Question 1
Patricia Voga Company is in the process of adjusting and correcting its books at the end of 2005. In reviewing its records, the following information is compiled. Voga has failed to accrue sales commissions payable at the end of each of the last 2 years, as follows: table In reviewing the December 31, 2005, inventory, Vega discovered errors in its inventory-taking procedures that have caused inventories for the last 3 years to be incorrect, as follows: table Voga has already made an entry that established the incorrect December 31, 2005, inventory amount. At December 31, 2005, Voga decided to change the depreciation method on its office equipment from double-declining balance to straight-line. Assume that tax depreciation is higher than the double-declining depreciation taken for each period. The following information is available. (The tax rate is 40%.) table Voga has already recorded the 2005 depreciation expense using the double-declining balance method. Before 2005, Voga accounted for its income from long-term construction contracts on the completed-contract basis. Early in 2005, Voga changed to the percentage-of-completion basis for both accounting and tax purposes. Income for 2005 has been recorded using the percentage-of-completion method. The income tax rate is 40%. The following information is available. table se the attached Excel file to complete this problem. Prepare the journal entries necessary at December 31, 2005, to record the above corrections and changes. The books are still open for 2005. Voga has not yet recorded its 2005 income tax expense and payable amounts so current year-tax effects may be ignored. Prior-year tax effects must be considered in items 3 and 4.
Question 2
Objective The objective of the Course Project is to analyze the financial statements of a publicly traded company. Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure that the company has deferred taxes, a retirement plan, share-based compensation, earnings per share, and a cash flow statement. Using techniques you have learned in the previous weeks, respond to the following questions: What amount of deferred tax assets or deferred tax liabilities are on the two most recent years on the balance sheet? What gives rise to these deferred taxes? What information is disclosed in the footnotes related to deferred taxes? Please define a deferred tax asset and deferred tax liability. What temporary and permanent differences does the company disclose in its footnotes? What are some other examples of temporary and permanent differences? What is the amount of income tax provision in the two most recent years on the income statement? What information is disclosed in the footnotes relating to income tax expense? Does the company have a net operating loss carryforward or carryback? What are the guidelines for carryforwards and carrybacks? Does the company have a defined benefit or defined contribution plan? What are the key elements of the plan discussed in the footnotes? What amounts on the balance sheet relate to this plan? What are the differences between defined benefit and defined contribution plans? What are the earnings-per-share amounts disclosed on the income statement for the most recent year? What dilutive securities are discussed in the footnotes? Please identify and describe other examples of dilutive securities. How do these impact earnings per share? What kind of share-based compensation does the company have? What was the compensation expense for the two most recent years? What are the key elements of this plan discussed in the footnotes? Please identify and describe other types of share-based compensation. Does the company use the direct or indirect cash flow presentation method? What is the difference between these two methods? How does the cash flow statement agree to the other financial statements? What investing and financing activities does the company have? What are some other examples of investing and financing activities? What non-cash transactions does the company have on its cash flow statement? What are some other examples of non-cash transactions? Guidelines Papers must be 6-10 pages in length; 10-point font; double-spaced, and include a cover page, table of contents, introduction, body of the report, summary or conclusion, and works cited. Even though this is not a scientific-type writing assignment, references are still very important. At least three authoritative, outside references are required (Anonymous authors or Web pages are not acceptable.). These should be listed on the last page titled Works Cited. Best Practices The following are best practices in preparing this paper: Cover page: Include who you prepared the paper for, who prepared it, and the date. Table of contents: List the main ideas and sections of the paper and the pages where they are located. Illustrations should be included separately. Introduction: Use a header on your paper. This will indicate that you are introducing the paper. The purpose of an introduction or opening is to: introduce the subject and why the subject is important; preview the main ideas and the order in which they will be covered; and establish the tone of the document. Include in the introduction a reason for the audience to read the paper. Also, include an overview of what you will cover and the importance of the material (This should include or introduce the questions you are asked to answer in each assignment.). Body of the report: Use a header with the name of the project. An example is An Analysis of the Financial Statements of Nike. Proceed to break out the main ideas; state the main ideas, the major points of each idea, and provide evidence. Show some type of division, such as separate, labeled sections; separate groups of paragraphs; or headers. Include the information you found during your research and investigation. Summary and conclusion: Summarizing is similar to paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and major support points from the body of your report. Minor details are left out. Summarize the benefits of the ideas and how they affect the tourism industry. Work cited: Use the citation format specified in the Syllabus. Additional hints on preparing the best possible project follow: Apply a three-step process to writing: plan, write, and complete. Prepare an outline of the research paper before going forward. Complete a first draft, and then go back to edit, evaluate, and make any changes required. Use visual communication to further clarify and support the written part of the report. Examples include graphs, diagrams, photographs, flowcharts, maps, drawings, animation, video clips, pictograms, tables, and Gantt charts.
Question 3
Assignment: CMA101 Assignment Due date: Length: Value: Task Preparation Presentation Assessment criteria The Business Environment Sunday Week 12. As required in Part A. Maximum of 1500 words in Part B. 30% You will work in a group of 2. In Part A you will complete a practical exercise using Activity Based Costing. In Part B, with your partner you will do some research and address a particular issue. Study topics 1-5 through following the study guide and readings. The assignment could be started after studying Topic 2. Clear calculations and analysis suitable for reading by a client; and written discussion in the format of an article. This task will be assessed against the following criteria: ??Accuracy of the calculations, ??Ability to correctly apply analysis techniques, ??Understanding of the information provided by the techniques, ??Communication of the required assignment outputs such that they would be useful to managers in exercising their duties, ??Critical analysis of published materials, ??Research of appropriate materials, ??English expression?how well you express yourselves, concise style, no colloquialisms, absence of grammatical errors etc ??Presentation?for example, ease of reading for the reader, structure of the assignment, absence of spelling errors. Note: you are expected to write concisely without repetition, colloquialisms or verbosity. The marker will pay attention to the accuracy of the content, information content of the analysis, coverage of relevant issues, structure of argument, English Expression, absence of plagiarism, concise writing style, and referencing style. Ensure that you understand the meaning of plagiarism as penalties can be severe.CMA101: The Business Environment Assignment You will do Part A of the assignment individually. You are required to complete Part B of this assignment in pairs, even if your circumstances mean that you cannot meet your partner personally. You must do all parts of the assignment. Do NOT share files with other students? submission of identical work constitutes plagiarism, and you are liable for charges of misconduct regardless of whether you copied the work or provided the original work to others. Note that plagiarism also includes presenting the ideas of others as if they were your own. It does not only refer to the absence of inverted commas or using the exact words of others. Referencing of sources is expected in Part B of this assignment. You have a bonus from doing this correctly since that referencing also provides authoritative support for the statements you make. Assignment Tasks (marks: 25 + 50 will be scaled back to 25 marks overall) Part A You will be provided with a case study that requires you to apply activity based costing techniques. You will then need to discuss the derived costings in giving advice to a client. Part B You will be given a statement for discussion. You and your partner are to write a fully referenced discussion in the format of an article. It should have headings and subheadings but does not need an abstract. Use the Harvard method of referencing and ensure the bibliography style is consistent with the citation style. Do not number items in the bibliography. You are expected to use at least six sources from the academic accounting literature. Examples of these sources are given below. Maximum 1500 words. You should each submit a full assignment of Part A and Part B, but state in a header for Part B who your partner is. The header could just be the unit code and the names of the two students. DO NOT SHARE YOUR STUDENT NUMBER WITH ANOTHER STUDENT. Be aware that any evidence of plagiarism will be investigated and disciplinary action taken. See the sections on plagiarism on Learnline. Part A Case Study: Arafura Mills produces three different types of fabric using two departments. In department 1, machines weave the cloth. In department 2, the cloth is dyed a variety of colours. Information for the combined use of resources in both departments for the 3 types of fabric follows. Bolts are 20 metres each. All fabric is inspected during production. Robotic equipment inspects the fabric for obvious flaws as the bolts are wound up. Each bolt spends about 5 minutes in the inspection process. Denim Lightweigh t cotton Heavyweig ht cotton Total Monthly production in units (bolts of fabric) 1 000 bolts 4 000 bolts 2 000 bolts 7 000 bolts Direct materials cost $8 000 $24 000 $20 000 $52 000 Direct labour cost $660 $1 320 $920 $2 900 Direct labour hours 33 66 46 145 Machine hours 500 1 333.3 1 500 3 333.3 Number of setups for dye colour changes 10 setups 30 setups 20 setups 60 setups Inspection time 83.3 hours 333.3 hours 166.6 hours 583.2 hours Combined overhead costs for the two departments follow: Cost to operate and maintain machines Set up costs Inspection costs Total $40 000 11 000 6 996 $57 996 Previously Arafura Mills used a process costing system that allocated direct materials to each product separately, but allocated direct labour and other conversion costs as if they were incurred equally across the units produced. Under the process costing system, the overhead cost for department 1 is $19 332 and for department 2 it is $38 664. Direct labour hours and costs in department 1 are 55 hours at $1 100, and the remaining are in department 2. Direct materials for department 1 are $6 000 for denim, $16 000 for lightweight, and $15 000 for heavyweight. The remaining materials are in department 2. (No beginning or ending inventory or abnormal spoilage is recorded for Arafura Mills this period.) Required: 1 Set up a spreadsheet to perform the following calculations. (If you are able to, it is easier if you use a data input section and cell referencing?i.e. do not key any data into the cells, other than in the data section.) a. Use traditional process costing to allocate the direct materials and conversion costs per department to total bolts produced. Develop a cost per bolt for each type of fabric. b. Using activity based costing, develop a cost per bolt. 2 Compare the process costing and ABC results. Identify the products with overstated costs and those with understated costs. Explain why the costs are mis-stated under traditional costing. 3 As a consultant, write a memo to the management of Arafura Mills explaining: a. the impact that the erroneous information could have on demand in the market place and profitability. b. how managers could use the ABC information to improve operations. Part B Your employer has a few clients who do not understand what the benefits of using ABC might be and whether it is appropriate for them to use it?could they expect to get more useful information by the use of ABC? They are aware that it is not recommended for all businesses, but wonder if it would help theirs. While these matters can be explained to client managers, they may have difficulty explaining it to others or the managers in the business may change and their replacements face the same issues. Therefore, in addition to meeting with the client your boss wants you to find an article that can be handed to the clients. The article will explain two matters: the benefits that can be gained by using ABC and the kind of firms that are most likely to gain those benefits. You will reference mostly academic articles and must have at least 6 different academic sources. DO NOT reference Wikipedia. Much of the literature that will be useful to you was published in the 1990?s and the first few years of the 21st century. Suitable academic journals to browse for this purpose include: Journal of Management Accounting Research The British Accounting Review European Accounting Review Management Accounting Research Journal of Applied Accounting Research Accounting Research Journal Non-academic journals that may help include: Management Accounting Journal of Cost Management You do not have to, but you may find it helpful to start your research with one of the following papers, as they will have relevant bibliographies: Norris, G. (2002) "Chalk and Cheese: Grounded Theory Case Studies of The Introduction and Usage of Activity Based Information in Two British Banks", The British Accounting Review 34, pp.223-255. Norris, G and Innes, J. (2002) "Managers? Views on ABC in An Insurance Company: A grounded theory case study", Journal of Applied Accounting Research, Vol.6 pp. 57-89 Norris, G. (1997) "The Formation Of Managers? Views Of ABC And Their Impact On The Outcome Of Its Use: A Grounded Theory Case Study", Accounting Research Journal, Vol 10, pp. 180-200. In an article that cites the first article above (Norris, 2002) your citation will look like that. Notice how the articles you read use citations. Student?s comments _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ _____________________________________________________________ ________________________________________________________,hi , this is ishor. this is my university assignment. can u please .complete this assignment for me? assignment should be times new roman, font size 12, haward style referencing.last time i just get 50% marks in assignment done by coursehero. i hope this time i ll get good marks. thank you,thank you,hi, ididnt get part b answer. you just sent me part a answer. part B question was: Part B Your employer has a few clients who do not understand what the benefits of using ABC might be and whether it is appropriate for them to use it?could they expect to get more useful information by the use of ABC? They are aware that it is not recommended for all businesses, but wonder if it would help theirs. While these matters can be explained to client managers, they may have difficulty explaining it to others or the managers in the business may change and their replacements face the same issues. Therefore, in addition to meeting with the client your boss wants you to find an article that can be handed to the clients. The article will explain two matters: the benefits that can be gained by using ABC and the kind of firms that are most likely to gain those benefits. You will reference mostly academic articles and must have at least 6 different academic sources. DO NOT reference Wikipedia. Much of the literature that will be useful to you was published in the 1990?s and the first few years of the 21st century. Suitable academic journals to browse for this purpose include: Journal of Management Accounting Research The British Accounting Review European Accounting Review Management Accounting Research Part B You will be given a statement for discussion. You and your partner are to write a fully referenced discussion in the format of an article. It should have headings and subheadings but does not need an abstract. Use the Harvard method of referencing and ensure the bibliography style is consistent with the citation style. Do not number items in the bibliography. You are expected to use at least six sources from the academic accounting literature. Examples of these sources are given below. Maximum 1500 words. You should each submit a full assignment of Part A and Part B, but state in a header for Part B who your partner is. The header could just be the unit code and the names of the two students. DO NOT SHARE YOUR STUDENT NUMBER WITH ANOTHER STUDENT. Be aware that any evidence of plagiarism will be investigated and disciplinary action taken. See the sections on plagiarism on Learnline.,hi ,this assignment shoud be in 1500 words, times new roman font size 12.and harvard referencing. please check the question i have sent you.there was 2 assignment part a n b. thank you,hello I have attached a journal article related to ABC. So,please check the attachment.,hello I have attached a journal article related to ABC. So,please check the attachment.,Hello here is another attachment.,hello, i am not satisfied in part B answer. . part b should be 1500 words. in text referencing is good but no bibiliogrphy can you please read part b question again . thank you and sorry for irritating you. thank you,Hi I m waiting answer . Please send answer of part b as soon as possible Thanks
Question 4
Problem 1.33 Benefit Cost Analysis Lillis, Ltd., is considering outsourcing its account receivable function, a support service in the finance department. Lillis? cost-management analyst expects annual benefits that include personnel cost savings of $121,000, facilities savings of $90,000, other support service cost savings of $60,000, and no loss of service quality. The analyst also estimated annual costs of the decision to include the contract cost to DeGama Enterprises of $160,000, severance costs of dismissed personnel of $20,000, and contract administration costs of $12,000. Required a. Based on the quantifiable benefits and costs of the decision, would you recommend that Lillis outsource its accounts receivable function? What qualitative factors should Lillis also consider? b. Lillis did outsource the accounts receivable function and measured actual benefits to include personnel cost savings of $82,000, facilities cost savings of $100,000, and support service cost savings of $70,000. Actual costs included $160,000 for the outsourced service, $30,000 for training costs, and $13,000 for contract administration. Furthermore, customer billing complaints were lower than in previous years; sales growth was lower; and employee turnover in other support service areas was higher. Prepare an analysis.. c. On balance, do you agree with the outsourcing decision? Why or why not? Problem 1.39 Benefit Cost Analysis: Add the Product Line Aroma Coffee, Inc., operates a small coffee shop in the downtown area. Its profits have been declining, and management is planning to expand and add ice cream to the menu. The annual ice cream sales are expected to increase revenue by $30,000. The cost to purchase ice cream and cones from the manufacturer is $15,000. The present manager will supervise the coffee shop and ice cream shop. Due to an expansion, however, the labor costs and utilities would increase by 30 percent. Rent and other costs will increase by 25 percent. AROMA COFFEE, INC. Annual Income Statement Before Expansion Sales Revenue $55,000 Costs: Food 16,000 Labor 12,000 Utilities 3,000 Rent 6,000 Other costs 3,000 Manager?s salary 20,000 Total Costs $60,000 Operating Profit (Loss) $(5,000) Required a. Should management open the ice cream shop? Show an analysis of the costs and benefits of adding ice cream. b. BUILD YOUR OWN SPREADSHEET. Build an Excel spreadsheet to solve requirement (a). Analyze the decision to expand if you learn that Baskin-Robbins will open an ice cream store down the block. Aroma?s ice cream sales could drop by one-third. Exercise 2.33 Income Statement: Schedule of Cost of Goods Sold The following items appeared in the records of Zodiac Corporation for the last year: Supervisory and indirect labor $127,000 Supplies and indirect materials 14,000 Work-in-process inventory, January 1 135,000 Work-in-process inventory, December 31 142,000 Administrative costs 304,000 Depreciation, manufacturing 103,000 Direct Labor 482,000 Finished goods inventory, January 1 160,000 Finished good inventory, December 31 147,000 Heat, light, and power (plant) 87,000 Marketing costs 272,000 Miscellaneous manufacturing costs 12,000 Plant maintenance and repairs 74,000 Raw-material purchases 313,000 Raw-material inventory, January 1 102,000 Raw-material inventory, December 31 81,000 Sales revenue 2,036,000 Required a. Prepare an income statement with a supporting schedule of cost of goods sold. b. BUILD YOUR OWN SPREADSHEET. Build an Excel spreadsheet to complete requirement (a). Exercise 2.45 Straightfoward Exercise on Absorption versus Variable Costing Carolina Catsup Company produces catsup, which it sells exclusively to fast-food restaurant in 5-gallon containers, which sell for $16 each and have the following variable costs: Direct material $5 Direct labor 2 Variable overhead 3 Budgeted fixed overhead in 20x0 was $300,000. Actual production of 5-gallon containers totaled 150,000, of which 125,000 were sold. The company incurred the following selling and administrative expenses: Fixed $50,000 for the year Variable $1 per container sold Required a. Compute the standard product cost per container of catsup under (1) absorption costing and (2) variable costing. b. Prepare income statements for 20x0 using (1) absorption costing and (2) variable costing. c. Reconcile the income reported under two methods by listing the two key places where the income statements differ. d. Reconcile the income reported under the two methods using the shortcut method. e. BUILD YOUR OWN SPREADSHEET. Build an Excel spreadsheet to complete requirements (a) through (c). Exercise 3.37 Overhead Application Using a Predetermined Rate Paige Printing uses a job-order costing system. The following debits (credits) appeared in the Work-in-Process account for May: May 1 Balance $5,000 (Debit) Entire month Direct material 30,000 (Debit) Entire month Direct labor 20,000 (Debit) Entire month Factory over. 16,000 (Debit) Entire month To finished goods $60,000 (Credit) Paige Printing applies overhead to production at a predetermined rate of 80 percent based on direct labor cost. Job 75, the only job still in process at the end of May, has been charged with direct labor of $2,500. Required What was the cost of direct material charged to job 75? Exercise 3.49 Job Costs in a Service Organization During Janurary, Broadway Consultants worked 1,000 hours for Nocando Manufacturing, 300 hours for Sails, Inc., and 500 hours for Original John?s Restaurants. The firm bills clients at $80 and hour; its labor costs are $30 hour. A total of 2,000 hours were worked in January with 200 hours not billable to clients. Overhead costs of $30,000 were incurred and assigned to clients on the basis of direct labor hours. Because 200 hours were not billable, some overhead was not assigned to jobs. Broadway Consultants had $30,000 in selling and administrative costs. All transactions were on account. Required a. What are the revenue and cost per client? b. Prepare an income statement for January. c. BUILD YOUR OWN SPREADSHEET. Build an Excel spreadsheet to complete requirements (a) and (b).,Hi, How about 3.37???
Question 5
1. List and describe the three step writing process. 2. List six ways to develop an audience profile and describe why this is important. 3. A writer is working on an insurance information brochure and is having trouble grouping the ideas logically into an outline. Prepare the outline, paying attention to appropriate subordination of ideas. If necessary, rewrite phrases to make them all consistent. ?Accident Protection Insurance Plan ?Coverage is only pennies a day ? Benefit is $100,000 for accidental death on common carrier ? Benefit is $100 a day for hospitalization as result of motor vehicle or common carrier accident ? Benefit is $20,000 for accidental death in motor vehicle accident ? Individual coverage is only $17.85 per quarter; family coverage is just $26.85 per quarter ? No physical exam or health questions ? Convenient payment-billed quarterly ? Guaranteed acceptance for all applicants ? No individual rate increases ? Free, no-obligation examination period ? Cash paid in addition to any other insurance carried ? Covers accidental death when riding as fare-paying passenger on public transportation, including buses, trains, jets, ships, trolleys, subways, or any other common carrier ? Covers accidental death in motor vehicle accidents occurring while driving or riding in or on automobile, truck, camper, motor home, or non-motorized bicycle 4. Read the following e-mail draft and then: a. analyze the strengths and weaknesses of each sentence and b. revise the document so that it follows the chapters guidelines. The message was written by the marketing manager of an online retailer of baby-related products in the hope of becoming a retail outlet for Inglesina strollers and high chairs. As a manufacturer of stylish, top quality products, Inglesina (based in Italy) is extremely selective about the retail outlets through which it allows its products to be sold. Our e-tailing site, www.BestBabyGear.com, specializes in only the very best products for parents of newborns, infants, and toddlers. We constantly scour the world looking for products that are good enough and well-built enough and classy enough ? good enough to take their place alongside the hundreds of other carefully selected products that adorn the page our award-winning website, www.bestbabygear.com. We aim for the fences every time we select a product to join this portfolio; we don?t want to waste our time with onesey-twosey products that might sell a half dozen units per annum ? no, we want every product to be a trop-drawer success, selling at least one hundred units per specific model per year in order to justify our expense and hassle factor in addition it to the above mentioned portfolio. After careful consideration, we thusly concluded that your Inglesina lines meet our needs and would therefore like to add it.
