Question 1
No extensions possible. I tried and its not balancing, please help.. If you can send it to me in excel that would be great. PROBLEM A Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011. Previous period?s information were as follows: net receivables, $290,000 and inventory, $82,000. Total revenues were $350,000 for 2010, 360,000 for 2009, and 295,000 for 2008. Requirements: 1) Prepare the income statement, statement of retained earnings, and balance sheet. 2) Calculate the following ratios: current ratio, quick ratio, debt ratio, accounts receivable turnover, and inventory turnover. Briefly explain your answers. 3) Calculate the vertical analysis for total current assets. 4) Calculate the horizontal analysis on total revenues from 2008 thru 2011. Cash 198,000 Accounts receivable 300,000 Inventories 78,000 Prepaid insurance expense 4,000 Supplies 2,000 Furnitures 100,000 Accumulated depreciation, furnitures 60,000 Building 250,000 Accumulated depreciation, building 140,000 Accounts payable 310,000 Salaries payable 5,000 Unearned service revenue 13,000 Notes payable ($12,000 due in the current year) 40,000 Mortgage payable (1/3 is due in the current year) 30,000 Retained earnings 293,000 Dividends 65000 Service revenue 300,000 Professional fees revenue 30,000 Salary expense 170,000 Supplies expense 4,000 Depreciation expense, furnitures 20,000Depreciation expense, building 11,000 Rent expense 9,000 Interest expense 7,000 Utilities expense 3,000 (Please check and let me know) Income Statement Revenue Service Revenue $300,000.00 Unearned Service Revenue $13,000.00 Professional Fee revenue $30,000.00 Total Revenue $343,000.00 Expenses Prepaid Insurance $4,000.00 Expense $170,000.00 Supplies Expense $4,000.00 Rent $9,000.00 Interest $7,000.00 Utilities $3,000.00 Depreciation Expense Furniture $20,000.00 Depreciation Expense Building $11,000.00 Total Expense $228,000.00 Net Income 115,000 Statement of Retained Earning Retained Earnings 293,000 Net Income 115,000 Less Dividends -65000 Owner equity (Total retained earnings) 343,000 Balance Statement Assets Cash 198000 Account Receivable 300,000 Prepaid 4000 Inventories 78,000 Supplies 2000 Total Current Assets 582000 Fixed Assets Building 250,000 Furnitures 100,000 Depreciation Furnitures -60,000 Totalof Fixed Assetes 290,000 Total Assets 872,000 Liabilities Current Account Payable 310,000 Salaries Payable 5000 Note Payable 12,000 Mortgage Payable 10,000 Current Total Liabilities 337,000 Long term Liabilities Notes Payable 40,000 Mortgage Payable 30,000 Total Long Term 70,000 Owner's Equity 343,000 Total Liabilities & Owner's equity 750,000 "
Question 2
Week One: Government Accounting and Reporting Objective: Describe the major features of government reporting and the government reporting entity. 1. Which of the following choices regarding the fiduciary fund financial statements is true? a. 0 Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. b. 0 Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. c. 0 Fiduciary fund financial statements reflect equity as reserved and unreserved. d. 0 Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets. Objective: Evaluate the Management Discussion & Analysis section for a governmental reporting unit. There are no test questions associated with this objective. Objective: Compare and contrast government accounting with for-profit financial accounting. There are no test questions associated with this objective. Week Two: Government, General, and Special Revenue Funds Objective: Analyze the components of the fund financial statements. 2. Under modified accrual accounting, revenues are recognized when measurable and a. 0 earned b. 0 available c. 0 collected d. 0 expenditures have been made Objective: Compare and contrast expenses and expenditures for governmental funds. There are no test questions associated with this objective. Objective: Prepare journal entries for general and special revenue funds. 3. The Expenditures control account in the General Fund is debited when a. 0 equipment previously ordered is received b. 0 the budget is recorded c. 0 the books are closed at the end of the year d. 0 supplies are ordered Objective: Prepare journal entries for nonexchange transactions on government-wide and fund statements. 4. When would a special revenue fund be deemed to have satisfied the eligibility requirement of a reimbursement-type federal grant under GASB Statement 33? a. 0 Only as work is completed for a project b. 0 When a plan for use of the funds has been developed and approved c. 0 Only after work is completely finished for the project d. 0 When work has started for the project Week Three: Journal Entries Objective: Prepare journal entries for proprietary funds. 5. Impact fees imposed on commercial developers by an enterprise fund and not associated with specific projects or improvements are recorded as a. 0 transfers from the enterprise fund to a capital projects fund b. 0 operating revenues to the enterprise fund c. 0 capital contributions to the enterprise fund d. 0 unearned revenue to the enterprise fund Objective: Prepare journal entries for fiduciary funds. 6. The county of Churchville is trustee for a multigovernment investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the county's General Fund, $2 million from the county's special revenue funds, and $112 million from other governments. Which of the following would be true? a. 0 The county would report the $112 million in an investment trust fund and the$17 million in a permanent fund. b. 0 The county would report the $112 million in an investment trust fund, the $15 million in its General Fund and the $2 million in special revenue funds. c. 0 The county would report the entire $129 million in an investment trust fund. d. 0 The county would report the entire $17 million in an investment trust fund. Objective: Prepare journal entries for capital project funds, debt service funds, and permanent funds. 7. How would the government account for the unused bond proceeds? a. 0 As a revenue in the debt service fund and as an expenditure in the capital projects fund b. 0 As an other financing source in the capital projects fund and as an other financing use in the debt service fund c. 0 As an other financing source in the government-wide Statement of Activities d. 0 As an other financing source in the debt service fund and as an other financing use in the capital projects fund Objective: Compare and contrast proprietary and fiduciary funds. There are no test questions associated with this objective. Week Four: Financial Statements and Supplementary Information Objective: Explain the process by which fund financial statements are converted to government-wide financial statements. 8. A government incurred expenses for its infrastructure as follows: $15 million for general repairs; $13 million to extend the life of existing infrastructure; and $12 million for additions and betterments. The government chooses to use the modified approach to record infrastructure. The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would be a. 0 $40 million b. 0 $28 million c. 0 $27 million d. 0 $25 million Objective: Evaluate the significance of notes to the financial statements. There are no test questions associated with this objective. Objective: Evaluate the benefit of the required supplementary information. 9. The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR? a. 0 Notes to the Financial Statements b. 0 Required Supplementary Information c. 0 Other Supplementary Information d. 0 Proprietary Fund Statements Week Five: Governmental and Not-for-Profit Organizations Objective: Analyze reporting requirements for private sector not-for-profit organizations under Financial Accounting Standard Board guidance. 10. A donor made a cash contribution of $50,000 to a private college for the purpose of acquiring a building. The private college properly recorded the gift of cash as temporarily restricted revenue. When the building is acquired, the college should a. 0 record the building as permanently restricted b. 0 record the building as unrestricted c. 0 show an expense equivalent to the amount paid for the building in unrestricted net assets and reclassify the same amount from temporarily restricted to unrestricted net assets d. 0 record the plant as either unrestricted or temporarily restricted, as long as a consistent policy is followed Objective: Compare and contrast accounting for government Special Purpose Entities (SPEs) and private not-for-profit organizations. 11. A public college had tuition and fees for the year ended June 30, 2009 in the amount of $45,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $2,300,000. The amount to be reported by the college for net tuition and fee revenue would be a. 0 $40,200,000 b. 0 $42,700,000 c. 0 $42,500,000 d. 0 $45,000,000 Week Six: Fiscal Policy and Financial Performance Objective: Analyze the impact on governmental revenue and expenditures of nondiscretionary fiscal policy. There are no test questions associated with this objective. Objective: Identify key performance measures for government and not-for-profit organizations. 12. In order to compute the ratio unreserved fund balance/revenues-general fund, one would look in the CAFR at the a. 0 governmental funds Balance Sheet and the Governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances b. 0 government-wide Statement of Net Assets and government-wide Statement of Activities c. 0 governmental funds Balance Sheet d. 0 governmental funds Statement of Revenues, Expenditures and Changes in Fund Balance Objective: Compare and contrast the use of budgets between governmental and for-profit organizations. 13. Which of the following choices is a permanent fund classified under governmental funds: a. 0 Accounts for most of the basic services provided by the governmental unit b. 0 Accounts for financial resources intended for major capital projects c. 0 Accounts for services provided by one department of a government to another d. 0 Accounts for resources that are legally restricted so only earnings, not principal, may be expended and for purposes to benefit the government and its citizenry
Question 3
briefly write 3 statements each 2-5 sentences for each question How supply chain works in global businesses? For example how McDonalds fast food gets the lettuce in various continents and countries in the world. Give examples in your response. Give a few arguments if JIT effective today? The technology has had a tremendous impact on inventory management. Do you agree or disagree with the statement? Why? Discuss the statement with examples and data. Who needs to be involved in setting quality standards? Why? If the analysis of the output of a process suggests that there is an unusual occurrence, but the result of the investigation cannot pinpoint or determine the assignable causes, the limits may be set too tight. Loosening the limits will allow us to determine the possible assignable causes of variation. If the record keeping is poor it may be very difficult to identify the assignable causes of variation. Improving the record keeping may assist us in identifying non-random or assignable causes of variation. Discuss the scenario presented here. There are two vendors who can supply you with empty cans used in your pickle business. One says he'll replace any cans you find defective free of charge. The other tells you that she will supply you no defectives because her factory practices statistical process control. Which of the two vendors will you select? Why? Why do workers resent time studies? Support your discussion with examples and relevant references from literature and library research. What is better in terms of system reliability of a product where(a) Use poor reliability sub-systems with low cost in parallel configuration?OR(b) Use high reliability sub-systems with high cost in series configuration? Discuss forecasting of national presidential election in November 2012. Your discussion will be based on data, current mood of the country, current economy, unemployment, issues and concerns of US citizens. To support your arguments, the supporting references from Journals, prestigious magazines and newspapers are required.
Question 4
1. Which of the following is ordinarily considered an "extended procedure" in external auditors' independent audits of financial statements? A. Send positive confirmations on recorded customer accounts receivable balances. B. Perform physical observation and testcount during the client's inventorytaking. C. Measure the time lag between the date of recording cash receipts in the books to the date of deposit credit in the bank. D. Conduct interviews with the client's sales billing personnel to learn about sales recording control procedures. 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. 3. 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. 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. 5. When auditing with "fraud awareness," auditors should especially notice and follow up employee activities under which of these conditions? A. The company always estimates the inventory but never takes a complete physical count. B. The petty cash box is always locked in the desk of the custodian. C. Management has published a company code of ethics and sends frequent communication newsletters about it. D. The board of directors reviews and approves all investment transactions. 6. Narbona, CPA is reviewing controls over cash received through a bank night depository. Which controls would she find most important? A. Responsibilities are rotated for processing night depository receipts among employees of the various departments. B. Dual control (joint custody) is established over the contents of the night depository box from the time of removal until initial recording is completed. C. Vacations are required for all employees engaged in night depository activities. D. All deposit tickets related to night deposits are numbered. 7. A small business owner can best offset the lack of segregation of duties by A. Creating an internal audit department B. Installing the latest computer equipment and software C. Being actively involved in the accounting process D. Relying on the external auditor to detect errors. 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. 10. In which of the following circumstances would the use of the negative form of accounts receivable confirmation most likely be justified? A. A substantial number of accounts may be in dispute and the accounts receivable balance arises from sales to a few major customers. B. A substantial number of accounts may be in dispute and the accounts receivable balance arises from sales to many customers with small balances. C. A small number of accounts may be in dispute and the accounts receivable balance arises from sales to a few major customers. D. A small number of accounts may be in dispute and the accounts receivable balance arises from sales to many customers with small balances. 11. In evaluating the adequacy of the allowance for doubtful accounts, an auditor most likely reviews the entity's aging of receivables to support management's financial statement assertion of A. existence or occurrence. B. valuation or allocation. C. completeness. D. rights and obligations. 12. Which of the following responses to a confirmation of balances at December 31 would be most troubling to an auditor? A. We paid this amount on December 28. B. We received this amount on January 2. C. We returned this amount on December 28 under our standing agreement with the company. D. This amount isn't due until January 15. 13. When confirming accounts payable, emphasis should be put on what kind of accounts? A. Accounts with small or zero balances. B. All accounts should be equally emphasized. C. Accounts with large balances. D. Accounts listed in the accounts payable subsidiary. 14. Which of the following situations indicates a potential material weakness in internal control over acquisition and expenditure? A. Purchase orders are not prepared for services acquired directly under authorization of department heads. B. Voucher packages are authorized and checks are signed by the same person. C. Unacceptable goods are not scheduled on receiving reports. D. The same person signs checks and stamps vouchers "paid." 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. 17. Improperly capitalizing an expense item results in. A. understatement of profit in the current year and overstatement in future years. B. understatement of profit in the current year and in future years C. overstatement of profit in the current year and understatement in future years D. overstatement of profit in the current year and in future years. 18. Which of the following would be an indicator of potential fraud? A. Photocopies of invoices in the voucher file. B. Vendor invoices in numerical order. C. Vendors with only post office box addresses. D. All of the above indicate potential fraud. 19. An important method used by the auditor to learn of material contingencies is A. Examining documents in the client's possession concerning contingencies. B. Inquiring and discussing them with management. C. Obtaining an attorney letter. D. Confirming accounts receivable with the client's customers. 20. Which of the following items would appear in management's representations with no limitation due to materiality? A. Statements that a physical inventory was taken and inventory is properly valued. B. Information regarding all misstatements detected during the audit. C. Recommendations for improvements in the client's operations. D. The availability of all financial records and related data to the auditor. 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. 24. An entity's income statements were misstated due to the recording of journal entries that involved debits and credits to an unusual combination of expense and revenue accounts. The auditor most likely could have detected this irregularity by A. Tracing a sample of journal entries to the general ledger. B. Evaluating the effectiveness of the internal control policies and procedures. C. Investigating the reconciliations between controlling accounts and subsidiary records. D. Performing analytical procedures designed to disclose differences from expectations. 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. 26. An auditor is most likely to use statistical sampling under which of the following situations? A. Random numbers can be associated with population items. B. Strictly defensible results based on mathematics are not necessary. C. The auditor has a very good knowledge of the population. D. The population is very diverse with some segments especially prone to misstatement. 27. What is the primary drawback with respect to the use of sampling? A. Individuals may fail to obtain a true understanding of the question they are examining. B. The time spent in planning and selecting the sample may exceed the time savings from examining only a subset of the items. C. The conclusion reached by examining a sample of items may differ from the conclusion that would be reached if the entire population were examined. D. Sampling cannot be used to examine account balances that are material to the financial statements. 28. Which of the following most closely represents an unrestricted random selection procedure? A. Identifying a starting point within the population and bypassing a fixed number of items. B. Matching items in the population to a series of randomly-selected numbers. C. Randomly selecting invoices to customers whose last names start with "W". D. Randomly picking items from an accounts receivable file. 29. If the adjusted sample deviation rate exceeds the tolerable deviation rate, the auditor would most likely: A. Accept the account balance as fairly stated. B. Reject the account balance as fairly stated. C. Increase the planned effectiveness of substantive procedures. D. Not increase the planned effectiveness of substantive procedures. 30. Why is the auditor most concerned with the risk of assessing control risk too low rather than the risk of assessing control risk too high? A. The risk of assessing control risk too high is not a type of sampling risk. B. The risk of assessing control risk too low exposes the auditor to an efficiency loss. C. The risk of assessing control risk too low may result in the auditor failing to perform sufficient substantive procedures. D. The risk of assessing control risk too low cannot be controlled by the auditor during the sampling process. 31. The SEC requires all of the following for revenue to be recognized except A) Cash is collected B) Persuasive evidence of an arrangement exists. C) Delivery has occurred or services have been rendered. D) The seller's price to the buyer is fixed or determinable. 32. Which of the following audit procedures most likely would provide an auditor with the most assurance about the effectiveness of the operation of a client's internal control? A. Confirmation with outside parties. B. Inquiry of client personnel. C. Recomputation of transaction amounts. D. Observation of client personnel. 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. 35. Which of the following is a step in an auditor's decision to assess control risk at below the maximum? A. Apply analytical procedures to both financial data and nonfinancial information to detect conditions that may indicate weak controls. B. Perform tests of details of transactions and account balances to identify potential errors and fraud. C. Identify specific internal control policies and procedures that are likely to detect or prevent material misstatements. D. Document that the additional audit effort to perform tests of controls exceeds the potential reduction in substantive testing.,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. SECTION You are auditing Green Corporation for the calendar year 2006. Among other items related to the audit, Green Corporation was being sued for personal injury resulting from the malfunction of one of their products. The lawsuit was initiated by Sue Ewe in September, 2006. Management and the company's outside legal counsel estimated the loss from the suit to be approximately $250,000. This amount is accrued and properly disclosed in the footnotes of the financial statements. You have no reason to believe that the estimate is inaccurate. You completed your audit and dated your report March 2, 2007. The financial statements were issued on March 14, 2007. On March 20, 2007, you read in a national business periodical that the jury in the trial awarded Sue Ewe $1.5 million. Required: Discuss the nature of these events and what responsibility, if any, you have regarding the news of March 20, 2007. SECTION: In the ?Financial Shenanigans? book, the author recommends examining financial reports for signs of fraud. Explain some warning signs that the auditor should be aware of and explain the significance of such signs for the audit.
Question 5
Unit IV Article Review Article Review: In Chapter 10 of your textbook, you read about how to handle negotiation in an existing relationship. For this assignment, choose a peer-reviewed article to review based upon a negotiation between an employer and an employee, or employees. Use the databases with the CSU Online Library, or use another source that contains peer-reviewed articles. The purpose of this assignment is for you to practice reviewing articles that contribute to the industry. The authors of these articles are researchers and professionals that have shared, or experimented, with ideas that demonstrate potential to improve the industry. As a professional in the industry, it is in your best interest to review the literature and trends. This provides you with the opportunity to read about what was successful and how they accomplished it. Plus, it allows you to analyze what was unsuccessful, how you can improve it, or at least avoid repeating the mistakes of others. Use these skills to contribute to research papers and other scholarly writing. If you have not already, hopefully you will contribute to the industry by publishing an article and sharing it with your community of peers. As you read the article, consider the following questions: How could the topic of this article apply to your personal or professional life? How could it apply to an organization you have observed? The article you choose must meet the following requirements: ? Peer reviewed ? Related to the concepts within this course ? At least ten pages BSL 4160, Negotiation/Conflict Resolution 3 The writing you submit must meet the following requirements: ? At least two pages ? Identify the main topic/question ? Who is the author?s intended audience? ? Summarize the article for page one ? Describe how you feel the relationship between the two parties could have been affected by the negotiations. ? Which party do you feel got the best results from the negotiation? Why do you feel this way? Format your article review using APA style. Use your own words and include citations for other articles as needed to avoid plagiarism.
