Question 1
Do you recommend that G.G. Toys change its existing cost system in the Chicago plant? In the Springfield plant? Why or why not? 2.? Calculate the cost of a Geoffrey doll, the specialty-branded doll #106, and a cradle using the cost study conclusions. 3.? Compare and contrast the profitability of each doll under the new and old systems. Based on your recomputed product costs, what actions would you recommend the company consider to enhance its profitability? What additional information would you like to have to make these recommendations? 4.? How should G.G. Toys account for the excess capacity created to produce the holiday reindeer dolls? Qualitatively, how will this impact your calculated cost of the Geoffrey doll and the specialty-branded dolls in question number 2? 5.? What explains the difference between forecasted and actual revenue for the Chicago plant during March of 2000? 6.? Do you recommend G.G. Toys produce the Romaine Patch doll? Why or why not? Create a 5-page double-spaced business memo (narrative) to the CEO of G.G. Toys describing all the options available to the company. The positives and negatives of each option must be included in the descriptions. Make a recommendation of the best option and why. Any assertions must be cross-referenced to the supporting documentation. The questions listed at the end of the case should be answered either in the narrative or in the supporting documentation. You will be expected to manipulate the financial information provided to support your analysis and include this work in your supporting documentation,what do you mean?
Question 2
1) Assume that a bond is issued with the following characteristics:Date of bonds: January 1, 2005; maturity date: January 1, 2010; face value: $200,000; face interest rate: 10 percent paid semiannually (5 percent per period); market interest rate: 8 percent (4 percent per semiannual period); issue price: $216,222; bond premium is amortized using the effective interest method of amortization. What is the amount of bond premium amortization for the June 30, 2005, adjusting entry? Answer $1,351 $2,702 $8,649 $10,000 2) Bonds with the following characteristics are retired on January 1, 2005, at 104: Issue date: January 1, 2004; maturity date: January 1, 2009; face value: $300,000; bond issue costs: $5,000, amortized semiannually using the straight-line method of amortization. The unamortized bond discount is $8,500 as of January 1, 2005. What is the amount of the gain or loss on the bond retirement? Answer Gain of $8,500 Loss of $12,500 Gain of $12,500 Loss of $24,500 3) Assume that on May 1, 2005, Austin Company issues, at 105 plus accrued interest, 10-year bonds with a face value of $100,000 and a face interest rate of 10 percent. Interest is paid semiannually on June 30 and December 31. The bond is dated January 1, 2005, and will be due on January 1, 2015. What is the amount credited to Premium on Bonds in the journal entry for the bond issue? Answer $833. $1,667. $3,333. $5,000. 4) East Co. issued 1,000 shares of its $5 par common stock to Howe as compensation for 1,000 hours of legal services performed. Howe usually bills $150 -$160 per hour for legal services. On the date of issuance, the stock was trading on a public exchange for $140 per share. By what amount should the additional paid-in-capital account increase as a result of this transaction. Answer $135,000 $140,000 $155,000 $160,000 5) On July 10, 2007, Greco Co. declared its annual cash dividend on common stock for the year ended June 30, 2007. The dividend was paid on August 12, 2007, to shareholders of record as of July 25, 2007. On what date should Greco decrease the liability account by the amount of the dividend? Answer July 10, 2007 June 30, 2007. August 12, 2007 July 25, 2007 6) Taub Company issued 10,000 shares of its $5 par value common stock having a market value of $25 per share and 15,000 shares of its $15 par value preferred stock having a market value of $20 per share for a lump sum of $480,000. How much of the proceeds would be allocated to the common stock? Answer $50,000 $218,182 $250,000 $255,000 7) On September 1, 2008, Melnick Company reacquired 12,000 shares of its $10 par value common stock for $15 per share. Melnick uses the cost method to account for treasury stock. The journal entry to record the reacquisition of the stock should debit Answer Treasury Stock for $120,000. Common Stock for $120,000. Common Stock for $120,000 and Paid-in Capital in Excess of Par for $60,000. Treasury Stock for $180,000.
Question 3
Get an answer from tutors to this homework question now: "1-2 1. Rule 203 of the AICPAs Code of Professional Conduct pertains to a. CPAs independence b. authorities designated to establish accounting standards c. standards of competency d. solicitation of new clients by a CPA 2. Which of the following rule-making authorities would establish accounting standards for Stanford University (a private university)? a. the AICPA b. the FASB c. the FASAB d. the GASB 3. Which of the following rule-making authorities would establish accounting standards for the University of Texas (a public university)? a. the AICPA b. the FASB c. the FASAB d. the GASB 4. If the GASB has not issued a pronouncement on a specific issue, which of the following is true with respect to FASB pronouncements? a. they would automatically govern b. they could be taken into account but would have no higher standing than other accounting literature c. they are irrelevant d. they could be taken into account by the reporting entity, but only if disclosure is made in notes to the financial statements 5. The FASB is to the GASB as a. a brother is to a sister b. a father is to a son c. a son is to a father d. a daughter is to a friend 6. Standards promulgated by the FASB are most likely to be adhered to by which of the following governmental units? a. a police department b. a public school c. an electric utility d. a department of highways 7. Which of the following practices is most likely to undermine interperiod equity? a. paying for a new school building out of current operating funds b. paying the administrative staff of a school out of current operating funds c. issuing 20-year bonds to finance construction of a new highway d. recognizing gains and losses on marketable securities as prices increase and decrease 8. The term independent sector refers to a. states that have opted not to receive federal funds b. not-for-profit organizations c. churches that are unaffiliated with a particular denomination d. universities that are not affiliated with a particular athletic conference 9. Which of the following is not an objective of external financial reporting by either the GASB or the FASB? a. to enable the statement user to detect fraud b. to disclose legal or contractual restrictions on the use of resources c. to provide information about how the organizations meet their cash requirements d. to provide information that would enable a user to assess the service potential of longlived Assets 10. Which of the following is the least appropriate use of the external financial statements of a government? a. to assess the entitys financial position b. to assess whether the compensation of management is reasonable in relation to that in comparable entities c. to compare actual results with the budget d. to evaluate the efficiency and effectiveness of the entity in achieving its objectives 1-3 Budgeting practices that satisfy cash requirements may not promote interperiod equity. The Burnet County Road Authority was established as a separate government to maintain county highways. The road authority was granted statutory power to impose property taxes on county residents to cover its costs, but it is required to balance its budget, which must be prepared on a cash basis. In its first year of operations it engaged in the following transactions, all of which were consistent with its legally adopted, cash-based budget: Purchased $10 million of equipment, all of which had an anticipated useful life of 10 years. To finance the acquisition, the authority issued $10 million in 10-year term bonds (i.e., bonds that mature in 10 years) Incurred wages, salaries, and other operating costs, all paid in cash, of $6 million Paid interest of $0.5 million on the bonds Purchased $0.9 million of additional equipment, paying for it in cash. This equipment had a useful life of only three years 1. The authoritys governing board levies property taxes at rates that are just sufficient to balance the authoritys budget. What is the amount of tax revenue that it is required to collect? 2. Assume that in the authoritys second year of operations, it incurs the same costs, except that it purchases no new equipment. What amount of tax revenue is it required to collect? 3. Make the same assumption as to the tenth year, when it has to repay the bonds. What amount of tax revenue is it required to collect? 4. Comment on the extent to which the authoritys budgeting and taxing policies promote interperiod equity. What changes would you recommend? 1-4 The dual objectives of assessing interperiod equity and ensuring budgetary compliance may necessitate different accounting practices. A city engages in the transactions that follow. For each transaction, indicate the amount of revenue or expenditure that it should report in 2012. Assume first that the main objective of the financial statements is to enable users to assess budgetary compliance. Then assume alternatively that the main objective is to assess interperiod equity. The city prepares its budget on a modified cash basis (that is, it expands the definition of cash to include short-term marketable securities), and its fiscal year ends on December 31. 1. Employees earned $128,000 in salaries and wages for the last five days in December 2012. They were paid on January 8, 2013. 2. A consulting actuary calculated that, per an accepted actuarial cost method, the city should contribute $225,000 to its firefighters pension fund for 2012. However, the city contributed only $170,000, which is the amount budgeted at the start of the year. 3. The city acquired three police cars for $35,000 cash each. The vehicles are expected to last for three years. 4. OnDecember 1, 2012, the city invested $99,000 in short-term commercial paper (promissory notes). The notes matured January 1, 2013. The city received $100,000. The $1,000 difference between the two amounts represents the citys return (interest) on the investment. 5. On January 2, 2012, the city acquired a new $10 million office building, financing it with 25-year serial bonds. The bonds are to be repaid evenly over the period during which they are outstandingthat is, $400,000 per year. The useful life of the building is 25 years. 6. On January 1, 2012, the city acquired another $10 million office building, financing this facility with 25-year term bonds. These bonds will be repaid entirely when they mature January 1, 2037. The useful life of this building is also 25 years. 7. City restaurants are required to pay a $1,200 annual license fee, the proceeds of which the city uses to fund its restaurant inspection program. The license covers the period July 1 through June 30. In 2012 the city collected $120,000 in fees for the license period beginning July 1, 2012. 8. The city borrowed $300,000 in November 2012 to cover a temporary shortage of cash. It expects to repay the loan in February 2013. 1-5 Year-end financial accounting and reporting can reveal the economic substance of government actions that have been taken mainly to balance the budget. Public officials, it is often charged, promote measures intended to make the government look good in the short-term, but that may be deleterious in the long term. Assume that a citys budget is on a cash or near-cash basis. Further assume that the following actions, designed to increase a reported surplus, were approved by the city council and did indeed reduce budgetary expenditures or increase budgetary revenues: a. The city reduced its contributions to the employee defined benefit pension plan from the $10 million recommended by the citys actuary to $5 million. Under a defined benefit plan, the employer promises employees specified benefits upon their retirement, and the level of benefits is independent of when and how much the employer contributes to the plan over the employees years of service. b. It reduced by $1 million the citys cash transfer to a rainy-day reserve that is maintained to cover possible future reductions in tax collections attributable to a downturn in the regions economy. c. It sold securities that had been held as an investment. The securities had been purchased five years earlier at a cost of $2 million. Market value at the time of sale was $5 million. d. It delayed until the following year $10 million of maintenance on city highways. 1. Suppose that you were asked to propose accounting principles for external reporting that would capture the true economic nature of these measuresactions that, in substance, did not improve the citys financial performance or position. For each measure, indicate how you would require that it be accounted for and reported. 2. Can you see any disadvantages to the principles that you propose? 1-6 Choice of accounting principles may have significant economic consequences. In preparing its budget proposals, a citys budget committee initially estimated that total revenues would be $120 million and total expenditures would be $123 million. In light of the balanced budget requirements that the city has to meet, the committee proposed several measures to either increase revenues or decrease expenditures. They included the following: a. Delay the payment of $0.4 million of city bills from the last week of the fiscal year covered by the budget to the first week of the next fiscal year. b. Change the way property taxes are accounted for in the budget. Currently, property taxes are counted as revenues only if they are expected to be collected during the budget year. New budgetary principles would permit the city to include as revenues all taxes expected to be collected within 60 days of the following fiscal year, in addition to those collected during the year. The committee estimates that the change would have a net impact of $1.2 million . c. Change the way that supplies are accounted for in the budget. Currently, supplies are recognized as expenditures at the time they are ordered. The proposal would delay recognition of the expenditure until the supplies are actually received. The committee estimates a net effect of $0.8 million. d. Defer indefinitely $1.5 million of maintenance on city roads. Except as just noted with respect to supplies, the city currently prepares its budget on a cash basis, even though other bases are also legally permissible. It prepares its year-end financial statements, however, on an accrual basis. 1. Indicate the impact of each of the proposals on the citys (1) budget, (2) annual year-end financial statements, (3) substantive economic well-being. Be sure to distinguish between direct and indirect consequences. 2. It is sometimes said that choice of accounting principles doesnt matter in that the principles affect only the way in which the entitys fiscal story is told; they have no impact on the entitys actual financial history or current status. Do you agree? Explain.
Question 4
Isaac Inc. began operations in January 2011. For certain of its property sales, Isaac recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Isaac recognizes income when it collects cash from the buyer's installment payments. In 2011, Isaac had $653 million in sales of this type. Scheduled collections for these sales are as follows: 2011 $ 70 million 2012 128 million 2013 126 million 2014 156 million 2015 173 million $653 million Assume that Isaac has a 30% income tax rate and that there were no other differences in income for financial statement and tax purposes. Ignoring operating expenses and additional sales in 2012, what deferred tax liability would Isaac report in its year-end 2012 balance sheet? (Round your answer to the nearest whole million.) $196 million $158 million $59 million $137 million American Food Services, Inc., leased a packaging machine from Barton and Barton Corporation. Barton and Barton completed construction of the machine on January 1, 2011. The lease agreement for the $5 million (fair value and present value of the lease payments) machine specified four equal payments at the end of each year. The useful life of the machine was expected to be four years with no residual value. Barton and Barton?s implicit interest rate was 10% (also American Food Services? incremental borrowing rate). (Use Table 4) Required: (1) Prepare the journal entry for American Food Services at the inception of the lease on January 1, 2011. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.) Date General Journal Debit Credit Jan 1, 2011 (Click to select)Leased assetsAccumulated depreciationLease receivableInterest expenseCashInterest payableLease payableDepreciation expense (Click to select)Interest expenseInterest payableLeased assetsLease payableAccumulated depreciationCashLease receivableDepreciation expense -------------------------------------------------------------------------------- (2) Prepare an amortization schedule for the four-year term of the lease. (Input all amounts as positive values.Enter your answers in dollars not in millions. Leave no cells blank - be certain to enter "0" wherever required.Round "PV Factor" to 5 decimal places, intermediate and final answers to the nearest dollar amount.) Lease Amortization Schedule Lease Payments Effective Interest Decrease in Balance Outstanding Balance 2011 2012 2013 2014 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (3) Prepare the journal entry for the first lease payment on December 31, 2011. (Enter your answers in dollars not in millions.Round "PV Factor" to 5 decimal places and final answers to the nearest dollar amount.) Date General Journal Debit Credit Dec 31, 2011 (Click to select)Interest payableLease payableLeased assetsDepreciation expenseCashInterest expenseLease receivableAccumulated depreciation (Click to select)Depreciation expenseInterest payableLeased assetsLease receivableLease payableInterest expenseAccumulated depreciationCash (Click to select)Lease payableInterest payableLease assetsInterest revenueDepreciation expenseAccumulated depreciationCashInterest expense -------------------------------------------------------------------------------- (4) Prepare the journal entry for the third lease payment on December 31, 2013. (Enter your answers in dollars not in millions.Round "PV Factor" to 5 decimal places and final answers to the nearest dollar amount.) Date General Journal Debit Credit Dec 31, 2013 (Click to select)Accumulated depreciationInterest payableCashInterest expenseLease payableLeased assetsDepreciation expenseLease receivable (Click to select)CashLeased assetsAccumulated depreciationInterest expenseLease receivableInterest payableDepreciation expenseLease payable (Click to select)Depreciation expenseInterest payableLease assetsInterest expenseCashLease receivableInterest revenueAccumulated depreciation -------------------------------------------------------------------------------- Arndt, Inc., reported the following for 2011 and 2012 ($ in millions): 2011 2012 Revenues $ 880 $ 970 Expenses 730 760 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pretax accounting income (income statement) $ 150 $ 210 Taxable income (tax return) $ 159 $ 216 Tax rate: 35% -------------------------------------------------------------------------------- a. Expenses each year include $25 million from a two-year casualty insurance policy purchased in 2011 for $50 million. The cost is tax-deductible in 2011. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2011 and 2012 were $38 million and $40 million, respectively. Subscriptions included in 2011 and 2012 financial reporting revenues were $23 million ($14 million collected in 2010 but not earned until 2011) and $38 million, respectively. Hint: View this as two temporary differences?one reversing in 2011; one originating in 2011. d. 2011 expenses included a $23 million unrealized loss from reducing investments (classified as trading securities) to fair value. The investments were sold in 2012. e. During 2010, accounting income included an estimated loss of $6 million from having accrued a loss contingency. The loss was paid in 2011 at which time it is tax deductible. f. At January 1, 2011, Arndt had a deferred tax asset of $6 million and no deferred tax liability. Required: (1) Which of the five differences described are temporary and which are permanent differences? Difference Life insurance premiums (Click to select)TemporaryPermanent Casualty insurance expense (Click to select)TemporaryPermanent Unrealized loss (Click to select)PermanentTemporary Subscriptions received (Click to select)TemporaryPermanent Loss contingency (Click to select)TemporaryPermanent -------------------------------------------------------------------------------- (2) Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2011. (Enter your answers in millions of dollar rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Ending balances (balance currently needed - enter amounts as positive). Omit the "$" & "%" signs in your response.) ($ in millions) Current Year 2011 Future Taxable Amounts Future Deductible Amounts [2012] [2012] Pretax accounting income Permanent difference: Life insurance premiums Temporary differences: Casualty insurance expense Subscriptions-2010 Subscriptions-2011 Unrealized loss Loss contingency (reversing) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Taxable income (income tax return) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Enacted tax rate % % % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Tax payable currently -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Deferred tax liability Deferred tax asset ? ? Deferred tax liability Deferred tax asset Ending balances (balance currently needed): $ $ Less: beginning balances: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Changes needed to achieve desired balances $ $ -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- General Journal Debit Credit (Click to select)Deferred tax assetIncome tax payableInsurance expenseUnearned revenuesIncome tax expenseCashDeferred tax liabilityPrepaid insurance (Click to select)Deferred tax assetUnearned revenuesInsurance expenseDeferred tax liabilityPrepaid insuranceIncome tax payableIncome tax expenseCash (Click to select)Deferred tax assetPrepaid insuranceCashUnearned revenuesIncome tax expenseDeferred tax liabilityIncome tax payableInsurance expense (Click to select)Unearned revenuesInsurance expenseCashDeferred tax liabilityIncome tax payableDeferred tax assetPrepaid insuranceIncome tax expense -------------------------------------------------------------------------------- (3) Compute the deferred tax amount that should be reported on the 2011 balance sheet. (Enter your answers in millions of dollar rounded to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Current asset $ Long-term asset $ Current liability $ Long-term liability $ -------------------------------------------------------------------------------- (4) Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2012. (Enter your answers in millions of dollar rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Ending balances (balance currently needed - enter amounts as positive). Omit the "$" & "%" signs in your response.) ($ in millions) Current Year 2012 Future Taxable Amounts Future Deductible Amounts [2013] [2013] Pretax accounting income Permanent difference: Life insurance premiums Temporary differences: Casualty insurance (reversing) Subscriptions-2011 Subscriptions-2012 Unrealized loss (reversing) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Taxable income (income tax return) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Enacted tax rate % % % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Tax payable currently -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Deferred tax liability Deferred tax asset ? ? Deferred tax liability Deferred tax asset Ending balances (balances currently needed): $ $ Less: beginning balances: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Changes needed to achieve desired balances $ $ -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- General Journal Debit Credit (Click to select)Deferred tax assetIncome tax payableIncome tax expensePrepaid insuranceUnearned revenuesCashDeferred tax liabilityInsurance expense (Click to select)Income tax payableDeferred tax assetPrepaid insuranceDeferred tax liabilityInsurance expenseCashUnearned revenuesIncome tax expense (Click to select)Insurance expenseDeferred tax assetCashIncome tax payableDeferred tax liabilityUnearned revenuesPrepaid insuranceIncome tax expense (Click to select)Deferred tax assetUnearned revenuesIncome tax expenseDeferred tax liabilityCashInsurance expensePrepaid insuranceIncome tax payable -------------------------------------------------------------------------------- (5) Compute the deferred tax amounts that should be reported on the 2012 balance sheet. (Enter your answers in millions of dollar rounded to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Current asset $ Long-term asset $ Current liability $ Long-term liability $ -------------------------------------------------------------------------------- (6) Suppose that during 2012, tax legislation was passed that will lower Arndt?s effective tax rate to 30% beginning in 2013. Prepare a schedule that reconciles the difference between pretax accounting income and taxable income. Using the schedule, prepare the necessary journal entry to record income taxes for 2012. (Enter your answers in millions of dollar rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Ending balances (balance currently needed - enter amounts as positive). Omit the "$" & "%" signs in your response.) ($ in millions) Current Year 2012 Future Taxable Amounts Future Deductible Amounts [2013] [2013] Pretax accounting income Permanent difference: Life insurance premiums Temporary differences: Casualty insurance (reversing) Subscriptions-2011 Subscriptions-2012 Unrealized loss (reversing) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Taxable income (income tax return) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Enacted tax rate % % % -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Tax payable currently -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Deferred tax liability Deferred tax asset ? ? Deferred tax liability Deferred tax asset Ending balances (balances currently needed): $ $ Less: beginning balances: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Changes needed to achieve desired balances $ $ -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- General Journal Debit Credit (Click to select)Deferred tax assetUnearned revenuesDeferred tax liabilityPrepaid insuranceInsurance expenseIncome tax expenseIncome tax payableCash (Click to select)Deferred tax assetInsurance expenseCashIncome tax expenseIncome tax payableDeferred tax liabilityUnearned revenuesPrepaid insurance (Click to select)Income tax expenseIncome tax payableCashUnearned revenuesDeferred tax liabilityDeferred tax assetPrepaid insuranceInsurance expense (Click to select)Deferred tax assetDeferred tax liabilityIncome tax payablePrepaid insuranceInsurance expenseIncome tax expenseCashUnearned revenues --------------------------------------------------------------------------------
Question 5
Global Issues Wal-Mart 300 words ? Technology issues that may arise as a result of trying to expand a business globally. Need to make sure these are covered Identify issues that organizations face when trying to expand globally as a result of opportunities afforded by new technology. Include information on how the internet is used and viewed by consumers in other countries. Explain how a company may have to adjust its operations and procedures when doing business in other countries. Give specific examples in areas such as the following: Please include references. No plagiarism,Rachel, this paper needed to be basic of Wal-Mart It does not have references and examples. these are the areas that needed to be covered in the paper. Global Issues with Wal-Mart 300 words Technology issues that may arise as a result of trying to expand a business globally. Need to make sure these are covered Identify issues that organizations face when trying to expand globally as a result of opportunities afforded by new technology. Include information on how the internet is used and viewed by consumers in other countries. Explain how a company may have to adjust its operations and procedures when doing business in other countries. Give specific examples in areas such as the following: Please include references. No plagiarism
