Question 1
Cash budget-Advanced: The actual sales and purchases for Xenocore, Inc., for September and October 2012, along with its forecast sales and purchases for the period November 2012 through April 2013, follow. The firm makes 20% of all sales for cash and collects on 40% of its sales in each of the 2 months following the sale. Other cash inflows are expected to be $12,000 in September and April, $15,000 in January and March, and $27,000 in February. The firm pays cash for 10% of its purchases. It pays for 50% of its purchases in the following month and for 40% of its purchases 2 months later. Year Month Sales Purchases 2012 September $210,000 $120,000 2012 October 250,000 150,000 2012 November 170,000 140,000 2012 December 160,000 100,000 2013 January 140,000 80,000 2013 February 180,000 110,000 2013 March 200,000 100,000 2013 April 250,000 90,000 Wages and salaries amount to 20% of the preceding month?s sales. Rent of $20,000 per month must be paid. Interest payments of $10,000 are due in January and April. A principal payment of $30,000 is also due in April. The firm expects to pay cash dividends of $20,000 in January and April. Taxes of $80,000 are due in April. The firm also intends to make a $25,000 cash purchase of fixed assets in December. c. If the firm were requesting a line of credit to cover needed financing for the period November to April, how large would this line have to be ? Explain your answer.
Question 2
The Final Paper Please adhere to the stricter guidelines for submission in order to earn the full 30 points of the paper. Do not use ?I? (1st person). Do not begin sentences with an adverb (Possibly, Eventually, etc). The 6-8 pages are your introduction, thesis statement, body, etc. It doesn?t include the reference page. (See requirements) Specifically, the 6-8 page paper will address the following: - Briefly describe the role of management in an organization. similarly, - Briefly discuss the role of a union in an organization. Finally, present: - A minimum of two (2) strategies/actions an organization can implement to create and maintain a conducive working relationship with unions. - A minimum of two (2) strategies/actions a union can implement to create and maintain a conducive working relationship with management. - Must be six to eight double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide. _ Must include a cover page that includes: _ Student?s name _ Course name and number _ ?Title of paper _ ?Instructor?s name _ ?Date submitted _ Must include an introductory paragraph with a succinct thesis statement. _ Must address the topic of the paper with critical thought. _ Must conclude with a restatement of the thesis and a conclusion paragraph. _ Must include a minimum of three references beyond the course text. _ Must use APA style as outlined in the approved APA style guide to document all sources. _ Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide.,Jeff I recieved an zero grade on my last paper you prepared for me. Here is what my instructor said: I purposely graded your paper last due to the high TurnItIn rate for your paper (90%). I was asked by my Instructor Specialist if I wanted to report you to the University. I chose not to because I believe, like other students, you honestly don?t know the APA format. Only for this reason am I going to give you a grade of ?0? instead of punitive recourse. Also, by your final paper, if I see this type of percentage again then I will submit your work for plagiarism. Take heed to the announcement for this week to teach students how to properly cite the in-text material. You also have Ashford as a source at your fingertips! In case you don't know what TurnItIn is Turnitin Turnitin is an online resource for you to submit your paper to check for originality and proper use of citations. This tool can be accessed by both students and faculty to ensure academic honesty and correct source referencing. I can not afforded another zero thanks for your hard work and understanding. Can you make sure this final paper is done in school standards. Thanks,Thank you Jeff!
Question 3
Early extinguishment; effective interest ? LO5 The long-term liability section of Twin Digital Corporation's balance sheet as of December 31, 2010, included 12% bonds having a face amount of $20 million and a remaining discount of $1 million. Disclosure notes indicate the bonds were issued to yield 14%. Interest expense is recorded at the effective interest rate and paid on January 1 and July 1 of each year. On July 1, 2011, Twin Digital retired the bonds at 102 ($20.4 million) before their scheduled maturity. Required: 1. Prepare the journal entry by Twin Digital to record the semiannual interest on July 1, 2011. 2. Prepare the journal entry by Twin Digital to record the redemption of the bonds on July 1, 2011. P 14-21 Report bonds at fair value; quarterly reporting ? LO6 Appling Enterprises issued 8% bonds with a face amount of $400,000 on January 1, 2011. The bonds sold for $331,364 and mature in 2030 (20 years). For bonds of similar risk and maturity the market yield was 10%. Interest is paid semiannually on June 30 and December 31. Appling determines interest expense at the effective rate. Appling elected the option to report these bonds at their fair value. The fair values of the bonds at the end of each quarter during 2011 as determined by their market values in the over-the-counter market were the following: March 31 $350,000 June 30 340,000 September 30 335,000 December 31 342,000 Required: 1. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the March 31 quarterly financial statements? 2. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the June 30 quarterly financial statements? 3. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the September 30 quarterly financial statements? 4. By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the December 31 annual financial statements?
Question 4
Bob Byrne?s ear was still ringing. Byrne was director of the audit Staff at Zack Electrical Parts. He had just received a phone call from Jim Whitmore, the plant manager. Whitmore was furious. He had just read a report prepared by the Audit Staff concerning cost problems in his Assembly Department. Whitmore, in a loud voice, said he disagreed with several key sections of the report. He claimed that had he known more about the Audit Staff?s work, he could have shown them facts that denied some of their conclusions. He also asked why the report was prepared before he had a chance to comment on it. However, what made him particularly angry was that the report had been distributed to all the top managers at Zack. He felt top management would have a distorted view of his Assembly Department, if not his whole plant. Byrne ended the call by saying he?d check into the matter. So he called in Kim Brock, one of his subordinates who had headed to audit team for the study in question. Brock admitted that she had not had a chance to talk to Whitmore before completing and distributing the report. Nor had she really had a chance to spend much time with Dave Wells who headed the Assembly Department. However, Brock claimed it was not her fault. She had tried to meet with both Whitmore and Wells more than once. She had left phone messages for them, but they always seemed too busy to meet, and were out of town on several occasions when she was available. So she decided she had better complete the report and distributed it on time to meet the deadline. That same day, Whitmore and Wells discussed the problem over lunch. Wells was angry, too. He complained that Brock had bugged him to do the study, but her timing was bad. Wells was working on an important assembly area project of his own that was top priority to Whitmore. He couldn?t take the time that Brock needed right now. He tried to tell her this before the study began, but Brock claimed she had no choice but to do the audit. Wells remembered, with some resentment, how Brock was unavailable last year when he needed her help. The staff audit group seemed to have plenty of time for the study when he couldn?t give it any attention. Whitmore said he would look into the matter, and agreed that they both had been unnecessarily raked over the coals. 1. What were the causes and antecedents of the conflict between the staff audit group and the managers in the plant? 2. How can staff units work with line managers to minimize such conflict?
Question 5
I wasn't sure if you would be willing to workd on the assignment or not; I have comple most of it. here is what I havn't complete yet, so tell me how much you are willing to take for. This is urgent ;that is why I cannot afford to wait long. Thank you. Section Micro Chip Corporation (MCC) has a special PO Box for customer payments. Jane is responsible for: - going to the post office every day, - emptying the post office box, - opening the mail, - making a prelist, - sending the remittance advices to accounts receivable, and - sending the checks to the cashier's office. Jane has opening a business account at her bank for Master Cleaning Company (MCC). Several of Micro Chips checks are made out with only the initials MCC. Jane selects certain checks made out only with the initials MCC and deposits them in her business account. She would destroy the remittance advice. 1) Name two controls that would prevent or detect this fraud. 2) Name two audit procedures that might detect this fraud. 33. The ultimate purpose of assessing control risk is to contribute to the auditor's evaluation of the A. factors that raise doubts about the auditability of the financial statements. B. operating effectiveness of internal control policies and procedures. C. risk that material misstatements exist in the financial statements. D. possibility that the nature and extent of substantive tests may be reduced. 34. Proper segregation of duties reduces the opportunities to allow persons to be in positions to both A. journalize entries and prepare financial statements. B. record cash receipts and cash disbursements. C. establish internal controls and authorize transactions. D. perpetuate and conceal errors and fraud. 25. Select the description that best illustrates sampling risk. A. Applying audit procedures, which are inappropriate for the audit objectives. B. Failing to recognize misstatements or deviations in the documents examined. C. Arriving at incorrect statistical conclusions due to computational errors. D. Choosing a sample which has proportionately more errors than the population. 21. The Orange Corporation was audited for the year ended December 31 and the reports were delivered on February 15. After the fieldwork was completed on January 25, the auditor learned of a two-for-one stock split on February 1. If dual dating is used, what are the proper dates for the audit reports? A. December 31 and January 25. B. January 25 and February 1. C. January 25 and February 15. D. February I and February 15. 22. A second-partner review of the audit documentation and financial statements is performed to ensure that the: A. "To-do lists" are reviewed and cleared. B. Audit program procedures are "signed off." C. Tick-mark notations are cleared. D. Audit work meets the quality standards of the firm. 23. The primary objective of analytical procedures used in the final review stage of an audit is to A. Obtain evidence from details tested to corroborate management assertions. B. Obtain evidence on the validity of the assessment of control risk. C. Assist the auditor in evaluating the overall financial statement presentation. D. Identify areas that represent specific risks relevant to the audit. 15. Which of the following accounts would most likely be reviewed by the auditor to gain reasonable assurance that additions to the equipment (fixed asset) account are not understated? A. Depreciation expense. B. Gain on disposal of equipment. C. Accounts payable. D. Repairs and maintenance expense. 16. An auditor wishes to perform tests of controls on a client's cash disbursements procedures. If the control procedures leave no audit trail of documentary evidence, the auditor most likely will test the procedures by A. confirmation and observation. B. observation and inquiry. C. analytical procedures and confirmation. D. inquiry and analytical procedures. 8. Confirmations of accounts receivable provide the most evidence for which of the following assertions? A. Existence. B. Valuation or Allocation. C. Rights and obligations. D. Completeness. 9. In determining the adequacy of the allowance for uncollectible accounts, the least valuable evidence would be obtained from A. an aging schedule of past due accounts which the auditor has tested. B. correspondence with the client's collection agency. C. financial statements of individual customers. D. no reply to negative confirmations. 4. Which of the following would the auditor consider to be an incompatible operation if the cashier receives remittances? A. The cashier prepares the daily deposit. B. The cashier makes the daily deposit at a local bank. C. The cashier posts the receipts to the accounts receivable subsidiary ledger cards. D. The cashier endorses the checks. 2. Auditors ordinarily send a standard confirmation request to all banks with which the client has done business during the year under audit, regardless of the year-end balances. A purpose of this procedure is to A. provide the data necessary to prepare a proof of cash. B. request that a cutoff bank statement and related checks be sent to the audit. C. detect kiting activities that may otherwise not be discovered. D. seek information about contingent liabilities and security agreements.
