Year-end inventory cannot merely be based on a company's cost and whichever cost flow method the company is currently using. It needs to be further tested under the Lower of Cost or Market Rule for the potential need to mark it down. What are the "tests" used to determine the ceiling and the floor values to which the market va
In need some help in answering these questions: 1) What is your opinion on the questions below? FASB promulgates US GAAP (Generally Accepted Accounting Standards) and IASB creates IFRS (International Financial Reporting Standards). US GAAP is a rule-based system while IFRS are principle-based. The accounting standards only
I need some help in answering these questions: 1. What is life-cycle costing? Under what circumstances can it be most useful? What are some potential problems with this approach? 2. What is target pricing? Under what circumstances can it be most useful? What are some potential problems with this approach? 3. What is cost-p
Review the information in the Los Lobos Ledger Data. Prepare a statement of cash flows using the direct and indirect methods. Prepare a classified balance sheet. 12-31 2007 2006 Cash $35,000 $32,000 Accounts receivable 33,000 30,000 Allowance for doubt
When it comes to taxes, one should always be mindful of the fact that without the Internal Revenue Service, there would not be tax issues to worry about. As a follow-up question to this statement, consider the tax issues brought about by permanent differences and temporary differences. Define each type of timing difference and g
On January 1, 2015, Slidell Company received a two-year, $500,000 loan, with interest payments occurring at the end of each year and the principal to be repaid on December 31, 2016. The interest rate for the first year is the prevailing market rate of 7%, and the rate in 2016 will be equal to the market interest rate on January
Rapture Company's 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands). RAPTURE COMPANY Income Statement For Year Ended December 31, 2011 Sales revenue $ 64,000 Expenses Cost of goods sold 19,000 Depreciation expense 5,000
(Please see the attached file for the complete problem description). Please assist with this project on Production Cost and explain your answer. The following informtion provides the amount of cost incurred in August for the cost items indicated. During August, 7,700 units of the firm's single product were manufactured.
Accounting for Leases 1. Which of the following is false? A. The lessee uses the lower of its incremental borrowing rate or the lessor's desired return rate (if known) when determining the present value of minimum lease payments. B. A lease is capitalized if the present value of the minimum lease payments is greater than o
Explain what operating leverage, ROE, EVA are and how they measure performance. Pick another performance measure of your choice and explain it as well. Give the advantages and disadvantages of each of these measures. For each of these measures, compute them for McDonalds Corporation in 2012. Which measure is your preferred o
In 80 words or more, please explain the responsibilities an auditor has for reporting interim information.
Guiltier Corporation uses allowance method to accounts uncollectible accounts receivables. Credit terms for sales is n30 (net is due at 30 days). Below is the company's uncollectible policy: Monthly provision for uncollectible accounts is 2% of credit sales. Write-off of bad debts is debited to allowance for uncollectibl
Group project journey #8. Please assist with Orbon Inc. For several years Orbon, Inc., has followed a policy of paying a cash dividend of $0.71 per share and having a 3% stock dividend. In the 2014 annual report, Orbon reported restated earnings per share for 2012 of $1.12. a. Calculate the originally reported earnings p
Balanced Scorecard: Pros and Cons of current report, CEO memo about adopting scorecard instead of just financial reports
1. If you are currently with a company that uses some elements of a balanced scorecard, post this information to the forum for this assignment. Discuss the advantages and disadvantages of the presented information.. 2. Assume you are the CEO of an organization that has historically measured success purely from the financi
Historic cost should be replaced by an alternative measurement base in order to make financial statement more useful. Critically discuss this statement, concluding with whether or not you agree with it. Consider the following: Critically discuss the role and relevance of financial accounting information to the principal s
Explain some risks to the revenue and collection cycle that are the result of improper revenue collection.
Coolfroth Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $30 per keg; deposits are recorded in the Keg Deposits account. a. Where on the balance sheet will the Keg Deposits account be found? Are Keg deposits a current Assets on the balance sheet, or a current liability on
Please assist with group project A. On April 15, 2013, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $277,700. The interest rate charged by the bank was 7.25%. The bank made the loan on a discount basis. 1. Calculate the loan proceeds made av
Prepare a flexible budget for next year for Signet Jewelers using three different growth rates (assume absorption costing). Explain how you determined the three growth rates to use (the low, the average, the high). Explain how you adjusted all other line items in the income statement to reflect the revised sales assumptions.
Accounting for a Troubled Debt Restructuring Ludwig, Inc., which owes Giffin Co. $2,400,000 in notes payable, is in financial difficulty. To eliminate the debt, Giffin agrees to accept from Ludwig land having a fair value of $1,830,000 and a recorded cost of $1,350,000. Required: Show computation and details. a. Compute
McDonald's Corporation Break-Even Analysis and Planning Prepare a realistic flexible budget for next year for the McDonald's Corporation using economic and company trends. Use three different growth rates (low, average and high) for sales and adjust the expenses based on whether you assume that they vary with the sales activ
What does the box scores mean (file attached)? Explain the categories of operational performance, capacity and financial performance.
A client has engaged you to advise her on how she is doing with her preparation for retirement. She is a well-paid professional with a current salary of $150,000. She has 15 years until her full retirement age and wants to be able to retire at that time. She expects that her salary will increase about 3.5% each year until retire
Please see attached document.
Simon Blfpstk Construction Company has two divisions. The president (Simon) manages the roofing division. Simon delegated authority and responsibility for management of the modular manufacturing division to John Gault. The company has a competent accounting staff and a full-time internal auditor. Unlike Simon's procedures, ho
P7-3 (Bad-Debt Reporting—Aging) Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and the Allowance for Doubtful Accounts had a credit balance of $40,000 The year-end balance re
Please find some information from 10K. which is: 1 Name and Description of Company (what does it do: provide a service, sell a product, or manufacture and sell a product) 2 Summarize the Shareholder Letter paying close attention to the following: o Management's opinion of financial performance o Impact of recent economic
Managers and non-accounting personnel can have a hard time deciphering standard financial statements. There are two possible solutions to the problem. They are making changes to get GAAP to recognize accounting for lean or having two separate financial reports. 1. What are the advantages and disadvantages of GAAP recognizing ac
Millco, Inc., acquired a machine that cost $410,000 early in 2013. The machine is expected to last for ten years, and its estimated salvage value at the end of its life is $61,000. a. Using straight-line depreciation, calculate the depreciation expense to be recognized in the first year of the machine's life and calculate
Hi, please assist me with this group project. Complete the answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income by selecting for each account affected the account