjusting entry will have the following effects: Total Assets Total Expenses Total Stockholders' Equity a. No Effect Understated Overstated b. Overstated Understated Overstated c. Overstated No Effect Overstated d. Overstated No Effect No Effect PART II ? WORK SHEET COMPLETION (12 points) Instructions: Complete the partial work sheet presented below, inserting additional labels as needed. SANTOS SERVICES AGENCY Partial Work Sheet For the Month Ended September 30, 2008 ?????????????????????????????????????????? Adjusted Income Balance Trial Balance Statement Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. ?????????????????????????????????????????? Cash 6,500 Accounts Receivable 3,000 Supplies 3,075 Prepaid Insurance 2,000 Prepaid Rent 500 Equipment 35,000 Accum. Depreciation?Equipment 4,000 Notes Payable 14,000 Accounts Payable 12,000 Unearned Revenue 2,000 Common Stock 9,825 Dividends 2,000 Service Revenue 20,000 Interest Expense 400 Salaries Expense 6,000 Supplies Expense 1,500 Rent Expense 2,000 Insurance Expense 1,200 Salaries Payable 1,300 Interest Payable 50 Totals 63,175 63,175 PART III?ADJUSTING ENTRIES (24 points) The ledger accounts given below, with an identification number for each, are used by Silas Company. Instructions: Prepare appropriate adjusting entries for the year ended December 31, 2008, by replacing the appropriate identification number(s) in the debit and credit columns provided and the dollar amount in the adjoining column. Item 0 is given as an example. 1. Notes Receivable 10. Unearned Service Revenue 2. Accounts Receivable 11. Notes Payable 3. Interest Receivable 12. Interest Revenue 4. Supplies 13. Service Revenue 5. Prepaid Insurance 14. Depreciation Expense?Equipment 6. Equipment 15. Salaries Expense 7. Accumulated Depreciation?Equipment 16. Interest Expense 8. Salaries Payable 17. Supplies Expense 9. Interest Payable 18. Insurance Expense ?????????????????????????????????????????? Account(s) Account(s) Dollar Entry Information Debited Credited Amount ?????????????????????????????????????????? 0. Interest of $500 is accrued on a note 3 12 $500 receivable at December 31, 2008. ?????????????????????????????????????????? 1. Silas has three employees who each earn $160 $ per day. At December 31, four days' salaries have been earned but not paid. ?????????????????????????????????????????? 2. A customer paid Silas $16,000 on December 1, $ 2008 for services to be rendered from December 1 through January 31, 2009. The receipt was credited to a liability account. ?????????????????????????????????????????? 3. Silas purchased equipment costing $48,000 on $ January 1, 2007. Monthly depreciation is $600. ?????????????????????????????????????????? 4. Silas provided services to a customer in 2008 at a $ fee of $500. This fee has not yet been received or billed. ?????????????????????????????????????????? 5. Silas started the year with no supplies on hand. $ They purchased $6,000 in supplies during the year and have $2,000 on hand at December 31. Supplies were debited to an asset account when purchased. ?????????????????????????????????????????? 6. Silas paid $12,000 for a three-year insurance policy $ on July 1, 2008, debiting an asset account at that time. ?????????????????????????????????????????? 7. Silas borrowed $20,000 by signing a three-month, $ 9% interest, note payable on November 1, 2008. ?????????????????????????????????????????? 8. Silas purchased short-term investments on November 1, $ 2008. Interest of $300 per month has been earned but not received prior to December 31. ?????????????????????????????????????????? PART IV?CLOSING ENTRIES (12 points) P.T. Ellison Company had the following income statement at December 31, 2008: P. T. Ellison Company Income Statement For the Year Ended Dec. 31, 2008 Service Revenue $10,900 Expenses: Supplies expense $2,300 Automobile expense 2,000 Utilities expense 800 Total expenses 5,100 Net income $ 5,800 No dividends were paid during the year. Prepare the closing entries at December 31, 2008. PART V?BALANCE SHEET CLASSIFICATIONS (13 points) Instructions: Match the account titles given below with the appropriate Balance Sheet classifi-cation. An individual classification may be used more than once, or not at all. An account may also not appear in the balance sheet. Classifications A. Current Assets E. Current Liabilities B. Long-term Investments F. Long-term Liabilities C. Property, Plant, and Equipment G. Stockholders? Equity D. Intangible Assets H. Not separately presented on the Balance Sheet Account Titles 1. Common Stock 9. Prepaid Insurance 2. Unearned Rent Revenue 10. Copyrights 3. Supplies 11. Accounts Receivable 4. Accounts Payable 12. Dividends 5. Trademarks 13. Accumulated Depreciation 6. Salaries Payable 7. Equipment 8. Service Revenue PS: PLEASE LET ME KNOW IF U CAN COMPLETE IT BY TOMORROW AT 12PM ASAP THANK YOU,thank you so much for your help ..
Question 3
Please then select one of articles from attached, review its contents and use the article as support to prepare an integrated response that will address the following question: ?Accounting has been nothing if not a dynamic, global discipline over the last two decades. The role of the accountant has changed dramatically during that time and will continue to do so?as will the nature of the challenges that the accounting profession faces?. Discuss whether you agree with these statements and why, from the perspectives of both financial and management accountants. Draw upon trends and experiences from your own country and from your professional background, as well as those seen globally and as discussed in the article that you are using. Note that the solution will be evaluated using the following criteria: ? Evidence of integration of cumulative learning ? Discussion of application of learning to personal and professional experience ? Key skills reflections ? Suggestions for improvements/comments re: materials/problems encountered Please note to shorten the preparation time I am attached other student assignment. This may help you speed up the solution preparation time. I don?t have much time. I have to submit it today. Stickily No plagiarism,if you look at attachment, i have included some my class mate solutions . I need a similar documented required. please don't copy their content. Around 750 to 1000 words with proper cite and good reference. very important my tutor is going to review the solution based on below criteria. Evidence of integration of cumulative learning ? Discussion of application of learning to personal and professional experience ? Key skills reflections ? Suggestions for improvements/comments re: materials/problems encountered Stickily No plagiarism,dear tutor, i believe the dead line for this solutions is 9/24/2011 at 11:59pm. now it is overdue. i have to submit the solution at cost by today before 10AM (SST GMT +8). please help.
Question 4
This is one question and should be answered in a report form following the numbered pattern as heading. The questions below the report is just to assist you do it diligently. As you said I am entitled to three answers this is my two and remaining one if you answer this any subsequent fourth will be paid for Give an overall assessment of the financial statement fraud that occurred at Worldcom. The case study will reflect both the efforts that could have been conducted to uncover the fraud earlier and the different phases of operational auditing. 1.Initial Survey and Engagement Development Which topics covered in the case study should have been part of the business survey conducted by either an internal or external audit to assess the risk to the company? If identified, how would that review have taken place to determine the risk for planning? 2.Planning Phase Which topics covered in the case study could an audit plan have been developed for by the internal audit team to identify areas with material risk to the company? If identified, how would that planning have been conducted to identify a work program? 3.Work Program Phase Which topics covered in the case study could have had a detailed work program developed to identify findings which were putting the company at risk? Develop or find (with attribution) a work program; identify time, staff, and material necessary to carry out that work program. 4.Field Work/Findings Phase Portion What findings could have been found in the event of a targeted operational audit? What tools and techniques could have been utilized? Document a specific test that could identify deficiencies in your efforts and the tools that you used. 5.Recommendations and Reporting Discuss the methods and events in which the findings were reported in the Worldcom case? Were these appropriate or timely? Was the reaction to the findings appropriate and timely? What recommendations would you have provided concerning corporate governance, segregation of duties, and working with the external auditor? To assist you with the analysis, consider the following: 1. Background of Worldcom growth How much of Worldcom?s growth was organic? Can a firm grow too rapidly or beyond its management?s capabilities? How would an audit team assess ?growth risk?? 2. Corporate culture Does the culture of a firm get reflected in its appetite for risk or vice versa? Is there an audit plan to account for culture; is culture a control or lack thereof? Is it healthy to have aggressive growth targets? 3. Expense to Revenue Is the review of expense ratios to revenue growth a financial audit or an operational audit? Should competitor performance or industry trends be a factor for an operational auditor? 4. Accrual Releases/Expense Capitalization How much influence should senior management have on accounting practices? What prohibits individuals from following policy, or what motivates them to deviate from policy? Why were these early deviations not acted upon to bring accounting back in line with policy? Why was senior management able to report such wide discrepancies from actualities? 5. The Accounting Department/Internal Audit/External Audit Discuss the pros and cons of the relationship and competency of these functions? Were functions segregated enough and independent? 6. Senior Management Is the competency of senior management an operational audit opportunity? Are segregation of duties? Audit Independence and Relationship with External Auditor You will want to answer these questions as you analyze the information provided in the case study, and then integrate them into your document. Use the Internet, textbooks from other courses you have taken, or other references, but be sure to reference them either within the document or at the end. Keep in mind such things as benchmarking and risk management, and do your research.,Please make sure the report is detail at least six or more pages and follow the reporting format I gave . I numbered them so please follow that pattern and produce quality paper of up to six or more pages.
Question 5
Assignment; Company Introduction, Market Segmentation, and Product Positioning In this assignment you will describe your fictitious company and provided its background. Then, you are ready to start building the marketing plan with a focus on segmenting and positioning your product and service. Write a five (5)page paper in which you: A. Write about your company. 1. Write a detailed company background. Address the following items at a minimum for full credit: 2. Create a strategic mission statement. 3. Determine and decide upon at least one (1) foreign market for the product and service. Provide your rationale for this market. B. Write about your marketing plan. 4. Discuss the potential audiences for a marketing plan and the needs of those potential audiences. 5. Identify the marketing segment for the product and provide a rationale for this segment. 6. Discuss the target market and provide a rationale for this target market. 7. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. 8. Create the market position for your product and service. Explain your rationale. 9. Support your marketing plan with at least two (2) reference sources that discuss the nature of the product. 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 marketing framework including the concepts of the 5Cs, STP, and 4Ps. ?Evaluate and target customer segments and positioning products within these segments. ?Evaluate and target customer segments and positioning products within these segments. ?Use technology and information resources to research issues in marketing management. ?Write clearly and concisely about marketing management using proper writing mechanic
