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ACC
545 WEEK 1 INDIVIDUAL ASSIGNMENT CPA REPORT
As the CPA for a large
organization, you were asked by your manager to provide information to outside
CPAs who are examining a subsidiary that has been set up as a corporation. As
part of their review, the CPAs have asked you to provide them with the
following explanations:
·
The methodology used to determine deferred
taxes
·
The procedures for reporting accounting
changes and error corrections
·
The rationale behind establishing the
subsidiary as a corporation
Prepare your response to
the three questions. Before submitting your response, your manager would like
to know a little bit more about the request. She has asked you to tell her what
your professional responsibilities are as a CPA, and the difference between a
review and an audit.
You should provide draft
responses to the above questions as well as providing your manager with a
summary of your responsibilities in one document (no more than 1,050 words).
ACC 545 WEEK 2 LEARNING TEAM ASSIGNMENT LOS LOBOS
LEDGER PREPARATION
ACC 545 Week 2 Learning Team Assignment Los Lobos Ledger
Preparation
ACC 545 WEEK 3 INDIVIDUAL ASSIGNMENT JAMONA CORP.
SCENARIO
ACC 545 Week 3 Individual Assignment
Jamona Corp. Scenario
- Review the following information:
- On January 1, 2006, Jamona Corp. purchased 12%
bonds, having a maturity value of $300,000, for $322,744.44. The bonds
provide the bondholders with a 10% yield. They are dated January 1, 2006,
and mature January 1, 2011, with interest receivable December 31 of each
year. The company uses the effective-interest method to allocate
unamortized discount or premium. The bonds are classified as
available-for-sale. The fair value of the bonds at December 31 of each
year is as follows:
- 2006 – $320,500
- 2007 – $309,000
- 2008 – $308,000
- 2009 – $310,000
- 2010 – $300,000
- The following information is available from
Jamona’s inventory records
Units
Unit Cost
January 1, 2007 (beginning
inventory) 600
$ 8.00
Purchases:
January 5,
2007
1,200
9.00
January 25,
2007
1,300
10.00
February 16, 2007
800
11.00
March 26,
2007
600
12.00
A physical inventory on March 31, 2007,
shows 1,600 units on hand. Select any one of the inventory methods (LIFO, FIFO,
Average Cost, or others).
- On July 6, Jamona Corp. acquired the plant assets
of Berry Company, which had discontinued operations. The appraised value
of the property is:
Land
$ 400,000
Building
1,200,000
Machinery and equipment
800,000
Total
$2,400,000
Jamona Corp. gave 12,500 shares of its
$100 par value common stock in exchange. The stock had a market value of $168
per share on the date of the purchase of the property.
Jamona Corp. expended the following
amounts in cash between July 6 and December 15, the date when it first occupied
the building.
Repairs to
building
$105,000
Construction of bases for machinery to be
installed later 135,000
Driveways and parking lots
122,000
Remodeling of office space in
building
161,000
Special assessment by city on land
18,000
On December 20, the company paid cash for
machinery, $260,000, subject to a 2% cash discount, and freight on machinery of
$10,500.
- On January 1, 2007, Jamona Corp. signed a
five-year non-cancelable lease for a machine. The terms of the lease
called for Jamona to make annual payments of $8,668 at the beginning of
each year, starting January 1, 2007. The machine has an estimated useful
life of six years and a $5,000 un-guaranteed residual value. The machine
reverts to the lessor at the end of the lease term. Jamona uses the
straight-line method of depreciation for all of its plant assets. Jamona’s
incremental borrowing rate is 10%, and the lessor’s implicit rate is
unknown.
- Prepare journal entries
with appropriate supporting detailed schedules for the balance sheet
items: investments, inventory, fixed assets, and capital leases.
- Prepare appropriate
note disclosures.
ACC 545 WEEK 4 INDIVIDUAL ASSIGNMENT RESTRUCTURING
DEBT
Your company is in financial trouble and is in the process of
reorganization. Your manager wants to know how you will report on restructuring
the debt. Use the following information to help with this assignment.
ACC 545 WEEK 5 INDIVIDUAL ASSIGNMENT LEE CORPORATION
EQUITY SCENARIO
- Review the following
information:
Lee Corporation,
a U.S. company, began operations on January 1, 2004.
During its first
3 years of operations, Lee reported net income and declared dividends as
follows.
Net
income
Dividends declared
2004
$
40,000
$ –0–
2005
125,000
50,000
2006
160,000
50,000
The following
information relates to 2007:
Income before
income tax $240,000
Prior period
adjustment: understatement of 2005 depreciation expense (before taxes) $ 25,000
Cumulative
decrease in income from change in inventory methods (before taxes) $ 35,000
Dividends
declared (of this amount, $25,000 will be paid on January 15, 2008) $100,000
Effective tax
rate 40%
ACC 545 WEEK 6 LEARNING TEAM ASSIGNMENT CONSOLIDATED
FINANCIAL STATEMENTS
- Complete exercise 3-14, parts A, B, and C, on p.
127 of Advanced Accounting (Crain Mechanics/Downey Enterprises).
ACC
545 Complete Course ACC545 Complete Course
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