Question 1
I need to prepare a research memo for my auditing class please help I have no idea how to make one on the bottom are the instructions The Assignment: For each memo you will select a standard from the appropriate list and explain how it will affect your client?s audit. Here is how you do this: 1. Select a public company that you will be auditing. This should be a public company that will have financial statements available. Select a company you are interested in learning about for the semester. 2. Research your company sufficiently to understand its business model, products, customers, vendors and management/directors. Read the most recent financial statements to gain an understanding of the types of assets and liabilities on the balance sheet. Use the statements to be familiar with the sources of revenues and typical operating expenses. The 10-K will have this information. Use EDGAR to find the SEC filings at www.sec.gov and/or the company's own web site under investor information. 3. Write a memo for each of the topics listed above and email it to me by class time on the due date. 4. The memo should be addressed to the Audit Committee Chair, the members of the audit committee, and the CFO. You will need to use their names, so research who they are. You may use the DEF 14 A (proxy statement) from EDGAR or the company's web site to find this information. The memo is from you, as the Audit Partner. 5. For each memo choose a professional standard topic to research from the list given for each assignment above. For example: for Memo 1, you might research the topic of Audit Evidence. This means you will research AU 500 and AS 15. The topic is your choice; the only requirement is that it come from the list.6. Research the appropriate standards at www.aicpa.org and www.pcaob.org. Read them and refer to the chapter material and any other resource to help you research and understand the requirements of the standard. 7. Write up the memo as a way of explaining to your client how the standard will be followed on the upcoming audit. For example, if you are auditing Walmart and you have selected the topic of External Confirmations (Standards AU 505 and PCAOB AU 330) you might write a memo that references the many accounts that must be confirmed because each store has one. Explain the document you will use for this and how the mailing will comply with the standard. If you chose the same standard for a company like Caterpillar, you would probably do less confirmation and can discuss similar details but referencing fewer accounts. 8. The memo should be one page. Do not include the verbiage of the standard in the memo. Reference the standard by number. The memo should be the explanation of the pertinent standard. 9. The memo will be graded for grammar, syntax, spelling, clarity, completeness, and all other writing skills detailed on the rubric. Remember, a memo may be all a client ever sees of you. IF you don?t write it well, they will not trust your accounting skills. You may be the world's best accountant; but, if you can't communicate about accounting that won't matter.
Question 2
ACC 206 Week 2 Assignment: Chapter Two and Three Problems Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button. Chapter 2 Exercise 3 1. Analysis of stockholders' equity Star Corporation issued both common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow: 20X6 20X5 Preferred stock, $100 par value, 10% $580,000 $500,000 Common stock, $10 par value 2,350,000 1,750,000 Paid-in capital in excess of par value Preferred 24,000 ? Common 4,620,000 3,600,000 Retained earnings 8,470,000 6,920,000 Total stockholders' equity $16,044,000 $12,770,000 a. Compute the number of preferred shares that were issued during 20X6. b. Calculate the average issue price of the common stock sold in 20X6. c. By what amount did the company's paid-in capital increase during 20X6? d. Did Star's total legal capital increase or decrease during 20X6? By what amount? Chapter 2 Problem 1 2. Bond computations: Straight-line amortization Southlake Corporation issued $900,000 of 8% bonds on March 1, 20X1. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow. ? Case A?The bonds are issued at 100. ? Case B?The bonds are issued at 96. ? Case C?The bonds are issued at 105. Southlake uses the straight-line method of amortization. Instructions: Complete the following table: Case A Case B Case C a. Cash inflow on the issuance date _______ _______ _______ b. Total cash outflow through maturity _______ _______ _______ c. Total borrowing cost over the life of the bond issue _______ _______ _______ d. Interest expense for the year ended December 31, 20X1 _______ _______ _______ e. Amortization for the year ended December 31, 20X1 _______ _______ _______ f. Unamortized premium as of December 31, 20X1 _______ _______ _______ g. Unamortized discount as of December 31, 20X1 _______ _______ _______ h. Bond carrying value as of December 31, 20X1 _______ _______ _______ Chapter 3 Exercise 2 3. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass $75,000 Repair parts 16,000 Machine lubricants 9,000 Wages and salaries Machine operators 128,000 Production supervisors 64,000 Maintenance personnel 41,000 Other factory overhead Variable 35,000 Fixed 46,000 Sales commissions 20,000 Compute: a. Total direct materials consumed b. Total direct labor c. Total prime cost d. Total conversion cost Chapter 3 Exercise 5 4. Schedule of cost of goods manufactured, income statement The following information was taken from the ledger of Jefferson Industries, Inc.: Direct labor $85,000 Administrative expenses $59,000 Selling expenses 34,000 Work in. process: Sales 300,000 Jan. 1 29,000 Finished goods Dec. 31 21,000 Jan. 1 115,000 Direct material purchases 88,000 Dec. 31 131,000 Depreciation: factory 18,000 Raw (direct) materials on hand Indirect materials used 10,000 Jan. 1 31,000 Indirect labor 24,000 Dec. 31 40,000 Factory taxes 8,000 Factory utilities 11,000 Prepare the following: a. A schedule of cost of goods manufactured for the year ended December 31. b. An income statement for the year ended December 31. Chapter 3 Problem 3 5. Manufacturing statements and cost behavior Tampa Foundry began operations during the current year, manufacturing various products for industrial use. One such product is light-gauge aluminum, which the company sells for $36 per roll. Cost information for the year just ended follows. Per Unit Variable Cost Fixed Cost Direct materials $4.50 $ ? Direct labor 6.5 ? Factory overhead 9 50,000 Selling ? 70,000 Administrative ? 135,000 Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production. Instructions: a. Determine the cost of the finished goods inventory of light-gauge aluminum. b. Prepare an income statement for the current year ended December 31 c. On the basis of the information presented: 1. Does it appear that the company pays commissions to its sales staff? Explain. 2. What is the likely effect on the $4.50 unit cost of direct materials if next year's production increases? Why?
Question 3
Abitibi Pulp Firm is considering a new product line for its existing table business. It has developed a new type of computer table that will protect the computer during an earthquake. It would like you to analyze the feasibility of the venture and suggests a break-even bid price. It provides you with the following details: ? Marketing analysis indicates technology companies in Silicon Valley will buy 250 tables each year for four years. ? The consultant who did the marketing research charged a fee of $15,000. ? The firm estimates that the variable cost per table is $100. For this project the firm would require extra factory space at a cost of $25,000 per year, overhead costs such as heating and lighting would amount to $4,000 per year and wages and salaries would total $75,000 per year. ? The machinery required for the new product line would cost $200,000, and have a salvage value of $50,000 at the end of 4 years. The machinery belongs to CCA class 16 and has a 15 percent declining balance rate. ? Additional working capital of $150,000 would be required to get the project started. ? The corporate tax rate is 40 percent and the required rate of return is 12 percent. What price should Abitibi charge for each table?,Hi, To be honest, i don't really understand about the rice quote. but i attached the original file to you. Thanks for help,Hi, Thank you so much.,hi thank you so much,Enter your follow up question here...
Question 4
AIS 141 Project Astro Athletic Supply Company specializes in selling sporting goods, gymnasium equipment, and other athletic supplies to high schools and colleges. The company handles both written and telephone orders, using the following procedures, One of several company-employed field sales representatives records customer orders on a three-part form (Form 191A). The original is left with the customer, the duplicate is mailed to central headquarters each day in a special color-coded envelope, and the triplicate is retained in the sales representative's order pad. When the duplicates arrive at the central headquarters, they go directly to the secretary of the sales order entry department. The secretary directs orders to one of three order entry clerks. All customer orders are entered in an online keying device. First, the accuracy of the ordered will be checked. Then the inventory master file is accessed to check inventory availability. Orders that can be filled are then recorded on the sales order master file, the inventory balance is reduced, and a screen message informs the clerk of the updates. The clerk files the accepted customer orders by customer number. Orders that are not accurate or inventory are not available are recorded in a computer "suspense" file for later investigation. Each evening, data processing prints five-part sales orders(Form 1 91C)from the data stored on the sales order master file. Sales Order entry department receives two copies of the sales order; it files copy 2 in the accepted order file and mails the original (copy 1) to the customer. Copies 3 and 4 are sent to the warehouse, and copy 5 is sent to accounts receivable. Using copy 3, warehouse workers pick the goods. They file copy 3 and deliver the goods and copy 4 to the shipping department. A shipping clerk checks the assembled order against sales order copy 4, prepares a three part shipping notice (Form 191D), and records the shipment in a shipping log. The shipping notice original, signed by the carrier, serves as the bill of lading; sales order copy 4 is used as the packing slip. The bill of lading and packing slip accompany the goods to the customer. duplicate of the shipping notice is sent to accounts receivable; the triplicate is sent to order where it is filed in the accepted order file. Required: Prepare a Level zero DFD and a flowchart for Astro Athletic Supply Company.,I just need a flowchart part of the project. Thank you,Thank you, =),Michael, Please be so kind to let me know if you will be able to complete this project today since the due day is aproching. Thank you, Ilona_916@hotmail.com
Question 5
"I have case in attach, I want to answer the questions in order and by number rather than in an essay format. For the case I want you to write a paper that answers or does the following items: 800 words and up 1. Summarize the facts of the case in an understandable fashion. Draw a diagram of what happened if you wish. Don?t cut and paste the information from the case. I can read, what I want you to demonstrate is that you can explain to me what happened. 2. Describe the issues the courts are facing?. Ie the issue in front of the court is whether the Plaintiff, defendant broke the law by?. Or whether a bank is responsible for the financial frauds of its employees when they knew or should have known that a fraud was going on? there may be more than one issue in each case. Note the grade on number two is in part based on whether you described the major issues of the case?. (ISSUE) 3. Describe the RULE (the LAW) for each issue you described in Number two above. In this point, it is expected that you would quote the relevant area of the law.. .Hint, most of these cases the court is going to do this for you? They might quote a criminal section of the law or they might quote a civil section of the law? if you see the court saying something about the U.C.C. it is probably the law. (RULE) 4. (Analysis), Describe HOW the facts as they happened in your case either fit in with the description of the law or are different. 5. Conclusion, Based on your analysis do you feel the court reached the right conclusion? why or why not. 6. If your case was a criminal case (civil cases can skip this question), describe how the UCC played a role in the criminal case? What I want to know here is what is the relationship between the criminal code and the UCC?. For example some criminal check fraud provisions and such reference the UCC, or use the same language. 7. If your case was a civil case (criminal cases can skip this question), describe the relationship of the UCC violations to criminal violations?. I want you to consider what laws may have been broken in this case that were criminal. 8. Worth the same as a question above. Find out in your case if it was a civil case whether any of the individuals involved were prosecuted criminally and for what and the result. If your case was a criminal case find out if there was a civil lawsuit involving any of the aprties (the bank), the people and what was the result. "
