Accounting

/in /by

Overview

The U.S. Constitution mandates that “a regular statement and account of the receipts and expenditures of all public money shall be published from time to time” by the federal government (Article I, Section 9, Clause 7).

Two centuries after the publication of the U.S. Constitution, it is still difficult for the federal government to issue financial statements. In this assignment, you examine the U.S. federal government’s financial statements to explore the differences in these statements from other governmental financial statements and the reasons that necessitate these differences.

Instructions

Write a 3-5 page paper in which you address the following:

  1. Discuss three unique characteristics of the federal government that necessitate special accounting and reporting practices, presenting one example for each characteristic.
  2. After reviewing the most recent federal government financial statement of the Financial Report of the United States GovernmentLinks to an external site., explain the type of audit performed, the audit opinion issued, and the auditor’s reason for that opinion.
  3. Identify each of the eight financial statements presented by the federal government and the relevance of each statement’s content to a financial statement user.
  4. Select one of the federal government’s reporting entities included in the Financial Report of the United States Government and express an opinion on whether it is meeting its objectives. Justify your opinion with at least three pieces of data from the reporting entity’s financial report.
  5. Use at least three quality sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcomes associated with this assignment:

  • Review the Financial Report of the United States Government to explore the distinctive financial reporting required for the federal government.

V

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

This week’s assignment presents a scenario and requires a comprehensive summary which is connected to understanding of business tax forms. Using what you have learned from the Media Activity – Business Tax Forms: A Comprehensive Guide be aware that the completion of the Tax Forms 1120-S and Schedule K are not required in this assignment but refer to your knowledge of them to fulfill this assignment. Please refer to the Media Activity –Mastering Business Tax Forms: A Comprehensive Guide to Essential Forms for Business Tax ReturnsLinks to an external site. to assist you in completing Assignment 3.

Scenario

Beechwood Bake Shop – Backstory

Bob has been running a small bakery as a sole proprietorship for several years. His business has grown steadily each year. He is well known for his cookies and cupcakes. In addition, he has Betty, whom he has known for years, provide custom cakes.

Bob owns the small shop that Beechwood operates out of. In addition, he has opened up a satellite location on the other side of town. The original location has a kitchen where everything is made, and the satellite location receives a daily delivery of finished product to sell. There is a van, owned by Bob, which is used for the daily delivery, as well as delivery of the custom cakes to various locations when needed.

Additional Location

The satellite location is a small storefront that is owned by Betty. Betty’s family has owned the property for years. It is completely paid off and she does not charge any rent for the location. She knows that Bob has always talked about growing the company from a sole proprietorship to a corporation, and they have an unwritten agreement that if/when that happens, Betty will become a part owner in exchange for providing the store front.

Family Component

Bob’s daughter, Jessie,  has recently moved back to town and has been working at Beechwood. In addition to putting in hours just working the counter at the satellite location, she has begun reaching out to local businesses, primarily restaurants and grocery stores, about selling the cookies, cupcakes, and cakes. She has been quite successful in bringing in some new business, and Bob has started looking to hire another baker to help out with the additional volume.Bob is delighted with Jessie’s dedication and success, since he was hoping to one day leave the business to her.

In addition to Bob, Betty, and Jessie, each location has the equivalent of 1.5 employees working. 

Instructions

Bob’s attorney, Haley Boling, has been after him for years to incorporate. She has explained (many times) that moving from a sole proprietorship to a S-Corporation will not only help to limit Bob’s potential liabilities, but it can also make it easier to build a business succession plan. 

Bob has decided that now is the time to make the change and has agreed to meet with Haley to “get the ball rolling.” At their meeting, they hammer out the following things:

Additional Information

  • The company will become an S-corporation.
  • Only including common stock.
  • The ownership interest for the common stock of the new company will be:
    • 60% to Bob, 20% to Betty, and 20% to Jessie
  • Haley will handle the legal establishment of the new entity including:
    • Retitling/transferring assets from the proprietorship to the corporation.
    • Filing any necessary state/federal forms.
    • Creating and issuing shares to the stockholders.

Your role

Everything is moving right along in the discussions when a big snag comes up. Haley informs Bob that she does not feel comfortable providing tax advice or answering tax questions for the changes that will occur. Haley recommends you, in her place, since she has worked with you on numerous other occasions and those experiences have all turned out well. Bob agrees, and they reach out to you. You tell, Haley and Bob to send you their questions and you will respond accordingly.

The Assignment

Please complete the assignment following the instructions:

Write 1–3-page academic summary using the scenario above regarding Bob’s decision to move his business from a Sole Proprietorship to an S-Corporation: 

Support your summary by supplying the following information:

  1. Identify two Pros and two Cons of Business Ownership in an S-Corporation:
    • From a tax perspective, what are the pros and cons of putting the buildings in the company’s name or keeping them in Bob’s and Betty’s name and charging rent?
    • Will / should the stockholders (Bob, Betty, and Jessie) receive a paycheck?
      • How will this impact the taxes that they pay?
      • How will it impact the taxes that Beechwood Bakery pays?
  2. Identify four impacts of the owners receiving a paycheck on the taxes paid for an S-Corporation. Historically, since the company operated as a sole proprietorship, Bob was responsible for paying income taxes on the profits.
    • How will that work move this forward as an S-Corporation?
      • Who will be responsible for paying the income taxes?
      • Will Beechwood Bakery itself pay any income taxes?
  3. Identify four ways income taxes are handled within an S-Corporation?
  4. Identify the four income tax forms required for a S-Corporation in this scenario.
  5. Identify a 351 transfer within a S-Corporation and how it applies to this scenario.

Your assignment must follow these formatting requirements:

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

  • Use at least three current, quality academic or authoritative sources in this assignment.
  • Choose sources that are credible, relevant, and appropriate.
  • Cite each source listed on your source page at least one time within your assignment.
  • Note: Wikipedia and similar websites do not qualify as quality scholarly and/or authoritative sources.
  • Please be aware of Strayers policy on AI use.

Resource

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

Federal prosecutors have charged Texas billionaire, Robert Brockman, with a $2 billion tax fraud scheme in what they say is the largest such case against an American. Before attempting this assignment, review the case, CEO of Multibillion-Dollar Software Company Indicted for Largest-Ever Tax Evasion as Private Equity CEO Makes NPA to Cooperate in the Case.

Instructions

Write a 2–3 page paper about this tax fraud case, in which you:

  1. Summarize the Robert Brockman tax fraud case.
  2. Evaluate the issues that led to the tax fraud.
  3. Analyze a CPA’s culpability in cases of tax fraud by clients, regardless of whether they had knowledge of the fraud.
  4. Evaluate ways a tax preparer can detect signs of tax fraud in order to prevent future tax fraud.
  5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

  • Evaluate a business tax scandal, including income taxes, to determine weaknesses that could lead to future problems.
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

Federal prosecutors have charged Texas billionaire, Robert Brockman, with a $2 billion tax fraud scheme in what they say is the largest such case against an American. Before attempting this assignment, review the case, CEO of Multibillion-Dollar Software Company Indicted for Largest-Ever Tax Evasion as Private Equity CEO Makes NPA to Cooperate in the Case.

Instructions

Write a 2–3 page paper about this tax fraud case, in which you:

  1. Summarize the Robert Brockman tax fraud case.
  2. Evaluate the issues that led to the tax fraud.
  3. Analyze a CPA’s culpability in cases of tax fraud by clients, regardless of whether they had knowledge of the fraud.
  4. Evaluate ways a tax preparer can detect signs of tax fraud in order to prevent future tax fraud.
  5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

  • Evaluate a business tax scandal, including income taxes, to determine weaknesses that could lead to future problems.
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

 

Overview

You are the accountant for ACC KarParts, a thriving company that makes auto parts. You oversee all accounting functions within the company. Quinn, your supervisor, has informed you that if the company’s profits grow by 30% this year, you will receive a $30,000 bonus, and she will receive a $60,000 bonus. No bonuses will be awarded if profit growth is less than 30%. Near the end of this fiscal year, the two of you have the following conversation:

  • Quinn: We are getting close to 28% profit by the end of this year. If this happens, neither you nor I will get any bonus. What can be done to reach our target and get our bonus?
  • You: There is nothing we can do to reach 30% profit this year. However, we can plan to reach that target next year.
  • Quinn: If we claim some of next year’s revenue as part of the current year, you will get your bonus, I will get mine, and the investors will be happier. Therefore, everybody will be happy.
  • You: Uh, Quinn, that would be an unethical action.
  • Quinn: We are simply moving revenue from one period to another. We are not faking the revenue transactions.

As an accountant, what would you do in this situation?

Instructions

Write a 2–3 page report explaining to Quinn why you can’t move revenue from one period to another. In the report:

  1. Explain the importance of ethics in accounting.
  2. Apply ethical principles and professionalism to the case at ACC KarParts.
  3. Based on generally accepted accounting principles, recommend at least three acceptable legal alternatives to meet company goals.
  4. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

  • Evaluate a business’s accounting system for compliance with accounting principles, regulations, and ethical business practices.

View Rubric

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

You are hired as a new cost accountant at Ciccetti Corporation. The company manager, David, is having a meeting with you in his office. He brought you this budgeted income statement that was completed by the previous cost accountant. David asks you to provide him with a report explaining the statement in clear, straightforward language, and how you plan to handle the annual budget.

 

Instructions

Write a 2–3 page report in which you:

  1. Explain the budgeted income statement.
  2. Outline how you would create annual budgeted financial statements.
  3. Analyze the difference between a static budget and a flexible budget, including the importance of each.
  4. Evaluate the importance of reading and correctly interpreting budgeted financial statements.
  5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

In the United States, the management and auditors of publicly held companies must evaluate their internal controls annually. The purpose of the evaluation is to look for any control deficiencies. Doing so will help avoid any penalties such as the $10.5 million that the SEC imposed on Citigroup Inc. as a result of its internal controls failures. See the article from SEC.gov, Citigroup to Pay More Than $10 Million for Books and Records Violations and Inadequate ControlsLinks to an external site..

You are an external auditor hired by Citigroup to perform an audit. You will be reporting to Citigroup’s audit committee.

Instructions

Write a 2–3 page report for the audit committee in which you:

  1. Critique Citigroup’s internal controls and the purpose they serve.
  2. Distinguish between operation and design control deficiency.
  3. Determine the reasons that led Citigroup Inc. to pay $10.5 million in penalties.
  4. Recommend techniques that will overcome the weaknesses of Citigroup’s internal controls; justify the recommendation.
  5. Use three sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

  • Evaluate internal control as an indicator of effectiveness and accuracy of financial statements.
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

Overview

Financial statements are reports that summarize all the accounting transactions that have taken place during a specific period of time.

Choose a publicly held company and, using the Internet, review its most current annual report. Evaluate the health of the corporation you picked based upon your analysis of its financial statements: balance sheets, income statements, cash flow statements, and statements of shareholders’ equity. Then, research a similar sized competitor for comparison.

Instructions

Write a 3–4 page report suggesting ways to improve the company’s financial health.

  1. Conduct a vertical, horizontal, and ratio analysis on four financial statements.
  2. Compare the ratio, which includes liquidity, profitability, and solvency, with the industry benchmark and one other comparable competitor.
  3. Synthesize the results of the three financial analysis tests to determine the overall health of the organization.
  4. Present an accurate interpretation of the company’s current financial health, including risks. Support your conclusions.
  5. Recommend three ways to improve the company’s financial health, including one example for each that has been used in the industry.
  6. Use three sources to support your writing, including the web address of your chosen company. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library, or review library guides.

This course requires the use of Strayer Writing Standards (SWS). The library is your home for SWS assistance, including citations and formatting. Please refer to the Library site for all support. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

  • Develop business recommendations based on the financial health of a company.
 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

Accounting

/in /by

I need all work shown so i undersnad how to do this.

Problem 1:

Able Corporation incurred the following costs.

Beginning direct materials inventory $16,000
Beginning work-in-process inventory $7,000
Beginning finished goods inventory $19,000
Ending direct materials inventory $16,000
Ending work in process $14,000
Ending finished goods $ 26,000
Factory supervisor’s salary $28,000
Depreciation on plant $12,000
Sales $800,000
Selling and administrative expenses $125,000
Plant maintenance $6,000
Plant utilities $11,000
Direct material purchases $215,000
Direct labor $240,000

Calculate the following.

  1. Direct materials used
  2. Cost of goods manufactured
  3. Cost of goods sold
  4. Operating income

problem 2:

Below is information from Job Card 506 for the Bearing Manufacturing Company.

Date started: June 15, 2015
Date Completed: July 24, 2015

Date Direct Materials Direct Labor Applied Factory Overhead Job Total
6/15/2015 $ 5,000
6/25/2015 $1,200 $600
6/27/2015 $2,300
7/6/2015 $ 1,540 $770
7/15/2015 $2,600
7/24/2015 $760 $380

Job 506 was sold on credit on July 24, 2015, for 180% of its cost.

Factory OH was applied on the basis of DL.

Required:

  1. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
  2. Prepare the journal entry to record the completion of Job 506.
  3. What is the predetermined factory overhead rate for Bearing Manufacturing?
  4. Prepare the journal entries to record the sale of Job 506.

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.